北京市嘉源律师事务所 关于派斯双林生物制药股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 嘉源(2025)-04-354 北京市嘉源律师事务所(以下简称"本所")接受派斯双林生物制药股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简 称"《公司法》"）、《上市公司股东会规则》(以下简称"《股东会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《派斯双林生物制药股份有限公司章程》(以下简称"《公司章程》")的 有关规定,指派本所律师对公司2024年年度股东大会(以下简称"本次股东大 会")进行见证,并依法出具本法律意见书。 派 霍师事务所 A YUAN LAW OFFICES 北京 BEI JING · 上海 SHANGHAI · 深圳| SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU · 西安 XI`AN 致:派斯双林生物制药股份有限公司 北京市嘉源律师事务所 关于派斯双林生物制药股份有限公司 2024 年年度股东大会的 法律意见书 为出具本法律意 ...

证券代码：000403 证券简称：派林生物 公告编号：2025-024 派斯双林生物制药股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 本次股东大会的议案全部获得通过，未出现否决议案的情形。 本次股东大会不涉及变更前次股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况： 1、召开时间： 2、现场会议地点：上海市闵行区虹桥商务区申滨路 168 号丽宝广场 T1B 号楼 3 层 1 号会议室 3、会议召开方式：现场投票与网络投票相结合方式 （1）现场会议时间：2025 年 5 月 21 日（星期三）下午 14:30 （2）网络投票时间：其中，通过深圳证券交易所交易系统网络投票的时间为： 2025 年 5 月 21 日上午 9:15—9:25；9:30—11:30，下午 13:00—15:00；通过深圳证券 交易所互联网投票系统网络投票时间为：2025 年 5 月 21 日上午 9:15 至下午 15:00 期间的任意时间。 4、会议召集人：公司董事会 5、会议主持人：董事长李昊先生 6、本 ...

Group 1 - China has adjusted the tariff rate on imports from the US to 10%, suspending the previously implemented 24% rate for 90 days, significantly lower than the peak of 125% seen in April [1] - The adjustment in tariffs is expected to reduce the price pressure on imported blood products and slow down the expectations for domestic alternatives [1][2] - Major domestic blood product companies, including TianTan Bio, TaiBang Bio, and Hualan Bio, account for approximately 80% of the domestic plasma collection volume [1] Group 2 - The domestic market for human albumin, which constitutes about 70% of blood product usage, is heavily reliant on imports, with over 60% of the market share [2] - The price of imported human albumin products is currently higher than that of domestic products, but the tariff reduction to 10% will lessen the price advantage of imports [2][3] - The ongoing trade friction presents an opportunity for domestic products to penetrate hospital markets and adjust revenue structures, as hospitals may diversify their suppliers [3] Group 3 - The domestic blood product industry is currently in a downturn, with competition intensifying due to increased supply and price linkage effects [4] - Unlike the domestic market, where human albumin is predominant, international markets utilize immunoglobulin and coagulation factor products more extensively [5] - Domestic blood product companies face technological gaps compared to international leaders, limiting their product range and production capabilities [5]

