Core Viewpoint - Liaoning Chengda Co., Ltd. has provided guarantees for its wholly-owned subsidiaries to secure credit lines from banks, indicating a strategic move to support its subsidiaries' operational needs and align with the company's overall development strategy [2][5]. Group 1: Guarantee Details - The company signed a maximum guarantee contract with Bank of China Dalian Branch for a total guarantee amount of 100 million yuan for Liaoning Chengda Trade Development Co., Ltd. [2] - A separate guarantee contract was signed with Ping An Bank Dalian Branch for a total guarantee amount of 10 million yuan for Chengda Hengrun (Dalian Free Trade Zone) Co., Ltd. [2] - Both guarantees are structured as joint liability guarantees, covering principal, interest, penalties, and other related costs [3][5]. Group 2: Internal Decision-Making Process - The guarantee matters were approved by the company's 11th Board of Directors at its third meeting and the 2024 annual shareholders' meeting [3]. - The subsidiaries receiving the guarantees have a good credit status and are not classified as dishonest executors [3]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary to meet the operational needs of the wholly-owned subsidiaries and align with the company's overall interests and development strategy [5]. - The company maintains effective control over the operational risks and credit status of the subsidiaries, ensuring no resource transfer or benefit transfer occurs [5].

证券代码：600739 证券简称：辽宁成大 公告编号：2026-014 辽宁成大股份有限公司 关于为全资子公司融资提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 司 | 辽宁成大贸易发展有限公 | | 限公司 | 成大恒润（大连保税区）有 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 担 保 | 实 | 本次担保金额 际 为其 提 供 | 10,000.00 | 万元 | | 1,000.00 | 万元 | | | 对象 | | 的担保余额（含 | 10,000.00 | 万元 | | 7,000.00 | 万元 | | | | | 本次） | | | | | | | | | 是 | 否 在前 期 预 计额度内 | 是 _________ | □否 | □不适用： | 是 _________ | □否 | □不适用： | | | 本 | 次 担保 是 否 |  ...

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The vaccine industry is currently facing short-term performance pressure due to weak demand and structural oversupply, with many companies experiencing declines or losses in performance [1][7][8] - Despite the challenges, innovation and international expansion are ongoing, providing potential for medium to long-term growth [1][8] - The industry is transitioning from scale expansion to innovation-driven growth, with policy, demand, and technology as the three main driving factors for development [8][24][26] Summary by Sections Domestic and International Vaccine Dynamics - Kanghua Biotech has initiated Phase I clinical trials for its six-valent norovirus vaccine, which theoretically can prevent over 90% of norovirus infections [1] - Wantai Biopharma's bivalent HPV vaccine has successfully passed the WHO PQ periodic review [1] - Zhifei Biological's application for clinical trials of a freeze-dried inactivated vaccine for Japanese encephalitis has been accepted [1] Performance Forecasts - Chengda Bio expects a 59.34%-63.98% decrease in net profit for 2025 compared to the previous year [1] - CanSino anticipates a revenue increase of 22.88%-27.61% for 2025, with a turnaround in net profit [1] - Watson Bio forecasts a revenue of 2.4-2.43 billion yuan for 2025, a decline of approximately 14.9%-13.9% [1] - Other companies like Kangtai Bio and Wantai Bio also expect significant declines in net profit for 2025 [1] Market Performance - The vaccine sector saw a decline of 1.65% last week, with the overall pharmaceutical industry down 3.31% [2][5] - The vaccine sector has experienced a cumulative decline of 10.08% since the beginning of 2025 [5][13] Valuation Metrics - The vaccine sector's PE (ttm) is 92.01X, down 1.88X from the previous week, while the PB (lf) is 1.78X, down 0.04X [6] - The PE is at the 55.99% percentile since 2013, and the PB is at the 1.28% percentile since 2013 [6] Investment Recommendations - The vaccine industry is still under pressure, but companies are actively adjusting their pipeline strategies, focusing on technological innovation and multi-valent products [7][8] - Long-term prospects remain positive due to innovation and international market expansion, with a recommendation to focus on companies with strong R&D capabilities and differentiated product offerings, such as CanSino [8][26]

