证券代码： 002252 证券简称：上海莱士 上海莱士血液制品股份有限公司 投资者关系活动记录表 编号： 2025-001 | 投资者关系活动 | √特定对象调研 | | | □ | 分析师会议 | | --- | --- | --- | --- | --- | --- | | 类别 | □ 媒体采访 | | | □ | 业绩说明会 | | | □ 新闻发布会 | | | □ | 路演活动 | | | □ 现场参观 | | | | | | | □ 其他 | | （请文字说明其他活动内容） | | | | 参与单位名称及 | 西南证券 | | 杜向阳 | 王彦迪 | | | 人员姓名 | 东方证券 | | 赵博宇 | | | | | 中信证券 | | 张恒楠 | | | | | 中邮证券 | 陈成 | | | | | | 国泰君安资管 | | 吴佳玮 | | | | | 远桥资产 | 汪睿 | | | | | | 摩根基金 | 李恒 | | | | | | 君和资本 | | 崔雨菲 | | | | | 圆合金控 | | 陈家华 | | | | | 国投瑞银 | | 苗慧军 | 刘泽序 | | | | 光大保德信 ...

Core Viewpoint - China Resources Boya Biopharmaceutical is divesting 80% of its subsidiary Jiangxi Boya Xinhao Pharmaceutical Co., Ltd. for 213 million yuan, indicating a strategic shift due to ongoing financial struggles and market pressures [1] Group 1: Financial Performance - In 2024, Boya Biopharmaceutical's revenue from blood products accounted for 87.29%, but overall revenue declined by 34.58% to 1.735 billion yuan, while net profit increased by 67.18% to 397 million yuan, still below 2022 levels [2] - The company’s plasma collection volume reached 630.6 tons in 2024, a mere 10.4% increase, leaving a significant gap of nearly 60% from its "14th Five-Year Plan" target of 1,000 tons [2] Group 2: Industry Dynamics - The blood product market in China is entering an oligopolistic phase, with the top six companies, including Tian Tan Biological and Shanghai Raist, controlling 80% of plasma collection [2] - Recent acquisitions, such as Shanghai Raist's 4.2 billion yuan purchase of Nanyue Biological, intensify competition, highlighting the challenges faced by Boya Biopharmaceutical in scaling its operations [3] Group 3: Strategic Challenges - The blood product industry has high barriers to entry, with a scarcity of licenses since 2001, making resource acquisition critical for growth [3] - Boya Biopharmaceutical's operational cash flow for 2024 is only 430 million yuan, raising concerns about its ability to compete in a market where acquisition costs are rising [3] Group 4: Future Outlook - The divestment of Boya Xinhao is expected to generate short-term liquidity of 213 million yuan and optimize the asset structure, but long-term growth relies on breakthroughs in the blood product sector [4] - The market anticipates that by 2027, the blood product market in China will reach 78 billion yuan, with a compound annual growth rate of 11.6%, presenting both opportunities and risks for Boya Biopharmaceutical [4]

Core Viewpoint - Shanghai Laishi (002252.SZ) reported a solid performance in its 2024 annual report, with revenue of 8.176 billion yuan, a year-on-year increase of 2.67%, and a net profit attributable to shareholders of 2.193 billion yuan, up 23.25% [1] Financial Performance - The company plans to distribute a cash dividend of 0.33 yuan per 10 shares at the end of 2024, totaling approximately 219 million yuan [1] - The total cash dividend for the year is projected to be 464 million yuan, representing 21.16% of the net profit attributable to shareholders [1] Industry Position and Strategy - Shanghai Laishi is a leading player in the blood products industry in China, characterized by a well-structured product range and high plasma utilization [2] - The company aims to achieve a record high plasma collection volume of over 1,600 tons in 2024, driven by a strategy focused on both enhancing existing plasma stations and expanding into new regions [2] Marketing and R&D Initiatives - The company is enhancing its marketing strategies by focusing on academic promotion and project management to improve market share [3] - R&D investment increased by 44.42% to 251 million yuan, with the number of R&D personnel rising from 179 to 195, reflecting a commitment to innovation [3] Strategic Partnerships and Ecosystem Development - The acquisition by Haier Group presents new growth opportunities, enabling the company to optimize operations and expand its market presence [4] - The company is building a comprehensive blood ecosystem by integrating technology and digital transformation, focusing on the entire value chain from plasma collection to clinical application [4] Innovation and Collaboration - The company is developing an innovative R&D system that integrates technology and market strategies, while also enhancing collaborations with academic institutions and research organizations [5] - The company has secured exclusive agency rights for key blood products in China, aiming to expand its international market presence [6]

