Investment Rating - Maintain Outperform rating with a target price adjusted to RMB 32.50 [1][9] Core Views - The company has cleared goodwill impairment risks and is expanding plasma collection stations through both organic and external growth, establishing a foundation for future growth. The potential impact of tariffs on imported albumin may benefit domestic albumin products [1][9] - The company reported a full-year revenue of RMB 1.74 billion, a decrease of 34.58%, while net profit increased by 67.18% to RMB 397 million, primarily due to a low base from goodwill impairment in 2023 [1][9] - The product structure is continuously optimized, with blood product revenue growing by 4.32% to RMB 1.51 billion, despite a slight decline in gross profit margin [1][9] Financial Summary - Revenue and profit forecasts for 2024-2027 show a recovery trend, with net profit expected to reach RMB 753 million by 2027, reflecting a compound annual growth rate [3][6] - The company has a projected EPS of RMB 1.16 for 2025 and RMB 1.50 for 2027, with a PE ratio of 28X for 2025 [1][9] - The company has 20 operating plasma stations and plans to increase plasma collection volume to 630.6 tons in 2024, a 10.4% increase [1][9]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price adjusted to RMB 32.50 [1][9]. Core Insights - The company has cleared goodwill impairment risks and is expanding its plasma collection stations through both organic growth and acquisitions, establishing a foundation for future growth. The potential impact of tariffs on imported albumin may benefit domestic albumin products [1][9]. - The company reported a full-year revenue of RMB 1.74 billion in 2024, a decrease of 34.58%, while net profit increased by 67.18% to RMB 397 million, primarily due to a low base from goodwill impairment in 2023 [1][9]. - The product structure is continuously optimized, with blood product revenue growing by 4.32% to RMB 1.51 billion in 2024, despite a slight decline in gross profit margin [1][9]. Financial Summary - Revenue and profit forecasts for the upcoming years have been adjusted, with 2025 EPS projected at RMB 1.16 and 2026 EPS at RMB 1.33, while a new forecast for 2027 EPS is set at RMB 1.50 [1][9]. - The company is expected to maintain a steady growth trajectory, with plasma collection volume projected to reach 630.6 tons in 2024, reflecting a 10.4% increase [1][9]. - The financial outlook includes a projected net profit of RMB 585 million for 2025, with a net profit margin expected to improve over the years [1][9].

证券代码：300294 证券简称：博雅生物 公告编号：2025-031 华润博雅生物制药集团股份有限公司 关于募集资金投资项目部分用地被收储的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 上述募集资金到位情况业经江苏公证天业会计师事务所（特殊普通合伙）验 证，并出具苏公W[2018]B041号《验资报告》。 （二）募集资金使用和结余情况 为达成公司战略目标，华润博雅生物制药集团股份有限公司（以下简称公司 或博雅生物）使用2018年度募集资金（含利息）及自筹资金建设"血液制品智能 工厂（一期）建设项目"（以下简称本募投项目或智能工厂项目），该项目用地 涉及东地块（322.74亩），西地块（217.92亩、117.18亩；合计335.10亩）三宗合 计657.84亩的工业用地土地使用权。现因受地方政府规划环评未完成等原因影响， 西地块未能在约定的时间内开工建设，经抚州高新技术产业开发区管理委员会 （以下简称区管委会）研究，对公司智能工厂项目西地块（217.92亩、117.18亩； 合计335.10亩）的两宗国有建设用地进行土地收储。经双方协商，区管委会与公 司拟 ...

公司监事会认为：公司董事会审核公司 2025 年第一季度报告的程序符合法 律、行政法规和中国证监会的规定。2025 年第一季度报告真实、准确、完整地 反映了公司的实际情况，不存在任何虚假记载，误导性陈述或者重大遗漏。 具体内容详见同日在巨潮资讯网（网址：http://www.cninfo.com.cn）披露的 《2025 年第一季度报告》。 证券代码：300294 证券简称：博雅生物 公告编号：2025-029 华润博雅生物制药集团股份有限公司 第八届监事会第九次会议决议公告 本公司及监事会全体成员保证公告内容真实，准确和完整，没有虚假记载， 误导性陈述或重大遗漏。 一、监事会会议召开情况 华润博雅生物制药集团股份有限公司（以下简称公司）第八届监事会第九次 会议于 2025 年 4 月 20 日以邮件及通讯方式通知，并于 2025 年 4 月 23 日在公司 会议室以现场加通讯表决的方式召开。会议应参加表决监事 3 人，实参加表决监 事 3 人。会议由监事会主席周娇女士主持，公司部分高级管理人员列席会议。本 次会议符合《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交 易所创业板股票上市规则》《深圳 ...

