行 华福证券 医药生物 2025 年 07 月 06 日 业 研 究 医药生物 皮丙：血制品下一个大品种，天坛生物独家报产 投资要点： 行 业 定 期 报 行情回顾：本周（2025 年 6 月 30 日- 2025 年 7 月 4 日）中信医药指数 上涨 3.6%，跑赢沪深 300 指数 2.0pct，在中信一级行业分类中排名第 4 位； 2025年初至今中信医药生物板块指数上涨10.8%，跑赢沪深300指数9.6pct， 在中信行业分类中排名第 6 位。本周涨幅前五的个股为：塞力医疗 （+51.55%）、广生堂（+48.64%）、神州细胞（+45.01%）、热景生物（44.30%）、 上海谊众（+32.20%）。 告 周专题：皮丙：血制品行业下一个大品种。皮丙全称为皮下注射人免 疫球蛋白（SCIG），跟静丙的主要成分相同，但给药方式不同。相比静丙， 皮丙具有耐受性好、不良反应发生率低、经济成本低、患者满意度较高、 可维持稳定的生理水平的血清 IgG 浓度、可自我给药、易于患者自我管理 等优点。2024 年皮丙全球市场规模约为 49 亿美元，达静丙市场规模的 1/2。 目前国内并无上市的皮丙产品，天坛生物已经 ...

Core Viewpoint - The recent equity transfer actions of Boya Biological, a key player in China's blood products sector, have raised significant market concerns due to continuous price reductions and operational challenges [2][3]. Equity Transfer and Pricing Adjustments - Boya Biological's subsidiary, Boya Xinhao, has seen its 80% equity stake listed at a latest price of 170 million yuan, down nearly 20% from the initial listing price of 213 million yuan [2]. - This marks the third price adjustment within three months, with previous attempts at 213 million yuan and 192 million yuan failing to attract buyers [2]. - If no buyer emerges, the price may drop further to below 160 million yuan, representing a decline of over 25% from the initial listing price [2]. Financial Performance and Challenges - Boya Xinhao's financial performance has been poor, with 2023 revenue at 10.37 million yuan and a net loss of 56.87 million yuan [6]. - Despite efforts to reduce losses in 2024, revenue remained below 20 million yuan, primarily due to delays in product development and external pressures from procurement policies [6][10]. - Boya Biological's overall revenue growth has sharply declined from 5.47% in 2021 to a negative growth of -3.87% in 2023, with a further drop of 34.58% in 2024 [8][9]. Strategic Focus and Industry Context - Boya Biological emphasizes a strategic focus on blood products, aiming to optimize resource allocation by divesting non-core assets [8]. - The company aims to double its plasma collection capacity and key financial metrics during the 14th Five-Year Plan period (2021-2025) [6]. - The blood products industry faces challenges such as tight plasma supply and expanding procurement ranges, which may further compress operational space for companies [2][10]. Market Dynamics and Future Outlook - The blood products sector is undergoing significant changes, with increasing regulatory scrutiny and market competition leading to a consolidation trend [11]. - Boya Biological's recent actions reflect a broader industry shift towards specialization and the need for sustainable competitive advantages amid evolving market conditions [11][12].

Group 1 - The core point of the article is that TianTan Biological (600161.SH) announced that its subsidiary Chengdu Rongsheng received a GMP compliance inspection notice from the Sichuan Provincial Drug Administration [1] - The inspection covered the production workshop and related areas for blood products (subcutaneous human immunoglobulin) [1] - Chengdu Rongsheng's blood product production workshop meets national GMP requirements and can commence production after obtaining the relevant registration certificate and production license [1] Group 2 - The product has completed Phase III clinical trials and a marketing authorization application has been submitted [1] - Future production may be influenced by various factors, indicating uncertainty [1]