资本层面，公司持续推进投资者回报机制。2024年，公司控股股东和高管合计完成超520万元的股份增持；2025年初，公 司正式启动最高5亿元股份回购计划，展现长期发展信心。上海莱士方面表示，未来，公司将继续围绕"浆源整合、产品升级、 终端精耕、外延协同"四大主线，强化全链路运营能力，持续巩固作为国内血液制品龙头企业的行业地位。 （编辑 张伟） 本报讯 （记者金婉霞）4月17日晚间，上海莱士血液制品股份有限公司（下称"上海莱士"）披露2024年年度报告。报告期 内，公司实现营业收入81.76亿元，同比增长2.67%；归属于上市公司股东的净利润21.93亿元，同比增长23.25%；归母扣非净利 润20.60亿元，同比增长13.47%。 公司称，2024年，公司业绩稳中有进，主要得益于浆源效率提升、核心品类市场份额扩大及整体管理效能增强。报告显 示，2024年，上海莱士全年采浆量突破1600吨，达到历史新高。此外，公司在全国共布局44家单采血浆站，覆盖11个省区（不 含收购中的南岳生物新增9站），稳居行业前列。 在主营业务方面，上海莱士人血白蛋白、静注人免疫球蛋白等产品销售表现稳定，凝血因子类产品销售快速增长。同时， ...

Group 1 - Shanghai Laishi (002252.SZ) reported its 2024 annual report on April 18, 2025, with 355 institutional investors holding a total of 3.934 billion shares, accounting for 59.26% of the total share capital [1] - The top ten institutional investors collectively hold 49.02% of the shares, with a decrease of 1.55 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 12 funds increased their holdings, with a total increase ratio of 0.33%, while 26 funds decreased their holdings, with a total decrease ratio of 0.58% [2] - A total of 307 new public funds were disclosed this period, including major funds like E Fund CSI 300 ETF and Huaxia CSI 300 ETF [2] Group 3 - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.36%, while RAAS CHINA LIMITED decreased its holdings by 0.69% [3] - GRIFOLS, S.A. was newly disclosed as a foreign institution this period [3]

一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 海盈康(青岛)医疗科技有限公司 | 132909.62 | 20.03 | 不变 | | GRIFOLS,S.A | 43706.97 | 6.59 | 新进 | | 中国信达资产管理股份有限公司 | 27920.67 | 4.21 | 不变 | | 华宝信托有限责任公司-华宝-中信1号单一资金信托 | 26809.00 | 4.04 | 不变 | | 中国中信金融资产管理股份有限公司 | 24594.18 | 3.71 | 不变 | | RAAS CHINA LIMITED | 18984.91 | 2.86 | 不变 | | 香港中央结算有限公司 | 15367.48 | 2.32 | 不变 | | 华鑫国际信托有限公司-华鑫信托·财富成长五期单一资金信 托 | 13970.00 | 2.11 | 不变 | | 中信证券股份有限公司 | | | | | 12548.57 | | 1.89 | 1.02 | | 中国建设 ...

