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].

深圳市卫光生物制品股份有限公司 投资者关系活动记录表 编号：2025-002 证券代码：002880 证券简称：卫光生物 | | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类 | ☐新闻发布会 ☐路演活动 | | 别 | ☐现场参观 | | | ☐其他 | | | 中信证券 王凯旋、亿能投资 衣景麟 | | 活动参与人员 | 公司董事会秘书、营销总监 金建军 | | | 公司董事会办公室主任 辛广斌 | | 时间 | 2025年7月3日 10:00-12:00 | | 地点 | 公司综合楼3楼会议室 | | 形式 | 现场调研 | | | 1.公司如何确保浆源稳定以及对于质量的把控？平果浆站是 | | | 否具备一定可复制性？ | | 交流内容及具体 | 答：公司实施增量培育和存量挖潜的浆源开拓策略，每年根据 | | | 上年度采浆情况并结合公司发展战略制定当年的采浆目标。近年 | | 问答记录 | 来，公司采浆规模实现了持续较好增长。公司目前已建立了完善的 | | | 血浆质量管理体系，并大力推进数字化监管体系建设和质量管理系 | ...

Core Viewpoint - The Chinese blood products industry is undergoing significant consolidation, with major players engaging in aggressive mergers and acquisitions to capture plasma resources, leading to the emergence of potential super giants in the sector [1][5]. Industry Landscape - The blood products industry in China is characterized by a "four-way" competitive landscape, dominated by four major groups: China National Pharmaceutical Group (Sinopharm), Haier Group, China Resources, and Hualan Biological Engineering [2][4]. - The industry has transitioned into a stock competition era since 2001, with new entrants needing to acquire existing licensed companies due to a moratorium on new licenses [2][3]. Mergers and Acquisitions - Significant acquisitions include China Resources' acquisition of Boya Biological for 4.8 billion yuan, Haier's 12.5 billion yuan acquisition of Shanghai Laishi, and Sinopharm's 4.5 billion yuan acquisition of Pilin Biological [1][2]. - The consolidation trend has led to a sharp increase in market concentration, with the top five companies' market share rising from under 50% in 2019 to over 70% by 2024 [4]. Plasma Collection and Utilization - Sinopharm's network includes 154 plasma collection stations, accounting for nearly 40% of the national total, with a collection volume of over 4,000 tons by mid-2025 [3]. - The cost structure of blood products heavily relies on raw plasma, which constitutes over 60% of total costs, making scale efficiency crucial for profitability [5][6]. Market Demand and Supply Gap - The domestic blood products market surpassed 60 billion yuan in 2023, with a demand gap of 4,000 tons, highlighting the need for leading companies to enhance their supply capabilities through technological upgrades [5][6]. - China's per capita consumption of blood products is significantly lower than that of developed countries, indicating a structural supply-demand imbalance [7][8]. Technological Advancements - Companies are shifting from a resource-driven model to a dual strategy of resource acquisition and research and development to overcome technological barriers and meet high-value product demands [9][10]. - Sinopharm and Hualan Biological are focusing on developing high-purity albumin and advanced coagulation factors, with significant investments in R&D to support these initiatives [10][11]. Future Outlook - The ongoing consolidation and technological advancements suggest that the Chinese blood products industry is on the verge of producing a super giant capable of competing globally [5][11]. - The combination of policy support, resource acquisition, and technological innovation is expected to drive the industry towards a more competitive and innovative future [10][11].

近年来，血液制品行业并购案例频发。就在近日，国药集团（01099.HK）旗下的中国生物发布公 告称，拟46亿元收购派林生物（000403.SZ）21.03%的股权，属于高溢价收购。 本次交易完成后，行业老大吞下行业老三，国药系坐拥154个浆站，这将重构血制品行业格局。而 拥有38个血浆站、年采浆量超过1400吨的派林生物多次易主后，将正式被纳入央企版图。 多次易主背后是内讧不断 回顾过往会发现，派林生物是一家因管理内讧而耽误崛起的巨头企业。从三九生化到振兴生化，又 改为双林生物，最后才是如今看到的派林生物，这名称变化的背后是公司的多次易主的历史痕迹。 派林生物最初并不属于血制品行业，其前身系宜春工程机械股份有限公司，1996年经中国证监会批 准在深交所上市，控股股东是宜春工程机械股份有限公司；两年后变更为三九企业集团；2002年控制权 又转到了三九医药股份有限公司手里； 2007年，振兴集团有限公司接盘；2018年，杭州浙民投天弘投资合伙企业（有限合伙）（简称"浙 民投"）斥资30亿元成为新主人，更名为双林生物；跨界布局血制品领域也只是在2021年，当时该公司 用13家浆站的双林生物收购了拥有10家浆站的哈尔 ...

