Core Viewpoint - The article discusses the recent market downturn influenced by geopolitical tensions and rising oil prices, highlighting the performance of stocks that have fallen below the "924" benchmark, which refers to the closing price on September 23, 2024 [2] Group 1: Market Performance - Since March, the global capital markets have experienced declines, with the Shanghai Composite Index dropping below 3800 points, a nearly 10% retreat from its yearly high [2] - The average increase in stock prices since the "924" market began is 94.27%, with 1507 stocks doubling in value and 2975 stocks increasing by over 50% [3] - A total of 231 stocks have fallen below the "924" benchmark, indicating significant market volatility [3] Group 2: Top Performing Stocks - The top ten stocks with the highest gains include: - Up to 2219.45% for Upwind New Materials - 1418.29% for Haibo Sichuang - 1275.21% for Tengjing Technology - Other notable mentions include Yuanjie Technology and Zhaojin Gold [3] - A significant portion of these high-performing stocks is linked to the AI infrastructure sector, indicating a strong market trend towards AI-related investments [3] Group 3: Underperforming Stocks - The ten stocks with the largest declines include: - Shijing Technology (-47.46%) - Longda Meishi (-46.10%) - Wantai Biological Pharmacy (-43.44%) - Many of these stocks are from industries experiencing downturns, such as real estate and liquor [7] Group 4: Stock Buybacks - Among the 231 stocks that fell below the "924" benchmark, 87 companies have initiated buybacks, with 64 completing them and 11 currently in progress [10] - 35 companies have executed buybacks exceeding 100 million yuan, indicating management's belief that their stock is undervalued [10] - The top three companies by buyback amount are Haier Smart Home (approximately 1.369 billion yuan), Sinopec (approximately 1.295 billion yuan), and Livzon Pharmaceutical (approximately 1 billion yuan) [11] Group 5: Performance of Quality Stocks - Out of the 231 stocks, 36 have reported their latest 2025 annual performance, with only 12 showing positive growth in both revenue and net profit [15] - Guolian Minsheng stands out with a revenue of 7.673 billion yuan (up 185.99%) and a net profit of 2.009 billion yuan (up 405.49%) [15] Group 6: High Dividend Stocks - Among the stocks that fell below the "924" benchmark, only 21 have a dividend yield exceeding 5% [16] - The top three stocks by dividend yield are: - Blue Sky Gas (10.20%) - Fuanna (9.10%) - Guangri Co. (8.09%) [16]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 20.65 CNY, compared to the current stock price of 18.85 CNY [4]. Core Insights - The company reported a revenue of 2.059 billion CNY in 2025, an increase of 18.69% year-on-year, but the net profit attributable to shareholders decreased by 71.61% to 113 million CNY [1][2]. - The decline in profit is attributed to several factors, including market downturns for certain products, increased amortization from acquisitions, and a decrease in gross margin due to intensified market competition and regulatory changes [1][2]. - The company achieved a record high in plasma collection, totaling 662.31 tons in 2025, a growth of 5.03% year-on-year, with significant contributions from the newly acquired Green Cross [3][8]. Summary by Sections Financial Performance - In 2025, the blood products business (parent company) generated 1.414 billion CNY in revenue, a decrease of 4.08%, and a net profit of 161 million CNY, down 60.37% [2]. - The blood products business (Green Cross China) saw a revenue increase of 540.52% to 258 million CNY, with net profit soaring by 42369.44% to 26 million CNY due to full-year consolidation [2]. - The pharmaceutical distribution business (Glenmark) reported a revenue of 198 million CNY, up 9708.34%, but incurred a net loss of 8 million CNY [2]. Growth Drivers - The company successfully acquired 100% of Green Cross Hong Kong in November 2024, enhancing its operational capacity with additional plasma collection stations [3]. - The company plans to focus on expanding its plasma collection network and improving operational efficiency in existing stations [7]. Product Development - The company has made significant progress in R&D, with new products such as 10% human immunoglobulin and tetanus immunoglobulin receiving approval in 2025 [8]. - Several projects are in clinical trials, including C1 esterase inhibitor and subcutaneous human immunoglobulin, which are expected to enhance the company's competitive edge [8].

