证券研究报告|生物制品 [Table_Title] 血制品 9 月月报：表现弱于大盘，继续关注 头部企业浆站和研发进展 [Table_ReportType] ——生物制品行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 9 月血制品板块表现弱于大盘，主要是行业短期业绩承压，叠加市场 情绪变化所致。长期持续关注头部企业浆站和研发进展。 投资要点： 强于大市(维持) 2025 年 10 月 10 日 [Table_Chart] 行业相对沪深 300 指数表现 -20% -15% -10% -5% 0% 5% 10% 15% 20% 生物制品 沪深300 数据来源：聚源，万联证券研究所 [Table_ReportList] 相关研究 电话： 18221003557 执业证书编号： S0270522030001 邮箱： huangjj@wlzq.com.cn 行 业 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 2025H1：港股创新药业绩向好，BD 和商业化 驱动资产重估 2025H1：产品价格下滑拖累血制品上市公司 业绩 血制品 2024H1 综述：血制品 ...

被海尔生物（688139）吸收合并未果后，今年以来，上海莱士（002252）已多次发布增持、回购计划， 但公司股价仍未有起色，年内股价表现明显跑输大盘。9月22日，上海莱士股价继续下跌，收盘价报 6.75元/股，公司股价已连续4个交易日下跌。不断增持、回购背后，上海莱士上半年营收、净利双降。 股价跑输大盘 交易行情显示，9月22日，上海莱士股价继续下跌，收盘价报6.75元/股，公司股价已连续4个交易日下 跌。在后复权形式统计下，今年以来，上海莱士股价累计下跌5.72%，同期大盘累计涨幅为33.1%。 资料显示，上海莱士的主营业务为生产和销售血液制品，主要产品为人血白蛋白、静注人免疫球蛋白、 特异性免疫球蛋白、凝血因子类产品等，是目前中国最大的血液制品生产企业之一。 不止控股股东出手。今年9月初，上海莱士发布公告称，公司副董事长兼总经理Jun Xu（徐俊）、副总 经理沈积慧、副总经理陆晖、副总经理兼董事会秘书刘峥、副总经理宋正敏、财务负责人陈乐奇、副总 经理黄勤兵计划自公告披露之日起6个月内增持公司股份，拟增持金额合计不低于600万元，增持所需的 资金来源为自筹资金。 上海莱士方面向北京商报记者表示，营业收入下 ...

上海莱士方面在接受北京商报记者采访时表示，上市公司股价受宏观市场环境、行业政策导向等多重因素综合影响。为传递对公司未来发展的信心、维护投 资者利益，公司及控股股东采取了相关积极措施，控股股东增持及公司股份回购事项，是基于对公司长期投资价值的认同，旨在进一步增强市场信心。近 期，公司再度披露《关于公司部分董事及全体高级管理人员增持股份计划的公告》，本次增持是出于对公司拓浆脱浆战略发展规划的坚定信心及长期投资价 值的认可，进一步增强投资者信心而做出的决策。 上半年营收、净利双降 被海尔生物（688139）吸收合并未果后，今年以来，上海莱士（002252）已多次发布增持、回购计划，但公司股价仍未有起色，年内股价表现明显跑输大 盘。不断增持、回购背后，上海莱士上半年营收、净利双降。 股价跑输大盘 交易行情显示，9月22日，上海莱士股价继续下跌，收盘价报6.75元/股，公司股价已连续4个交易日下跌。在后复权形式统计下，今年以来，上海莱士股价 累计下跌5.72%，同期大盘累计涨幅为33.1%。 资料显示，上海莱士的主营业务为生产和销售血液制品，主要产品为人血白蛋白、静注人免疫球蛋白、特异性免疫球蛋白、凝血因子类产品等，是 ...