血制品企业派林生物（000403.SZ）控制权接盘方终于浮出水面。 6月10日，派林生物宣布控股股东共青城胜帮英豪投资合伙企业（有限合伙）计划将持有的全部股份 （21.03%）转让给中国生物技术股份有限公司（下称"中国生物"）。 中国生物控股派林生物也意味着，后者的实控人将从陕西国资变为国药集团。 不过中国生物还控制着血制品公司天坛生物（600161.SH），这导致其与派林生物构成同业竞争。 市场预期后续中国生物或将推动天坛生物与派林生物的整合，这有可能改写竞争格局。 虽然一直以来天坛生物的采浆量在行业一骑绝尘，但收入规模始终不及"中国血王"上海莱士 （002252.SZ），后者超4成收入源自进口白蛋白。 但若天坛生物与派林生物合并，则合计超80亿元收入规模有可能追平上海莱士，血制品行业的供给集中 度迎来进一步提升。 | | A放皿即面止业术采用机一见(截至2024年末) | | | --- | --- | --- | | 公司名称 | 采浆站数量(家) | 采浆量(吨) | | 天坛生物 | 8 રે | 2781 | | 上海莱士 | 44 | 1600 | | 派林生物 | 38 | 1400 | | ...

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].

5月22日，翔宇医疗参与河南辖区上市公司2025年投资者网上集体接待日。期间管理层介绍，翔宇医疗深耕大康复"全 赛道"二十多年，公司基于专病专科临床需求和康复市场发展需要，持续研发、优化临床所需的康复装备，完善专病 专科及全院临床康复一体化解决方案。在优势领域精耕细作的同时，将在康复机器人、脑机接口、AI医疗、精神心 理、心肺康复等领域推出更多满足临床需求和医康养护市场需求的产品及解决方案。 仁和药业：委外生产的初衷是丰富在销品种的品类品规 5月21日，仁和药业参与江西辖区上市公司投资者网上集体接待日。期间管理层介绍，公司委外生产产品的初衷就是 丰富公司在销品种的品类品规，原则上是与公司产品互补且公司没有批文的，或者是公司产能不够的品种。这些委外 产品经公司商业公司销售后，其收入与利润全部体现在公司的财表中。 华兰生物：正对重组人血白蛋白各种生产表达系统进行对比评估 5月22日，华兰生物参与河南辖区上市公司2025年投资者网上集体接待日。期间管理层介绍，目前国内主要有三家企 业开展重组人血白蛋白的研发，截止目前均未取得《药品注册证书》，未获批上市，后续若获准上市且产品质量稳 定、成本可控，可适当缓解国内人白供 ...

5月22日，华兰生物参与河南辖区上市公司2025年投资者网上集体接待日。期间有投资者询问，公司现金充沛，为何 还有10亿的短期借款。 此外，管理层还介绍，目前公司有34家单采血浆站（含6家分站），2024年共采集血浆1586.37吨，较上年增长 18.18%。 还有投资者询问公司的业绩拐点。管理层回应，公司立足血液制品业务，通过增加采浆量、提高血浆综合利用率、优 化产品结构、加大市场急需产品的生产和研发等措施巩固血液制品行业地位； 公司整合公司研发资源，集中优势资源开发疫苗新产品，做好四价流感病毒裂解疫苗、四价流感病毒裂解疫苗（儿童 剂型）、冻干人用狂犬病疫苗（Vero 细胞）等产品的生产和销售，做大做强疫苗业务；开展创新药和生物类似药的研 发、生产，坚持创新驱动发展战略，致力于开发用于治疗肿瘤、自身免疫性疾病等危及人类生命或健康的重大疾病的 药物，为患者提供安全、有效、可及的药品，为人类的健康保驾护航；扩大与国内外优势企业的战略合作，增强公司 的核心竞争力，逐渐形成血液制品、疫苗、创新药和生物类似药为核心的大生物产业格局。公司管理层将勤勉尽责， 用良好的业绩回馈股东。 目前国内主要有三家企业开展重组人血白蛋 ...

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) ...