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  生物制药产业是我国未来经济发展和产业转型的重要领域，但是相比于发达国家，我国生物制药产业仍旧存在着诸如集中程度较低，企业规模较小，以及研发速度较慢，研发能力较低等问题。血液制品行业作为生物制药行业的重要组成部分，同样也面临着上述问题。再加上我国对血液制品行业的监管越来越严格，对于血液制品企业的准入条件也在不断提升，这在一定程度上也推动了血液制品行业并购的发生，因此，近几年，我国血液制品行业的并购行为愈演愈烈，并购溢价也是水涨船高，而这些高溢价的并购行为是否可以对企业的发展起到良好的促进作用，也成为各方关注的焦点。

  本文选择上海莱士并购同路生物作为案例，对我国血液制品行业横向高溢价并购对企业绩效产生的影响进行分析。首先，本文对相关的基本理论以及案例的基本情况进行介绍，为下文分析提供内容支持；其次，本文系统的对上海莱士并购同路生物的溢价并购绩效进行了分析。“溢价分析”部分主要分析了溢价产生的背景以及本案例溢价形成的因素，并对上海莱士并购同路生物的估值，高溢价带来的业绩承诺等方面进行介绍。在“绩效分析”的部分，本文采用了市场绩效、财务绩效、以及非财务绩效进行分析。最后，本文通过以上分析，对上海莱士高溢价并购同路生物所产生的绩效得出结论，并提出相关建议。

  通过对本案例的研究发现，血液制品行业由于其原材料数量较为紧张，且技术等资产并未反映在资产负债表之内，使得血液制品行业溢价并购的现象是普遍存在的。合理的高溢价并购在整体上不仅可以大幅提升企业的经营效益，而且可以促进企业绩效的迅速提升。

    The biopharmaceutical industry is an important area for China's future economic development and industrial transformation, but compared with developed countries, China's biopharmaceutical industry still has problems such as lower concentration, smaller enterprise scale, as well as slower research and development, and lower research and development capacity.As an important part of the biopharmaceutical industry, the blood products industry is also facing the above problemshe . In addition, the regulation of my country in the blood products industry is becoming increasingly difficult, and the conditions for access to blood products companies are getting better. Therefore, in recent years, mergers and acquisitions in my country's blood products industry have been steadily increasing, and the cost of compounding and acquisition is also rising. 

    In this paper, we choose Shanghai Laisi's acquisition of Tonglu Biological as a case study to analyze the impact of horizontal high premium mergers and acquisitions on corporate performance in China's blood products industry. First, this document presents the relevant basic ideas and the basic nature of the case, and provides support for the content of the following analysis; second, this article systematically analyzes the performance of Shanghai RAAS M&A Tonglu Biology M&A performance. The “Premium Analysis” section thoroughly analyzes the premium domain and premium-influenced features, and introduces the Shanghai RAAS acquisition rating for Tonglu Bio, and the performance commitments brought by the premium.In the section of "Performance Analysis", market performance, financial performance, and non-financial performance are analyzed in this paper. Finally, this paper draws conclusions and makes recommendations on the performance of Shanghai Laisi's high premium acquisition of Tonglu Bio.

    In the case study, it was found that due to a shortage of supplies in the blood products industry, and that goods such as technology were not reflected in the balance, the state of premium integration and blood supply to the industry increased. Reasonable high premium mergers and acquisitions can not only significantly improve the overall operating efficiency of a company, but also promote rapid improvement in corporate performance.