Group 1 - The People's Bank of China has established a stock repurchase and increase loan tool, leading to a significant rise in listed companies' repurchase activities, with a total proposed loan amount exceeding 110 billion yuan by April 2025 [1] - On May 7, 2023, the People's Bank of China announced a combined usage of 500 billion yuan for securities, funds, and insurance company swaps, along with 300 billion yuan for stock repurchase loans, totaling 800 billion yuan, while also reducing the interest rate on structural monetary policy tools by 0.25 percentage points to 1.5% [1] - Industry insiders expect a resurgence in stock repurchase activities among listed companies in the near future [1] Group 2 - In January 2023, 60 listed companies conducted stock repurchases, followed by 48 in February, 61 in March, 54 in April, and 34 so far in May [3] - Palin Bio led the increase in repurchase activities with 55 instances, totaling 187,800 shares and an investment of 3.96 million yuan [3] - Other notable companies include Jerry Shares with 25 repurchase instances totaling 255,300 shares and 8.67 million yuan, and Lexin Technology with 23 instances totaling 137,689 shares and 7.51 million yuan [3] Group 3 - Seven executives from various companies increased their holdings by over 10 million shares, including Wu Mingwu from Shanying International and Zhou Xiaoping from Xingyu Shares [5] - Wu Mingwu increased his holdings by 62,151,200 shares across three transactions, amounting to 109 million yuan [7] - Lin Pusheng from Dazhong Mining increased his holdings by 56,695,300 shares for a total of 194 million yuan [7] Group 4 - ST companies are also actively repurchasing their stocks, including ST Kelly, ST Yifei, ST Saiwei, and *ST Jinshi [9] - ST Kelly's chairman, Yuan Zheng, increased his holdings by 4,365,100 shares, totaling 33.09 million yuan [11] - ST Yifei's executives also participated in repurchases, with Vice President Zhao Laigen and Chairman Wu Xuan increasing their holdings by 75,135 shares and 52,013 shares, respectively [12]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 27.86, compared to the current price of RMB 21.90 [1][9]. Core Insights - The company expects 2024 revenue to reach RMB 2.66 billion, representing a 14.00% year-on-year growth, and a net profit attributable to shareholders of RMB 745 million, which is a 21.76% increase [9]. - The company is enhancing its plasma collection capabilities with 19 stations, of which 17 are operational, and anticipates plasma collection to exceed 1,400 tons in 2024, showing rapid growth year-on-year [9]. - The report highlights ongoing capacity expansion efforts, projecting annual production capacity to exceed 3,000 tons, with a 20% year-on-year increase in collection expected in 2025 [9]. Financial Summary - The financial summary indicates the following projections: - Revenue for 2023A: RMB 2,329 million, 2024A: RMB 2,655 million (+14.0%), 2025E: RMB 3,090 million (+16.4%) [3]. - Net profit attributable to shareholders for 2023A: RMB 612 million, 2024A: RMB 745 million (+21.8%), 2025E: RMB 886 million (+18.8%) [3]. - Earnings per share (EPS) forecast for 2025E is RMB 1.21, with an adjustment for 2026E to RMB 1.39 and a new forecast for 2027E at RMB 1.56 [9]. Market Position and Strategy - The company is actively pursuing both organic growth and external expansion strategies, with a focus on increasing plasma collection and enhancing product development [9]. - The report notes that the company is advancing its R&D efforts, with over 10 products in fast-track development, including several in clinical trial stages [9]. - The company is also expanding its export strategy, with sales initiated in Pakistan and ongoing regulatory efforts for markets like Brazil [9].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 27.86, compared to the current price of RMB 21.90 [1][8]. Core Insights - The company expects 2024 revenue of RMB 2.66 billion, representing a 14.00% year-over-year increase, and a net profit attributable to shareholders of RMB 745 million, which is a 21.76% increase [8]. - The company is actively expanding its plasma collection capacity, with 19 stations, 17 of which are operational, and anticipates plasma collection to exceed 1,400 tons in 2024, showing rapid growth [8]. - The report highlights ongoing R&D efforts, with a total of 11 product types expected by the end of 2024 and over 10 products in fast-track development, including clinical trials for new products [8]. Financial Summary - For 2023, the company reported revenue of RMB 2,329 million, with a projected increase to RMB 2,655 million in 2024, and further growth to RMB 3,090 million in 2025 [3][5]. - Net profit attributable to shareholders is expected to rise from RMB 612 million in 2023 to RMB 745 million in 2024, and to RMB 886 million in 2025 [3][5]. - The report adjusts the EPS forecast for 2025 to RMB 1.21 and for 2026 to RMB 1.39, with a new forecast for 2027 set at RMB 1.56 [8]. Market Position and Strategy - The company is pursuing both organic growth and external expansion strategies, with significant investments in capacity expansion expected to exceed 3,000 tons annually post-expansion [8]. - The report notes the company's efforts in short-term export sales and ongoing regulatory registration for overseas markets, including sales in Pakistan and potential opportunities in Brazil [8].

证券代码：000403 证券简称：派林生物 公告编号：2025-023 派斯双林生物制药股份有限公司 关于参加山西辖区上市公司2025年投资者 网上集体接待日活动的公告 特此公告。 派斯双林生物制药股份有限公司 董 事 会 二〇二五年五月十五日 1 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，派斯双林生物制药股份有限公司（以下简称"公 司"）将参加由山西证监局、山西省上市公司协会与深圳市全景网络有限公司联合举办 的"山西辖区上市公司2025年投资者网上集体接待日暨年报业绩说明会"，现将相关事 项公告如下： 本 次 活 动 将 采 用 网 络 远 程 的 方 式 举 行 ， 投 资 者 可 登 录 " 全 景 路 演 " 网 站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本次互 动交流，活动时间为 2025 年 5 月 20 日（周二）14:00-17:00。 出席本次投资者网上集体接待日活动的公司人员有：公司总经理荣先奎先生、董事 会秘书赵玉林先生、财务总监王晔弘女士， ...

