每经记者｜章光日 每经编辑｜吴永久 博雅生物持续聚焦血液制品核心主业，作为国内领先的血液制品生产企业之一，产品涵盖白蛋白、人免疫球蛋白和凝血 因子三大类10个品种（不含进口重组Ⅷ因子）31个规格。截至2025年6月30日，公司共拥有21家单采血浆站，其中在营 浆站20个。 博雅生物于2012年上市，上市之后，公司始终保持了不错的净利润表现。不过，2025年博雅生物的业绩表现不佳，迎来 上市后首个扣非净利润预亏。 近期，博雅生物总裁任辉辞职，而其任职时间不足10个月。博雅生物2012年上市，上市后净利润表现一直不错。不过， 2025年度公司扣非净利润预计出现亏损。博雅生物的扣非净利亏损主要由于并购公司资产减值所致。《每日经济新闻》 记者（以下简称每经记者）发现，上述并购项目在任辉担任博雅生物副总裁后不久完成。 2月27日早间，博雅生物发布了关于公司董事暨总裁辞任的公告。该公告显示，因工作变动原因，公司董事、总裁任辉 申请辞去公司第八届董事会董事、战略与ESG委员会委员及总裁、法定代表人的职务，辞任后将不再担任公司任何职 务。任辉离任后，博雅生物总裁职务将暂时处于空缺状态，而公司董事会将按照有关规定，尽快推进董事 ...

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。 ...

Investment Rating - The report maintains a positive outlook on the blood products industry, suggesting that the supply-demand relationship will gradually improve, leading to performance recovery for companies in this sector [10][34]. Core Insights - The blood products industry is characterized by a clear long-term growth trajectory, supported by a favorable regulatory environment for plasma collection and an expanding product range among companies [12][34]. - Short-term performance has been impacted by supply-demand mismatches, with a notable decline in profitability observed in 2025 due to excess supply and price reductions [19][36]. - The report highlights the importance of white albumin and immunoglobulin (IVIG) as core products, with a stable demand expected despite recent price pressures [33][34]. Summary by Sections Market Review - The report notes a decline of 0.85% in the medical index, underperforming the CSI 300 index by 1.22 percentage points, ranking 21st among 30 sectors [6]. - The top-performing stocks in the medical sector include Aidi Te, Zhendai Medical, and Olin Bio, while the worst performers include Beixin Life and Huayuan Bio [6]. Industry and Stock Events - The report emphasizes the recovery of plasma collection activities post-pandemic, which has led to increased supply and a shift in the market dynamics for blood products [19][26]. - The report identifies key companies to watch, including Tian Tan Biological and Bo Ya Biological, as they are expected to benefit from the industry's growth [12][34]. Overall Perspective and Investment Themes - The report suggests focusing on innovative drugs, medical devices, and the blood products sector, highlighting the potential for significant growth driven by domestic differentiation and international expansion [10][12]. - The report also discusses the ongoing consolidation in the industry, particularly among state-owned enterprises, which may enhance market concentration and operational efficiencies [46]. Supply and Demand Dynamics - The report indicates that the supply of blood products is expected to tighten in 2026 due to a slowdown in plasma collection growth and a decrease in imported white albumin supply [30][34]. - Demand for white albumin remains robust, with sales showing signs of stabilization despite recent challenges [33][34]. Future Outlook - The report anticipates a gradual return to a balanced supply-demand relationship in the blood products industry, which could lead to improved financial performance for key players [34][36]. - The potential for new product introductions and market expansions is highlighted as a significant driver for future growth in the sector [12][34].

Investment Rating - The report maintains a positive outlook on the blood products industry, suggesting that the sector has clear long-term growth potential due to increasing supply and demand elasticity [12][19][36]. Core Insights - The blood products industry is expected to benefit from a more relaxed approval process for plasma collection stations during the 14th Five-Year Plan, leading to increased production capacity and a diverse range of products [12][19]. - The report highlights a significant shift in the industry from a supply surplus to a supply-demand balance, with expectations for improved performance in 2026 as supply constraints tighten and demand remains stable [36][34]. - Key companies to watch include TianTan Biotech, BoYa Bio, and HuaLan Bio, which are expected to see performance improvements as the market stabilizes [12][36]. Summary by Sections Market Review - The report notes that the CITIC pharmaceutical index fell by 0.85%, underperforming the CSI 300 index by 1.22 percentage points, ranking 21st among 30 primary industries [6]. - The top-performing stocks in the sector included AidiTe and ZhenDe Medical, while stocks like BeiXin Life and HuaYuan Bio faced significant declines [6][12]. Industry and Stock Events - The blood products sector has experienced a prolonged adjustment period, with a cumulative decline of 18.1% since early 2025, significantly underperforming the broader pharmaceutical sector [16]. - The report indicates that the performance of major blood product companies has varied, with some like WeiGuang Bio and HuaLan Bio performing better than the sector average [16]. Overall Perspective and Investment Themes - The report emphasizes the transition from a quantity-driven to a quality-driven approach in the innovative drug sector, suggesting a focus on differentiated products and international expansion [10]. - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, with companies like MaiRui and LianYing expected to benefit from ongoing upgrades [10]. - The report also highlights the importance of the CXO and life sciences services sectors, predicting a recovery in domestic investment and a return to high growth rates [10]. Blood Products - The blood products industry is characterized by a clear growth trajectory, with both supply and demand expected to show significant elasticity [12][19]. - The report suggests that the industry will see improved performance due to a combination of increased plasma collection and a tightening supply situation, which is expected to stabilize prices and enhance profitability for key players [36][34].