Financial Performance - The company's operating revenue for 2024 reached ¥8,176,460,048.60, representing a 2.67% increase compared to ¥7,963,958,567.30 in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥2,193,293,367.26, a 23.25% increase from ¥1,779,476,930.19 in 2023[6]. - The net cash flow from operating activities for 2024 was negative at -¥482,055,042.98, a decline of 121.16% compared to ¥2,277,884,082.33 in 2023[6]. - The total assets at the end of 2024 amounted to ¥33,631,225,254.06, reflecting a 5.33% increase from ¥31,928,453,993.18 at the end of 2023[6]. - The company achieved operating revenue of 8.176 billion RMB, representing a year-on-year growth of 2.67%, and a net profit attributable to shareholders of 2.193 billion RMB, an increase of 23.25% year-on-year[53]. - The total assets of the company reached 33.631 billion RMB, an increase of 5.33% compared to the end of the previous year, while the net assets attributable to shareholders increased by 7.74% to 31.926 billion RMB[53]. Dividend Policy - The company plans to distribute a cash dividend of 0.33 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[5]. - The company is committed to a long-term, stable, and sustainable cash dividend policy, with plans for share repurchases totaling between 250 million and 500 million RMB[52]. - A cash dividend of RMB 0.33 per share (including tax) is proposed for shareholders, based on the total share capital as of the dividend record date[180]. - The total cash dividends expected to be distributed for the fiscal year 2024 is RMB 218,537,054.54 (including tax), based on the current total share capital of 6,637,984,837 shares[181]. Market and Industry Insights - The blood product market demand is expected to grow steadily, with plasma collection volume increasing by approximately 11% year-on-year[26]. - The blood product industry is characterized by high entry barriers, with fewer than 30 companies currently operating in the market due to strict regulatory controls[27]. - The demand for blood products in China is significantly lower than in developed countries, indicating substantial growth potential in the market[29]. - The company is one of the largest blood product manufacturers in China, focusing on human albumin, intravenous immunoglobulin, specific immunoglobulin, and coagulation factor products[33]. - The company has seen a gradual increase in the usage demand for immunoglobulin and coagulation factor products, which are expected to become major growth points in the blood product market[31]. Research and Development - The company is focusing on expanding its R&D efforts in the field of hemophilia treatment, with clinical trial applications for Class 1 biopharmaceuticals approved by the National Medical Products Administration[45]. - The company is actively enhancing its R&D capabilities by recruiting and training talent, aiming to improve project management and innovation efficiency[45]. - The company plans to launch several innovative products, including a new recombinant factor for hemophilia treatment, which is expected to enhance its market position[79]. - The company has developed a multi-dimensional R&D system, achieving several domestic "firsts" in innovative breakthroughs, including the first virus-inactivated human coagulation factor product[57]. Governance and Management - The company has established a complete and independent governance structure, ensuring compliance with relevant laws and regulations[133]. - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, organization, and business operations[134]. - The company has a robust investor relations management strategy to address investor inquiries and protect their rights[133]. - The company’s management team is fully independent, with no overlapping roles in the controlling shareholder's enterprises[134]. - The company has undergone a board restructuring, with several new appointments effective July 30, 2024, including the election of a new chairman and vice chairman[140]. Risk Management - The company acknowledges potential risks including raw material supply risks and rising plasma costs, which may impact future performance[5]. - The supply of raw plasma remains tight due to regulatory constraints, directly impacting production scale[126]. - There is a risk of rising plasma costs due to increased labor income and inflation, prompting the company to optimize processing technology and improve donor retention[126]. - The company has recognized goodwill impairment risks following the acquisition of several subsidiaries, necessitating annual impairment testing[127]. Employee Engagement and Compensation - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 31.17 million yuan[157]. - The company has established a multi-tiered welfare system, including additional paid leave and supplementary medical insurance[170]. - The employee stock ownership plan initiated in 2023 will unlock its first batch of equity in 2024, enhancing employee engagement[170]. - The company’s management and employees are incentivized through stock ownership plans, with specific performance evaluation mechanisms in place for senior management[182]. Strategic Acquisitions and Partnerships - The company completed a strategic acquisition of a competitor for $200 million, expected to enhance its product portfolio[7]. - The company is actively pursuing strategic partnerships and collaborations to enhance its product offerings and market reach[144]. - The company plans to enhance its market position in Central China through the acquisition of 100% equity in Nanyue Biological, which will improve plasma collection capacity and regional layout[49]. Marketing and Sales Strategy - The marketing model has been continuously optimized, focusing on compliance promotion and strengthening the core competitiveness of the marketing team[44]. - The company is focusing on optimizing its marketing strategy to deepen sales channels and enhance market penetration[125]. - A new marketing strategy is projected to increase customer engagement by 15% over the next six months[8]. Compliance and Internal Control - The company has established and continuously optimized its internal control system, ensuring effective execution without any major or significant deficiencies reported during the period[189]. - The internal control audit report issued by KPMG confirmed that the company maintained effective financial reporting internal controls as of December 31, 2024[193]. - The company has revised multiple internal governance documents, including the Articles of Association and various management rules, to enhance internal control and compliance[189].

