Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [3] Core Viewpoints - The chemical pharmaceutical sector has shown the highest growth among sub-sectors, driven by expectations around "centralized procurement optimization discussions" and the "Class B medical insurance catalog" [8] - The trade war environment is expected to enhance the market share of domestic blood products and high-end medical devices due to increased costs of foreign imports [8] - The report suggests a cautious approach for April, focusing on specific segments that may benefit from the trade war, such as domestic blood products and high-end medical devices [8] Summary by Sections Industry Weekly Viewpoints - The pharmaceutical and biotechnology sector's weekly return was 1.20%, outperforming the CSI 300 by 2.57%, ranking 3rd among 31 primary sub-indices [7] - The chemical pharmaceutical sub-sector had the highest weekly growth of 3.45%, while the medical services sector saw the largest decline of 2.12% [7][8] Industry Performance and Valuation - The pharmaceutical and biotechnology sector's recent one-month return was 2.94%, with a relative return of 3.63% against the CSI 300, ranking 10th among 31 primary sub-indices [9][18] - The current PE (TTM) for the pharmaceutical and biotechnology sector is 26.88 times, which is below the historical average of 30.99 times [14][15] Market Tracking - The chemical pharmaceutical sector has shown the largest growth over the past year, with a 16.51% increase, while the biological products sector has seen a decline of 11.36% [24][25] - The report highlights the potential for price increases in blood products due to supply and demand changes, particularly for domestic manufacturers [8] Focus on Individual Stocks - The report recommends focusing on specific companies in the blood products and high-end medical device sectors, such as Palin Bio, Tian Tan Bio, and Mindray Medical [8] - In the consumer healthcare sector, companies like Aier Eye Hospital and Yifeng Pharmacy are highlighted as potential beneficiaries of government stimulus policies [8] Industry and Company Dynamics - Recent policy developments include the approval of new medical service pricing for brain-computer interface technologies, indicating a growing focus on innovative medical solutions [40] - The report notes significant recent approvals for various pharmaceutical products, including those from companies like Jingxin Pharmaceutical and Antu Bio [41]

Investment Rating - The report suggests a positive outlook for the pharmaceutical industry, indicating a potential for outperformance compared to the overall market [27]. Core Insights - The report highlights the impact of the recent U.S. tariff measures, which include a 34% additional tariff on Chinese goods, and the subsequent Chinese countermeasures that may benefit domestic pharmaceutical companies [3][4][5]. - It emphasizes the growth in China's pharmaceutical exports, particularly to the U.S., which reached $19.05 billion in 2024, marking an 11.7% increase year-on-year [6][7]. - The report identifies specific sectors within the pharmaceutical industry that may benefit from the tariff situation, including blood products, high-end raw materials, medical devices, and innovative drugs [18][19]. Summary by Sections Tariff Impact - The U.S. has implemented a 34% tariff on Chinese goods, which affects a wide range of medical supplies and devices, while China has responded with similar tariffs on U.S. imports [4][5]. - The tariffs are expected to disrupt the supply of imported blood products, potentially increasing demand for domestic alternatives [18]. Trade Statistics - In 2024, China's total pharmaceutical trade amounted to $199.376 billion, with exports at $107.964 billion and imports at $91.412 billion, showing a slight decline in imports but a recovery in exports [6][11]. - The U.S. remains the largest market for Chinese pharmaceutical exports, accounting for 17.6% of total exports [7][11]. Sector Opportunities - Blood Products: The tariff on U.S. imports may lead to increased domestic production and sales of blood products, with companies like Tian Tan Biological, Hualan Biological, and others positioned to benefit [18]. - High-End Raw Materials: The report suggests that domestic manufacturers of critical raw materials and consumables may gain market share due to reduced competition from U.S. imports [18]. - Medical Devices: Companies focusing on high-value medical devices are recommended for their potential to capture market share from imported products [18]. - Innovative Drugs: The report encourages investment in companies involved in the development of innovative drugs, particularly those that can replace U.S. imports in oncology and vaccine sectors [19].

