业绩简评 2025 年 8 月 27 日，公司发布 2025 年半年报，上半年公司实现营 业收入 17.98 亿元，同比增长 8.80%，实现归母净利润 5.16 亿元， 同比增长 17.19%，实现扣非归母净利润 4.84 亿元，同比增长 33.41%；分季度看，2025 年第二季度公司实现营业收入 9.31 亿 元，同比增长 7.53%，实现归母净利润 2.03 亿元，同比增长 13.62%， 实现扣非归母净利润 1.84 亿元，同比增长 30.38%。 经营分析 血制品业务保持稳定增长，产品结构均衡。血液制品业务实现营 业收入 173,823.62 万元，与上年同期相比增长 7.49%，实现净利 润 50,189.42 万元，与上年同期相比增长 18.51%。分产品看，公 司人血白蛋白实现收入 6.95 亿元，同比增长 7.95%，毛利率为 52.53%，同比增加 3.27 个百分点；静丙实现收入 4.53 亿元，同 比减少 1.36%，毛利率为 40.62%，同比减少 10.51 个百分点；其 他血液制品实现收入 5.88 亿元，同比增长 15.10%，毛利率为 59.21%，同比增加 8.98 个百 ...

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]

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） ...

Group 1 - The core viewpoint emphasizes the continuous catalysis in the innovative drug sector of the pharmaceutical and biotechnology industry, with a focus on areas such as anti-tumor, autoimmune, GLP-1, stem cells, and gene therapy [1] - The CXO sector is expected to see a valuation recovery due to supportive policies for innovative drug development in China and a reduction in overseas geopolitical risks [1] - In the blood products sector, there is an increasing demand for intravenous immunoglobulin (IVIG) in critical care, driven by an expanding market and a price increase in high-end chromatography IVIG, with a short-term shortage expected to persist [1] Group 2 - The vaccine sector is under pressure, but some key companies are showing marginal performance improvements, with attention on new areas such as shingles and the penetration potential of domestic high-cost performance HPV manufacturers [1] - In traditional Chinese medicine, it is recommended to focus on companies related to fertility subsidies [1] - The medical device sector is experiencing accelerated replacement due to centralized procurement, with a focus on the replacement potential in electrophysiology and neurointervention fields [1] Group 3 - The low-value consumables industry is gradually completing inventory destocking, with attention on cyclical upward opportunities and the potential of the GLP-1 industry chain [1] - The Vaccine ETF (159643) tracks the Vaccine Biotechnology Index (980015), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in vaccine research, production, and sales from the A-share market [1] - The Vaccine Biotechnology Index aims to reflect the overall performance of listed companies related to vaccines and biotechnology [1]

Group 1: Company Strategy and Growth - The company will focus on its core business of blood products, enhancing plasma supply capacity and marketing management, while actively expanding into overseas markets and improving product R&D capabilities [1] - The company aims to increase annual production capacity to over 3,000 tons following the expansion of its subsidiary, with production expected to resume in June 2025 [2][3] - The company plans to achieve a sales expense ratio of under 10% and a management expense ratio of under 7% in 2025 [2] Group 2: Product Development and Market Position - The subsidiary Guangdong Shuanglin Jiuyin is expected to obtain listing approval in 2026, while the fourth-generation intravenous immunoglobulin is anticipated to receive approval in 2027 [2] - The company expects a more than 20% year-on-year increase in plasma output in 2025 due to expanded production capacity [3] - Currently, over 60% of albumin in the market is imported, indicating potential for domestic alternatives in the future [4] Group 3: Shareholder Engagement and Financial Management - The company will implement the 2024 dividend plan promptly after approval at the annual shareholders' meeting [2] - The major shareholder will continue to support the company's development and has initiated a share buyback plan [4] - The company has maintained a high dividend payout ratio for two consecutive years and plans to continue this trend [4]

Investment Rating - The investment rating for the company is "Buy" with expectations of a relative price increase of over 15% in the next six months [4][15]. Core Insights - The company reported a total revenue of 1.735 billion yuan in 2024, a decrease of 34.58% year-on-year, while the net profit attributable to shareholders was 397 million yuan, an increase of 67.18% [1][2]. - In Q1 2025, the company achieved a total revenue of 536 million yuan, reflecting a year-on-year growth of 19.49%, but the net profit attributable to shareholders decreased by 8.25% to 139 million yuan [1][2]. - The company has a stable growth in plasma collection, with a total collection of 630.6 tons in 2024, representing a year-on-year increase of 10.4% [2]. - The company has 11 product varieties and 31 specifications, including imported recombinant factor VIII, and operates 20 plasma stations with one under construction [2]. - The revenue from blood products in 2024 was 1.514 billion yuan, a slight increase of 0.86% year-on-year, despite a competitive market leading to a decline in product gross margins [2][3]. Summary by Sections Financial Performance - The company’s revenue is projected to grow to 1.971 billion yuan in 2025, with a growth rate of 13.62%, and further to 2.242 billion yuan in 2026 [3][10]. - The net profit is expected to reach 519 million yuan in 2025, reflecting a growth rate of 30.86%, and 597 million yuan in 2026 [3][10]. - The earnings per share (EPS) are forecasted to be 1.03 yuan in 2025 and 1.18 yuan in 2026 [3][10]. Research and Development - The company is expanding its research pipeline with a focus on both long-term and short-term strategies, including the approval of drug registration certificates for certain products expected to launch in 2025 [3]. - The company has received drug registration approval for its immunoglobulin product in Pakistan, which is anticipated to enhance overseas revenue [3]. Market Position - The company is experiencing pressure on gross margins due to rising costs and increased competition in the blood products sector, with gross margins reported at 64.65% in 2024 [3][9]. - The company’s sales, management, and financial expense ratios were 33.47% in 2024, indicating an increase in operational costs [9].

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]