医药生物/生物制品 博雅生物（300294.SZ） 2025 上半年收入稳健增长，10%静丙获批上市 2025 年 08 月 27 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 27.35 | | 一年最高最低(元) | 41.98/25.33 | | 总市值(亿元) | 137.91 | | 流通市值(亿元) | 137.91 | | 总股本(亿股) | 5.04 | | 流通股本(亿股) | 5.04 | | 近 3 个月换手率(%) | 75.3 | 《采浆量较快增长，高浓度静丙及破 免有望获批上市—公司信息更新报 告》-2025.3.19 《华润赋能，公司内生及外延并购有 望加速发展 — 公 司 深 度 报 告 》 -2025.1.10 余汝意（分析师） 阮帅（分析师） yuruyi@kysec.cn 证书编号：S0790523070002 ruanshuai@kysec.cn 证书编号：S0790524040007 2025 上半年收入稳健增长，10%静丙获批上市 股价走势图 -32% -16% 0% 16% 32% 48% 2 ...

医药生物/生物制品 天坛生物（600161.SH） 2025 年上半年收入稳健增长，采浆规模有所增长 2025 年 08 月 27 日 投资评级：买入（维持） | 日期 | 2025/8/26 | | --- | --- | | 当前股价(元) | 20.62 | | 一年最高最低(元) | 27.60/18.88 | | 总市值(亿元) | 407.73 | | 流通市值(亿元) | 407.73 | | 总股本(亿股) | 19.77 | | 流通股本(亿股) | 19.77 | | 近 3 个月换手率(%) | 65.34 | 股价走势图 -32% -16% 0% 16% 32% 48% 2024-08 2024-12 2025-04 天坛生物 沪深300 数据来源：聚源 相关研究报告 《2024 年业绩快速增长，盈利能力持 续提升 — 公 司 信 息 更 新 报 告 》 -2025.3.30 《2024 年前三季度业绩稳健增长，盈 利能力持续提升—公司信息更新报 告》-2024.10.29 《2024 上半年业绩较快增长，盈利能 力持续提升—公司信息更新报告》 -2024.8.28 余汝意（分析师） ...

Core Insights - Tian Tan Biological Products Co., Ltd. reported a revenue of 3.11 billion yuan for the first half of 2025, representing a year-on-year increase of 9.47%, while the net profit attributable to shareholders decreased by 12.88% to 633 million yuan [1] - The decline in net profit was attributed to a decrease in product sales prices compared to the previous year and reduced interest income due to changes in credit policies [1] Financial Performance - Revenue for the second quarter of 2025 reached 1.793 billion yuan, a quarter-on-quarter increase of 36.04% [1] - Net profit for the second quarter was 388 million yuan, reflecting a quarter-on-quarter increase of 59.09% [1] Business Operations - The company focuses on the research, production, and sales of blood products, including human albumin, intravenous immunoglobulin, and tetanus immunoglobulin [1] - Tian Tan Biological is actively expanding its market presence, enhancing blood source development, and accelerating product delivery processes [1] Research and Development - The company maintains a high level of investment in research and development, having obtained 2 authorized patents during the reporting period, including 1 invention patent and 1 utility model patent [2] - Efforts are being made to promote engineering projects and information technology construction, facilitating intelligent upgrades and industrial collaboration [2] International Strategy - Tian Tan Biological is implementing an international strategy, focusing on the development and registration of products in overseas markets [2] - The company is engaged in compiling product registration materials and initiating application processes for multiple target markets [2]

Core Viewpoint - The company reported a mixed performance in its 2025 semi-annual report, with revenue growth but a decline in net profit, indicating challenges in the blood products sector [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.11 billion yuan, a year-on-year increase of 9.47% [1] - The net profit attributable to shareholders was 633 million yuan, a year-on-year decrease of 12.88% [1] - The net profit excluding non-recurring gains and losses was 618 million yuan, also showing a year-on-year decline [1] Operational Analysis - Revenue from human albumin and intravenous immunoglobulin continued to grow, while overall profits from blood products faced pressure [1] - Specifically, human albumin generated revenue of 1.35 billion yuan, reflecting a year-on-year growth of 20.79%, with a gross margin of 41.02%, down 11.61 percentage points year-on-year [1] - The company maintains a leading position in the domestic market for plasma collection stations, with ongoing efforts to enhance plasma collection volume through various measures [1] Innovation and R&D - The company is committed to innovation, with significant progress in research and development [1] - The fourth-generation chromatography process for 10% concentration intravenous immunoglobulin has received approval, and a marketing authorization application has been submitted [1] Profit Forecast and Valuation - Due to changes in the market environment, the company has revised its profit forecasts downward, expecting net profits of 1.64 billion yuan (+6%), 1.81 billion yuan (+11%), and 1.99 billion yuan (+10%) for 2025-2027 [1] - The expected earnings per share (EPS) for 2025-2027 are projected to be 0.XX, 0.XX, and 0.XX respectively [1]