证券代码：300294 证券简称：博雅生物 公告编号：2025-028 华润博雅生物制药集团股份有限公司 第八届董事会第十一次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 华润博雅生物制药集团股份有限公司（以下简称公司）第八届董事会第十一 次会议于 2025 年 4 月 20 日以邮件及通讯方式通知，并于 2025 年 4 月 23 日在公 司会议室以现场加通讯表决的方式召开。会议应参加表决董事 9 人，实参加表决 董事 9 人。会议由董事长邱凯先生主持，公司全体监事出席会议，全体高级管理 人员列席会议。本次会议符合《中华人民共和国公司法》《中华人民共和国证券 法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》及《公司章程》等相关规定。经充 分讨论，审议通过了以下议案。 具体内容详见同日在巨潮资讯网（网址：http://www.cninfo.com.cn）披露的 《2025 年第一季度报告》。 表决结果：9 票同意，0 票反对，0 票弃权。 2、审议通过《关于募 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 535,876,732.90, representing a 19.49% increase compared to CNY 448,452,537.26 in the same period last year[2] - The net profit attributable to shareholders decreased by 8.25% to CNY 139,484,155.03 from CNY 152,024,886.81 year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 19.67% to CNY 102,261,123.10, down from CNY 127,306,750.41 in the previous year[3] - Operating profit for the current period was ¥162,436,766.94, a decrease of 7% from ¥174,748,795.31 in the previous period[19] - Net profit for the current period was ¥139,291,778.48, down 8.1% from ¥151,760,842.43 in the previous period[19] - The net profit attributable to the parent company was approximately ¥139.48 million, a decrease from ¥152.02 million in the previous period, representing a decline of about 8.5%[20] - The total comprehensive income attributable to the parent company was approximately ¥139.11 million, down from ¥152.02 million, reflecting a decrease of around 8.5%[20] - Basic and diluted earnings per share were both ¥0.28, compared to ¥0.30 in the previous period, indicating a decline of approximately 6.67%[20] Cash Flow - The net cash flow from operating activities was negative CNY 42,119,496.62, a decline of 134.00% compared to a positive CNY 123,871,710.13 in the same period last year[4] - Cash inflows from operating activities totaled approximately ¥427.20 million, slightly down from ¥433.67 million, a decrease of about 1.1%[21] - Cash outflows from operating activities increased significantly to approximately ¥469.32 million from ¥309.79 million, resulting in a net cash flow from operating activities of approximately -¥42.12 million[22] - Cash inflows from investment activities were approximately ¥1.45 billion, up from ¥922.01 million, marking an increase of about 57.3%[22] - Cash outflows from investment activities rose to approximately ¥2.12 billion from ¥1.15 billion, leading to a net cash flow from investment activities of approximately -¥669.31 million[22] - The ending cash and cash equivalents balance was approximately ¥585.46 million, down from ¥1.84 billion, indicating a decrease of about 68.3%[22] - The company reported a significant increase in payments to employees, totaling approximately ¥121.99 million, compared to ¥94.45 million in the previous period, an increase of about 29.4%[22] - The company’s cash flow from financing activities resulted in a net outflow of approximately -¥1.70 million, compared to -¥52,856.64 in the previous period, indicating a larger outflow[22] Assets and Liabilities - Total assets at the end of the reporting period increased by 0.92% to CNY 8,478,706,583.73 from CNY 8,401,144,768.99 at the end of the previous year[2] - Total liabilities decreased to ¥852,022,450.92 from ¥913,381,994.27, a reduction of 6.7%[17] - Cash and cash equivalents decreased to ¥586,740,774.48 from ¥1,299,851,770.61, a decline of 54.8%[16] - Inventory slightly decreased to ¥983,308,049.53 from ¥995,427,153.22, a reduction of 1.4%[16] - Non-current assets increased to ¥3,431,232,325.36 from ¥3,342,794,636.95, an increase of 2.6%[17] - The total equity attributable to the parent company increased to ¥7,626,264,685.05 from ¥7,487,150,950.41, reflecting a growth of 1.9%[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 27,155[10] - The largest shareholder, China Resources Pharmaceutical Group, holds 30.45% of shares, totaling 153,540,253 shares[10] - Shenzhen Gaotejia Investment Group holds 11.31% of shares, totaling 57,049,640 shares, with 16,450,000 shares pledged[10] - The top ten shareholders collectively hold significant stakes, with the top three accounting for over 45% of total shares[10] - The company has a total of 0 preferred shareholders at the end of the reporting period[10] - The company has not reported any changes in the number of restricted shares during the reporting period[12] Research and Development - Research and development expenses decreased by 44.40% to CNY 10,566,848.19, primarily due to reduced investment in the Pibin project compared to the previous year[9] - Research and development expenses for the current period were ¥10,566,848.19, down 44.5% from ¥19,006,039.85 in the previous period[19] Regulatory Approvals - The company received approval to set up a blood plasma collection station in Daqing, Inner Mongolia, as of January 2025[12] - The company obtained a clinical trial approval for subcutaneous immunoglobulin for primary immunodeficiency disease in April 2025[13] Shareholder Actions - The controlling shareholder plans to increase its stake by at least 1% (5,042,400 shares) within six months starting from November 8, 2024[14] - As of April 8, 2025, the controlling shareholder has cumulatively increased its stake by 1.17% (5,899,700 shares) since November 8, 2024[14] Impact of Acquisitions - The company's gross profit margin was impacted by the acquisition of Green Cross, with operating costs rising by 71.38% to CNY 247,566,329.70[8] - The company reported a significant increase in accounts receivable by 31.94% to CNY 591,733,607.73, attributed to revenue growth and a decline in cash collections[8]