Summary of the Conference Call for Boya Biological Company Overview - **Company**: Boya Biological - **Focus**: Blood products, with a strategic emphasis on expanding production and market presence Key Points and Arguments Financial Performance - **Total Revenue**: 1.735 billion CNY, a year-on-year decrease primarily due to the divestiture of Tianan Pharmaceutical and Fudan Pharmaceutical [3] - **Blood Products Revenue**: 1.514 billion CNY, a year-on-year increase of 4.32%, driven by significant sales growth in prothrombin complex and factor VIII [3] - **Operating Profit**: 397 million CNY, a year-on-year increase of 67.18%, attributed to a lower base from the previous year [3] - **Return on Equity**: Increased by 2.08 percentage points to 5.36% [3] Business Expansion and Acquisitions - **Acquisition**: Successfully acquired 100% of the shares of Roche in Hong Kong, adding a production license and four plasma collection stations, bringing the total to 21 stations across seven provinces [5] - **Plasma Collection**: Achieved 630.6 tons of plasma collection, a year-on-year increase of 10.4%, with the main collection unit growing by 11.7%, surpassing industry averages [5] Product Development and Market Strategy - **Product Sales**: Strong performance in fibrinogen, with PCC and factor VIII exceeding sales targets, and PCC holding the third-largest market share [6] - **International Expansion**: Registered a new immunoglobulin product in Pakistan, indicating a strategic move towards international markets [6] Major Projects - **Smart Factory Project**: Progressing as planned, with the main structure completed and equipment installation ongoing, expected to commence production by the end of 2025, with financial impacts anticipated post-2027 [7][15] Industry Dynamics - **Supply and Demand**: Industry supply pressures have eased, with balanced demand for protein products, although competition for factor products may intensify [10] - **Collective Procurement Strategy**: Actively participating in Guangdong's collective procurement, monitoring policy changes closely [10] Future Projections - **Plasma Collection Goals for 2025**: Expected to exceed 700 tons, with a growth rate of over 10% [3][17] - **New Product Launches**: Anticipated rapid market uptake for new products expected to launch in Q3 2025 [9] Regulatory and Market Considerations - **Regulatory Changes**: Ongoing discussions regarding potential revisions to blood product management regulations, which could significantly impact the industry [20] - **Market Strategy Adjustments**: Focus on regional market penetration, particularly in East China, to optimize existing production capacity [21] Integration and Collaboration - **Sales Team Integration**: Ongoing integration of sales teams from Roche and Boya, aiming for enhanced market coverage and synergy [19] - **Technical Collaborations**: Engaging in technical cooperation with Central Asian countries to expand market reach and capabilities [17] Investment and Future Outlook - **Investment Plans**: Continued focus on core business and strategic acquisitions to enhance market position and operational efficiency [24] - **Long-term Growth Strategy**: Emphasis on technological innovation and market competitiveness to ensure sustainable growth [26] Additional Important Insights - **Market Potential in New Regions**: Significant growth potential identified in Anhui and Inner Mongolia, with strategic plans to address local concerns and enhance operational trust [22] - **Impact of Economic Conditions**: Despite macroeconomic pressures, the company has maintained a strong performance trajectory [11]

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [10]. Core Insights - The pharmaceutical sector showed a performance increase of +0.86% on March 18, 2025, outperforming the CSI 300 index by 0.59 percentage points, ranking fourth among 31 sub-industries in the Shenwan classification [4]. - Avidity's investigational therapy, delpacibart zotadirsen (del-zota), demonstrated unprecedented efficacy in protein expression during its Phase 1/2 clinical trial, with significant increases in skeletal muscle delivery and protein generation [5]. - The report highlights the performance of various sub-sectors, with medical research outsourcing (+5.56%) and hospitals (+1.34%) leading, while medical devices (+0.09%) and vaccine sectors (+0.27%) lagged behind [4]. Sub-industry Ratings - Chemical pharmaceuticals: No rating - Traditional Chinese medicine production: No rating - Biopharmaceutical II: Neutral - Other pharmaceutical sectors: Neutral [3]. Recommended Companies and Ratings - The report does not specify individual company ratings but emphasizes the overall positive outlook for the pharmaceutical industry [3].

