证券研究报告 医药生物 | 生物制品 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 27 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 08 | 月 | | | 26 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 20.62 | | | | | | 一 年 内 高 | 最 | 最 | | | | 27.60/18.88 | 低 | / | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | 40,773.40 | | | | | | 流通市值（百万元） | | | | | | 40,773.40 | | | | | | 总股本（百万股） | | | | | | 1 ...

分产品来看，白蛋白和静丙收入保持稳健增长，毛利率受价格影响有 所波动。 分产品来看，25H1 公司白蛋白实现收入 13.45 亿元（+20.8%），毛利 率为 41.02%（-11.61pct），静丙（含层析）实现收入 14.27 亿元（+6.6%）， 毛利率为 49.82%（-7.67pct），其他血液制品实现收入 3.28 亿元（-13.2%）， 毛利率为 43.29%（-14.78pct）。 公 华福证券 血液制品 2025 年 08 月 26 日 司 研 究 公 司 财 报 点 评 天坛生物（600161.SH） 2025 半年报点评：Q2 业绩环比改善，新品种有 望持续迭代 投资要点： 事件：公司公布 2025 半年报，报告期内公司实现收入 31.1 亿元（+9.47%）， 归母净利润 6.33 亿元（-12.88%），扣非归母净利润 6.18 亿元（-14.54%）。 其中Q2实现收入17.93亿元（+10.7%），实现归母净利润3.88亿元（-5.13%）， 扣非归母净利润 3.79 亿元（-7.53%）。 浆站数量和采浆规模持续保持国内领先地位。 截止 25H1，公司共有 107 家单采血浆站 ...

8月23日下午，华润博雅生物制药集团股份有限公司举行了业绩说明会，通过电话会议的形式与投资者 展开互动交流。参与此次会议的机构众多，包括摩根士丹利、中信证券、中邮证券等71家。上市公司接 待人员有总裁任辉、副总裁梁化成以及财务总监兼董事会秘书潘宇轩。 2025上半年业绩增长12.51%，多维度推动业务发展 华润博雅生物财务总监、董事会秘书潘宇轩介绍了2025年半年度经营情况。面对复杂市场环境，公司全 面贯彻相关精神，践行华润模式，聚焦血液制品主营业务。2025年上半年，公司实现合并报表收入 10.08亿元，同比增加1.12亿元，增幅达12.51% 。 在医药行业整治深化的形势下，公司从多维度发力推动业务稳健发展： -核心战略聚焦深耕：坚定聚焦 血液制品核心业务，持续提升血浆综合利用度。 -营销模式动态调整：慢病管理平台建设取得成果， PCC与Ⅷ因子市场表现出色。 -研发创新成果丰硕：成功获批上市10%静丙，皮下注射人免疫球蛋白获 批开展临床试验。 -项目建设有序推进：智能工厂建设重大项目稳步实施，已全面进入多专业施工阶 段。 -国际出海成绩卓然：静丙获得多米尼加共和国《药品注册证书》，静丙、纤原取得土耳其GM ...

Financial Performance - In the first half of 2025, the company achieved a consolidated revenue of CNY 1.008 billion, an increase of CNY 112 million, representing a year-on-year growth of 12.51% [2][3] - The raw plasma collection volume increased by 7.2% year-on-year, surpassing the industry average growth rate [3][10] Product Development and Market Strategy - The company successfully obtained approval for the clinical trial of subcutaneous immunoglobulin (皮丙) in April 2025, positioning itself among the top three in the domestic market for this product [5][6] - The 10% intravenous immunoglobulin (静丙) was officially approved for market entry in May 2025, with a strong academic promotion strategy in place [7][15] - The company is focusing on enhancing its marketing strategies and academic promotion to address clinical pain points and ensure proper medication use [7][14] International Expansion - The company has made significant strides in international markets, obtaining drug registration certificates in the Dominican Republic and Turkey for its products [3][15] - The internationalization strategy includes targeting markets with regulatory systems similar to China's before advancing to stricter markets like Europe and the US [15] Supply Chain and Production - The company maintained a balanced production and sales for its core products, with inventory levels remaining reasonable [4] - The overall plasma collection volume reached 320.39 tons in the first half of 2025, with a year-on-year growth of 7.2% [10] Regulatory and Market Challenges - The company is adapting to the ongoing changes in the blood product procurement policies, which are gradually expanding in scope and variety [13][14] - The impact of the introduction of recombinant human albumin on the market is being monitored, as both recombinant and human-derived albumin play significant roles in clinical applications [12] Future Outlook - The company is committed to becoming a world-class blood product enterprise, focusing on core competencies and optimizing product structure [18] - Plans for expanding plasma collection stations are in place, although approvals from various government levels may introduce uncertainties [11]

国金证券8月22日发布研报称，给予天坛生物（600161.SH，最新价：20.39元）买入评级。评级理由主 要包括：1）白蛋白、静丙收入持续增长，血制品整体利润端承压；2）单采血浆站数量及采浆规模持续 保持国内领先地位；3）坚持创新驱动，研发工作进展顺利。风险提示：浆站拓展不及预期；单采血浆 站监管风险；新开浆站带来资本开支增加；采浆成本上升的风险；产品价格波动的风险等。 （文章来源：每日经济新闻） ...

