证券研究报告：医药生物|行业周报 发布时间：2025-06-16 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7895.79 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 周最低 | | 6070.89 | 行业相对指数表现 2024-06 2024-08 2024-11 2025-01 2025-04 2025-06 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 近期研究报告 推荐标的：英科医疗、迈普医学、怡和嘉业、微电生理、 拱东医疗、派林生物、益丰药房、大参林、康臣药业、佐力药 业、桂林三金、天士力、新里程、美年健康、国际医学。 《政策支持上市公司通过并购重组高 质量发展，行业整合持 ...

Core Viewpoint - The acquisition of 21.03% of shares in Palin Biotech by China National Pharmaceutical Group (Sinopharm) marks a significant shift in control, with the company expected to become part of the national team in the blood products industry [1][4][12]. Group 1: Acquisition Details - Palin Biotech's controlling shareholder will change from Shengbang Yinghao to China National Pharmaceutical Group, with the actual controller shifting from the Shaanxi Provincial State-owned Assets Supervision and Administration Commission to Sinopharm [1][4]. - The transaction price for the share transfer is approximately 38.44 billion yuan, which includes interest calculated at an annual rate of 9% from March 20, 2023, until the signing of the transaction documents [8][10]. - The share transfer price represents a premium of about 47.40% over the closing price of 16.96 yuan per share on the day before the agreement was signed [6][8]. Group 2: Financial Performance and Growth - Palin Biotech has shown steady revenue growth, with reported revenues of 19.72 billion yuan, 24.05 billion yuan, 23.29 billion yuan, and 26.55 billion yuan from 2021 to 2024, respectively [14]. - The net profit attributable to the parent company has also increased, with figures of 3.91 billion yuan, 5.87 billion yuan, 6.12 billion yuan, and 7.45 billion yuan for the same years [14]. - The company is expected to distribute a total of 5.12 billion yuan in cash dividends in 2023 and 2024, with Shengbang Yinghao projected to receive over 1 billion yuan in dividends [10]. Group 3: Industry Context and Competition - The acquisition raises potential concerns regarding competition, as both Palin Biotech and Tian Tan Biological Products, a subsidiary of Sinopharm, operate in the same blood products sector [2][15]. - The integration of Palin Biotech into Sinopharm's portfolio will increase the number of listed companies under the Sinopharm umbrella to eight, enhancing its presence in the healthcare market [11][12]. - The strategic focus of Palin Biotech remains on blood products, with ongoing efforts to expand production capacity and improve operational efficiency [14][15].

Core Viewpoint - The acquisition framework agreement between China Biotechnology Co., Ltd. and the controlling shareholder of Pailin Biopharmaceuticals marks a significant change in the company's ownership structure, with China Biotechnology set to become the new controlling shareholder, transitioning control from the Shaanxi Provincial State-owned Assets Supervision and Administration Commission to China National Pharmaceutical Group Co., Ltd. [2][3] Group 1: Acquisition Details - The agreement involves China Biotechnology acquiring a 21.03% stake from Shengbang Yinghao Investment Partnership, with the transfer price based on the original acquisition cost of 3.844 billion yuan, plus interest calculated at an annualized simple interest rate of 9% from March 20, 2023, until the signing of the formal transaction documents [3][4] - The transaction is subject to due diligence by China Biotechnology and requires compliance confirmation from the Shenzhen Stock Exchange, as well as other necessary approvals, indicating potential uncertainties in the completion of the deal [4] Group 2: Company Background - Pailin Biopharmaceuticals has undergone multiple ownership changes since its establishment, with its current controlling shareholder, Shengbang Yinghao, having acquired the company in March 2023 for 3.844 billion yuan [5][6] - The company, which focuses on blood products, has a total share capital of 731 million shares, with Shengbang Yinghao holding 154 million shares, representing 21.03% of the total [5] Group 3: Operational Challenges - Pailin Biopharmaceuticals faced regulatory scrutiny due to internal control deficiencies, leading to corrective measures mandated by the Shanxi Securities Regulatory Bureau [7] - The company reported a revenue decline of 14% year-on-year in Q1 2025, attributed to production halts during capacity expansion at its subsidiary, although capacity upgrades are expected to enhance production in the near future [8]

