采浆量增长，品种扩充，并购频繁……当规模的"面子"与盈利的"里子"出现错位，在华润入主四年的大 象转身之后，博雅生物距离真正的"血制品王者"，究竟还差哪一块拼图？ 撰文｜Erin Kathy 春节前，国药旗下血制品龙头天坛生物的一则人事公告引发市场关注，业务型掌舵者杨汇川辞任董事 长，由拥有高级会计师背景的梁红军接棒。这被行业视为一家央企血制品核心平台在行业下行周期中的 主动转身。 年后，华润医药旗下血制品平台博雅生物，也迎来高管层面的更迭，上任不到一年的总裁任辉辞职。 两起人事调整，既有共性，也有差异，但背景高度一致，行业正集体处在市场下行周期的阵痛之中。从 业绩层面看，两家公司面临的是同一道难题。集采扩围、DRG/DIP支付改革、医保控费、重点监控合理 用药政策持续推进，血液制品在部分临床场景中的处方量受到压缩；需求端景气度回落叠加市场竞争加 剧，直接传导至毛利率承压。 当行业周期下行，利润空间被压缩，管理层更替往往意味着企业试图重构增长逻辑。天坛与博雅，都在 寻找那位能带领企业穿透周期、实现转身的"关键先生"。 寻找关键先生 博雅生物的调整也具有其特殊性。 它不仅是行业压力下的主动换血，更是华润医药入主 ...

Group 1: Company Overview and Strategy - The company aims to strengthen its position as the only blood product platform within the China Resources Health sector during the 14th Five-Year Plan, focusing on "doing strong, optimizing, and expanding" [3] - The strategy includes enhancing plasma collection, terminal control, R&D innovation, and exploring international markets [3][4] Group 2: Plasma Collection and Growth Projections - The total plasma collection for 2025 is projected to be approximately 662 tons, representing a year-on-year growth of about 5% [4] - The integration of Green Cross (China) is expected to yield a plasma collection growth rate exceeding 10%, with an absolute increase of over 10 tons [4] Group 3: Product Development and Regulatory Approvals - The company has received production approvals for 10% intravenous immunoglobulin and tetanus immunoglobulin, with clinical trials for 20% subcutaneous immunoglobulin progressing steadily [3][5] - High-concentration intravenous immunoglobulin (pH4) has been officially approved for sale as of May 2025 [5][6] Group 4: Market Dynamics and Pricing Strategy - Blood product prices are anticipated to face downward pressure due to market competition, with price adjustments expected in 2026 following the Guangdong alliance procurement [8] - The company plans to enhance terminal control and refine management of agents to improve market influence and brand recognition [8] Group 5: Expansion and Regulatory Challenges - The number of plasma collection stations has significantly increased during the 14th Five-Year Plan, but growth may slow during the 15th Five-Year Plan due to rising industry concentration [9] - The establishment of new plasma stations is subject to government approvals, which introduces uncertainty [9] Group 6: Business Focus and Divestitures - The company has decided to focus solely on blood product development, transferring 80% of the equity in Boya Xinhao, which will no longer be included in the consolidated financial statements [10][11]

丨2025年11月27日星期四丨 NO.1 欧林生物向港交所主板递交上市申请 11月26日，欧林生物发布公告，称公司于11月25日向香港联合交易所有限公司（简称"香港联交所"）递 交了境外公开发行股份（H股）并在香港联交所主板上市的申请，并于同日在香港联交所网站刊登了本 次发行上市的申请资料。 点评：OT-702获批上市，意味着在原研药之外，给中国患者提供更多药物选择。对于欧康维视生物， 该事件短期将提振股价情绪，长期则为公司估值提供业绩支撑，但具体效果能否落地需持续观察。 NO.4 罗氏回应流感特效药需求上升：已启动应对预案 11月26日，罗氏制药对《每日经济新闻》记者表示，面对流感高发季，罗氏已启动预案，调动速福达全 球供应链资源，尽最大努力加大生产，加速向中国市场供应。目前，速福达正按计划分批次抵达中国口 岸，持续供应中国市场。 点评：罗氏制药的回应反映出中国市场的重要性，也凸显出国内流感特效药供不应求的问题。近年来， 业内卷起"一次治疗"新战场，未来若有更多的中国药企研发出流感创新药物，将成为这一市场的破局关 键。 NO.5 博雅生物破伤风人免疫球蛋白在国内获批 点评：欧林生物递表港股是其资本化与国际 ...