Core Viewpoint - The research highlights the role of extracellular proteins in supporting T cell immunity, particularly in the context of aging and its impact on immune response [2][4][7]. Group 1: Research Findings - The study published in Cell Reports reveals that even healthy elderly individuals with normal albumin levels (>25g/L) may experience limited T cell functionality during acute viral infections due to relatively lower albumin concentrations [2]. - Activated T cells can internalize extracellular proteins like albumin, degrade them in lysosomes, and release free amino acids such as leucine, which are crucial for maintaining mTORC1 activity and cytokine production, thereby enhancing antiviral and antitumor immunity [4][5]. - The transcription factor TFE3 plays a central regulatory role in this process, with its expression being specifically upregulated during T cell activation, promoting lysosomal biogenesis and protein degradation capabilities [4][5]. Group 2: Clinical Implications - The clinical significance of this pathway has been validated in elderly lung cancer patients, where tumor-infiltrating CD8⁺ T cells showed significantly reduced lysosomal degradation capacity and cytokine secretion compared to middle-aged patients [5]. - The study suggests that the activation of mTORC1 is regulated by both rapid signals from extracellular free amino acids and sustained amino acid signals from lysosomal degradation of extracellular proteins, which may influence the differentiation balance between effector T cells and memory T cells [5][7]. - The functional impairment of elderly T cells arises from both intrinsic lysosomal dysfunction and extrinsic declines in plasma albumin levels [5][7].

Core Viewpoint - The company, He Yuan Bio (688765.SH), is actively expanding its hospital coverage for its product, Aofumin®, which is set to be launched in July 2025, and is currently progressing with hospital access and distribution channels [1]. Group 1 - The company confirmed that its production and operations are normal, with no undisclosed major issues or operational difficulties [1]. - The company is addressing investor inquiries regarding the application of its albumin product in hospitals in Wuhan and is committed to providing updates through public information [1].

Traditional Chinese Medicine - The short-term pressure on the industry base is expected to gradually ease, with channel adjustments accelerating and a recovery in demand anticipated by year-end, leading to improvements for most companies on a low base [1] - The current valuation of the sector is at a low level, with institutional holdings being low, indicating potential for valuation improvement as the fundamentals of the traditional Chinese medicine industry continue to improve [1] - Long-term transformation is underway, with companies actively transitioning towards biopharmaceuticals and chemical drug innovation to create a second growth curve, and the consumer goods nature of traditional Chinese medicine companies offers significant brand extension opportunities [1] Blood Products - The supply side is expected to see an increase in the number of plasma stations as local "14th Five-Year" plans are implemented, with ongoing industry consolidation and mergers anticipated [2] - On the demand side, while the short-term price of albumin is under pressure, there is significant growth potential for demand in immunoglobulin and factor products, with ongoing research and development of new products [2] - The variety of blood products is expected to increase, which will drive profit margins from plasma extraction [2] Vaccines - The industry is facing ongoing operational pressures, but there is optimism for improved sales and contributions from new products [3] - Recent policies related to commercial insurance, medical prevention integration, and industry mergers provide a solid foundation for future development in the vaccine sector [3] - The expansion of vaccine companies into international markets is accelerating, with expectations for progress in overseas market development [3] Pharmaceutical Retail - The industry is showing clear signs of marginal improvement, with better funding conditions and sustained demand for four categories of drugs, leading to expected same-store sales growth [4] - The sector's valuation is at historical lows, with low institutional holdings, and there is anticipation for demand recovery due to respiratory diseases and increased industry concentration [4] - Long-term transformation is being actively pursued by leading pharmacies, with pilot projects expected to yield incremental contributions and valuation recovery by 2026 [4] Pharmaceutical Distribution - The growth of medical insurance expenditures is stable, providing long-term market momentum [5] - The high entry barriers for new players indicate potential for increased industry concentration [5] - Innovative business models are accelerating growth and contributing additional revenue [5] State-Owned Enterprise Reform - The policy framework for state-owned enterprise reform has matured, with clear reform directions and ongoing implementation of market value management and merger policies [6] - The ongoing "14th Five-Year" plan is expected to improve the operations and valuations of related enterprises [6]

