Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see steady growth in plasma collection, with new products anticipated to drive revenue growth [5] - The projected net profit for the company from 2025 to 2027 is estimated at 1.44 billion, 1.67 billion, and 1.91 billion yuan respectively, with year-on-year growth rates of -6.8%, 15.5%, and 14.4% [6] - The current stock price corresponds to a price-to-earnings (PE) ratio of 28, 24, and 21 for the years 2025, 2026, and 2027 respectively [6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 3.11 billion yuan, a year-on-year increase of 9.47%, and a net profit of 633 million yuan, a year-on-year decline of 12.88% [6] - For Q2 2025, the operating revenue was 1.793 billion yuan, with a year-on-year growth of 10.70%, and a net profit of 388 million yuan, down 5.13% year-on-year [6] - The company maintained a leading position in the industry with a plasma collection volume of approximately 1361 tons in the first half of 2025, representing a year-on-year growth of 0.7% [6] Product and Market Insights - The company has a total of 107 plasma collection stations, with 85 currently operational [6] - Revenue from immunoglobulin products in the first half of 2025 was 1.43 billion yuan, up 6.56% year-on-year, while revenue from albumin was 1.35 billion yuan, up 20.8% year-on-year [6] - The fourth-generation chromatography immunoglobulin product has been launched, which is expected to significantly enhance profit margins [6] Future Growth Potential - The company is expected to achieve notable results in acquiring new plasma collection stations due to the strength of its controlling shareholder, China National Pharmaceutical Group [6] - The ongoing clinical trials for various new products, including subcutaneous immunoglobulin and recombinant coagulation factors, are anticipated to contribute to future revenue growth [6]

Core Insights - The company reported a plasma collection volume of 1,361 tons in the first half of 2025, representing a year-on-year increase of 0.7%, maintaining approximately 20% of the domestic industry share [2] Group 1: Plasma Collection Performance - The increase in plasma collection volume was minimal due to several factors, including a rise in the number of workers leaving plasma collection areas due to the economic environment, resulting in fewer donors compared to the same period last year [2] - Certain plasma collection stations in regions such as Gansu, Yunnan, and Shaanxi face challenges due to low population density, poor transportation infrastructure, and some stations being located in high-altitude areas with long winters, which affects donor stability and development [2] Group 2: Future Plans and Strategies - The company plans to enhance the service level for plasma donors, strengthen recruitment efforts, and promote knowledge about plasma donation to increase collection volume [2] - Internal management improvements and optimization of incentive mechanisms are also part of the strategy to expand blood source collection efforts [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has experienced a short-term decline in performance due to temporary production stoppages, but it is expected to benefit from capacity expansion and sustained high growth in plasma collection [4][5] - In 2024, the company achieved a revenue of 2.655 billion yuan, representing a 14% increase year-on-year, and a net profit of 745 million yuan, which is a 21.76% increase [4] - The company’s plasma collection volume exceeded 1,400 tons in 2024, with an expected growth rate of over 15% [6] - The company has signed exclusive licensing and supply agreements to enhance its market presence both domestically and internationally [6] - The company’s gross margin for 2024 was 49.13%, with a net margin of 28.07%, indicating effective cost management and profitability [7] Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 3.112 billion yuan, 3.702 billion yuan, and 4.214 billion yuan respectively, with corresponding net profits of 894 million yuan, 1.095 billion yuan, and 1.231 billion yuan [8][11] - The expected growth rates for revenue from 2024 to 2027 are 14%, 17.24%, 18.93%, and 13.83% respectively [11] - The company’s earnings per share (EPS) are projected to increase from 1.02 yuan in 2024 to 1.68 yuan in 2027 [11]