Core Viewpoint - The company reported a revenue of 3.11 billion yuan in the first half of 2025, representing a year-on-year growth of 9.47%, while the net profit attributable to shareholders decreased by 12.88% to 633 million yuan [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.793 billion yuan, with a year-on-year growth of 10.70%, but the net profit attributable to shareholders fell by 5.13% to 388 million yuan [1] - For H1 2025, the company’s plasma collection volume was approximately 1361 tons, a year-on-year increase of 0.7%, holding about 20% of the domestic market share [2] - The revenue from immunoglobulin (IVIG) reached 1.43 billion yuan in H1 2025, up 6.56% year-on-year, with a gross margin of 49.8%, down 7.67 percentage points [2] - Albumin revenue was 1.35 billion yuan, showing a year-on-year increase of 20.8%, with a gross margin of 41.0%, down 11.61 percentage points [2] - Other blood products generated 330 million yuan in revenue, down 13.2% year-on-year, with a gross margin of 43.3%, a decrease of 14.8 percentage points [2] Group 2: Market Position and Growth Potential - The company maintains a leading position in the domestic plasma collection industry, with 107 plasma collection stations, of which 85 are operational as of H1 2025 [2] - The company is expected to achieve significant results in acquiring new plasma collection stations due to the strength of its controlling shareholder, China National Pharmaceutical Group [2] - The launch of the fourth-generation chromatography immunoglobulin (10%) is anticipated to enhance profit margins, as it is safer and more efficient compared to the third generation [3] - The company has several products in the pipeline, including subcutaneous immunoglobulin and recombinant coagulation factors, which are in various stages of clinical trials [3] Group 3: Profit Forecast - The company’s projected net profits for 2025-2027 are 1.44 billion, 1.67 billion, and 1.91 billion yuan, with year-on-year growth rates of -6.8%, 15.5%, and 14.4% respectively [3] - The current price-to-earnings ratios are estimated to be 28, 24, and 21 times for the years 2025, 2026, and 2027 [3] Group 4: Investment Rating - The company maintains a "Buy" rating [4]

Group 1 - The core viewpoint indicates that the blood products industry is expected to maintain steady growth in the first half of 2025, with a notable increase in the proportion of domestic albumin batch approvals compared to the previous year [1] - The approval batches for factor products such as factor VIII and fibrinogen are growing rapidly, reflecting companies' ongoing expansion of their factor product pipelines [1] - Companies are actively advancing research and development pipelines for recombinant products and new immunoglobulins, with several products already approved or under review for market launch [1] Group 2 - The blood products industry is anticipated to achieve overall steady growth in the second half of the year, driven by stabilizing product prices, increased plasma collection, and performance contributions from new products [1] - Companies that are industry leaders and are expected to continue expanding plasma station resources through both organic growth and external integration should be closely monitored for sustained growth in blood product business [1]

Group 1 - The core viewpoint indicates that the blood products industry is expected to maintain steady growth in the first half of 2025, with a notable increase in the proportion of domestic albumin batch approvals compared to the previous year [1] - The approval growth rate for factor products such as factor VIII and fibrinogen is accelerating, reflecting companies' ongoing expansion of their factor product pipelines [1] - Companies are actively advancing the research and development of recombinant products and new immunoglobulins, with several products already approved or under review for market launch [1] Group 2 - The blood products industry is projected to achieve overall steady growth in the second half of the year, driven by stabilizing product prices, increased plasma collection, and performance contributions from new products [1] - It is recommended to focus on leading companies in the industry that are likely to continue expanding plasma station resources through both organic growth and external integration, ensuring sustained growth in blood product business [1]