证券代码：600161 证券简称：天坛生物 公告编号：2024-042 统一社会信用代码：91420100555033607J 住所：武汉东湖新技术开发区光谷七路 99 号 法定代表人：张金 注册资本：壹拾贰亿叁仟肆佰贰拾捌万贰仟零伍拾肆圆人民币 北京天坛生物制品股份有限公司 关于成都蓉生收购武汉中原瑞德生物制品有限责任 公司 100%股权事项的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京天坛生物制品股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日 召开第九届董事会第十五次会议，审议通过《关于成都蓉生收购武汉中原瑞德生 物制品有限责任公司 100%股权的议案》。具体请见公司于 2024 年 8 月 31 日发 布的《关于成都蓉生收购武汉中原瑞德生物制品有限责任公司100%股权的公告》 （公告编号：2024-037）。 近日，上述股权收购事项已根据交易协议约定完成交割股权款的支付和原股 东贷款的偿还、董事改选及高管选聘、工商变更登记等工作，武汉中原瑞德生物 制品有限责任公司已取得武汉市市场监督 ...

[Table_Summary] [Table_Title] 业绩保持稳健，盈利能力持续提升 [Table_ReportDate] 天坛生物(600161)公司简评报告 | 2024.10.16 [Table_Rank] 评级： 增持 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152644 [Table_Chart] 市场指数走势（最近 1 年） -0.2 0 0.2 16-Oct 28-Dec 10-Mar 22-May 3-Aug15-Oct 天坛生物 沪深300 资料来源：聚源数据 | --- | --- | |---------------------------------|-------------| | [Table_BaseData] 公司基本数据 | | | 最新收盘价（元） | 22.08 | | 一年内最高 / 最低价（元） | 27.60/20.04 | | 市盈率（当前） | 34.40 | | 市净率（当前） | 4.23 | | 总股本（亿股） | 19 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 4.07 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.28%, and a net profit attributable to shareholders of 1.05 billion yuan, a year-on-year increase of 18.5% [3] - In Q3 2024, the company achieved a revenue of 1.23 billion yuan, a year-on-year decline of 7.4%, but the net profit attributable to shareholders was 330 million yuan, a year-on-year increase of 1.7% [3] - The net profit margin continued to improve, reaching 26.5% in Q3 2024, up from 25.5% in H1 2024, indicating strong long-term growth potential for the company as a leader in the blood products industry [3] - The company has significantly increased its plasma collection stations, with 102 stations as of mid-2024, up from 59 at the end of 2020, and a plasma collection volume of 1,294 tons in H1 2024, a 15% year-on-year increase [3][4] - The introduction of new products, such as the fourth-generation chromatography immunoglobulin, is expected to enhance profit margins significantly [4] Summary by Sections Financial Performance - For 2024, the company is projected to have a net profit of 1.3 billion yuan, with growth rates of 17.5%, 19.5%, and 19.0% for 2024, 2025, and 2026 respectively [6] - The total revenue for 2024 is estimated at 5.493 billion yuan, with a year-on-year growth rate of 6.0% [6] Market Position - The company is positioned as a leading player in the blood products sector, with a strong backing from its controlling shareholder, China National Pharmaceutical Group [3][4] - The company has demonstrated robust capabilities in acquiring new plasma collection stations, which is crucial for sustaining future performance [3] Product Development - The company has several products in the pipeline, including those in clinical trials, which are expected to enhance its product portfolio and profitability [4]