上证报中国证券网讯 8月21日，天坛生物披露2025年半年度报告。上半年，公司实现营收31.10亿元，同比增长9.47%；实现归母净利润6.33亿元，同比下降12.88%。2025年第二季度实现营 报告显示，公司单采血浆站数量及采浆规模持续保持国内领先地位。截至目前，公司下属单采血浆站分布于全国16个省/自治区，单采血浆站总数达107家，其中在营单采血浆站数量达85家。上 创新研发方面，上半年，公司多个在研新产品取得阶段性突破。成都蓉生第四代层析工艺10%浓度静注人免疫球蛋白（规格：2.5g/瓶，10%，25ml）获得《药品补充申请批准通知书》；已提交 上半年，公司积极推动工程项目和信息化建设，加速智能化升级与产业协同发展，有力促进生产及管理质效提升。其中，成都蓉生重组因子车间项目完成竣工验收，注射用重组人凝血因子Ⅷ生产 国际业务方面，上半年，公司积极落实国际化战略布局，持续推进国际市场开发和注册准备工作，开展多个目标市场的产品注册资料编制、申报流程启动工作。同时，实现静注人免疫球蛋白（p 报告显示，公司下辖七家血液制品生产企业，拥有人血白蛋白、人免疫球蛋白、人凝血因子等三大类及重组凝血因子产品、15个品种、 ...

Core Insights - The article highlights the ongoing development and innovation in the synthetic biology and biomanufacturing sectors in China, with a focus on Guangdong province, particularly Guangzhou and Shenzhen, which are leading in policy support and innovation outcomes [2][3]. Summary by Sections Industry Overview - Guangdong province's biomanufacturing industry is valued at approximately 1.3 trillion yuan, ranking third nationally, with plans to elevate the industry to a trillion-yuan scale through the "Action Plan for Accelerating the Construction of Biomanufacturing Industry Innovation High Ground" [2]. - Shenzhen has positioned synthetic biology as one of its "20+8" future industries, establishing a comprehensive support system for biomanufacturing, including a major synthetic biology infrastructure and a national innovation center [2]. Company Rankings - SynBioCon has released the "Top 500 Representative Enterprises in Biomanufacturing (Guangdong Edition)," featuring 76 companies recognized for their competitiveness based on team, core products, and diverse possibilities [3]. Upcoming Events - The "China Biomanufacturing Industry Map (2025)" will be published in August 2025, with a focus on 500 representative enterprises in biomanufacturing [1]. - The Fourth Synthetic Biology and Green Biomanufacturing Conference will be held from August 20-22, 2025, in Ningbo, Zhejiang, focusing on AI and biomanufacturing, green chemicals, new materials, future food, and agriculture [12][14].

Core Viewpoint - The recent equity transfer actions of Boya Biological, a key player in China's blood products sector, have raised significant market concerns due to continuous price reductions and operational challenges [2][3]. Equity Transfer and Pricing Adjustments - Boya Biological's subsidiary, Boya Xinhao, has seen its 80% equity stake listed at a latest price of 170 million yuan, down nearly 20% from the initial listing price of 213 million yuan [2]. - This marks the third price adjustment within three months, with previous attempts at 213 million yuan and 192 million yuan failing to attract buyers [2]. - If no buyer emerges, the price may drop further to below 160 million yuan, representing a decline of over 25% from the initial listing price [2]. Financial Performance and Challenges - Boya Xinhao's financial performance has been poor, with 2023 revenue at 10.37 million yuan and a net loss of 56.87 million yuan [6]. - Despite efforts to reduce losses in 2024, revenue remained below 20 million yuan, primarily due to delays in product development and external pressures from procurement policies [6][10]. - Boya Biological's overall revenue growth has sharply declined from 5.47% in 2021 to a negative growth of -3.87% in 2023, with a further drop of 34.58% in 2024 [8][9]. Strategic Focus and Industry Context - Boya Biological emphasizes a strategic focus on blood products, aiming to optimize resource allocation by divesting non-core assets [8]. - The company aims to double its plasma collection capacity and key financial metrics during the 14th Five-Year Plan period (2021-2025) [6]. - The blood products industry faces challenges such as tight plasma supply and expanding procurement ranges, which may further compress operational space for companies [2][10]. Market Dynamics and Future Outlook - The blood products sector is undergoing significant changes, with increasing regulatory scrutiny and market competition leading to a consolidation trend [11]. - Boya Biological's recent actions reflect a broader industry shift towards specialization and the need for sustainable competitive advantages amid evolving market conditions [11][12].

