Global Plasma Industry: China’s regulatory changes continue to weigh on albumin market

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Global Plasma Industry: China’s regulatory changes continue to weigh on albumin market

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Global Plasma Industry

China’s regulatory changes continue to

weigh on albumin market

Industry Overview

China albumin update 08 June 2026

China is actively moderating healthcare spending against an aging population backdrop. Equity

Local players are likely to continue gaining share, supported by increased input Global

availability from new PCC capacity and improving collection efficiency. We also see Plasma

ongoing downside risk to albumin pricing as local producer Hualan Bio sets a new floor. Lyanne Harrison >>

Research Analyst

Downward price pressure continues Merrill+61 2 9226Lynch5028(Australia)

Average prices continued to decline in YTD26, largely driven by local producer price lyanne.harrison@bofa.com

reductions (Exh1). Hualan Bio prices appear to have established a floor at US$270, with Koichi Mamegano >>

peers pricing at a 5-10% premium. We see downside risk to pricing as competitors move ResearchBofAS JapanAnalyst

closer to Hualan’s price levels to secure market share. We believe Halan’s pricing is +81 3 6225 8995 koichi.mamegano@bofa.com

sustainable given the step up in its PCC numbers in 2024 (Exh3).

Charlie Haywood >>

MLI (UK)Inventory remains elevated. Locals gain market share

+44 20 7996 4165

Since October 2025, we have seen a significant reduction in total lot releases, with last charlie.haywood@bofa.com

6 months to April’26 declining -25% vs pcp. We attribute the decline to the inventory Ethan Cui >>

over-build driven by policy change. Local producers have gained market share (2024- Research Analyst

Merrill Lynch (Hong Kong)

YTD2026 Hualan +140bpts; other domestic players +250bpts), reflecting more +852 3508 8966