证券代码： 002252 证券简称：上海莱士 上海莱士血液制品股份有限公司 投资者关系活动记录表 编号：2025-005 投资者关系活动 类别 √特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 重阳投资 胡敏 贺建青 时间 2025 年 12 月 16 日 14:00—16:00 地点 公司会议室 上市公司接待人 员姓名 刘 峥 副总经理、董事会秘书 陈乐奇 财务负责人 投资者关系活动 主要内容介绍 问题 1：血液制品行业情况？ 回复：血液制品行业是生物制品行业的细分行业，血液制品 关系人民群众的身体健康与生命安全，具有较高的技术门槛与严 格的监管要求。国家自 2001 年起没有批准新的血液制品生产企 业，目前国内正常经营的血液制品企业不足 30 家，行业进入壁 垒高。 血液制品作为医疗领域不可或缺的特殊药品，凭借其临床不 可替代性、需求刚性以及与人口结构变化的强关联性，其需求长 期以来保持着稳定增长的良好态势。随着供给增加及政策影响给 血液制品行业带来一定挑战，行业竞争从资源竞争转向"营销 ...

Core Viewpoint - Shanghai Laishi Blood Products Co., Ltd. has received approval from the National Medical Products Administration for clinical trials of SR604 injection for the prevention of bleeding episodes in patients with von Willebrand disease [1][3]. Drug Development Related Information - SR604 injection is a humanized monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C, classified as a Class 1 therapeutic biological product [2]. - The clinical trial application for SR604 injection targeting bleeding episodes in patients with von Willebrand disease was accepted on December 21, 2023, and the approval notice was received on March 5, 2024 [2]. - The drug has completed the single-dose escalation Phase I trial and is now entering the multiple-dose prevention treatment efficacy exploration Phase IIb trial, with results expected to be published in international conferences and professional journals [2]. Clinical Trial Details - The newly approved clinical trial for SR604 injection will explore dosing intervals of 0.2 mg/kg every 4 weeks and 0.4 mg/kg every 4, 6, or 8 weeks for patients with von Willebrand disease [3]. - There are currently no products on the market targeting the same mechanism as SR604 injection, and no antibody drugs have been approved for the prevention of bleeding in von Willebrand disease [3].

Core Viewpoint - Shanghai Laishi (002252) has received approval from the National Medical Products Administration for the clinical trial of SR604 injection, which is intended for the preventive treatment of bleeding episodes in patients with vascular hemophilia [1] Company Summary - The company announced the approval of a clinical trial for SR604 injection, expanding its application to include preventive treatment for vascular hemophilia patients [1]

Core Viewpoint - Shanghai Laishi has received approval from the National Medical Products Administration for clinical trials of SR604 injection for the prevention of bleeding episodes in patients with von Willebrand disease (VWD) [1] Company Summary - The approved clinical trial for SR604 focuses on the indication of "prevention of bleeding episodes in patients with von Willebrand disease" [1] - VWD is a hereditary bleeding disorder caused by abnormalities in von Willebrand factor (VWF) [1] - The company plans to conduct a Phase II dose-exploration trial based on previous hemophilia clinical trials, testing two dosage groups: 0.2 mg/kg administered every 4 weeks and 0.4 mg/kg administered every 4, 6, or 8 weeks [1] - Successful development of this product is expected to significantly improve the medication experience for patients with von Willebrand disease [1]

Group 1 - Tianyi Medical has obtained EU MDR certification for its products, including extracorporeal circulation blood lines, feeding syringes, ENFit connector feeding syringes, and arteriovenous puncture devices, indicating compliance with the latest EU medical device regulations and allowing continued legal sales in relevant overseas markets [1] - Chuangyuan Co. has appointed Ye Jinsheng as the new president of the company [2] - Shanghai Laishi has received approval for clinical trials of "SR604 injection" for the prevention and treatment of bleeding episodes in patients with vascular hemophilia [3] - Yingli Co. has had its application for the acquisition of 77.94% of Shenzhen Youteli Energy Co., Ltd. through share issuance and cash payment accepted by the Shenzhen Stock Exchange [4]

Core Viewpoint - Shanghai Raas has received approval from the National Medical Products Administration for clinical trials of SR604 injection for the prevention of bleeding episodes in patients with von Willebrand disease [1][2] Group 1: Clinical Trial Approval - The National Medical Products Administration issued a clinical trial approval notice for SR604 injection, which is a humanized monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C [1] - The clinical trial application for the indication of preventing bleeding episodes in patients with hemophilia A/B and congenital factor VII deficiency was accepted on December 21, 2023, and the approval notice was received on March 5, 2024 [1] Group 2: Drug Characteristics and Research Progress - SR604 injection is designed to improve the treatment experience for patients with von Willebrand disease, a hereditary bleeding disorder caused by abnormalities in von Willebrand factor [2] - The company has completed a single-dose escalation Phase I trial and is now entering a multi-dose Phase IIb trial, with results expected to be published in international conferences and professional journals [1][2] - There are currently no products on the market targeting the same mechanism as SR604, and no antibody drugs have been approved for the prevention of bleeding in von Willebrand disease [2]