Core Viewpoint - The acquisition of a 21.03% stake in Pailin Biopharmaceuticals by China National Pharmaceutical Group is a strategic move to reshape the competitive landscape in the blood products industry, potentially enhancing market share and resource integration [2][5][13]. Group 1: Acquisition Details - Pailin Biopharmaceuticals announced a framework agreement for the acquisition, with a transaction value of approximately 4.6 billion yuan, calculated based on the principal of 3.844 billion yuan and an annualized interest of 9% [2]. - If the acquisition is completed, the actual controller of Pailin Biopharmaceuticals will change from the Shaanxi Provincial State-owned Assets Supervision and Administration Commission to China National Pharmaceutical Group [2][5]. Group 2: Industry Context - The blood products industry is experiencing a wave of mergers and acquisitions, with major players like China National Pharmaceutical Group and China Biotech aiming to increase market concentration [5][14]. - The industry is characterized by high barriers to entry, scarcity of plasma collection resources, and strict regulatory oversight, making the acquisition of existing companies a strategic necessity for growth [13][14]. Group 3: Historical Control Changes - Pailin Biopharmaceuticals has undergone five changes in control since its listing, reflecting the intense capital competition in the blood products sector over the past two decades [6][7]. - The company was previously embroiled in ownership disputes, which affected its strategic direction until a stable control was established in 2019 [6][7]. Group 4: Financial Performance - Pailin Biopharmaceuticals reported a revenue of 10.5 billion yuan in 2020, with a year-on-year growth of 14.67%, and net profit of 1.86 billion yuan, marking a 15.90% increase [9]. - The company achieved a revenue of 24.05 billion yuan in 2022, with a net profit of 5.87 billion yuan, benefiting from continuous investment in product development and market expansion [9][10]. - However, in 2023, the company faced a slight revenue decline of 3.18% to 23.29 billion yuan, although net profit increased to 6.12 billion yuan [9][10]. Group 5: Future Outlook - In 2024, Pailin Biopharmaceuticals is projected to achieve a revenue of 26.55 billion yuan, a 14% increase, driven by rising demand for blood products and increased plasma collection [10]. - The company anticipates challenges in 2025, with expected declines in revenue and net profit due to production capacity expansion and supply issues [11][12].

Core Viewpoint - The company is facing challenges in selling an 80% stake in its subsidiary, Bo Ya Xin He Pharmaceutical Co., Ltd., with multiple failed attempts to attract buyers leading to a significant reduction in the asking price [2][3][4]. Group 1: Stake Sale Attempts - The initial asking price for the 80% stake was approximately 213 million yuan, which was later reduced to about 192 million yuan after a 10% valuation decrease, but still failed to attract buyers [2][3]. - Following two unsuccessful attempts, the company plans to lower the price to approximately 158 million yuan, which is about 75% of the original valuation [2][3]. - The company aims to optimize resource allocation and focus on its core blood products business through this stake sale [3][4]. Group 2: Financial Performance of Bo Ya Xin He - Bo Ya Xin He has been operating at a loss, with revenues of 10.37 million yuan in 2023 and 4.78 million yuan in the first half of 2024, and net losses of 56.87 million yuan and 11.32 million yuan respectively [5][6]. - The company’s net assets improved from -258 million yuan at the end of 2023 to 194 million yuan at the end of 2024, despite ongoing losses [5][6]. - The subsidiary's financial struggles are attributed to slow project development, price reductions from centralized procurement, and regulatory constraints, leading to a loss of competitive advantage [5][6]. Group 3: Parent Company Financials - The parent company, Bo Ya Biological, has experienced fluctuating revenue growth, with a significant decline of 34.58% in 2024 [6]. - The company’s revenue from blood products was approximately 1.514 billion yuan in 2024, accounting for 87.29% of total revenue, with a gross margin of 65.11% [6][7]. - Despite a 19.49% increase in revenue in the first quarter of 2025, net profit decreased by 8.25% [7].

Core Viewpoint - The blood products market is experiencing intense competition due to its vast potential, leading to both external corporate rivalries and internal conflicts within companies like Pailin Biological [2][3]. Company Overview - Pailin Biological, a leading player in the blood products sector, has faced regulatory penalties due to internal control deficiencies, with key executives held accountable [2][6]. - The company reported a revenue decline of 14.00% and a net profit drop of 26.95% in Q1 2025, ending a six-year streak of positive net profit growth since 2018 [2][14]. Financial Performance - Pailin Biological's revenue and net profit figures from 2020 to 2024 show fluctuations, with a notable revenue of 26.55 billion yuan in 2024, marking a 14.00% increase year-on-year, and a net profit of 7.45 billion yuan, up 21.76% [7][8]. - The company’s revenue in 2023 was 23.29 billion yuan, a slight decrease of 3.18%, while net profit grew by 4.25% to 6.12 billion yuan [8]. Market Dynamics - The blood products market is projected to exceed 60 billion yuan in 2024, with an expected annual compound growth rate of 9.89% from 2024 to 2031, driven by increasing demand due to aging populations and rising incidences of diseases [10][11]. - The industry faces challenges in plasma supply, with the number of operational single plasma collection stations increasing from approximately 220 in 2016 to 320 in 2024, yet still insufficient to meet market demand [11]. Strategic Developments - Pailin Biological is expanding its production capacity, with plans for 3,100 tons of new capacity to be gradually put into operation by mid-2025, which is expected to alleviate supply pressures and support future growth [12][14]. - The company is also focusing on high-value products, such as recombinant coagulation factor VIII, to enhance profit margins, despite the competitive and technologically demanding nature of the blood products industry [14].