[Table_Reportdate] 2026年03月27日 公 司 简 评 医 药 生 物 [Table_invest] 买入（维持） 报告原因：业绩点评 [博雅Table_NewTitle] 生物（300294）：血制品业务总体稳 健，利润端短期承压 ——公司简评报告 投资要点 [盈利预测与估值简表 Table_profits] | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2023A 2,059.09 | 2,137.97 | 2,236.47 | 2,357.46 | | 增长率（%） | 18.69% | 3.83% | 4.61% | 5.41% | | 归母净利润（百万元） | 112.70 | 314.46 | 345.52 | 383.57 | | 增长率（%） | -71.61% | 179.03% | 9.88% | 11.01% | | EPS（元/股） | 0.22 | 0.62 | 0.69 | 0.76 | | 市盈率（P/E） | 82.82 | 29.68 ...

Core Viewpoint - The article highlights the successful launch of an AI night school course aimed at middle-aged and elderly individuals, organized by the Unknown AI Research Institute, to bridge the digital divide and enhance practical AI skills among the senior population [1][17]. Group 1: Course Overview - The AI night school course was conducted by lecturer Wu Xiaonan and attracted numerous participants from the middle-aged and elderly demographic, receiving unanimous recognition for its practical and accessible content [2][4]. - The course emphasized a "zero basis, easy to understand, and practical" approach, focusing on the daily needs of the elderly and systematically explaining the basics of AI applications and practical tool usage [4][17]. Group 2: Course Content - The curriculum covered two core modules: AI application tools and prompt engineering, using simple language to explain AI's core logic and usage methods [6]. - The course introduced mainstream domestic AI tools such as Doubao, DeepSeek, Tencent Yuanbao, and Tongyi Qianwen, providing detailed demonstrations of their operation on both computer and mobile platforms [6]. Group 3: Prompt Engineering - Prompt engineering was a key focus, with Wu Xiaonan summarizing a four-step method for writing prompts to help participants communicate effectively with AI [8]. - The four steps include: defining the role of AI, explaining the context, specifying the task, and stating the requirements for output format and style [9]. Group 4: Practical Application - An example of a "two-day family trip to Xi'an" was used to demonstrate how to generate a clear and detailed itinerary using the four-step prompt method, showcasing the importance of effective prompting [12]. - Additional tips for refining prompts were shared, including clarifying roles, standardizing formats, providing examples, and breaking down steps to enhance the quality of questions posed to AI [12]. Group 5: Future Plans - The Unknown AI Research Institute plans to launch a specialized course on the use of OpenClaw, a tool designed to automate repetitive tasks through natural language commands, further enhancing the efficiency of the elderly [14][15]. - The initiative reflects the institute's commitment to making AI accessible to all age groups and ensuring that technology serves to improve everyday life [17].

博雅生物 20260323 摘要 2025 年，公司整体采浆量达到 662.31 吨，同比增长超过 5%。其中，绿十字 采浆量为 119.91 吨，同比增长 10.46%，实现了双位数增长。未来，公司将 对博雅生物和绿十字的浆站实行统一管理，目标是实现超越行业标杆的增长速 度。特别是在 2026 年，公司力争实现比行业平均增速更快的增长。 关于毛利 率，2025 年公司合并层面的毛利率约为 49.9%，同比下降 14.8 个百分点。 下降的主要原因有两点：首先是合并绿十字的影响，由于绿十字的产品种类、 收得率及业务模式等因素，其毛利率相对较低，并表后拉低了整体毛利率水平； 其次是血制品行业整体价格承压，导致毛利率小幅下降。 为应对毛利率压力， 公司将从多方面着手：在成本端，将通过强化管理、提高收浆得率和运营效率 来控制成本；在产品端，将加强研发，丰富产品管线；同时，将重点对绿十字 进行赋能，提升其收得率和盈利水平。值得一提的是，原计划于 2026 年下半 年获批的绿十字静丙新工艺，已在团队努力下提前至 2026 年 1 月获得生产批 件，该新工艺将显著提升其核心产品静丙的收得率。 公司"十五五"规划的整体进展 ...