Core Viewpoint - Shanghai Raas has received approval from the National Medical Products Administration for clinical trials of SR604 injection for the prevention of bleeding episodes in patients with von Willebrand disease [1][2] Group 1: Clinical Trial Approval - The National Medical Products Administration issued a clinical trial approval notice for SR604 injection, specifically for its use in preventing bleeding episodes in patients with von Willebrand disease [1] - The clinical trial application for SR604 was submitted under the classification of therapeutic biological products and was accepted on December 21, 2023, with the approval notice received on March 5, 2024 [1] Group 2: Drug Mechanism and Development - SR604 injection is a humanized monoclonal antibody that specifically inhibits the anticoagulant function of human activated protein C [1] - The drug has completed a single-dose escalation Phase I trial and has entered a multi-dose Phase IIb trial, with results meeting the clinical trial design goals [1] Group 3: Market Potential - The approved clinical trial for SR604 focuses on the prevention of bleeding episodes in patients with von Willebrand disease, a hereditary bleeding disorder caused by abnormalities in von Willebrand factor [2] - There are currently no products on the market targeting the same mechanism as SR604, and no antibody drugs have been approved for the prevention of bleeding in von Willebrand disease [2] - Successful development of SR604 is expected to significantly improve the treatment experience for patients with von Willebrand disease [2]

Group 1 - Tianyi Medical has obtained EU MDR certification for its products, including extracorporeal circulation blood lines, feeding syringes, feeding syringes with ENFit connectors, and arteriovenous puncture devices, indicating compliance with the latest EU medical device regulations and allowing continued legal sales in relevant overseas markets [1] - Chuangyuan Co. has appointed Ye Jinsheng as the new president of the company [2] - Shanghai Laishi has received approval for clinical trials of "SR604 injection" for the prevention and treatment of bleeding episodes in patients with vascular hemophilia [3] - Yingli Co. has had its application for the acquisition of 77.94% of Shenzhen Youteli Energy Co., Ltd. through share issuance and cash payment, along with the fundraising plan, accepted by the Shenzhen Stock Exchange [4]

Core Viewpoint - Shanghai Laishi is a leading domestic blood product company with strong revenue and profit performance, but faces challenges in gross margin and profitability [2][3][6]. Group 1: Company Overview - Shanghai Laishi was established on October 29, 1988, and listed on the Shenzhen Stock Exchange on June 23, 2008, with its headquarters in Shanghai [1]. - The company specializes in the production and sale of blood products and has a comprehensive production base and numerous plasma collection stations, leading in plasma collection volume in China [1]. Group 2: Financial Performance - In Q3 2025, Shanghai Laishi achieved a revenue of 6.091 billion yuan, ranking first among seven companies in the industry, with the second company, Tiantan Biological, at 4.465 billion yuan [2]. - The net profit for the same period was 1.47 billion yuan, also the highest in the industry, with Tiantan Biological at 1.12 billion yuan [2]. - Revenue decreased by 3.54% year-on-year, while net profit decreased by 19.97% year-on-year [5]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 14.30%, significantly lower than the industry average of 28.01%, indicating strong solvency [3]. - The gross margin for Q3 2025 was 37.12%, down from 40.64% in the previous year and below the industry average of 44.76%, suggesting a need for improvement in profitability [3]. Group 4: Management and Shareholder Information - The controlling shareholder is Haiyingkang (Qingdao) Medical Technology Co., Ltd., with Haier Group as the actual controller [4]. - The chairman, Tan Lixia, holds multiple positions, including Vice Chairman of Haier Group, while the general manager, Xu Jun, saw a salary increase to 8.0964 million yuan in 2024 from 6.5069 million yuan in 2023 [4]. Group 5: Market Position and Future Outlook - The company has a strong competitive position in blood products, with six major production bases and 55 plasma collection stations, and a nearly 12% year-on-year increase in plasma collection volume in H1 2025 [6]. - The acquisition of Nanyue Biological in June 2025 is expected to enhance scale and coverage [6]. - The product SR604 is currently in Phase IIb clinical trials, with projected net profits for 2025-2027 estimated at 1.95 billion, 2.32 billion, and 2.65 billion yuan, respectively [6].

Core Viewpoint - Shanghai Laishi (002252) demonstrates strong operational resilience and growth potential in a complex market environment, as evidenced by its third-quarter report for 2025, which highlights significant improvements in cash flow and ongoing business expansion [1] Financial Performance - The company achieved operating revenue of 2.139 billion yuan, maintaining a steady performance [1] - Net cash flow from operating activities increased significantly by 33.99%, reaching 691 million yuan, reflecting excellent working capital management efficiency [1] Business Development - The company completed the acquisition of Commodity Biology, resulting in a steady growth of asset scale to 38.020 billion yuan, laying a solid foundation for long-term development [1] - In the field of innovation and research, the core product "SR604 injection" has successfully progressed to the IIb clinical trial phase, and a new application for the indication of vascular hemophilia has been accepted, enriching the product pipeline and indicating promising future market potential [1] Management Confidence - The management team and controlling shareholder express strong confidence in the future, with the controlling shareholder, Haiyingkang, implementing three rounds of share buybacks this year, totaling nearly 1.5 billion yuan [1] - The company has also actively promoted share repurchases, with a total repurchase amount of 470 million yuan by the end of the reporting period, aimed at future employee incentives [1] - These initiatives not only reflect internal recognition of the company's intrinsic value but also effectively boost market confidence, positioning Shanghai Laishi for high-quality growth [1]