中信证券股份有限公司 关于华润博雅生物制药集团股份有限公司 募集资金投资项目部分用地被收储的核查意见 根据《深圳证券交易所创业板股票上市规则》（以下简称《股票上市规则》 " "） 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 （以下 简称"《上市公司规范运作》"）等相关规定，中信证券股份有限公司（以 下简称"中信证券"或"保荐机构"）作为华润博雅生物制药集团股份有限公司（以 下简称"博雅生物" 或"公司"）的持续督导保荐机构，对公司募集资金投资项目 部分用地被收储进行了核查。具体情况如下： 一、2018 年非公开发行募集资金基本情况 （一）募集资金基本情况 根据公司 2017 年第二次临时股东大会会议决议及中国证券监督管理委员会 《关于核准博雅生物制药集团股份有限公司非公开发行股票的批复》（证监许可 〔2018〕117 号），核准公司非公开发行不超过 3,750 万股股票。2018 年 4 月 4 日博雅生物制药集团股份有限公司完成了本次非公开发行，实际发行 32,247,662 股，每股发行价格 31.01 元。公司于 2018 年 4 月 4 日收到长城证券股份有限公 司汇缴 ...

Core Viewpoint - China Resources Boya Biopharmaceutical is divesting 80% of its subsidiary Jiangxi Boya Xinhao Pharmaceutical Co., Ltd. for 213 million yuan, indicating a strategic shift due to ongoing financial struggles and market pressures [1] Group 1: Financial Performance - In 2024, Boya Biopharmaceutical's revenue from blood products accounted for 87.29%, but overall revenue declined by 34.58% to 1.735 billion yuan, while net profit increased by 67.18% to 397 million yuan, still below 2022 levels [2] - The company’s plasma collection volume reached 630.6 tons in 2024, a mere 10.4% increase, leaving a significant gap of nearly 60% from its "14th Five-Year Plan" target of 1,000 tons [2] Group 2: Industry Dynamics - The blood product market in China is entering an oligopolistic phase, with the top six companies, including Tian Tan Biological and Shanghai Raist, controlling 80% of plasma collection [2] - Recent acquisitions, such as Shanghai Raist's 4.2 billion yuan purchase of Nanyue Biological, intensify competition, highlighting the challenges faced by Boya Biopharmaceutical in scaling its operations [3] Group 3: Strategic Challenges - The blood product industry has high barriers to entry, with a scarcity of licenses since 2001, making resource acquisition critical for growth [3] - Boya Biopharmaceutical's operational cash flow for 2024 is only 430 million yuan, raising concerns about its ability to compete in a market where acquisition costs are rising [3] Group 4: Future Outlook - The divestment of Boya Xinhao is expected to generate short-term liquidity of 213 million yuan and optimize the asset structure, but long-term growth relies on breakthroughs in the blood product sector [4] - The market anticipates that by 2027, the blood product market in China will reach 78 billion yuan, with a compound annual growth rate of 11.6%, presenting both opportunities and risks for Boya Biopharmaceutical [4]