Financial Performance - Total operating revenue for the first three quarters of 2024 reached ¥407,336.18 million, an increase of 1.28% compared to ¥402,200.25 million in the same period last year[2] - Operating profit increased by 19.72% to ¥172,659.47 million from ¥144,224.99 million year-on-year[2] - Net profit attributable to shareholders of the listed company rose by 18.52% to ¥105,171.95 million, up from ¥88,740.04 million[2] - The basic earnings per share increased to ¥0.53, reflecting an 18.52% growth from ¥0.45[2] - The weighted average return on net assets improved to 10.27%, an increase of 0.67 percentage points from 9.60%[2] Assets and Equity - Total assets at the end of the reporting period were ¥1,555,362.07 million, a 9.62% increase from ¥1,418,805.69 million[2] - Shareholders' equity attributable to the listed company reached ¥1,064,125.90 million, up 8.33% from ¥982,257.92 million[2] - The number of shares outstanding increased by 20.00% to 197,737.14 million shares from 164,780.95 million shares[2] - The net asset per share attributable to shareholders decreased by 9.72% to ¥5.38 from ¥5.96[2] Revenue Drivers - The increase in sales revenue and profit margin was primarily driven by a rise in product sales prices year-on-year, contributing to an 18.52% increase in net profit attributable to shareholders[4]

（一） 产品信息 证券代码：600161 证券简称：天坛生物 公告编号：2024-040 北京天坛生物制品股份有限公司 关于所属企业获得药品注册证书并通过药品 GMP 符合性检查公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京天坛生物制品股份有限公司所属国药集团兰州生物制药有限公司（以下 简称"兰州血制"）于近日收到国家药品监督管理局签发的《药品注册证书》， 兰州血制研制的"人凝血酶原复合物"符合药品注册的相关要求。同时，兰州血 制相关生产场地已通过药品 GMP 符合性检查，并获得甘肃省药品监督管理局签发 的《药品 GMP 符合性检查告知书》（甘 GMP20240012）。具体情况如下： 一、 概况 生产范围：血液制品（人凝血酶原复合物） 检查结论：本次现场检查符合《药品生产质量管理规范（2010 年修订）》。 三、 对公司的影响及风险提示 | 产 | | | | | | 注 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品 | 适应症 ...

Investment Rating - The report gives a "Recommend" rating for Tiantan Biological Products (600161 SH) as of September 20 2024 [6][7] Core Views - Tiantan Biological has transformed into a pure blood products company after restructuring in 2017, focusing on plasma-derived products [1] - The company has become the industry leader with 102 plasma collection stations (80 operational, 22 under construction) and 2415 tons of plasma collected in 2023 [1] - Tiantan Biological has expanded its product matrix to 8 approved products in 2023, with plans to increase to 9 products by covering all major categories of plasma-derived products [2] - The company is building three major plasma processing bases (Yong'an, Kunming, Lanzhou) with total planned capacity of 3600 tons/year to break through production bottlenecks [2][46] Business Restructuring - Tiantan Biological completed a two-step restructuring in 2017-2018 to focus on blood products [15] - Step 1: Transferred vaccine business to parent company and acquired Guizhou Zhongtai [16] - Step 2: Acquired three major blood product assets (Shanghai, Wuhan, Lanzhou) through Chengdu Rongsheng [16] - The restructuring achieved synergies in plasma station management, product complementarity, and R&D coordination [19][20] - The company exceeded its three-year performance commitment after restructuring [26] Plasma Collection Expansion - Tiantan Biological has expanded plasma collection through multiple channels [1] - Increased stake in Chengdu Rongsheng to 74 01% [27] - Obtained 43 new plasma station approvals in 2021-2022 [1] - Acquired Xi'an Huitian (63 69% stake) and Zhongyuan Ruide (100% stake) to expand in Shaanxi and Hubei [36][37] - The company's plasma collection increased from 1400 tons in 2017 to 2415 tons in 2023, with a CAGR of 9 6% [34] - New plasma stations typically take 3-4 years to reach full capacity, with 20 new stations starting operation in 2023 [1] Product Development - Tiantan Biological has expanded its product portfolio to cover all major categories of plasma-derived products [2] - 8 approved products in 2023, with plans to increase to 9 products [2] - Added recombinant coagulation factor VIII and high-purity IVIG (10%) to its product line [44] - The company's gross margin and net profit margin reached record highs in 2023 at 50 8% and 29 1% respectively [45] - Plasma utilization rate has improved with the expansion of product lines [39] Financial Projections - Revenue is projected to grow from 6 16 billion yuan in 2024 to 8 19 billion yuan in 2026, with a CAGR of 15 2% [3][55] - Net profit is expected to increase from 1 39 billion yuan in 2024 to 1 90 billion yuan in 2026, with a CAGR of 17 0% [3][55] - Plasma collection is forecasted to reach 2669 tons in 2024, 3079 tons in 2025, and 3418 tons in 2026 [54] Valuation - As of September 20 2024, Tiantan Biological's PE (TTM) is 32 1x, 13 4% higher than the industry average [6][7] - The company's ton-plasma market value is 20 60 million yuan, based on 2024E equity plasma volume of 1975 tons [7] - Tiantan Biological's ton-plasma output value reached 2 145 million yuan in 2023, still below the industry average of 2 408 million yuan [55]

