> 数据图表我想了解一下生物制品：血制品或已经见底，中长期持续看好2025-9-3生物制品：血制品或已经见底，中长期持续看好◼ 生物制品：销售费用率有所增长，毛利率上行➢ 整体来看行业表现较为稳定，分赛道看：1）疫苗：受宏观环境影响，板块短期利润承压，后续看新产品放量，建议关注智飞生物（带状疱疹+RSV）、万泰生物（9价HPV）、百克生物（带状疱疹）、欧林生物（金葡菌疫苗）、康泰生物（三代狂犬+出海）、康华生物（三代狂犬+创新疫苗出海）、华兰疫苗+金迪克（流感疫苗）、康希诺（mRNA技术+创新疫苗出海）等。2）血制品：2025年行业景气承压，但行业整合加速，集中度持续提升，建议关注：天坛生物、派林生物、博雅生物、华兰生物、卫光生物、上海莱士等。表：2023、2024、2025H1生物制品各公司收入及归母净利润同比增速情况收入增速归母净利润增速收入增速归母净利润增速202322.9%300009.SZ 安科生物54.9%688177.SH百奥泰3.3%300239.SZ 东宝生物52.3%603087.SH 甘李药业300683.SZ 海特生物 -12.5%21.7%688687.SH 凯因科技6.1%603590.SH 康辰药业-4.3%688136.SH 科兴制药9.1%688163.SH 赛伦生物300485.SZ 赛升药业 -35.1%23.6%000534.SZ 万泽股份20.4%002581.SZ 未名医药-5.3%300357.SZ 我武生物22.7%600211.SH 西藏药业15.4%000661.SZ 长春高新84.5%688520.SH 神州细胞-U-3.0%002038.SZ 双鹭药业000518.SZ 四环生物 -12.9%37.6%688278.SH 特宝生物10.7%600867.SH 通化东宝2024-11.5%5.4%-9.2%16.8%7.8%-12.9%-10.3%11.7%2.5%-12.6%9.9%-16.1%9.1%-10.5%-7.6%33.1%-35.1%-13.6%34.1%-34.7%2025H1-0.5%9.8%-16.9%57.2%-3.4%-5.0%13.8%-7.8%2.8%-8.4%24.4%-66.4%12.8%2.2%-0.5%-25.5%-22.2%71.9%27.0%85.6%202320.5%17.9%9.5%177.4%-761.2%39.7%48.2%-110.7%-39.6%-49.7%73.5%-2164.7%-11.1%116.6%9.5%23.7%77.8%-54.3%93.5%-26.2%2024-16.6%-29.3%-28.3%80.7%42.6%22.2%-71.9%116.5%14.2%-166.9%9.2%58.7%2.5%31.3%-43.0%128.3%-117.8%-46.1%49.0%-103.7%2025H1-11.9%47.3%-28.0%102.0%-72.1%11.7%15.0%576.5%2.1%145.4%21.8%-127.3%18.6%-9.0%-42.8%-126.9%309.1%8.7%40.6%194.5%002007.SZ300294.SZ000403.SZ002252.SZ600161.SH002880.SZ688276.SH688739.SH301207.SZ688670.SH300841.SZ300601.SZ688185.SH600739.SH688319.SH603392.SH300142.SZ300122.SZ华兰生物博雅生物派林生物上海莱士天坛生物卫光生物百克生物成大生物华兰疫苗金迪克康华生物康泰生物康希诺辽宁成大欧林生物万泰生物沃森生物智飞生物202318.3%-3.9%-3.2%21.3%21.6%57.0%70.3%-3.6%32.0%-57.7%9.0%10.1%-65.5%-26.0%-9.4%-50.7%-19.1%38.3%2024-18.0%-34.6%14.0%2.7%16.4%14.8%-32.6%-4.2%-53.2%-40.0%-9.2%-23.7%137.0%4.7%18.7%-59.3%-31.4%-50.7%2025H18.8%12.5%-13.2%-7.1%9.5%-0.9%-53.9%-19.7%68.8%7.2%-34.7%15.8%26.0%-0.8%35.2%-38.2%-19.5%-73.1%202337.7%-45.1%4.3%-5.4%26.0%86.1%176.0%-34.7%65.5%-270.9%-14.9%749.0%-63.0%-81.0%-33.9%-73.7%-42.4%7.0%2024-26.6%67.2%21.8%23.3%39.6%15.9%-53.7%-26.4%-76.1%-31.7%-21.7%-76.6%74.4%-10.1%18.2%-91.5%-66.1%-75.0%2025H117.2%-28.7%-27.9%-17.0%-12.9%-2.0%-153.5%-44.5%-17.7%3.0%-62.6%-77.3%94.0%56.2%147.2%-155.3%-74.7%-126.7%资料来源：wind，华源证券研究49华源证券健康医疗