Summary of the Conference Call for Boya Bio-Pharmaceuticals Company Overview - **Company**: Boya Bio-Pharmaceuticals - **Industry**: Blood products and biopharmaceuticals Key Points and Arguments Financial Performance - For the first three quarters of 2025, Boya achieved total revenue of **1.473 billion** CNY, with a net profit attributable to shareholders of **342 million** CNY. Revenue growth rate was **18.38%**, while net profit decreased by **16.9%** compared to the previous year, primarily due to the acquisition of Green Cross in November 2024 contributing to revenue growth [3][4][21]. Market Dynamics - The blood products market is experiencing stable demand growth, but pricing pressures due to market supply-demand mismatches and healthcare cost controls are impacting profitability. The Guangdong Alliance procurement price has been established, prompting the company to optimize its marketing strategies [2][6][21]. - The industry is facing a slowdown in sales growth, influenced by post-pandemic blood donation pressures and a decrease in the number of approved collection stations in Xinjiang [9][10]. Strategic Initiatives - Boya is focusing on its blood products business by divesting non-core assets and enhancing the quality of plasma collection services. Plasma collection volume increased by **5.2%** year-on-year to **492 tons** in the first three quarters [2][5][8]. - The company plans to expand its plasma collection network across key regions in China, including East, Central, South, and Southwest China, while also enhancing existing collection stations [10][11]. R&D and Product Development - Boya aims to expand its product line and improve the yield and value of plasma collected. The company is also enhancing its marketing efforts to promote professional and academic marketing strategies, with a focus on international business development [11][21]. - A high-concentration product received approval in June 2025, with plans for market entry in 2026. Pricing strategies for this product are still under consideration [4][19][15]. Acquisition and Growth Strategy - The company is actively pursuing acquisition opportunities, particularly with Danxia, and is leveraging the support of China Resources Group to facilitate these efforts [16][17]. - Boya is also exploring international market opportunities and has made significant progress in exporting products to countries like Brazil, Pakistan, and the Dominican Republic [22][23]. Challenges and Future Outlook - The blood products industry is facing challenges such as price declines and varying degrees of profit pressure across companies. However, the recent procurement situation indicates that price reductions have been relatively moderate [26]. - Boya anticipates that the clinical usage of blood products will continue to expand due to economic growth and an aging population, despite short-term pricing pressures. The company is committed to adjusting its operational policies to navigate market changes and aims for stable growth in the future [21][26]. Production Capacity - The company is constructing a smart factory with a designed capacity of **1,200 tons**, which is expected to enhance overall production capacity. The existing capacity from Green Cross is approximately **200 tons**, which is currently sufficient [4][12]. Inventory and Sales Trends - The sales of albumin and other products have shown growth, but pricing pressures remain. The company is focusing on maintaining reasonable inventory levels while managing production to meet market demands [14][19]. This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, market dynamics, strategic initiatives, and future outlook in the blood products industry.

Core Viewpoint - Tian Tan Biological Products Co., Ltd. reported an increase in revenue but a decrease in net profit for the first three quarters of 2025, indicating challenges in the blood products industry such as declining product prices and intensified competition [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 4.465 billion yuan, a year-on-year increase of 9.62%, while net profit attributable to shareholders was 819 million yuan, a decline of 22.16% [2]. - In Q3 2025, revenue was 1.355 billion yuan, up 9.96% year-on-year, but net profit fell to 186 million yuan, down 42.84% [2]. - The company's gross profit margin for the first three quarters was 43.81%, down from 45.4% in the first half of the year and 54.7% in 2024 [2]. Industry Context - The blood products industry is facing pressure, with many companies reporting declining profits due to factors such as falling product prices, increased market competition, and the impact of imported products [5][7]. - Tian Tan Biological has maintained a leading position in the industry, with revenue growing from 3.282 billion yuan in 2019 to 6.032 billion yuan in 2024, and net profit increasing from 611 million yuan to 1.549 billion yuan during the same period [5][6]. Operational Insights - The company relies on sufficient plasma collection from its blood plasma stations to maintain profitability, with a total of 107 plasma stations, of which 85 are operational, collecting 1,361 tons of plasma, representing about 20% of the domestic market [7]. - The competitive landscape in the blood products sector is described as very intense, necessitating continuous innovation and enhancement of competitive advantages for companies like Tian Tan Biological [8].

Core Viewpoint - The blood products industry continues to face challenges, as evidenced by the financial performance of TianTan Biological Products Co., Ltd. in its Q3 2025 report, which shows a decline in net profit despite revenue growth [1][4]. Financial Performance - For the first three quarters of 2025, TianTan reported revenue of approximately 4.465 billion yuan, a year-on-year increase of 9.62%, while net profit attributable to shareholders was about 819 million yuan, a decrease of 22.16% [1][2]. - In Q3 alone, the company achieved revenue of approximately 1.355 billion yuan, up 9.96% year-on-year, but net profit fell to about 186 million yuan, down 42.84% [1][2]. Profitability Metrics - The gross profit margin for the first three quarters was 43.81%, down from 45.4% in the first half of the year, indicating a downward trend [2][3]. - The company experienced a significant decline in cash flow from operating activities, with a net cash flow of 117 million yuan for the first three quarters, a 91% decrease year-on-year [3]. Industry Context - The blood products industry is under pressure, with many companies reporting declining profits due to factors such as falling product prices, increased market competition, and changes in policy [4]. - Despite the current challenges, the blood products sector is recognized for its essential nature and resource-based characteristics, suggesting potential long-term stability [4].