Investment Rating - The report gives a "Buy" rating for the company, Tian Tan Biological, as it is positioned as a leading player in the blood products industry and is in a phase of rapid plasma volume growth [6][7]. Core Insights - The company has undergone significant restructuring to focus solely on blood products, divesting its vaccine business and consolidating blood product assets under its subsidiary, Chengdu Rongsheng, which has led to enhanced operational efficiency and market positioning [1][19]. - The company has expanded its plasma collection capabilities through acquisitions and new plasma stations, achieving a total of 102 plasma collection stations, with a significant increase in plasma collection volume [2][27]. - The product matrix has been strengthened, with the company achieving a record high in gross and net profit margins in 2023, supported by the completion of its coagulation product line [2][3]. Summary by Sections Focus: Restructuring of Vaccine and Blood Product Assets - The company initiated a two-step internal restructuring to eliminate competition with its controlling shareholder, transferring its vaccine business and acquiring blood product assets [15][16]. - The integration of blood product operations has resulted in a synergistic effect, enhancing production capacity and resource utilization [19][20]. - The company has exceeded its three-year performance commitments post-restructuring, demonstrating strong operational performance [26]. Expansion: Multi-Dimensional Growth of Plasma Sources - The company has increased its stake in Chengdu Rongsheng, raising its ownership to 74.01%, thereby enhancing its equity plasma share [27]. - It has successfully obtained approvals for new plasma stations, significantly increasing its plasma collection capacity [30][32]. - The average plasma collection per station has improved, with ongoing efforts to optimize existing stations [2][30]. Strengthening: Expanding Product Matrix - The company has enriched its product offerings, achieving a total of 9 blood product varieties in 2023, with a focus on coagulation products [2][3]. - Operational efficiency has improved, leading to record gross and net profit margins in 2023 [2][3]. - New production bases are being established to alleviate capacity constraints, with significant progress in the construction of key facilities [2][3]. Profit Forecast and Investment Rating - Revenue projections for 2024-2026 are estimated at 61.6 billion, 71.1 billion, and 81.9 billion yuan, with corresponding net profits of 13.9 billion, 16.4 billion, and 19.0 billion yuan, reflecting strong growth rates [3][7]. - The company's current market valuation is approximately 406.9 billion yuan, with a projected PE ratio of 29.3 for 2024, indicating a favorable investment outlook [6][7].

证券代码：600161 证券简称：天坛生物 公告编号：2024-039 （一） 产品信息 | 产品 | | 新增适应症 | 可以开展临床 | | | 规格 | 注册 | 剂型 | 研发 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 试验的时间 | | | | 分类 | | 投入 | | 静 | 注 人 | 慢性炎性脱髓鞘 | | | | | 治疗用 | | | | 免 疫 球 | | | 2024 9 月 | 年 | 11 | 5g/瓶 | | | 824.34 | | 蛋 白 | | 性多发性神经根 | 日 | | | （10%，50ml） | 生物制 | 注射剂 | 万元 | | | | 神经病 | | | | | 品 | | | | （pH4） | | | | | | | | | | 上述产品获批新增适应症还需履行的主要审批程序包括：开展临床试验、提 交新增适应症许可申请、通过国家药品监督管理局药品审评中心审评及国家药品 监督管理局审批后，获批新增适应症。 （二） 同类产品市场情况 北京天坛生物制品股 ...

