中信建投研报称，2025年，国内血制品行业中白蛋白、静丙、纤原批签发保持稳健，其中国产白蛋白签 发批次占比同比提升。VIII因子、PCC批签发增速较快，狂免、破免批签发保持较好增长。受集采等因 素影响，国内部分企业的白蛋白、VIII因子等产品中标价有所调整，有利于以价换量，带动产品销量提 升。研发管线方面，企业针对重组产品和新型免疫球蛋白（包括层析静丙、皮下注射免疫球蛋白）的研 发持续推进。2026年血制品行业建议关注浆站拓展情况、行业并购整合趋势及新品研发进展。建议关注 处于行业头部，未来有望通过内生增长+外延整合持续拓展浆站资源，血制品业务持续增长的企业。 ...

Group 1 - The blood products sector is experiencing growth, with companies like Shijiazhuang Yiling Pharmaceutical, Palin Bio, Boya Bio, and Tiantan Bio seeing stock price increases [1] - Shanxi Securities reported strong demand for immunoglobulin and albumin, with a projected market share of 6.5% and 2.5% for the company in 2023, respectively [1] - The domestic market for immunoglobulin is expanding, and the company is expected to benefit from the launch of new generation immunoglobulin products [1] Group 2 - Boya Bio aims to achieve a plasma collection of 630.6 tons in 2024, representing a year-on-year growth of 10.4%, with its main facility collecting 522.04 tons, up 11.7% [1][2] - The company is committed to compliance and operational efficiency, expecting double-digit growth in plasma collection by 2025 [1][2] - The blood products industry has not yet been included in national centralized procurement, but local and regional procurement initiatives have begun since January 2022 [2] Group 3 - Boya Bio is focusing on international expansion through product registration and technical cooperation, aiming to increase market share for immunoglobulin and factor VIII products [2] - The company is advancing innovative treatments for rare diseases, including small nucleic acids and gene therapies, to enhance its global presence [2] - The company’s president emphasized a focus on optimizing plasma utilization and enhancing product structure to improve profitability [3]