[Table_scodeMsg1] 公司研究丨深度报告丨欧林生物（688319.SH） [Table_Title] 破伤风疫苗龙头，金葡菌疫苗全球创新 丨证券研究报告丨 报告要点 [Table_Summary] 破伤风疫苗提供稳定现金流，金葡菌疫苗成为新的增长点。公司目前占据破伤风疫苗市场龙头 地位，在市场空间扩容过程中持续引领行业。随着金葡菌疫苗持续推进，公司新增长引擎出现， 打造可持续的增长曲线。长远来看，公司布局幽门螺旋杆菌疫苗、鲍曼不动杆菌疫苗、铜绿假 单胞菌疫苗等前沿/重磅品种，不断丰富研发管线深度和厚度，构筑深厚护城河。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 %% %% %% %% research.95579.com 1 请阅读最后评级说明和重要声明 2 / 35 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 欧林生物（688319.SH） cjzqdt11111 [Table_Title2] 破伤风疫苗龙头，金葡菌疫苗全 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for overseas listing applications for 11 companies, focusing on compliance, ownership structure, and business operations [1][2][3]. Group 1: Supplementary Material Requirements - For Avita, the requirements include clarifying the legality and fairness of past capital increases and share transfers, particularly regarding transactions at nominal or zero consideration, and the existence of shareholding proxies [1][14]. - For TuoSiDa, the focus is on the specific use of raised funds, the proportion of domestic versus overseas use, and whether necessary approvals for overseas investments have been obtained [2][5]. - For TianXiaXiu, the company must provide detailed operational information regarding its advertising and consulting services, along with legal opinions from lawyers [2][6]. - For JunSai Bio, the requirements include clarifying the actual controller's permanent residency status abroad and any historical shareholding proxies [2][9]. Group 2: Compliance and Legal Opinions - Companies are required to provide legal opinions confirming the compliance of their business operations with foreign investment regulations, particularly concerning sensitive sectors like stem cells and gene therapy [7][16]. - The CSRC emphasizes the need for companies to disclose any potential legal issues related to share pledges or freezes that may affect the listing process [10][18]. - Companies must also clarify their operational activities related to data protection and user information management, especially in the context of digital products and services [14][8]. Group 3: Ownership and Control Structure - Companies must explain discrepancies between their current and post-listing controlling shareholder structures, particularly in relation to the disclosures made in their prospectuses [2][14]. - The requirements include a thorough examination of the historical decisions made by the board and shareholder meetings to ascertain control rights [2][14]. - Companies are also asked to confirm whether their major shareholders are subject to any legal restrictions on ownership [13][17]. Group 4: Financial and Operational Transparency - Companies must detail the pricing basis for any recent share transfers and whether there are any irregularities or potential conflicts of interest [9][17]. - The CSRC requires companies to disclose their fundraising plans, including the expected amount and the implications of exercising any over-allotment options [12][18]. - Companies are also asked to provide insights into their business models, including customer and supplier relationships, and how these align with their market positioning [18].

■ 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、准确性和完整性依法承担法律责任。 本公告所载成都欧林生物科技股份有限公司（以下简称"公司"）2025年度主要财务数据为初步核算数 据，未经会计师事务所审计，具体数据以公司2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币元 报告期内，公司营业利润、利润总额同比分别增长44.80%、43%，上述项目变化较大的原因如下： 1、报告期内，公司营业利润同比增长44.80%，主要系营业收入同比增长，营业利润增加。 2、报告期内，公司利润总额同比增长43%，主要系营业收入同比增长，利润总额增加。 三、风险提示 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终数据以公司2025年年度报告中披露的数 据为准。数据若有尾差，为四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业收入70,416.03万元，同比增长19.58%；实现归属于母公司所有 ...

证券日报网讯 2月27日，欧林生物发布业绩快报称，公司2025年实现营业总收入704，160，325.32元， 同比增长19.58%；实现归属于母公司所有者的净利润22，231，741.55元，同比增长7.10%。 （文章来源：证券日报） ...

格隆汇2月27日丨欧林生物(688319.SH)公布2025年度业绩快报，报告期内，公司实现营业收入7.04亿 元，同比增长19.58%；实现归属于母公司所有者的净利润2,223.17万元，同比增长7.10%；实现归属于 母公司所有者的扣除非经常性损益的净利润987.95万元，同比减少11.64%。报告期内，公司持续加强市 场推广，吸附破伤风疫苗销售实现稳健增长。 ...