Group 1: Core Insights - The controlling shareholder of Palin Bio, Shengbang Yinghao, has signed a share transfer agreement with China National Biotechnology Group, transferring 21.03% of the company's shares for a total price of 4.699 billion yuan, making China National the new controlling shareholder [1] - Following the acquisition, China National's plasma resource total will exceed 30% of the national total, significantly enhancing its industry control [2] Group 2: Company Performance - Palin Bio, which transitioned to focus on blood products in 2021, reported a revenue of 2.655 billion yuan and a net profit of 745 million yuan in 2024, but experienced a decline in 2025 with revenue and net profit dropping by 13.18% and 27.89% respectively [3] - The performance decline is attributed to capacity expansion at subsidiaries, which temporarily reduced supply, although production capacity is expected to increase to over 3,000 tons annually [3] Group 3: Industry Dynamics - The blood product industry in China is undergoing consolidation, with leading companies strengthening their positions amid increasing competition [2] - The industry is facing short-term pressure, with most companies experiencing declines in revenue and profit, while product prices are generally decreasing [5] - Strict regulations and high barriers to entry in the blood product industry highlight the importance of plasma station resources as a core competitive advantage [6] Group 4: Competitive Landscape - Concerns about potential competition between Tian Tan Bio and Palin Bio have arisen due to overlapping product lines, prompting China National to commit to resolving these issues within five years through various strategies [4] - Leading companies are adopting multi-path strategies to navigate industry challenges, such as Shanghai Laishi's dual-track strategy and He Yuan Bio's innovative plant-based albumin product [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002252 证券简称：上海莱士 公告编号：2025-063 上海莱士血液制品股份有限公司 关于控股股东增持公司股份计划实施完成的公告 公司控股股东海盈康（青岛）医疗科技有限公司保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、增持计划的主要内容：上海莱士血液制品股份有限公司（"上海莱士"、"公司"）于2025年5月22日披 露了《关于控股股东增持股份计划的公告》（公告编号：2025-043），基于对上海莱士未来发展的信心 和长期投资价值的认同，增强投资者信心，控股股东海盈康（青岛）医疗科技有限公司（"海盈康"）计 划自本次增持计划公告披露之日起6个月内（除法律、法规及深圳证券交易所业务规则等有关规定不准 增持公司股票的期间之外），通过集中竞价方式增持公司股份，拟增持金额不低于人民币25,000万元， 且不超过人民币50,000万元（均含本数且不包含交易费用）（以下简称"本次增持计划"）。本次增持计 划不设置增持价格区间，增持主体基于 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [1] Core Insights - The domestic biopharmaceutical innovation is expected to accelerate, driven by the approval of the "Regulations on the Management of Clinical Research and Clinical Translation Applications of Biomedical New Technologies (Draft)" by the State Council on September 12 [2][12] - The report highlights the importance of promoting biomedical technology innovation and the need for regulatory frameworks to ensure safety and quality in clinical applications [2][12] - The report expresses optimism towards companies focusing on new biomedical technologies, particularly in areas such as gene editing, cell therapy, and stem cell research [2] Weekly Market Review - The biopharmaceutical sector experienced a decline of 0.36% from September 8 to September 12, underperforming compared to the Wind All A index (2.12%) and the CSI 300 index (1.38%) [7] - Among sub-sectors, medical devices (3.02%), in vitro diagnostics (2.0%), and pharmaceutical distribution (1.44%) showed the highest gains, while chemical preparations (-2.83%), raw materials (-1.06%), and blood products (-0.72%) faced the largest declines [7][8] - Notable stock performances included Zhend Medical (41.3%), Haooubo (28.0%), and Jimin Health (25.9%) with significant gains, while Yuekang Pharmaceutical (-18.4%), Maiwei Biotech-U (-14.4%), and Yirui Biotech (-14.0%) saw substantial losses [10] Industry News and Key Company Announcements - The report mentions significant events such as the collaboration between Shiyao Group and Kangning Jiere to develop a new drug for HER2-positive gastric cancer, which has been accepted for review by the National Medical Products Administration [12] - The report also notes the approval of a new drug by Johnson & Johnson for treating non-muscle invasive bladder cancer, marking a significant advancement in bladder cancer treatment [14] - BioNTech and Bristol Myers Squibb reported promising mid-term data for their bispecific antibody in treating extensive-stage small cell lung cancer, showing an objective response rate of 76.3% [14]

Core Viewpoint - The control of the domestic blood product company, Palin Bio (000403), is set to change hands as its controlling shareholder, Shengbang Yinghao Investment Partnership, has signed a share transfer agreement with China National Biotechnology Group, which will acquire 21.03% of the shares for approximately 4.699 billion yuan, making it the new controlling shareholder of the company [1][2]. Group 1: Share Transfer Details - Shengbang Yinghao will transfer a total of 199,878,656 shares, representing 21.03% of the total share capital, to China National Biotechnology Group at a price of approximately 46.99 billion yuan, equating to about 23.51 yuan per share, which reflects a premium of approximately 27.77% over the closing price of 18.4 yuan per share on September 9 [2][8]. - Following the completion of the share transfer, the controlling shareholder will shift from Shengbang Yinghao to China National Biotechnology Group, with the actual controller changing from the Shaanxi Provincial State-owned Assets Supervision and Administration Commission to China National Pharmaceutical Group [2][4]. Group 2: Company Performance and Industry Context - Palin Bio's main business involves the research, development, production, and sales of blood products, which are derived from human plasma and include human albumin, human immunoglobulin, and human coagulation factors [6][10]. - In the first half of 2025, Palin Bio reported a revenue of 986 million yuan, a year-on-year decrease of 13.18%, and a net profit attributable to shareholders of 236 million yuan, down 27.89% [8][9]. - The decline in performance is attributed to the growing pains of expansion, as the company has been increasing its plasma collection capacity, which has temporarily reduced product supply [9][10]. Group 3: Industry Dynamics and Competition - Since 2001, China has stopped approving new blood product manufacturing enterprises, leading to a competitive landscape dominated by major players such as Tian Tan Bio, Shanghai Lai Shi, Hualan Bio, and Palin Bio [1][10]. - The acquisition of Palin Bio by China National Biotechnology Group signifies a further increase in industry concentration, as the group already controls Tian Tan Bio, the largest blood product company in China [11][12]. - Post-acquisition, there will be potential competition issues as both Palin Bio and Tian Tan Bio produce overlapping blood product categories, which may lead to market competition concerns [12].