华夏时报（www.chinatimes.net.cn）记者 于娜 北京报道 在血制品行业浆站资源堪比"命门"，中国生物能否借派林生物破局同业竞争？ 近日，派斯双林生物制药股份有限公司（下称"派林生物"）发布公告，中国生物技术股份有限公司（下称"中国生 物"）与派林生物控股股东共青城胜帮英豪投资合伙企业（有限合伙）（下称"胜帮英豪"）签署收购框架协议，拟 以约46亿元受让其持有的21.03%股份，交易价格按2023年胜帮英豪收购本金38.44亿元及年化9%单利利息计算。 若交易完成，派林生物实控人将由陕西省国资委变更为中国医药集团。 （来源：派林生物公告） 这是派林生物上市以来第五次控制权更迭，也是中国生物在血制品领域的重要战略布局。此次收购引发行业对血 制品格局重塑的关注：中国生物旗下天坛生物已是行业龙头，2024年采浆量占国内20%，而派林生物在东北、华 南的浆站资源或与前者形成协同。 不过，也有业内人士指出，派林生物和天坛生物的产品结构与市场布局重叠或引发同业竞争，如何破局整合成为 关键。对于相关问题，《华夏时报》记者向派林生物发送采访提纲，截至发稿未获回复。 作为资源稀缺型行业，血制品企业近年频现并购潮 ...

Core Viewpoint - The company is facing challenges in selling an 80% stake in its subsidiary, Bo Ya Xin He Pharmaceutical Co., Ltd., with multiple failed attempts to attract buyers leading to a significant reduction in the asking price [2][3][4]. Group 1: Stake Sale Attempts - The initial asking price for the 80% stake was approximately 213 million yuan, which was later reduced to about 192 million yuan after a 10% valuation decrease, but still failed to attract buyers [2][3]. - Following two unsuccessful attempts, the company plans to lower the price to approximately 158 million yuan, which is about 75% of the original valuation [2][3]. - The company aims to optimize resource allocation and focus on its core blood products business through this stake sale [3][4]. Group 2: Financial Performance of Bo Ya Xin He - Bo Ya Xin He has been operating at a loss, with revenues of 10.37 million yuan in 2023 and 4.78 million yuan in the first half of 2024, and net losses of 56.87 million yuan and 11.32 million yuan respectively [5][6]. - The company’s net assets improved from -258 million yuan at the end of 2023 to 194 million yuan at the end of 2024, despite ongoing losses [5][6]. - The subsidiary's financial struggles are attributed to slow project development, price reductions from centralized procurement, and regulatory constraints, leading to a loss of competitive advantage [5][6]. Group 3: Parent Company Financials - The parent company, Bo Ya Biological, has experienced fluctuating revenue growth, with a significant decline of 34.58% in 2024 [6]. - The company’s revenue from blood products was approximately 1.514 billion yuan in 2024, accounting for 87.29% of total revenue, with a gross margin of 65.11% [6][7]. - Despite a 19.49% increase in revenue in the first quarter of 2025, net profit decreased by 8.25% [7].

Core Viewpoint - The company has received approval from the National Medical Products Administration for a new specification of intravenous immunoglobulin (pH4) 5g/bottle (10%, 50ml), which will enhance its product pipeline and improve profitability and market competitiveness [1] Summary by Relevant Categories Product Development - The company has invested approximately 48.29 million yuan in the research and development of the approved drug [1] Market Impact - The approval of the new specification is expected to enrich the company's product offerings, thereby enhancing its competitive position in the market [1]

广电电气：全资子公司拟出售参股公司股权 5月27日晚，广电电气（601616）发布公告称，全资子公司上海广电电气集团投资管理有限公司拟将其 持有的参股公司上海赢双电机科技股份有限公司5.91%的股权转让给亚普汽车部件股份有限公司，交易 对价为6263.32万元。此次交易完成后，公司仍持有赢双科技2.9974%的股权。该交易旨在优化公司资产 结构。 资料显示，广电电气成立于1995年12月，主营业务是配电与控制设备的研发、制造、销售及服务。 所属行业：电力设备–电网设备–配电设备 皖天然气：超短期融资券和中期票据获准注册 5月27日晚，皖天然气（603689）发布公告称，公司近日收到中国银行间市场交易商协会出具的《接受 注册通知书》，同意公司注册发行超短期融资券和中期票据。超短期融资券注册金额为5亿元，中期票 据注册金额为6亿元，注册额度有效期均为2年。公司将在规定期限内择机发行。 资料显示，皖天然气成立于2003年2月，主营业务是安徽省内天然气长输管线的投资、建设和运营、销 售贸易、城市燃气、设施安装以及综合能源等业务。 所属行业：公用事业–燃气Ⅱ–燃气Ⅲ 华润双鹤：全资子公司安徽双鹤药业通过GMP符合性检查 ...