Core Viewpoint - The blood products industry is undergoing significant consolidation, with the leading player, China National Pharmaceutical Group (Sinopharm), acquiring the third-ranked company, Pailin Biotech, which will further solidify its market position [2][3]. Group 1: Acquisition Details - Pailin Biotech's controlling shareholder, Shengbang Yinghao, signed an acquisition framework agreement with China National Pharmaceutical, intending to transfer 21.03% of its shares [2]. - The estimated transaction price for the share transfer is approximately 4.612 billion yuan, translating to a per-share price of about 29.99 yuan, representing a premium of approximately 76.83% compared to the last closing price before suspension [2]. - The acquisition is still subject to due diligence and final agreement on transaction terms, with the final payment arrangements yet to be clarified [2]. Group 2: Market Impact - The acquisition will reshape the competitive landscape of the blood products sector, with Sinopharm's market dominance being reinforced by its ownership of three major blood product companies, including Tian Tan Biological and Wei Guang Biological, totaling 154 plasma collection stations [3][10]. - Following the announcement, Pailin Biotech's stock rose by 1.06%, while Tian Tan Biological and Wei Guang Biological experienced slight declines [3]. Group 3: Historical Context - Pailin Biotech has undergone multiple ownership changes, with its focus shifting to the blood products sector since 2007, culminating in its rebranding after acquiring another company in 2021 [4][5]. - The company has faced internal conflicts and governance issues, particularly during its transition to new shareholders, which have impacted its operational stability [5][9]. Group 4: Industry Dynamics - The blood products market is characterized by a "three-legged" competitive structure, with Sinopharm, China Resources, and Haier Group as the main players, but Sinopharm has established a significant lead in both the number of plasma stations and collection volume [10][15]. - As of 2024, Sinopharm's total plasma collection volume is 4,743 tons, accounting for approximately 35.4% of the industry, with further growth expected as additional stations become operational [10][16].

21世纪经济报道记者韩利明上海报道 仅约两年时间，派林生物（000403.SZ）的控制权再迎更迭。 日前，派林生物发布公告称，其控股股东胜帮英豪与中国生物签署了《收购框架协议》。根据协议，胜 帮英豪拟将其所持派林生物 21.03% 的股份转让给中国生物，此次交易将以现金方式完成。 不过，派林生物同时提示，中国生物将对其开展尽职调查，后续协议的签署时间尚未确定，甚至存在无 法签署协议及交易最终无法达成的风险。若该交易能够顺利完成，派林生物的控股股东将变更为中国生 物，实际控制人也将由陕西省人民政府国有资产监督管理委员会变更为中国医药集团有限公司（下 称"国药集团"）。 对此，派林生物解释主要受派斯菲科二期产能扩增停产影响，导致产品供应量同比下降。不过派林生物 在5月20日接受投资者调研时表示，"派斯菲科二期扩能验收后已于2025年3月初正式投产，子公司广东 双林产能提升预计于6月投产，公司扩能后产能将提升至超3000吨。" 血液制品行业的竞争中，企业规模取决于采浆量规模，而盈利能力则取决于产品数量。2024年，派林生 物采浆量已超1400吨，作为千吨级血制品企业第一梯队的成员，旗下广东双林和派斯菲科产品品种合计 ...

Core Viewpoint - The acquisition framework agreement between the controlling shareholder of Pailin Biopharmaceuticals and China National Pharmaceutical Group marks a significant shift in ownership, with implications for the blood products industry in China [1][2]. Company Summary - Pailin Biopharmaceuticals' controlling shareholder, Shengbang Yinghao Investment Partnership, plans to transfer 21.03% of its shares to China National Pharmaceutical Group for a price based on the principal of 3.844 billion yuan plus annual simple interest of 9% [1]. - If the transaction is completed, the controlling shareholder will change to China National Pharmaceutical Group, with the actual controller shifting from the Shaanxi Provincial Government's State-owned Assets Supervision and Administration Commission to China National Pharmaceutical Group [1]. - Pailin Biopharmaceuticals specializes in the research, development, production, and sales of blood products, with a total of 38 plasma collection stations expected by 2024, ranking among the top three in the industry, and a plasma collection volume exceeding 1,400 tons [1]. Performance Summary - In 2024, Pailin Biopharmaceuticals achieved a revenue of 2.655 billion yuan, representing a year-on-year growth of 14.0%, and a net profit attributable to shareholders of 745 million yuan, reflecting a year-on-year increase of 21.76% [2]. - Prior to the suspension of trading, Pailin Biopharmaceuticals' closing price was 16.96 yuan per share, with a total market capitalization of 16.1 billion yuan [2]. Industry Summary - The blood products industry in China is characterized by strict regulations, with no new production enterprises approved since 2001, leading to a long-term tight supply of plasma and a significant market gap [2]. - The market size for blood products in China is projected to reach 60 billion yuan in 2024, with expectations to grow to 95 billion yuan by 2030, indicating substantial future growth potential [2]. - China National Pharmaceutical Group already owns another blood products company, Tian Tan Biological Products, and will control two leading companies in the blood products sector following the acquisition [2].