Financial Performance - The company achieved a revenue of CNY 2.059 billion in 2025, a year-on-year increase of 3.24% [2] - The parent company reported a revenue of CNY 1.414 billion, a decrease of 4.1% year-on-year [2] - Net profit attributable to shareholders was CNY 112 million, down 71.6% year-on-year [2] - Total plasma collected was 662.31 tons, an increase of 31.72 tons (5.03%) compared to the previous year [2][4] Dividend Distribution - A cash dividend of CNY 2.23 per 10 shares (including tax) will be distributed, totaling CNY 112 million, which accounts for 99.78% of the net profit attributable to shareholders in 2025 [3] Market and Pricing Outlook - The overall price of core blood products is expected to decline in 2025 due to supply-demand dynamics, with continued pressure on prices in 2026 [3] - The industry is experiencing a compound annual growth rate of nearly 8% in plasma collection from 2022 to 2024, but demand is constrained by medical policy reforms and cost control measures [3] Inventory Management - The company is enhancing inventory management, with a reasonable inventory structure across various products; however, there is slight pressure on immunoglobulin inventory [3][4] Future Growth Plans - The company aims to expand plasma collection and improve operational efficiency, targeting double-digit growth for the Green Cross plasma station [4][5] - The strategic focus includes enhancing research and development, internationalization, and optimizing product offerings to improve gross margins [6][7] Tax Policy Impact - Starting January 1, 2026, the VAT rate for biological products will increase from 3% to 13%, which may raise tax burdens for blood product companies in the short term [9] - The company plans to improve supply chain management to mitigate the impact of increased tax costs [9] R&D and Commercialization - The company plans to invest 5.5% of revenue in R&D by 2025, with several products expected to receive clinical approvals in 2026 [10] - Progress in R&D includes improvements in immunoglobulin production processes and the development of high-value products [10] Strategic Vision - The company aims to solidify its position as a world-class blood product enterprise, focusing on sustainable competitive advantages through operational excellence and innovation [11][12]

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 募投项目工期调整事项的核查意见 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"华润博雅生物"或"公司"）2020 年向特定 对象发行 A 股股票的保荐机构，根据《中华人民共和国公司法》《中华人民共和 国证券法》等法律法规，对公司募投项目延期的事项发表核查意见如下： 一、事件概述 公司于 2026 年 3 月 19 日召开了第八届董事会第十八次会议，审议通过《关 于智能工厂建设项目工期调整事项的议案》。通过对项目投资重新优化梳理，实 施分批建设、分批投入策略，有效降低资金占用，减少固定资产闲置，提升资金 使用效益。同时对照 2025 年 3 月发布的《药品生产质量管理规范（2010 年修订）》 无菌药品附录（征求意见稿）和 2025 年 9 月发布的《医药工业洁净厂房施工与 验收标准》，进一步完善建设标准。结合 2025 年 5 月发布的《已上市血液制品生 产场地变更研究技术指导原则（试行）》，进一步规范工艺验证批试生产安排。项 目竣工验收时间拟延后 3 个月，预计于 2026 年 6 月建 ...

毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2603341 号 华润博雅生物制药集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了华润博雅生物制药集团股份有限公司（以下简称"贵公司"）2025 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会 的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序 ...

华润博雅生物制药集团股份有限公司 自 2025 年 1 月 1 日 至 2025 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街1号 东方广场毕马威大楼8层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2602595 号 华润博雅生物制药集团股份有限公司全体股东： 一、审计意见 我们审计了后附的华润博雅生物制药集团股份有限公司 (以下简称"华润博雅生物") 财务 报表，包括 2025 年 12 月 31 日的合并及母公司资产负债表，2025 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及 ...

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 2025 年度募集资金存放与使用情况的专项核查意见 根据《深圳证券交易所创业板股票上市规则》（以下简称"《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》（以下 简称"《上市公司规范运作》"）等相关规定，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"）的持续督导保荐机构，对公司2025年度募集资金存放与使用情况进行了核 查。具体情况如下： 一、2018 年非公开发行股份募集资金 （一）募集资金金额和实际到账时间 根据公司2017年第二次临时股东大会会议决议及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），核准公司非公开发行不超过3,750万股股票。2018年4月4日博雅生物制药集团股 份有限公司完成了本次非公开发行，实际发行32,247,662股，每股发行价格31.01元。 公司于2018年4月4日收到长城证券股份有限公司汇缴的出资方认购款人民币 999, ...