Core Viewpoint - The blood products market is experiencing intense competition due to its vast potential, leading to both external corporate rivalries and internal conflicts within companies like Pailin Biological [2][3]. Company Overview - Pailin Biological, a leading player in the blood products sector, has faced regulatory penalties due to internal control deficiencies, with key executives held accountable [2][6]. - The company reported a revenue decline of 14.00% and a net profit drop of 26.95% in Q1 2025, ending a six-year streak of positive net profit growth since 2018 [2][14]. Financial Performance - Pailin Biological's revenue and net profit figures from 2020 to 2024 show fluctuations, with a notable revenue of 26.55 billion yuan in 2024, marking a 14.00% increase year-on-year, and a net profit of 7.45 billion yuan, up 21.76% [7][8]. - The company’s revenue in 2023 was 23.29 billion yuan, a slight decrease of 3.18%, while net profit grew by 4.25% to 6.12 billion yuan [8]. Market Dynamics - The blood products market is projected to exceed 60 billion yuan in 2024, with an expected annual compound growth rate of 9.89% from 2024 to 2031, driven by increasing demand due to aging populations and rising incidences of diseases [10][11]. - The industry faces challenges in plasma supply, with the number of operational single plasma collection stations increasing from approximately 220 in 2016 to 320 in 2024, yet still insufficient to meet market demand [11]. Strategic Developments - Pailin Biological is expanding its production capacity, with plans for 3,100 tons of new capacity to be gradually put into operation by mid-2025, which is expected to alleviate supply pressures and support future growth [12][14]. - The company is also focusing on high-value products, such as recombinant coagulation factor VIII, to enhance profit margins, despite the competitive and technologically demanding nature of the blood products industry [14].

华兰生物 20250519 摘要 • 公司通过稳定产品价格、保障医院供应和调整销售策略，在行业压力下实 现了产销量和利润的持续增长。2024 年精品价格维持在 700 元，人才价 格在 420-450 元，与竞品降价形成对比。 • 公司对院内与院外市场供应比例无严格考核，但保证医院和药店供应，并 通过销售人员走访确保供应链稳定。疫情期间对医院维护较好，人血白蛋 白和静注人免疫球蛋白推广顺畅。 • 公司出厂价保持稳定，通过定期走访和流向查看约束经销商，确保医院供 货。人血白蛋白和精品自疫情前至今出厂价基本不变，经销商断供可能导 致市场份额被抢占。 • 疫情期间人血白蛋白和精品等产品在外部市场出现非正常高价，但公司出 厂价基本稳定，销量持续增长。人血白蛋白最高限价为 378 元，疫情期间 价格维持高位，2024 年第三季度后逐渐回归常态。 • 进口人血白蛋白关税提高 10%，导致成本增加，可能导致终端价格回升。 目前出厂价与终端架构价较为接近，配送商业公司仍有利润空间，降价可 能性较低。 Q&A 今年（2025 年）血制品行业面临的主要压力是什么？贵公司在一季度业绩表 现优于行业平均水平的原因有哪些？ 今年（20 ...

证券研究报告 | 公司点评报告 2025 年 05 月 16 日 天坛生物（600161.SH） 采浆稳健增长，新产能有望逐步释放 消费品/生物医药 当前股价：19.07 元 公司发布 2024 年年报和 2025 年一季报。2024 年实现收入 60.32 亿元、归母 净利润 15.49 亿元、扣非归母净利润 15.19 亿元，同比分别增长 16.44%、 39.58%、37.52%。其中 2024Q4 实现收入 19.59 亿元、归母净利润 4.97 亿元， 同比分别增长 69.06%、123.58%。2025 年一季度实现收入 13.18 亿元、归母 净利润 2.44 亿元，同比分别增长 7.84%、下降 22.90%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 5180 | 6032 | 7238 | 7962 | 8758 | | 同比增长 | 22% | 16% | 20% | 10% | 10% | | 营业利润(百万元) ...