Core Viewpoint - TianTan Biological disclosed its 2025 semi-annual report, showing a revenue of 3.11 billion yuan, a year-on-year increase of 9.47%, while the net profit attributable to shareholders decreased by 12.88% to 633 million yuan [1] Financial Performance - The company achieved a revenue of 3.11 billion yuan in the first half of 2025, reflecting a growth of 9.47% compared to the previous year [1] - The net profit attributable to shareholders was 633 million yuan, which represents a decline of 12.88% year-on-year [1] Operational Highlights - The number of single plasma collection stations and the scale of plasma collection continue to maintain a leading position in China, with a total of 107 stations across 16 provinces/regions, of which 85 are operational [1] - The company has made significant progress in innovative research and development, with several new products achieving milestones, including the approval of a new immunoglobulin product [1] Project and Technology Development - The company is actively promoting engineering projects and information technology construction, accelerating smart upgrades and industrial collaboration, which enhances production and management efficiency [1] - The Chengdu Rongsheng recombinant factor workshop project has completed acceptance inspection, and the production of recombinant human coagulation factor VIII is underway [1] International Business Strategy - The company is implementing its internationalization strategy, continuously advancing international market development and registration preparations, and has initiated product registration processes in multiple target markets [1] - The company has achieved progress in the registration of intravenous immunoglobulin products for international markets [1] Product Portfolio - The company operates seven blood product manufacturing enterprises, offering human albumin, human immunoglobulin, and coagulation factor products, with a total of 15 varieties and 102 production licenses [1]

格隆汇8月15日丨天坛生物(600161.SH)在投资者互动平台表示，公司不涉及疫苗业务。公司的主营业务 为血液制品的研发、生产和销售，所处的行业为血液制品行业。目前公司有人血白蛋白、人免疫球蛋 白、人凝血因子三大类及重组凝血因子产品上市。 ...

天坛生物（600161.SH）8月15日在投资者互动平台表示，公司不涉及疫苗业务。公司的主营业务为血 液制品的研发、生产和销售，所处的行业为血液制品行业。目前公司有人血白蛋白、人免疫球蛋白、人 凝血因子三大类及重组凝血因子产品上市。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司有参与研发爱滋病疫苗吗？公司有没有这个技 术？ ...

Investment Rating - The investment rating for the company is "Buy" [4][8]. Core Insights - The company reported a total operating revenue of 6.032 billion yuan in 2024, representing a year-on-year increase of 16.44%, and a net profit attributable to shareholders of 1.549 billion yuan, up 39.58% [1][8]. - In Q1 2025, the company achieved total operating revenue of 1.318 billion yuan, a growth of 7.84%, but the net profit attributable to shareholders decreased by 22.90% due to a decline in product prices [1][2]. - The company has expanded its blood plasma collection capabilities, with a total of 107 plasma collection stations across 16 provinces, achieving a plasma collection volume of 2,781 tons, which is a 15.15% increase [2][3]. - The revenue from blood products reached 6.013 billion yuan in 2024, with significant contributions from human albumin (2.510 billion yuan, +11.70%) and immunoglobulin (2.758 billion yuan, +18.90%) [2][3]. Summary by Sections Financial Performance - For 2024, the company reported operating revenue of 6,032 million yuan and a net profit of 1,549 million yuan, with respective growth rates of 16.44% and 39.58% [1][8]. - The forecast for 2025 indicates an expected net profit of 1,644 million yuan, with an EPS of 0.83 yuan per share [8][12]. Business Expansion - The acquisition of 100% equity in Zhongyuan Ruide for 1.85 billion USD has added a new blood product manufacturing enterprise and five operational plasma collection stations [2][3]. - The company maintains a leading position in the domestic market with a plasma collection market share of approximately 20% [2]. Research and Development - The company has made significant progress in R&D, with several products receiving clinical trial approvals and market applications, including human fibrinogen and recombinant coagulation factors [3][8]. - The company is actively pursuing new treatment indications for existing products, enhancing its product pipeline [3][8]. Profitability and Cost Management - The gross margin for 2024 was reported at 54.70%, reflecting a year-on-year increase of 3.94 percentage points, while the gross margin for Q1 2025 was 45.87%, a decrease of 10.20 percentage points [8]. - The company has improved its cost control measures, with a reduction in the combined sales, management, and financial expense ratios [8].