Core Viewpoint - The control of the blood product company, Pailin Biological, is set to change hands to China National Pharmaceutical Group (Sinopharm) through a share transfer agreement valued at approximately 4.699 billion yuan, marking a significant consolidation in the blood products industry in China [2][3][11]. Company Summary - Pailin Biological's major business involves the research, development, production, and sales of blood products, which are derived from healthy human plasma using biological processes [8]. - The company currently has three main product categories: human albumin, human immunoglobulin, and human coagulation factors, totaling 11 product varieties [8]. - Despite a decline in revenue and net profit in the first half of 2025 due to expansion pains, Pailin Biological's plasma collection volume exceeded 770 tons, reflecting an 11% year-on-year increase [9]. Industry Summary - Since 2001, China has halted the approval of new blood product manufacturing enterprises, leading to a controlled total output and a competitive landscape dominated by major players like Tian Tan Biological, Shanghai Lai Si, Hualan Biological, and Pailin Biological [10]. - The acquisition of Pailin Biological by Sinopharm signifies a rapid increase in market concentration, as Sinopharm already owns Tian Tan Biological, the largest blood product company in China [11]. - The combined plasma collection capacity of Tian Tan Biological and Pailin Biological is projected to exceed 4,000 tons in 2024, accounting for nearly 30% of the total plasma collection in the industry [12].

Core Viewpoint - The control of Palin Biotech (000403.SZ) is set to change hands from its current major shareholder, Shengbang Yinghao Investment Partnership, to China National Biotechnology Group, marking a significant shift in ownership and control within the blood products industry [1][2][5]. Group 1: Share Transfer Details - Shengbang Yinghao plans to transfer approximately 200 million shares, representing 21.03% of the total share capital of Palin Biotech, to China National Biotechnology Group for a total consideration of about 4.7 billion yuan, equating to a per-share price of approximately 23.51 yuan, which is a 31.78% premium over the market price of 17.84 yuan as of September 10 [2][3][6]. - Following the completion of this transaction, China National Biotechnology will become the controlling shareholder of Palin Biotech, with China National Pharmaceutical Group as the actual controller [1][2]. Group 2: Strategic Implications - This acquisition is aimed at strengthening the reserve and supply of critical national strategic resources, thereby consolidating the leading position in the blood products industry [1][6][8]. - Following the acquisition, China National Biotechnology is expected to control over 30% of the blood plasma resources in China, with a total of nine blood product production licenses [1][7][8]. Group 3: Company Performance and Growth - Palin Biotech has expanded its plasma collection stations to a total of 38, ranking among the top three in the industry, and is projected to collect over 1,400 tons of plasma in 2024, maintaining its position in the top tier of blood products [1][7]. - Despite a decline in revenue and net profit in the first half of 2025, the company reported a year-on-year increase of approximately 11% in plasma collection volume, totaling over 770 tons [7].

Core Viewpoint - The article discusses the dynamics of wealth and power among business leaders, highlighting instances of insider trading and the consequences that follow, ultimately leading to legal troubles for some individuals involved [4][64]. Group 1: Business Leaders and Their Strategies - Business leaders often have different approaches to wealth accumulation, with some choosing to involve family, friends, or employees in their financial ventures [5][6]. - An example is the plan by the chairman of Tonghuashun, who intended to reduce his holdings to allow others to benefit from market opportunities, but ultimately only reduced his stake by 0.13% [8][9][12]. Group 2: Insider Trading Case - A notable case involves a celebrity girlfriend of a chairman who received insider information about a planned acquisition, leading to significant financial losses when the deal was halted by authorities [21][24]. - The chairman, identified as Zheng Yuewen, had a net worth of 27 billion yuan and was involved with Shanghai Laishi, a blood products company that saw its market value increase dramatically over the years [29][30][36]. Group 3: Market Dynamics and Valuation - The market value of Shanghai Laishi surged from 6.7 billion yuan in December 2012 to 120 billion yuan by May 2015, attributed to strategic market management [36]. - The article mentions the involvement of a key figure, Wu Xu, who played a significant role in the company's market valuation strategies [37]. Group 4: Consequences of Insider Trading - The celebrity girlfriend faced a fine of 400,000 yuan and legal repercussions, while the chairman's actions raised concerns among investors about the ethical implications of using insider information for personal gain [25][26]. - The article suggests that the intertwining of personal relationships and business dealings can lead to significant risks and legal issues for those involved [64].