北京商报讯（记者 王寅浩 宋雨盈）11月26日，博雅生物发布公告称，公司近日收到国家药品监督管理 局签发的破伤风人免疫球蛋白《药品注册证书》，药品注册标准编号：YBS00762025，剂型为注射剂， 规格为每瓶含破伤风抗体250IU（2.5ml）。 ...

格隆汇11月26日丨博雅生物(300294.SZ)公布，收到国家药品监督管理局签发的破伤风人免疫球蛋白 《药品注册证书》(证书编号：2025S03488)。截至目前，公司破伤风人免疫球蛋白累计研发投入975万 元。公司本次获得破伤风人免疫球蛋白《药品注册证书》，进一步丰富公司的产品管线，有助于提升公 司的研发积极性。 ...

博雅生物（300294）(300294.SZ)公告，公司收到国家药品监督管理局签发的破伤风人免疫球蛋白《药 品注册证书》。 ...

智通财经APP讯，博雅生物(300294.SZ)公告，公司收到国家药品监督管理局签发的破伤风人免疫球蛋白 《药品注册证书》。 ...

博雅生物公告，近日收到国家药品监督管理局签发的破伤风人免疫球蛋白《药品注册证书》(证书编 号：2025S03488)。破伤风人免疫球蛋白剂型为注射剂，规格为每瓶含破伤风抗体250IU（2.5ml）。公 司本次获得破伤风人免疫球蛋白《药品注册证书》，进一步丰富公司的产品管线，有助于提升公司的研 发积极性。 ...

Core Viewpoint - Shanghai Laishi (002252) has confirmed that several of its products have been included in the 2024 National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug List [2] Group 1: Product Inclusion in Medical Insurance - The following products from Shanghai Laishi and its subsidiaries are included in the medical insurance directory: human albumin, intravenous human immunoglobulin (PH4), human fibrinogen, prothrombin complex, coagulation factor VIII, human immunoglobulin, tetanus human immunoglobulin, and rabies human immunoglobulin [2]

Group 1: Changshan Pharmaceutical - The company is preparing for clinical trials of Aibennate peptide for weight loss, with no current plans for oral formulation development [1] - Aibennate peptide is a long-acting GLP-1 receptor agonist, developed through chemical modification of exenatide [1] - The marketing preparation includes team building, product knowledge training, and marketing strategy formulation [1] Group 2: Fosun Pharma - Four innovative drugs approved in the first half of the year are expected to gradually increase sales in the coming months [2] - Innovative drug revenue exceeded 4.3 billion yuan, a year-on-year increase of 14.26%, accounting for over 30% of total drug revenue [2] - The company is actively participating in negotiations for the inclusion of its innovative drugs in insurance and national basic medical insurance directories [2] Group 3: Tiantan Biological Products - The company has established an international cooperation department to enhance its global market presence [3] - Products such as tetanus immunoglobulin and rabies immunoglobulin have already been exported [3] - The company is focused on international certification and registration of key products [3] Group 4: Kangtuo Medical - The US-based subsidiary BIOPLATE has launched a local production line for PEEK plates [4] - The company has completed market access in nearly 40 countries and regions [4] - The marketing of "4D bioactive plates" and PEEK fixation systems is underway in the US [4] Group 5: Tailong Pharmaceutical - The company is focusing on the development of modified new drugs across various therapeutic areas including respiratory, digestive, and oncology [5] - Projects in progress include treatments for Alzheimer's disease and schizophrenia [5] Group 6: Heng Rui Pharmaceutical - The HRS-5635 injection has been included in the list of proposed breakthrough therapies [6][7] - Chronic hepatitis B infection affects approximately 257 million people globally, with a significant mortality rate [7] - There is a pressing need for more effective treatments to achieve functional cure for chronic hepatitis B [7]