格隆汇2月27日丨欧林生物(688319.SH)公布2025年度业绩快报，报告期内，公司实现营业收入7.04亿 元，同比增长19.58%；实现归属于母公司所有者的净利润2,223.17万元，同比增长7.10%；实现归属于 母公司所有者的扣除非经常性损益的净利润987.95万元，同比减少11.64%。报告期内，公司持续加强市 场推广，吸附破伤风疫苗销售实现稳健增长。 ...

证券代码：688319 证券简称：欧林生物 公告编号：2026-007 成都欧林生物科技股份有限公司 | 归属于母公司所有者的 | 2.23 | 2.28 | -2.19 | | --- | --- | --- | --- | | 每股净资产（元） | | | | 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终数据以公司 2025 年年度 报告中披露的数据为准。数据若有尾差，为四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 2025 年年度业绩快报公告 本公告所载成都欧林生物科技股份有限公司（以下简称"公司"）2025 年度 主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司 2025 年 年度报告为准，提请投资者注意投资风险。 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、准确性和完整性依法承担法律责任。 一、2025 年度主要财务数据和指标 单位：人民币元 | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | - ...

欧林生物发布业绩快报，2025年度公司实现营业收入7.04亿元，同比增长19.58%；净利润2223.17万 元，同比增长7.10%。报告期内，公司持续加强市场推广，吸附破伤风疫苗销售实现稳健增长。 ...

Core Viewpoint - The company, Olin Bio (688319.SH), is progressing towards a dual listing in Hong Kong, which could enhance its capital structure and international presence, while facing regulatory uncertainties regarding the approval process [1][2]. Stock Performance - As of February 13, 2026, Olin Bio's A-share price closed at 27.13 yuan, up 4.59%, with a trading volume of 255 million yuan and a turnover rate of 2.29% [1]. Strategic Advancement - The company aims to leverage the Hong Kong listing to accelerate its "bring in" (international patents and talent) and "go out" (global sales and technology transfer) strategies, focusing on differentiated areas such as superbug vaccines and adult vaccines [2]. - In November 2025, the company received a "satisfactory compliance" rating from the Philippines FDA, facilitating entry into the Southeast Asian market, and established a vaccine production partnership with Griffith University in Australia [2]. Project Development - The proceeds from the Hong Kong listing will be allocated to the clinical development of the rHPV (Helicobacter pylori) vaccine, expansion of the III phase clinical trials for the golden staph vaccine, and upgrades to production facilities [3]. - The restructured golden staph vaccine has completed enrollment of 6,000 cases for the III phase clinical trial, with complete data expected in the first half of 2026; the quadrivalent influenza virus split vaccine (MDCK cells) commenced its III phase clinical trial in October 2025 [3]. Future Development - The Hong Kong listing is anticipated to attract international investors, broadening financing channels, which is particularly beneficial for the long-term investment required in innovative vaccine research and development [4]. - A dual listing is expected to enhance the company's international visibility, promoting business development collaborations and expansion into overseas markets [5].

Market Overview - The biopharmaceutical sector increased by 1.27% on February 3, with Wanzhe Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Wanzhe Co., Ltd. (000534) closed at 30.65, with a rise of 10.01% and a trading volume of 313,500 shares, amounting to a transaction value of 921 million yuan [1] - Other notable performers included ST Weiming (002581) with a 5.01% increase, closing at 7.55, and Nearshore Protein (688137) with a 4.84% increase, closing at 44.20 [1] Capital Flow - The biopharmaceutical sector experienced a net outflow of 255 million yuan from institutional investors and 153 million yuan from retail investors, while retail investors saw a net inflow of 408 million yuan [2] - The capital flow for individual stocks showed that Wanzhe Co., Ltd. had a net outflow of 50.83 million yuan from institutional investors, while retail investors contributed a net inflow of 15.59 million yuan [3] Individual Stock Analysis - Eurolin Biotech (688319) had a net inflow of 21.61 million yuan from institutional investors, while ST Weiming (002581) saw a significant net inflow of 13.51 million yuan [3] - Conversely, major outflows were noted in Wanzhe Co., Ltd. and other stocks, indicating varied investor sentiment across the sector [3]