Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [18]. Core Views - The company reported a revenue of 3.11 billion yuan for the first half of 2025, reflecting a year-on-year increase of 9.47%, while the net profit attributable to shareholders decreased by 12.88% to 633 million yuan [2][6]. - The second quarter of 2025 showed a revenue of 1.793 billion yuan, up 10.7% quarter-on-quarter, with a net profit of 388 million yuan, down 5.13% [2][6]. - The company continues to lead in the domestic market with 107 blood plasma collection stations, achieving a collection volume of 1,361 tons, maintaining a market share of approximately 20% [4]. Financial Performance - The company achieved a gross margin of 45.4% in the first half of 2025, down 10.3 percentage points year-on-year, and a net profit margin of 20.3%, down 5.2 percentage points [6]. - For the second quarter of 2025, the gross margin was 45.1%, and the net profit margin was 21.7% [6]. - The company has maintained effective control over various expense ratios, with sales, management, R&D, and financial expense ratios reported at 1.94%, 7.49%, 1.83%, and -0.03% respectively for the first half of 2025 [6]. Product Performance - The company’s albumin product line generated revenue of 1.345 billion yuan, up 20.8%, while the immunoglobulin product line achieved revenue of 1.427 billion yuan, up 6.6% [3]. - Other blood products saw a revenue decline of 13.2% to 328 million yuan, with a gross margin of 43.29%, down 14.78 percentage points [3]. Research and Development - The company continues to invest heavily in R&D, with new products expected to drive steady growth. Notable developments include the approval of a new 10% concentration immunoglobulin product and ongoing clinical trials for several other products [5]. Profit Forecast and Investment Suggestion - The forecast for net profit attributable to shareholders is 1.51 billion yuan for 2025, 1.76 billion yuan for 2026, and 2.08 billion yuan for 2027, with corresponding price-to-earnings ratios of 27, 23, and 20 times [6][11]. - The company is recognized as a leader in the blood products industry, with strong capabilities in plasma station acquisition and integration, alongside ongoing product development [6].

Company Overview - Shanghai Raist Blood Products Co., Ltd. was established in 1988 and listed on the Shenzhen Stock Exchange in 2008. In December 2023, Haier Group signed a strategic cooperation and share purchase agreement with Kilibof, acquiring 20% of the company’s shares through its subsidiary, Haiyingkang. The transaction was completed in June 2024, resulting in a change of controlling shareholder to Haiyingkang and actual controller to Haier Group [2][3]. Industry Situation - The blood products industry is a sub-sector of the biopharmaceutical industry, characterized by high technical barriers and strict regulatory requirements. Since 2001, no new blood product manufacturing enterprises have been approved in China, with fewer than 30 companies currently operating [3]. - In 2024, there were over 300 plasma collection stations in China, with a total plasma collection exceeding 13,000 tons, showing significant growth compared to 2023, although there remains a gap between supply and actual demand [3]. - Human albumin is the most significant product in terms of domestic sales, with a high proportion of imports. Imported human albumin is currently the only permitted human-derived blood product in China [3]. Company Goodwill - The company's goodwill primarily arises from the acquisition of other stable and well-performing enterprises in the same industry. The company conducts annual impairment testing of goodwill in compliance with regulatory requirements [4]. Sales and Market Dynamics - Domestic sales of human albumin have slightly slowed due to medical insurance policies and supply-demand dynamics. However, there remains a rigid demand for human albumin, which is used in various medical conditions [5]. - The blood products industry currently has some inventory among companies and distributors, with production and inspection cycles being relatively long [6]. - Prices of blood products have been affected by policy factors and supply-demand relationships, leading to some price reductions since the second half of last year [7]. Innovation and R&D - The company is advancing its "plasma expansion" and "plasma reduction" strategies, focusing on safety, quality, and efficiency, while increasing investment in basic research, clinical translation, and industrial upgrades [8]. - The company is conducting clinical research on SR604 injection, which is in Phase IIb trials. This product aims to prevent and treat hemophilia A and B, as well as factor VII deficiency [8][9]. Conclusion - The report highlights the strategic developments, market conditions, and innovation efforts of Shanghai Raist Blood Products Co., Ltd., emphasizing the company's position in a highly regulated and competitive industry.

Group 1: Company Performance - In Q1 2025, the company reported a revenue of 2.006 billion, a decrease of 2.45% year-on-year, and a net profit of 566 million, down 25.20% year-on-year [5] - The company’s revenue in 2024 was 8.176 billion, with a year-on-year growth of 2.67%, and a net profit of 2.193 billion, an increase of 23.25% [17] - The company’s inventory as of March 31, 2025, was 4.12 billion, primarily consisting of raw materials and finished goods [4] Group 2: Market Dynamics - The blood product industry is experiencing stable demand, with human albumin in a balanced state and immunoglobulin in a tight balance [2] - The pricing of blood products is influenced by supply-demand relationships and healthcare policies, with expectations of continued rigid demand in the future [3][11] Group 3: Research and Development - The company is focusing on key R&D projects, including SR604, which is currently in Phase II clinical trials [4] - The company has initiated R&D on products like protein C and activated prothrombin complex, which have not yet entered clinical trials [2] Group 4: Strategic Initiatives - The company is pursuing a dual strategy of "expanding plasma collection" and "innovative drug development" to enhance its market position [21] - The company plans to utilize a share buyback program, with a total budget of 250 million to 500 million RMB, to boost investor confidence [23] Group 5: Financial Management - The company has implemented measures to enhance shareholder returns, including stock buybacks and cash dividends [24] - The company’s financial leverage and asset efficiency will be optimized to improve its return on equity (ROE) [26]