Shanghai RAAS(SZ:002252)2023-06-19 08:28Group 1: Company Overview - Shanghai Laishi Blood Products Co., Ltd. is a leading enterprise in the domestic blood products industry [2] - The company focuses on the management of existing plasma stations and the development of new ones to enhance plasma collection [3] Group 2: Plasma Collection Policies - The establishment and management of plasma collection stations are strictly regulated by national policies, requiring approval from local authorities [2] - Only one plasma collection station is allowed per collection area, leading to slow growth in the number of stations [2] Group 3: Plasma Collection Volume - The growth of plasma collection volume is influenced by factors such as regional demographics, local customs, and operational management capabilities [3] - In 2022, the plasma collection volume increased by 17% year-on-year [4] Group 4: Product Information - Main products include human albumin, intravenous immunoglobulin, specific immunoglobulins, and coagulation factor products [3] - Product prices are generally stable, with slight adjustments in special circumstances [3] Group 5: Industry Regulations - Since May 2001, no new blood product manufacturing enterprises have been approved, and the industry is subject to total quantity control [3] - Approximately 30 blood product companies currently operate in China, indicating high entry barriers [3] Group 6: Financial Performance and Valuation - As of the end of 2022, the company recognized an impairment provision of RMB 197 million for goodwill [4] - GDS, a subsidiary, achieved a cumulative EBITDA of USD 1.141 billion from 2019 to 2022, averaging USD 285 million annually [5] - GDS's long-term equity investment was assessed for impairment, and no impairment was found [5]