CITIC Securities research report points out that BTBP's plasma collection volume is rapidly increasing, and the new production capacity is expected to improve production efficiency. The approval of new products is expected to enhance the comprehensive utilization rate of plasma, maintaining an "overweight" rating. The company and its subsidiaries rely on the strategic cooperation background with China National Pharmaceutical Group and various local governments to actively seek support from government and health administrative departments at all levels. As of now, the company has 7 licenses with a total of 85 operating plasma stations and 22 plasma stations under construction, with a projected plasma collection volume of 2,781 tons in 2024. It is believed that the company currently holds 7 licenses distributed across multiple regions nationwide, and there will still be opportunities to acquire more plasma stations during the upcoming 14th Five-Year Plan period. The company rationally arranges the research varieties of its subsidiaries through internal technology sharing, adopting a centralized research and decentralized registration model to shorten research and development time and accelerate the advancement of new product development