Group 1 - The Ministry of Transport, National Development and Reform Commission, and Ministry of Finance support the scrapping and updating of old commercial vehicles that meet National III and IV emission standards, providing differentiated subsidies for early scrapping and purchasing new vehicles [2] - Xiaomi Group has raised its 2025 annual delivery target for electric vehicles to 350,000 units from the previous target of 300,000 units, indicating progress in production capacity [5] - The new stock N Hongjing listed on the ChiNext surged 282% on its debut, making it the most profitable new stock of the year with a profit of 59,100 yuan per lot [6] Group 2 - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with total revenue of 389.59 billion yuan, a 4.6% increase [11] - Daodaoquan achieved a net profit growth of 133.5% year-on-year for 2024, despite a 15.12% decline in revenue, and plans to distribute a cash dividend of 1.28 yuan per 10 shares [12] - Fuyou Glass reported a 33.2% increase in net profit for 2024, with revenue of 39.252 billion yuan, a growth of 18.37%, and plans to distribute a cash dividend of 1.8 yuan per share [14]

Financial Performance - The company's operating revenue for 2024 was ¥1,734,904,402.71, a decrease of 34.58% compared to ¥2,651,979,506.66 in 2023[17]. - Net profit attributable to shareholders for 2024 was ¥396,991,588.69, an increase of 67.18% from ¥237,465,593.87 in 2023[17]. - The net profit after deducting non-recurring gains and losses was ¥301,566,307.78, up 110.77% from ¥143,075,746.77 in 2023[17]. - The total assets at the end of 2024 reached ¥8,401,144,768.99, reflecting a growth of 7.31% from ¥7,828,900,301.89 at the end of 2023[17]. - The company reported a weighted average return on equity of 5.36%, an increase of 2.08 percentage points from 3.28% in 2023[17]. - The company achieved total operating revenue of ¥1,734,904,402.71, a decrease of 34.58% compared to the same period last year[51]. - Blood product business revenue reached ¥1,473,929,966.08, a slight increase of 0.86% year-on-year[52]. - The company reported a significant drop in sales for diabetes medication, with a 100% decrease in both sales and production volumes[71]. - The company reported a total revenue of 1,305.81 million for the fiscal year 2024[158]. Dividend Distribution - The company plans to distribute a cash dividend of 1.60 RMB per 10 shares, totaling 161,359,596.16 RMB, which represents 40.65% of the net profit attributable to shareholders for 2024[4]. - The total number of shares for the dividend distribution is 504,248,738 shares, with a total cash distribution of 80,679,798.08 RMB for the first half of 2024[4]. - The cash dividend for the entire year is projected to be 3.20 yuan (including tax) per 10 shares, amounting to a total of 1,613,595,961.60 yuan (including tax), which represents 40.65% of the net profit attributable to shareholders[181]. - The total number of shares for the cash dividend distribution is 504,248,738 shares, with no stock bonus or capital reserve conversion[179]. Operational and Market Insights - The blood products market in China is projected to reach ¥600 billion in 2024, with an expected compound annual growth rate of 11.6% from 2022 to 2027[28]. - The industry saw a 10.9% year-on-year increase in plasma collection volume, totaling 13,400 tons in 2024[29]. - The company is actively expanding its plasma collection stations, with 3 new stations approved and 17 additional operational stations in 2024[29]. - The competitive landscape in the blood products sector is intensifying, with multiple new products approved for market entry, leading to potential oversupply and price declines[29]. - The company reported a plasma collection volume of 630.6 tons in 2024, representing a year-on-year increase of 10.4%[32]. - The company is focusing on enhancing production processes and quality management to ensure stable product yield and compliance rates[35]. - The company aims to become a world-class blood product enterprise while gradually stabilizing and divesting its non-blood product business[34]. Research and Development - The company is committed to increasing R&D