Group 1 - Lingnan Holdings plans to publicly transfer 3.92% equity of Guangzhou World Wonder at a base price of 23.6576 million yuan, focusing on core business development [1] - Guangkang Biochemical's chlorantraniliprole product has a designed capacity of 10 tons/year but has not yet been produced, with expected minor contribution to overall performance [1] - Palin Bio's controlling shareholder intends to transfer 21.03% of shares to China National Biological, changing the controlling shareholder and actual controller [1][2] Group 2 - Haimer Technology is planning a change of control, leading to a temporary stock suspension for up to two trading days [1] - *ST Zhongdi's stock will be suspended for one day and will resume trading with a change in risk warning status [1] - Jiahua Intelligent's shareholder plans to reduce holdings by up to 1% of total shares due to personal funding needs [5] Group 3 - Bosi Software's director plans to reduce holdings by up to 0.22% of total shares for personal funding needs [6] - Hanjia Design's director intends to reduce holdings by up to 35.6 million shares, representing 0.1577% of total shares [7] - Nanfang Energy plans to invest approximately 51.9788 million yuan in distributed photovoltaic power stations, expecting related transaction amounts to reach 99.3685 million yuan over 25 years [8] Group 4 - Tian Tie Technology's subsidiary temporarily halted production due to steam supply issues, expected to last about one month [9] - Haiguang Information plans a share swap to absorb and merge with Zhongke Shuguang, with stock resuming trading [11] - Tianyima is planning to acquire controlling interest in Xingyun Kaiwu, leading to a stock suspension for up to 10 trading days [12] Group 5 - Xinhua Group's chairman resigned, and Wang Gengyu was elected as the new chairman [13] - Zongyi Co. plans to invest 220 million yuan in Jilai Microelectronics, aiming for a controlling stake post-investment [14] - Zhongying Electronics' controlling shareholder will change to Zhinen Industrial Electronics, with stock resuming trading [16] Group 6 - Huayang Lianzhong plans to jointly invest in a new company with its controlling shareholder, with a registered capital of 402 million yuan [19] - Gaomeng New Materials' chairman and executives plan to reduce holdings by a total of 0.41% of total shares [20] - Beifang Changlong intends to acquire 51% of Henan Zhongsheng for approximately 102 million yuan, expanding its business scope [21]