Core Viewpoint - Liaoning Chengda (600739.SH) expects to achieve a net profit attributable to shareholders of the parent company ranging from 648 million to 898 million yuan in 2025, representing a year-on-year growth of 209.15% to 328.45% [1] Financial Performance - The projected net profit for 2025 is estimated between 648 million yuan and 898 million yuan [1] - This represents a significant increase compared to previous years, with a growth rate of 209.15% to 328.45% year-on-year [1]

Core Viewpoint - Liaoning Chengda (600739.SH) expects to achieve a net profit attributable to shareholders of the parent company between 648 million to 898 million yuan for the year 2025, representing a year-on-year growth of 209.15% to 328.45% [1] Financial Performance - The projected net profit range for 2025 is between 648 million yuan and 898 million yuan [1] - This indicates a significant increase in profitability compared to previous years, with growth rates expected to be between 209.15% and 328.45% [1]

2025年，公司坚持稳健经营，不断加强资源优化配置，坚持稳中求进，促进经营提质增效。本期业绩取 得大幅增长的主要原因是公司投资收益增长。 格隆汇1月30日丨辽宁成大(600739.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司 所有者的净利润在64,785.34万元到89,785.34万元之间，同比增幅为209.15%到328.45%。预计2025年年 度实现归属于母公司所有者的扣除非经常性损益的净利润为68,544.40万元到93,544.40万元，同比增幅为 213.09%到327.28%。 ...

格隆汇1月30日｜辽宁成大公告称，预计2025年年度实现归属于母公司所有者的净利润6.48亿元到8.98亿 元，同比增加4.38亿元到6.88亿元，增幅209.15%到328.45%；扣非净利润6.85亿元到9.35亿元，同比增 加4.67亿元到7.17亿元，增幅213.09%到327.28%。上年同期归母净利润2.10亿元。本期业绩预增主要因 投资收益增长。该数据为初步测算，未经审计，具体以2025年年度报告为准。 ...

Core Viewpoint - The company, Liaoning Chengda, expects a significant increase in net profit for the year 2025, projecting a growth of 209.15% to 328.45% compared to the previous year [1] Financial Projections - The projected net profit attributable to shareholders for 2025 is estimated to be between 648 million to 898 million yuan [1] - The projected net profit excluding non-recurring gains and losses is expected to be between 685 million to 935 million yuan, reflecting a year-on-year increase of 213.09% to 327.28% [1] Operational Strategy - The company emphasizes a strategy of steady operation, continuous optimization of resource allocation, and a focus on improving operational quality and efficiency [1] - The substantial growth in performance is primarily attributed to an increase in investment income [1]

证券代码：600739 证券简称：辽宁成大 公告编号：2026-013 辽宁成大股份有限公司 2025 年年度业绩预增公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 本业绩预告适用情形：实现盈利，且归属于母公司所有者的净利润与上 年同期相比上升 50%以上。 预计2025年年度实现归属于母公司所有者的净利润在64,785.34万元到 89,785.34 万元之间，与上年同期相比，将增加 43,829.65 万元到 68,829.65 万 元，同比增幅为 209.15%到 328.45%。 预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益的净利 润为 68,544.40 万元到 93,544.40 万元，与上年同期相比，将增加 46,651.61 万 元到 71,651.61 万元，同比增幅为 213.09%到 327.28%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）每股收益：0.1377 元/股。 三、本期业绩预增的 ...

辽宁成大1月30日公告，预计2025年度实现归母净利润6.48亿元至8.98亿元，同比增长209.15%至 328.45%。该公司称，本期业绩取得大幅增长的主要原因是公司投资收益增长。 ...