星标 ★ IPO日报 精彩文章第一时间推送 血制品行业整合并购再提速。 近期，上海莱士血液制品股份有限公司（002252.SZ）（下称"上海莱士"、"上市公司"）发布公告，拟以支付现金的方式，收购湖南血制品企业南岳生物 制药有限公司（下称"南岳生物"、"标的公司"）100%股权。 资料显示，上海莱士是我国目前营收规模最大的血制品企业，而南岳生物系湖南省唯一一家血液制品生产厂家，对于"得浆站者得天下"的血制品赛道，上 海莱士再下一城。 值得一提的是，去年6月，海尔集团斥资125亿元拿下上海莱士20%股权，此次是海尔集团入主上海莱士后发起的第一笔并购动作。 制图： 佘诗婕 一路"买买买" 近年来，血制品企业间并购整合不断，行业格局加速成型。 由于血制品是生物安全性极高的行业，2001年5月起，国家对血制品行业实行总量控制，不再批准新的生产企业，血制品行业呈现存量竞争的局面。 并且单采血浆站只能由血制品企业设立，且在一个采浆区域内仅可设置一个单采血浆站，新建浆站的平均获批周期长达18至24个月。 对比新建浆站需要投入的人力物力，企业往往倾向于选择"买买买"的外延并购方式，以实现快速扩张。 2024年8月，天坛生物通 ...

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Pharmaceutical and Biotechnology Index reported 7370.94 points [1] - The CSI 300 Pharmaceutical and Biotechnology Index has decreased by 1.33% in the past month, increased by 5.20% in the past three months, and decreased by 0.98% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weights in the CSI 300 Pharmaceutical and Biotechnology Index are: Heng Rui Medicine (24.17%), WuXi AppTec (14.58%), Pian Zai Huang (6.92%), Yunnan Baiyao (5.68%), Kelun Pharmaceutical (5.11%), East China Pharmaceutical (3.63%), New Hope Liuhe (3.58%), Shanghai Raas (3.57%), Changchun High-tech (3.53%), and Fosun Pharma (3.39%) [1] - The market share of the CSI 300 Pharmaceutical and Biotechnology Index is 61.98% from the Shanghai Stock Exchange and 38.02% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes: chemical drugs (42.08%), traditional Chinese medicine (20.00%), pharmaceutical and biotechnology services (19.84%), and biological drugs (18.08%) [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made when the CSI 300 Index samples are modified [2] - Special events affecting sample companies may lead to adjustments in the industry classification of the CSI 300 Industry Index [2]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the A-share market and various sectors within the Chinese economy, including pharmaceuticals, real estate, and technology. Core Points and Arguments 1. **April as a Critical Month for A-shares**: April is highlighted as a month where the A-share market focuses on fundamental performance, suggesting that investors should look for opportunities based on economic indicators and sector performance [12][18][14]. 2. **Market Trends and Economic Indicators**: The manufacturing PMI for March is reported at 50.5%, indicating a slight increase, which suggests ongoing economic recovery. However, there are concerns about the breadth of this recovery across different sectors [14][56]. 3. **Sector Performance Expectations**: - High growth is expected in sectors such as consumer services, midstream manufacturing, and specific industries like non-ferrous metals, automotive, electronics, and agriculture [13]. - Areas with price increases (e.g., industrial metals, certain chemicals) and improved sales (e.g., construction machinery, medical devices) are anticipated to perform well [13]. 4. **Impact of Policy on Economic Recovery**: The recovery is largely attributed to supportive government policies, including consumption incentives and fiscal measures. Investors are advised to be patient as the effects of these policies unfold [14][15]. 5. **Pharmaceutical Sector Growth**: The innovative pharmaceutical companies are accelerating their international expansion, with licensing deals becoming a mainstream model for rapid capital recovery and clinical trial advancement [26]. 6. **Real Estate Sector Recovery**: Signs of stabilization in real estate sales are noted, with property stocks expected to benefit from high cash flow and dividend yields, indicating a potential investment opportunity [26]. 7. **Investment Strategies for April**: Investors are encouraged to focus on sectors that show resilience and potential for improvement in earnings, particularly those benefiting from recent policy changes [14][15]. Other Important but Possibly Overlooked Content 1. **Global Economic Uncertainty**: The call mentions increasing global economic and political uncertainties, which could impact market sentiment and foreign investment flows into A-shares [12][19]. 2. **Increased New A-share Accounts**: There has been a significant increase in new A-share accounts, with March 2025 seeing 3.07 million new accounts, reflecting growing investor interest [58]. 3. **Potential Risks from U.S. Tariff Policies**: The U.S. has announced new tariffs, which could lead to retaliatory measures from other countries, adding to market uncertainties [54][59]. 4. **Long-term Gold Market Trends**: The discussion touches on the ongoing bull market for gold, driven by central bank purchases and geopolitical tensions, which may influence investment strategies [62][69]. This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current market landscape and potential investment opportunities.