Core Viewpoint - The internal control issues of the blood product company, Pailin Biological, have been exposed, leading to regulatory warnings for its two former chairpersons and general managers [1][3]. Summary by Relevant Sections Internal Control Issues - Pailin Biological has been found to have multiple internal control deficiencies and inadequate management of insider information, resulting in regulatory actions [2][3]. - The company has been ordered to rectify these issues and improve its internal control systems by June 8, 2024 [3][4]. Financial Performance - From 2018 to 2024, Pailin Biological's net profit attributable to shareholders grew over eightfold [2]. - In Q1 2024, the company experienced a rare decline in both revenue and net profit, with revenues and net profits of 375 million and 89 million respectively, marking year-on-year decreases of 14% and 26.95% [9]. - The decline was attributed to production capacity not meeting operational needs, as two wholly-owned subsidiaries are undergoing expansion [2][9]. Management Changes - In 2023, Pailin Biological underwent significant management changes, with a power struggle leading to the appointment of Fu Shaolan as co-chairperson [2][5]. - Fu Shaolan's salary in 2024 was reported at 3.7723 million, an increase of 721,300 from 2023, making her the highest-paid among the board members [2]. Production Capacity Expansion - The company is currently expanding its production capacity, with the second phase of expansion at its subsidiary, Paisifiko, expected to increase annual capacity to 1,600 tons [9]. - The total annual production capacity is projected to exceed 3,000 tons after the completion of expansions, which is anticipated to positively impact future financial performance [9]. Market Performance - Pailin Biological's stock price has seen a significant decline, dropping over 50% from a peak of 49.82 yuan per share in August 2020 to 21.82 yuan per share as of May 13, 2024 [9].

Group 1 - The forum on May 10 focused on the innovation and development of the health wine industry, highlighting the growing demand for health-oriented products in the alcohol sector [1][3][6] - The health wine market has expanded significantly, growing from 20 billion in 2014 to over 50 billion, with an annual growth rate of 30% [6][8] - Experts emphasized the importance of integrating traditional culture with modern technology to enhance product quality and consumer experience in the health wine sector [10][12] Group 2 - The chairman of the China Alcohol Circulation Association praised the efforts of the Zhen Dong Group in promoting health products and suggested a dual approach to innovation in manufacturing and consumption [8][19] - The significance of using authentic medicinal materials in health wine production was highlighted, with a focus on the geographical origin of ingredients [12][15] - The forum featured discussions on the need for continuous innovation in marketing, standards, and taste to meet diverse consumer demands [17][23] Group 3 - The launch of new products by Zhen Dong Health Group was a key highlight, showcasing their commitment to quality and health-oriented offerings [28][30] - The company aims to become a leading brand in the health wine sector, with plans to achieve sales of 10 billion in five years [19][33] - The successful signing of partnership agreements with various businesses, totaling over 450 million, indicates strong market interest and collaboration potential [33][35]

Group 1 - Aikolan's controlling shareholder Liu Yi terminated the share transfer agreement for 4 million shares, which represents 5% of the company's total share capital, with no change in control [1] - Wancheng Group announced a cash dividend of 4.00 yuan per 10 shares, totaling 71.9959 million yuan, with the record date on May 19, 2025 [1] - Wanda Film plans to invest in Lezi Tiancheng and engage in strategic cooperation, acquiring a total of 7% equity in the company [2] Group 2 - China Resources Double Crane's subsidiaries received approval for two drugs, indicating progress in their product pipeline [3] - Fosun Pharma's subsidiary's drug was included in the breakthrough therapy program, highlighting its innovative potential [4] - Zhongheng Group's subsidiary received approval for naloxone injection, enhancing its product offerings [5] Group 3 - Shenzhen Airport reported a passenger throughput of 5.3202 million in April, a year-on-year increase of 23.50% [8] - Hangzhou Bank successfully issued 5 billion yuan in technology innovation bonds, aimed at supporting tech innovation [10] - Jiuzhou Pharmaceutical received approval for a raw material drug used in treating severe depression, expanding its product range [12] Group 4 - Aihua Group reported a 25.38% decline in revenue for the first four months of the year, indicating potential challenges [27] - Changhua Group received a project designation notice from a well-known new energy vehicle company, with an expected total sales amount of approximately 108 million yuan [28] - Nanchao Food reported a slight revenue decrease of 0.98% in April, reflecting market conditions [30]