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 ...

Core Viewpoint - The company is making steady progress on its C1 esterase inhibitor research project and aims to enhance its product structure and core competitiveness through increased R&D efforts [1] Summary by Categories R&D Progress - The C1 esterase inhibitor is progressing smoothly according to the company's statement on the investor interaction platform [1] - The company plans to accelerate the new product launch process as part of its strategy to broaden its product structure [1] Future Expectations - The company acknowledges that the development and approval of new products is a lengthy and high-risk process, indicating that there are uncertainties involved [1] - The company will provide timely updates based on the progress of product development [1]

Group 1: Business Strategy and Focus - The company has determined to focus on the development of blood products and aims to become a world-class enterprise in this field, with plans to dispose of or divest non-blood product businesses as necessary [2][3] - The company is actively applying for new plasma stations in eligible regions to seize opportunities in the "14th Five-Year Plan" for blood product industry development [2][3] Group 2: Operational Goals and Management - The company is enhancing its plasma station operational management and aims for continuous improvement through organizational restructuring and digital empowerment [3] - The management model involves three business centers with vertical penetration of functions to strengthen integration and improve profitability [3][4] Group 3: Product Development and Market Expansion - The company is committed to an internationalization strategy that includes drug international registration and the introduction of innovative products and advanced technologies [3] - New products such as IVIG (10%) and Tetanus Immunoglobulin are expected to be launched in 2025, while C1 Esterase Inhibitor is anticipated to be available by 2027 [4] Group 4: Market Performance - The company’s PCC market share ranks third in the industry, with significant sales achievements in the chronic disease management project for 2024 [4]