Core Viewpoint - The acquisition of 21.03% shares of Pailin Biopharmaceuticals by China National Pharmaceutical Group marks a significant shift in control, enhancing the competitive landscape of the blood products industry in China [1][3]. Company Summary - Pailin Biopharmaceuticals reported a revenue of 2.655 billion yuan in 2024, a year-on-year increase of 14.0%, and a net profit of 745 million yuan, up 21.76% [2]. - The company's earnings per share reached 1.02 yuan, reflecting a growth of 21.43% [2]. - Prior to the suspension of trading, Pailin's stock closed at 16.96 yuan per share, with a total market capitalization of 16.1 billion yuan [2]. Industry Summary - The blood products market in China is projected to reach 60 billion yuan in 2024, with expectations to grow to 95 billion yuan by 2030, indicating substantial growth potential [2]. - The industry has seen increasing concentration due to strict regulations and a lack of new entrants since 2001, which has led to a competitive environment among existing players [2]. - Factors such as economic development, aging population, and rising clinical demand are expected to maintain a high level of prosperity in the blood products sector [3]. - The acquisition by China National Pharmaceutical Group is a strategic move to strengthen its position in the blood products market, as it already owns another listed blood products company, Beijing Tiantan Biological Products [3].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report emphasizes that policy support for listed companies through mergers and acquisitions is crucial for high-quality development, leading to ongoing industry consolidation [5][14]. - The pharmaceutical and biotechnology sector has shown a weekly increase of 1.13%, outperforming the CSI 300 index by 0.25 percentage points, ranking 17th among 31 sub-industries [7][18]. Summary by Sections 1. Weekly Viewpoint - The report highlights that recent policies have improved regulatory inclusiveness and relaxed competition restrictions, facilitating mergers and acquisitions [14]. - Companies like Maipu Medical and Pilin Bio have announced plans for mergers and acquisitions, which are expected to enhance their technological capabilities and market positions [6][15]. 2. Subsector Performance - The pharmaceutical sector's sub-indices all recorded gains, with the raw materials and blood products sectors leading with a 2.89% increase [7][22]. - The report suggests that the medical device sector has significant room for valuation growth, with a current P/E ratio of 37.55, below its historical average [26]. 3. Recommended and Beneficiary Stocks - Recommended stocks include Yingke Medical, Maipu Medical, and Yihe Jiaye, among others [8]. - Beneficiary stocks identified are Shanhaishan, Yirui Technology, and Lianying Medical [27]. 4. Detailed Subsector Analysis - **Medical Devices**: The sector is expected to benefit from policies promoting equipment upgrades and procurement, with a focus on AI applications in imaging and surgery [26]. - **Medical Consumables**: The sector is projected to see steady growth as high-value consumables approach the end of their procurement cycle [29]. - **IVD Sector**: The report notes a 2.00% increase in the IVD sector, with a focus on AI-assisted diagnostics [30]. - **Blood Products**: The blood products sector is experiencing a 2.89% increase, with ongoing consolidation and product diversification [31]. - **Retail Pharmacy**: The offline pharmacy sector is expected to benefit from improved operational efficiencies through AI integration [34]. - **Healthcare Services**: The hospital sector has seen a 1.07% increase, with growth in specific medical fields like ophthalmology and reproductive health [36]. - **Traditional Chinese Medicine**: The sector is expected to recover as the impact of previous procurement policies diminishes [38]. - **CXO Sector**: The report indicates a positive outlook for the CXO sector, driven by increased demand for outsourcing in drug development [40].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report emphasizes that policy support for listed companies through mergers and acquisitions is crucial for high-quality development, leading to ongoing industry consolidation [5][14] - The pharmaceutical and biotechnology sector has seen a weekly increase of 1.13%, outperforming the CSI 300 index by 0.25 percentage points, ranking 17th among 31 sub-industries [7][18] Summary by Sections 1. Weekly Viewpoint - The report highlights that recent policies have improved regulatory inclusiveness and relaxed competition restrictions, facilitating mergers and acquisitions [14] - Companies like Maipu Medical and Pilin Bio have announced plans for mergers and acquisitions, which are expected to enhance their technological capabilities and market positions [6][15] 2. Subsector Performance - The pharmaceutical and biotechnology sector has shown positive performance across all sub-sectors, with the raw materials and blood products sectors leading with a 2.89% increase [7][22] - The report suggests that the medical device sector has significant room for valuation growth, with a current P/E ratio of 37.55, below its historical average [26] 3. Recommended and Benefiting Stocks - Recommended stocks include Yingke Medical, Maipu Medical, and Yihua Jiaye, among others [8] - Benefiting stocks from the current trends include Shanhaishan, Yirui Technology, and Lianying Medical [8][27] 4. Detailed Subsector Analysis - **Medical Devices**: The sector is expected to benefit from policies promoting equipment upgrades and procurement, with a focus on AI integration in imaging and surgical applications [26] - **Medical Consumables**: The sector is projected to see steady growth as high-value consumables approach the end of their procurement cycle [29] - **IVD Sector**: The in vitro diagnostics sector is anticipated to recover as AI technologies enhance diagnostic capabilities [30] - **Blood Products**: The blood products sector is experiencing stable demand, with a projected 10.9% increase in plasma collection in 2024 [31] - **Retail Pharmacy**: The retail pharmacy sector is expected to see improved performance as market conditions stabilize and AI technologies enhance operational efficiency [34] - **Healthcare Services**: The healthcare services sector is showing signs of recovery, particularly in ophthalmology and reproductive health services [36] - **Traditional Chinese Medicine**: The sector is expected to benefit from improved consumer sentiment and demand for high-quality OTC products [38] - **CXO Sector**: The CXO sector is entering an upward cycle as companies report improved order growth and performance [40]