会议召开时间：2024 年 9 月 23 日（星期一）10:00-11:30 证券代码：600161 证券简称：天坛生物 公告编号：2024-038 北京天坛生物制品股份有限公司 关于召开 2024 年半年度业绩说明会公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 12 日（星期四）至 9 月 20 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮箱 ttswdb@sinopharm.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 一、 说明会类型 北京天坛生物制品股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日 发布公司 2024 年半年度报告，公司计划于 2024 年 9 月 23 日 10 ...

Investment Rating - Buy (Maintained) [4] Core Views - The company's plasma collection volume continues to grow, and profitability has significantly improved [4] - Product structure optimization, especially the increased profitability from chromatographic intravenous immunoglobulin (IVIG) [4] - The company is actively expanding plasma resources through both internal and external means, including the acquisition of CSL's subsidiary Zhongyuan Ruide, which adds 5 operational plasma collection stations [4] - The company is continuously enriching its product pipeline, which is expected to further enhance profit per ton of plasma [5] - The company is expected to achieve net profits of 1.341 billion, 1.607 billion, and 1.881 billion yuan in 2024, 2025, and 2026, respectively, with corresponding EPS of 0.68, 0.81, and 0.95 yuan [5] Financial Performance - In H1 2024, the company achieved revenue of 2.841 billion yuan (YoY +5.59%), net profit attributable to the parent company of 726 million yuan (YoY +28.10%), and non-GAAP net profit of 723 million yuan (YoY +29.35%) [4] - In Q2 2024, the company achieved revenue of 1.619 billion yuan (YoY +15.76%), net profit attributable to the parent company of 409 million yuan (YoY +34.28%), and non-GAAP net profit of 410 million yuan (YoY +33.93%) [4] - The company's gross margin in H1 2024 was 55.67% (YoY +7.13ppt), driven by high demand for products like IVIG and the sales of newly approved chromatographic IVIG [4] Product Line and Profitability - Human albumin revenue in H1 2024 was 1.114 billion yuan (YoY -6.93%), with a gross margin of 52.63% (YoY +8.41ppt) [4] - IVIG (including chromatographic) revenue in H1 2024 was 1.339 billion yuan (YoY +21.97%), with a gross margin of 57.49% (YoY +11.42ppt) [4] - Other blood products revenue in H1 2024 was 378 million yuan (YoY -2.56%), with a gross margin of 58.07% (YoY -10.34ppt) [4] - The company's product pipeline is being enriched with new products like human fibrinogen and recombinant coagulation factors, which are expected to boost profit per ton of plasma [5] Plasma Collection and Expansion - The company has 102 plasma collection stations across 16 provinces/regions, with 80 operational stations [4] - Plasma collection in H1 2024 reached 1,294 tons (YoY +15.02%), accounting for approximately 20% of the domestic industry's total plasma collection [4] - The acquisition of Zhongyuan Ruide adds 5 operational plasma collection stations and a new blood product production facility, further enhancing the company's competitive position in the blood products industry [4] Future Projections - The company is expected to achieve revenue of 6.206 billion, 7.353 billion, and 8.564 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 19.8%, 18.5%, and 16.5% [6] - Net profit attributable to the parent company is projected to be 1.341 billion, 1.607 billion, and 1.881 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 20.8%, 19.9%, and 17.0% [6] - EPS is expected to be 0.68, 0.81, and 0.95 yuan in 2024, 2025, and 2026, respectively [6]