Citibank Construction Investment: The approval of factor products in the blood product industry has shown good growth, focusing on the research and development progress of new product types.

CITIC Securities pointed out that in the first half of 2025, the issuance of batches of albumin and immunoglobulin in the blood products industry remained stable, with the proportion of domestically produced albumin batches increasing compared to the same period last year. Products such as factor VIII and fibrinogen showed a rapid increase in batch issuance, reflecting the continuous expansion of companies' pipelines for factor products. In terms of research and development pipelines, companies continue to advance the research and development of recombinant products and new types of immunoglobulins, with multiple products already approved or in the process of market review. In the second half of the year, as product prices gradually stabilize, coupled with an increase in plasma collection and performance growth brought by new products, the blood products industry is expected to maintain steady growth overall. It is recommended to focus on leading companies in the industry that are expected to continue expanding plasma station resources through organic growth and external integration, leading to sustained growth in the blood products business.