Core Business Focus - Boya Biological (300294.SZ) plans to sell 80% of its subsidiary Jiangxi Boya Xinhao Pharmaceutical Co., Ltd. for approximately 213 million yuan to concentrate on its core blood products business and optimize resource allocation [1][3][5] Financial Performance - In 2024, Boya Biological reported a revenue of 1.735 billion yuan, a decline of over 34% year-on-year, while the net profit attributable to shareholders increased by nearly 70% to 397 million yuan, although it did not reach the levels of 2022 [2][10] - Boya Xinhao has been operating at a loss, with a reported loss of 34.62 million yuan in 2024 [2][5] Subsidiary Sale Details - The sale of Boya Xinhao, which has a registered capital of approximately 537 million yuan, is expected to result in a loss of about 220 million yuan for Boya Biological, given the recent capital injection of 487 million yuan into the subsidiary [1][8] - The initial valuation for the 80% stake is based on an assessment that values Boya Xinhao at approximately 266 million yuan, indicating a 24.33% increase in value [6] Historical Context - Boya Biological's revenue and net profit have stagnated since its change of ownership in 2021, with significant fluctuations in financial performance observed from 2019 to 2024 [9][10] - The company has reduced its R&D investment from 126 million yuan in 2020 to approximately 97 million yuan in 2024, indicating a potential shift in strategic focus [10] Strategic Moves - In addition to the sale of Boya Xinhao, Boya Biological announced plans to acquire 100% of Green Cross (Hong Kong) Holdings Limited for 1.82 billion yuan to enhance its blood product capabilities [10]

Policy Developments - The National Healthcare Security Administration has established data working groups across all regions, with the aim of enhancing data governance and transparency in healthcare funding [2] Drug and Device Approvals - Jiangsu Tianshili submitted a listing application for the new drug PXT3003, intended for the treatment of Charcot-Marie-Tooth disease type 1A [4] Capital Markets - Ruijian Pharmaceutical completed nearly 100 million RMB in B+ round financing, bringing total financing to over 200 million RMB in less than six months [6] - Weichan Medical announced the completion of several million RMB in angel round financing, aimed at accelerating product development and market entry [7] - Novartis plans to invest $23 billion in the U.S. over the next five years to enhance production capabilities and ensure the domestic supply of critical medications [8] Industry Events - Boya Bio disclosed plans to sell 80% of its subsidiary, Boya Xinha, to focus on its core blood products business, with an initial listing price of 213 million RMB [10] Financial Reports - Pumen Technology reported a revenue of 1.148 billion RMB for 2024, with a net profit of 345 million RMB, reflecting a 5.12% increase [12] - Huaxi Biotechnology's revenue for 2024 was 5.371 billion RMB, down 11.61%, with a net profit of 174 million RMB, down 70.59% [13] - Watson Bio reported a revenue of 2.821 billion RMB for 2024, down 31.41%, with a net profit of 142 million RMB, down 66.10% [14] - Innovation Medical reported a revenue of 816 million RMB for 2024, with a net loss of 93.95 million RMB [15] - People's Tongtai reported a revenue of 10.048 billion RMB for 2024, down 3.29%, with a net profit of 213 million RMB, down 27% [16] - Haizike reported a revenue of 3.721 billion RMB for 2024, with a net profit of 395 million RMB, up 34% [17] - Hainan Haiyao reported a revenue of approximately 999 million RMB for 2024, down 33%, with a net loss of 1.525 billion RMB [18] - Wantai Bio reported a revenue of approximately 2.245 billion RMB for 2024, down 59.25%, with a net profit of 106 million RMB, down 91.49% [19] Public Opinion Alerts - Xinghao Pharmaceutical announced the resignation of director Li Huiqu due to personal reasons, effective April 11, 2025 [21] - Zhaoyan New Drug acknowledged unusual fluctuations in its stock price, linked to a recent FDA plan that may impact the industry [23]