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 ...

Core Viewpoint - Haier Group is rapidly expanding in the health industry, having acquired three A-share companies: Shanghai Laishi, Haier Bio, and Yinkang Life, creating a diverse portfolio in blood products, medical devices, and healthcare services [1][3]. Financial Performance - Shanghai Laishi reported a revenue of approximately 3.952 billion yuan, a year-on-year decrease of 7.06%, and a net profit of about 1.03 billion yuan, down 17% [3]. - Haier Bio's revenue was around 1.196 billion yuan, a decline of 2.27%, with a net profit of 143 million yuan, down 39.09% [4]. - Yinkang Life was the only company to show net profit growth, achieving a revenue of 843 million yuan, up 2.4%, and a net profit of 61.83 million yuan, up 12.82% [4]. Goodwill Concerns - All three companies have significant goodwill on their balance sheets, with Shanghai Laishi's goodwill reaching 8.308 billion yuan, an increase from 5.073 billion yuan the previous year [6]. - Yinkang Life's goodwill increased to 1.012 billion yuan from 693 million yuan, while Haier Bio's goodwill stood at 759 million yuan [7]. - The high goodwill poses a risk of impairment, which could adversely affect net profits if the acquired companies underperform [7]. Industry Challenges - Shanghai Laishi faces intense competition in the blood products sector, with pricing pressures due to market consolidation [9]. - Haier Bio is experiencing a downturn in the low-temperature storage equipment market and is diversifying into new sectors to mitigate this decline [9]. - Yinkang Life is focused on building a comprehensive healthcare ecosystem, emphasizing original technology and clinical value [10]. Strategic Direction - Haier's strategy involves a combination of acquisitions and organic growth to establish a full-chain layout in the health sector, leveraging its strengths in manufacturing and supply chain management [10][11]. - The company aims to balance capital expansion with stable operations, emphasizing meticulous management and long-term strategies to address short-term challenges [11].

Core Viewpoint - Shanghai Laishi's half-year report for 2025 indicates a decline in revenue and net profit, highlighting challenges in the blood products industry while emphasizing ongoing innovation and strategic growth initiatives. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.952 billion yuan, a year-on-year decrease of 7.06% [1] - The net profit attributable to shareholders was 1.03 billion yuan, with a non-recurring net profit of 1.04 billion yuan, both showing a decline of 7.84% year-on-year [1] Business Overview - Shanghai Laishi is a leading manufacturer of blood products in China, focusing on human serum albumin, immunoglobulins, and coagulation factor products [1] - The company has exclusive distribution rights for certain blood products in mainland China through its subsidiary Tonglu Medicine [1] Market Dynamics - The demand for blood products remains stable due to their clinical irreplaceability and strong correlation with demographic changes [2] - The market for coagulation factor products is growing rapidly, driven by policy guidance and clinical demand, although challenges from increased supply and regulatory impacts are noted [2] Innovation and R&D - The company is committed to enhancing its product structure and accelerating the development of high-value products, particularly in the fields of coagulation and immunoglobulin [2] - Shanghai Laishi's innovative research in hemophilia treatment, specifically the "SR604" injection, has entered phase IIb clinical trials, with an application for a new indication recently accepted by the National Medical Products Administration [2] Strategic Initiatives - The company has established a multi-dimensional R&D system focusing on independent innovation, patent introduction, and technology collaboration [3] - Recent acquisitions, including the successful purchase of Nanyue Biotechnology, have expanded the company's scale and coverage in plasma stations [3] - With Haier Group as the controlling shareholder, the company is enhancing its global development strategy through resource integration and market expansion [3]

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].