Core Viewpoint - The company reported a revenue of 3.11 billion yuan in the first half of 2025, representing a year-on-year growth of 9.47%, while the net profit attributable to shareholders decreased by 12.88% to 633 million yuan [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 1.793 billion yuan, with a year-on-year growth of 10.70%, but the net profit attributable to shareholders fell by 5.13% to 388 million yuan [1] - For H1 2025, the company’s plasma collection volume was approximately 1361 tons, a year-on-year increase of 0.7%, holding about 20% of the domestic market share [2] - The revenue from immunoglobulin (IVIG) reached 1.43 billion yuan in H1 2025, up 6.56% year-on-year, with a gross margin of 49.8%, down 7.67 percentage points [2] - Albumin revenue was 1.35 billion yuan, showing a year-on-year increase of 20.8%, with a gross margin of 41.0%, down 11.61 percentage points [2] - Other blood products generated 330 million yuan in revenue, down 13.2% year-on-year, with a gross margin of 43.3%, a decrease of 14.8 percentage points [2] Group 2: Market Position and Growth Potential - The company maintains a leading position in the domestic plasma collection industry, with 107 plasma collection stations, of which 85 are operational as of H1 2025 [2] - The company is expected to achieve significant results in acquiring new plasma collection stations due to the strength of its controlling shareholder, China National Pharmaceutical Group [2] - The launch of the fourth-generation chromatography immunoglobulin (10%) is anticipated to enhance profit margins, as it is safer and more efficient compared to the third generation [3] - The company has several products in the pipeline, including subcutaneous immunoglobulin and recombinant coagulation factors, which are in various stages of clinical trials [3] Group 3: Profit Forecast - The company’s projected net profits for 2025-2027 are 1.44 billion, 1.67 billion, and 1.91 billion yuan, with year-on-year growth rates of -6.8%, 15.5%, and 14.4% respectively [3] - The current price-to-earnings ratios are estimated to be 28, 24, and 21 times for the years 2025, 2026, and 2027 [3] Group 4: Investment Rating - The company maintains a "Buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve steady growth in plasma collection, leading to stable long-term performance [5] - The company maintains a leading position in the domestic market with a projected plasma collection volume of approximately 2,781 tons in 2024, representing a year-on-year growth of 15.15% [7] - The introduction of new products, such as the fourth-generation chromatographic immunoglobulin, is anticipated to significantly enhance profit margins [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,180 million RMB - 2024: 6,032 million RMB (growth of 16.44%) - 2025E: 6,716 million RMB (growth of 11.35%) - 2026E: 7,633 million RMB (growth of 13.65%) - 2027E: 8,627 million RMB (growth of 13.02%) [6] - Net profit forecasts are as follows: - 2023: 1,110 million RMB - 2024: 1,549 million RMB (growth of 39.58%) - 2025E: 1,626 million RMB (growth of 4.93%) - 2026E: 1,859 million RMB (growth of 14.37%) - 2027E: 2,124 million RMB (growth of 14.25%) [6] - The company’s earnings per share (EPS) are projected to be: - 2023: 0.56 RMB - 2024: 0.78 RMB - 2025E: 0.82 RMB - 2026E: 0.94 RMB - 2027E: 1.07 RMB [6] Market Performance - The closing price of the company's stock is 19.10 RMB, with a total market capitalization of approximately 37,767.79 million RMB [3]