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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-16.com/label.php on line 82
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作者|颜色

编辑|遥望

4.87亿增资子公司,时隔仅8个月后华润博雅生物便拟以2.13亿转让其80%股权。

01

2.13亿转让子公司80%股权

华润博雅生物剥离非核心资产

近日,华润博雅生物发布公告,拟通过上海联合产权交易所挂牌转让江西博雅欣和制药有限公司80%股权,首次挂牌金额为2.13亿元。

交易完成后,博雅欣和将不再纳入博雅生物合并报表范围。

根据评估报告,以2024年8月31日作为评估基准日,采用资产基础法评估,博雅欣和净资产账面价值约为2.14亿元,评估价值约为2.66亿元,增值额为5211.50万元,增值率为24.33%。

博雅欣和成立于2014年,主营业务为抗感染类、糖尿病类、心脑血管类药品的研发、生产和销售,显然与博雅生物核心的血液制品主业协同有限。

对于此次出售,博雅生物表示是为了优化业务结构,聚焦主业发展,增强可持续发展的内生动力。年报显示,2024年博雅生物血制品业务营收占比高达87.29%,剥离非核心资产成为战略选择。

赛柏蓝查询发现,博雅欣和原始注册资本5000万元,由华润博雅生物全资子公司江西博雅医药投资有限公司出资成立;2024年8月,华润博雅生物以4.87亿元对博雅欣和进行增资扩股。现金增资方式增资后,原股东江西博雅医药投资有限公司持有博雅欣和9.3131%的股权,华润博雅生物持有博雅欣和90.6869%的股权。

彼时,博雅生物认为增资有利于优化博雅欣和的资产负债结构,促进良性运营。但从大额增资到转让股权不足一年,按此计算华润博雅生物可能面临超亿元投资亏损。

2018年,博雅欣和正式投入运营,明确了以西他沙星项目、他汀类项目为核心的原料制剂一体化发展策略,但因项目研发进度缓慢、集采降价、环保政策限制等因素影响,产品丧失竞争优势,未能实现规模化生产,导致业绩未达预期。财报显示,博雅欣和已连续两年亏损:2023-2024年归母净利润分别为-5687.42万元和-3461.87万元。

交易完成后,博雅生物体系仍将合计持有博雅欣和20%股权(上市公司持有其10.6869%股权+全资子公司江西博雅医药投资持有其9.3131%股权)。

这并非华润博雅生物首次业务剥离,近年来已相继转让广东复大医药75%股权(3.65亿元)和贵州天安药业89.681%股权(约2.6亿元)。

一系列动作背后,是博雅生物明确的战略聚焦,其多次在财报中强调“以血液制品为主导,逐步剥离非血液制品业务”。目前来看,博雅生物正在努力实现“力争‘十四五’期间(2021年-2025年)实现浆站总数量、采浆规模、核心财务指标翻番”的目标。

02

行业竞争

并购潮下的生存之战

今年已经是博雅生物进入“华润系”的第四年,但其业绩仍未恢复至2022年水平。

2024年博雅生物实现营业收入17.35亿元,同比减少34.58%;归属于上市公司股东的净利润3.97亿元,同比增长67.18%;扣非净利润3.02亿元,同比增长110.77%。

尽管归母净利润大幅增长,但对比2022年(营收27.59亿元、归属于上市公司股东的净利润4.32亿元)仍有差距。

通过出售博雅欣和80%的股权也有助于博雅生物实现资金回流,同时盘活现有产能,进而产生增量效益。博雅生物正试图突破增长瓶颈,重回营收上升轨道。

目前,博雅生物正在大力发展主业。在华润医药的支持下,博雅生物持续加快投资并购步伐,成功收购绿十字香港100%股权,新增1张生产牌照、4家在营单采血浆站,2个省份区域的浆站布局,阶段性实现了规模化扩张战略目标。

截至2024年末,博雅生物(含绿十字(中国))现有11个品种31个规格(含进口重组Ⅷ因子)产品,涵盖白蛋白、人免疫球蛋白和凝血因子三大类;在营浆站20个,在建浆站1个,合计21个。2024年采浆量为630.6吨,同比增长10.4%,其中华润博雅生物本部采浆量为522.04吨,同比增长11.7%,高于行业平均增速。

但从一系列数据也可以看出,这与博雅生物此前立下的目标——“力争十四五期间,实现浆站总数量30个以上、采浆规模1000吨以上”仍有一定差距。

血制品行业具有资源品属性,发展依赖两大路径——内生增长:加强浆源存量挖潜,促进浆站的内生增长;外延扩张:通过并购或自建新增浆站资源。在血制品这个“得浆站者得天下”的行业,博雅生物面临双重挑战。

一方面,由于2001年起国家严控新批生产企业,目前国内正常运营的血制品企业不足30家,且多数头部企业手握多张牌照,行业壁垒极高,生产企业牌照资源非常稀缺。

总体而言,在整个产业链中,处于上游的单采血浆站的数量和质量是血液制品企业发展的核心因素,中长期来看原料血浆供需矛盾依然突出。

另一方面,头部企业并购加速,行业规模效应凸显。2024年行业采浆量13400吨,同比增长10.9%,其中天坛生物、泰邦生物、上海莱士、华兰生物、派林生物、远大蜀阳的采浆量合计占据国内血浆采集量80%左右。

自2008年起,国内血液制品企业的收购兼并开始出现,近年来并购行为日益增多,行业集中度大幅提升。不到一个月前,上海莱士发布公告,拟以42亿元的基础对价收购南岳生物制药100%股权。南岳生物目前拥有9个在采浆站,全部位于湖南省内,2024年采浆量为278吨。

这一并购将加剧行业“马太效应”。据市场研究机构数据,2024年我国血液制品市场规模达到600亿元;根据前瞻产业研究院、中金公司研究部的数据统计,预计到2027年我国市场规模将达到780亿元,2022-2027年复合增长率达11.6%。

面对百亿级市场,博雅生物能否通过“内生+外延”双轮驱动实现突围,仍需时间验证。

不过,深知血制品板块的市场和潜力的华润医药曾向外表示:“向外关注与战略发展相同的生物制品。”在此背景下,博雅生物也表示将积极寻求行业内血液制品企业整合机会,加强浆站拓展团队建设,提升浆站拓展的专业能力。

回到本次交易,股权转让事项在确定受让方后签署交易协议,最终转让价格、交易标的交付状态、交付和过户时间等协议主要内容目前无法确定。

在行业集中度持续提升的背景下,“十四五”收官之年,博雅生物要实现千吨采浆目标,意味着其需要实现近60%的增长。在浆站资源争夺战愈演愈烈下,博雅生物能否弯道超车?

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