Core Viewpoint - The blood products sector is experiencing revenue growth among listed companies, but profitability is declining due to price reductions driven by increased competition and centralized procurement policies [1][2]. Group 1: Company Performance - In 2024, all nine listed companies in the blood products sector achieved revenue growth, with seven companies reporting an increase in net profit [1]. - In Q1 2024, eight companies reported a decline in net profit year-on-year, including Shanghai Raist and Tian Tan Biological, with declines of 25.20% and 22.90% respectively [1][2]. - Tian Tan Biological attributed its profit decline to a greater reduction in product prices than the increase in sales volume, primarily due to intensified market competition and centralized procurement [2][5]. - Shanghai Raist's net profit decline was also linked to increased credit impairment losses, which surged by 481% due to a rise in accounts receivable [2]. Group 2: Market Dynamics - The price of human albumin has been decreasing, with terminal prices dropping by 10% and 20% for human albumin and intravenous immunoglobulin respectively in Q1 2024 [5]. - The blood products market is characterized by a limited number of qualified players, with fewer than 30 companies holding production qualifications [1]. - The industry is facing pressure from imported human albumin, which is expected to account for 68% of total batch issuance in 2024, creating competitive challenges for domestic producers [7][12]. Group 3: Industry Trends - Centralized procurement has been a significant factor in price reductions, but its impact is considered manageable due to the rigid clinical demand for blood products [6]. - The blood products industry is heavily reliant on plasma supply, with a noted shortage in domestic plasma availability to meet market demand [7][12]. - Companies are actively pursuing acquisitions of plasma collection stations to secure raw material supply, indicating a competitive landscape for plasma resources [14][15].