investment and optimizing product structure to maintain competitive advantages in the industry[32]. - The company has a robust R&D pipeline with over 200 patents and ongoing projects in various therapeutic areas, including high-concentration immunoglobulin and gene therapy[66]. - The company is in the process of clinical trials for several new products, including IVIG and C1 esterase inhibitors, aiming to enhance its product line and profitability[80]. - The company plans to launch new products, including a new formulation of human prothrombin complex, expected to be listed in 2025[47]. - The company is focusing on technological innovation, with projects like "membrane separation technology" being recognized as major research projects for 2024[47]. Governance and Compliance - The company has a comprehensive governance structure with all board members present for the report's approval[3]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments in its forward-looking statements[3]. - The company is committed to maintaining transparency and accuracy in its financial reporting, as stated by its management team[3]. - The company has established a market value management system and valuation enhancement plan to protect investor interests and improve corporate governance[131]. - The company has optimized its governance structure and internal control systems to enhance operational compliance and protect investor rights[1]. Environmental and Social Responsibility - The company adheres strictly to multiple environmental protection laws and standards, ensuring compliance in its operations[190]. - The company has established a comprehensive environmental management system to ensure compliance with pollution discharge standards[196]. - The company is actively pursuing new product launches and production line upgrades to enhance operational efficiency and market competitiveness[193]. - The company has set a target to reduce volatile organic compounds emissions to below 0.07 mg/m³ by 2024[198]. - The company is investing in new technology to enhance emission control systems, aiming for a 30% reduction in overall emissions by 2025[198]. Challenges and Risks - The company is facing challenges in the chemical drug sector, with ongoing losses due to slow project development and competitive pricing pressures[39]. - The company faces risks related to raw material supply, particularly the availability of human plasma, which is crucial for blood product production, and plans to expand plasma collection stations to mitigate this risk[125]. - New product development poses risks due to lengthy processes and market demand uncertainties; the company will conduct comprehensive market research before project initiation to ensure alignment with market needs[126]. - There is a risk of goodwill impairment following the acquisition of Green Cross (China), which the company plans to address by enhancing marketing strategies and expanding market share[129]. Shareholder Engagement - The company held its first temporary shareholders' meeting of 2024 on January 12, with an investor participation rate of 47.21%[145]. - The second temporary shareholders' meeting of 2024 took place on March 21, with a participation rate of 45.21%[145]. - The annual shareholders' meeting for 2023 was held on April 12, 2024, with a participation rate of 42.33%[145]. - The company continues to engage shareholders actively, as evidenced by the participation rates in the various meetings held[145]. Personnel and Management - The company has a total of 2,903,400 shares held by a former vice chairman, with a reduction of 100,000 shares noted[147]. - The company has maintained a diverse board with independent directors nominated for the eighth board[148]. - The company’s management team has been strengthened with the appointment of new directors and executives, enhancing its operational capabilities[153]. - The company has implemented a performance management system for its management team, aiming to improve accountability and performance metrics[165]. - The company has a structured decision-making process for compensation, involving a nomination and remuneration committee[156].