齐鲁晚报·齐鲁壹点 程建华 8月21日上午，"产业链上的山东好品牌"菏泽市系列现场新闻发布会走进巨野县乡村振兴产业园，聚焦 当地蛋鸡产业高质量发展。巨野县政府副县长郑义携县农业农村局、畜牧服务中心、大义镇、独山镇及 龙头企业代表，向媒体全景展示了巨野如何将"小鸡蛋"培育成年产值23亿元的"大产业"。 规模领跑全省，2600万只蛋鸡托起"金蛋"经济 郑义在发布会上介绍，巨野县蛋鸡存栏量达2600万只，年产鲜蛋4亿公斤，全产业链产值突破23亿元， 规模与产值稳居全省首位。产品不仅覆盖北京、上海等一线城市，更通过"线上电商+线下商超"渠道辐 射全国。其中，鑫航禽业80万只蛋鸡年产1.5万吨鸡蛋，配套粪污资源化利用系统，年销售收入达1亿 元，成为"一产接二连三"的标杆。 科技赋能全链条，智能化养殖成标配 巨野县农业农村局局长张天栋透露，当地通过"智慧养殖贷"等金融工具，累计为养殖户提供4500万元贴 息贷款；推广8层H型重叠式饲养系统、自动温控设备等，实现喂料、分拣全程自动化。大义镇党委书 记王文启补充，全镇85%以上养殖场完成智能化改造，生产效率提升30%，鸡蛋优质率提高20个百分 点。 筑牢食品安全防线，25批次 ...

中信建投指出，2025年1-6月，血制品行业中白蛋白、静丙批签发保持稳健，其中国产白蛋白签发批次 占比同比有所提升。VIII因子、纤原等因子类产品批签发增速较快，反映了企业对因子类产品管线的持 续拓展。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，已有多款产品获批或处于上市审评阶段。下半年随着产品价格逐步稳定，叠加企业采 浆量增长及新产品带来的业绩增量，血制品行业预计整体保持稳健增长。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。 （文章来源：第一财经） ...

Core Viewpoint - The acquisition of a 21.03% stake in Pailin Biopharmaceuticals by China National Pharmaceutical Group is a strategic move to reshape the competitive landscape in the blood products industry, potentially enhancing market share and resource integration [2][5][13]. Group 1: Acquisition Details - Pailin Biopharmaceuticals announced a framework agreement for the acquisition, with a transaction value of approximately 4.6 billion yuan, calculated based on the principal of 3.844 billion yuan and an annualized interest of 9% [2]. - If the acquisition is completed, the actual controller of Pailin Biopharmaceuticals will change from the Shaanxi Provincial State-owned Assets Supervision and Administration Commission to China National Pharmaceutical Group [2][5]. Group 2: Industry Context - The blood products industry is experiencing a wave of mergers and acquisitions, with major players like China National Pharmaceutical Group and China Biotech aiming to increase market concentration [5][14]. - The industry is characterized by high barriers to entry, scarcity of plasma collection resources, and strict regulatory oversight, making the acquisition of existing companies a strategic necessity for growth [13][14]. Group 3: Historical Control Changes - Pailin Biopharmaceuticals has undergone five changes in control since its listing, reflecting the intense capital competition in the blood products sector over the past two decades [6][7]. - The company was previously embroiled in ownership disputes, which affected its strategic direction until a stable control was established in 2019 [6][7]. Group 4: Financial Performance - Pailin Biopharmaceuticals reported a revenue of 10.5 billion yuan in 2020, with a year-on-year growth of 14.67%, and net profit of 1.86 billion yuan, marking a 15.90% increase [9]. - The company achieved a revenue of 24.05 billion yuan in 2022, with a net profit of 5.87 billion yuan, benefiting from continuous investment in product development and market expansion [9][10]. - However, in 2023, the company faced a slight revenue decline of 3.18% to 23.29 billion yuan, although net profit increased to 6.12 billion yuan [9][10]. Group 5: Future Outlook - In 2024, Pailin Biopharmaceuticals is projected to achieve a revenue of 26.55 billion yuan, a 14% increase, driven by rising demand for blood products and increased plasma collection [10]. - The company anticipates challenges in 2025, with expected declines in revenue and net profit due to production capacity expansion and supply issues [11][12].

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].

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].