2025 年 7 月 8 日，北京大学人民医院 王传林 主任医师、 珠海泰诺麦博制药股份有限公 司 王 莞梅 博士作为共同通讯作者，在国际顶尖医学期刊 Nature Medicine 发表了题为： Recombinant monoclonal antibody siltartoxatug versus plasma-derived human tetanus immunoglobulin for tetanus: a randomized, double-blind, active-controlled, phase 3 trial 的临床研究论文。 这项随机、双盲、活性对照的 3 期临床试验结果显示， 全球首创的重组全人源抗破伤风毒素单克隆抗体新药—— 斯泰度塔单抗 （ Siltartoxatug ） ，相比当前 唯一推荐的抗破伤风被动免疫疗法 人破伤风免疫球蛋白 ，可提供更好的短期和长期防护效果。 撰文丨王聪 编辑丨王多鱼 排版丨水成文 破伤风 是一种由破伤风梭菌 （ Clostridium tetani ） 产生的强效神经毒素所引发的危及生命的感染。在世界许多地区，尤其是在低收入国家或疫苗接种计划不完 ...

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].

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].

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]

Core Viewpoint - Shanghai Ruian Gene Technology Co., Ltd. is facing challenges in the biopharmaceutical industry, with a focus on maintaining stability and enhancing governance while navigating a decline in revenue and profit [5][6][10]. Meeting Procedures - The company has established guidelines for the annual shareholder meeting to ensure order and efficiency, requiring attendees to verify their identity and register in advance [1][2]. - Shareholders have the right to speak, inquire, and vote, with specific procedures for raising questions and participating in discussions [3][4]. Financial Performance - In 2024, the company reported a revenue of 242.31 million yuan, a decrease of 6.16% year-on-year, and a net profit attributable to shareholders of -15.76 million yuan, down 298.78% [6][21]. - The core business related to tumors generated revenue of 234.95 million yuan, reflecting a decline of 2.26% [6][21]. Business Developments - The company has made progress in its core business areas, including the addition of 75 new hospital admissions for its products, with specific gains in leukemia and lymphoma product admissions [7][8]. - The company has focused on digital and intelligent upgrades in laboratories, establishing a joint laboratory with Peking University to enhance AI applications in medical technology [8]. Governance and Compliance - The board of directors has adhered to legal and regulatory requirements, ensuring compliance in decision-making and operations, with all submitted proposals approved by shareholders [10][11]. - The supervisory board has conducted oversight on financial operations and internal controls, confirming that the company operates within legal frameworks and maintains financial integrity [18][19]. Future Plans - The company aims to enhance its research and development capabilities, focusing on molecular diagnostics for blood cancers and infectious diseases, with a commitment to affordable precision medicine [13][14]. - Plans for 2025 include advancing clinical projects and improving marketing mechanisms to increase product admissions in hospitals [14][15].

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 ...

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 ...

"港股抗血清第一股"来了。 作为拥有"中国及全球最大人用破伤风抗毒素（TAT）生产商"头衔，江西生物近期递表港交所的上市动作，恰好正值 全球公共卫生体系对抗血清需求的结构性增长期。 弗若斯特沙利文预测，全球人用抗血清市场规模将在2028年突破8.21亿美元，并以20.6%的复合增速向2033年的20.95 亿美元攀升。 这一数据背后，折射出疫苗免疫局限性催生的刚性需求。当突发创伤暴露遭遇疫苗保护空窗期及个体差异（部分人群 接种疫苗后无应答或保护不足），许多疾病没有抗血清之外的特效药物，抗血清成为阻断破伤风、蛇毒中毒及狂犬病 等致命疾病的最后防线。 由此笔者认为，江西生物的上市进程不仅关乎企业自身资本化跃迁，或更折射出资本市场对传统生物制品赛道价值重 估的新动向。 在资本市场对创新药企估值体系重构的当下，这家分别占据中国及全球市场份额65.8%及36.6%的企业，究竟构建了怎 样的技术护城河？身处抗血清这一百年赛道的商业逻辑和价值何在？ 首先需要明确的是抗血清产品开发的技术壁垒。 不同于化学药物等常规药物能够在实验室里开发，抗血清的开发门槛必须跨越三大核心门槛：（1）抗原的筛选与设 计需要精准匹配病原体特征；（ ...