Financial Performance Expectations - The company expects net profit attributable to shareholders to be between 38,000 and 48,000 thousand yuan, representing a year-on-year growth of 60.03% to 102.14% compared to 23,746 thousand yuan in the previous year[3]. - The net profit after deducting non-recurring gains and losses is projected to be between 28,374 and 38,374 thousand yuan, indicating a year-on-year increase of 98.32% to 168.22% from 14,307 thousand yuan last year[3]. - Basic earnings per share are expected to be between 0.75 and 0.95 yuan per share, compared to 0.47 yuan per share in the previous year[3]. Revenue and Operational Highlights - The main reason for the performance change is the increase in revenue from blood products and the low base effect from goodwill impairment and other asset impairment in the previous year[5]. - The company achieved a plasma collection volume of 522.04 tons from 16 operating plasma stations, marking an 11.71% year-on-year growth[5]. Non-Recurring Gains and Losses - The estimated impact of non-recurring gains and losses on net profit is approximately 9,626 thousand yuan[5]. Audit and Reporting - The financial data in this earnings forecast has not been audited by a registered accounting firm[4]. - The specific data will be detailed in the company's 2024 annual report[7]. Investment Advisory - Investors are advised to make cautious decisions and be aware of investment risks[7]. - The earnings forecast period is from January 1, 2024, to December 31, 2024[3].

特别提示： 1、本次申请解除限售股份为华润博雅生物制药集团股份有限公司（以下简 称公司）向特定对象华润医药控股有限公司发行的 78,308,575 股份，本次解除限 售股份数量为 78,308,575 股，占公司总股本的 15.5298%；本次解除限售后实际 可上市流通的股份数量为 78,308,575 股，占公司总股本的 15.5298%。 2、本次限售股份可上市流通日：2024 年 11 月 25 日（星期一）。 一、公司发行股份概况 证券代码：300294 证券简称：博雅生物 公告编号：2024-073 华润博雅生物制药集团股份有限公司 关于向特定对象发行股票解除限售上市流通的提示性公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 2021 年 10 月 26 日，公司收到中国证券监督委员会（以下简称中国证监会） 出具的《关于核准博雅生物制药集团股份有限公司向特定对象发行股票注册的批 复》（证监许可[2021]3340 号），同意公司向特定对象发行股票的注册申请。公 司向特定对象华润医药控股有限公司发行股票 78,308,575 股，本次发行完成后， 公司 ...

证券代码：300294 证券简称：博雅生物 公告编号：2024-070 华润博雅生物制药集团股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 为合理利用闲置自有资金，提高自有资金使用效率和收益，在保障华润博雅 生物制药集团股份有限公司（以下简称公司）正常运营的情况下，公司于2024 年10月23日召开第八届董事会第六次会议、第八届监事会第七次会议，审议通过 了《关于使用部分闲置自有资金进行现金管理的议案》，公司拟使用不超过人民 币250,000.00万元的闲置自有资金进行现金管理，以实现资金收益，上述额度可 滚动使用，管理期限自董事会审议通过之日起12个月内有效。公司监事会对该事 项发表了意见。现将有关情况公告如下： （二）投资品种 公司进行现金管理，投资的品种范围为向银行、银行理财子公司等金融机构 购买的大额可转让存单或中低风险（PR2）及以下等级的银行理财产品等，同时 不影响自有资金投资计划正常进行和公司正常经营。上述投资产品不得质押，使 用闲置自有资金购买产品专用结算账户不得存放非自有资金或用作其他用途。 ...

中信证券股份有限公司 关于华润博雅生物制药集团股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为华润博雅 生物制药集团股份有限公司（以下简称"博雅生物"或"公司"）的保荐机构，《证 券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关 法律、法规和规范性文件的规定，对博雅生物使用部分闲置募集资金进行现金管 理事项进行了核查，现将核查情况及核查意见发表如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准博雅生物制药集团股份有限公司非公 开发行股票的批复》（证监许可[2018]117 号）核准，公司向 4 名特定投资者非 公开发行股票 32,247,662 股，发行价格为 31.01 元/股，募集资金总额为 999,999,998.62 元，扣除各项发行费用 10,744,000.00 元，募集资金净额为 989,255,998.62 元。上述募集资金已经江苏公证天业会计师事务所（特殊普通合 伙）审验，并于 2018 年 4 月 9 日出具 ...