公司报告 | 首次覆盖报告 投资要点 ⚫ 吸附破伤风疫苗持续放量，市场规模逐步扩大 吸附破伤风疫苗是公司核心产品，2018-2024 年吸附破伤风疫苗迅速放量， 为公司贡献近 80%营收，为公司收入主要来源，同时保持高于 90%的毛利 率。近年来政策助力破伤风疫苗，预计到 20230 年吸附破伤风疫苗的市场 规模有望增长至 24 亿元。 ⚫ 金葡菌疫苗研发进度全球领先，未来市场前景广阔 目前细菌耐药形势严峻，经济和健康危害巨大。公司的重组金葡菌疫苗于 2022 年 6 月正式启动Ⅲ期临床研究项目，研发进度目前为全球进展最快， 若成功上市有望填补世界空白。我们认为该产品上市之后，适应症有望从 骨科手术逐步扩展到其他院内感染的适应症，市场前景广阔。 欧林生物（688319） 证券研究报告 破伤风疫苗持续放量，金葡菌疫苗即将进入收获期 报告摘要 欧林生物是一家专注于人用疫苗研发、生产及销售的生物制药企业。目前， 公司已实现多个产品上市销售，主要有吸附破伤风疫苗、Hib 结合疫苗和 AC 结合疫苗等。其中吸附破伤风疫苗是公司核心产品，为公司的主要收入 来源；核心在研管线金葡菌疫苗研发进度全球领先，未来市场前景广阔， ...

Group 1 - The company announced the appointment of Mr. Cheng Tianjun as the representative for securities affairs [2]

证券代码：688319 证券简称：欧林生物 公告编号：2025-031 成都欧林生物科技股份有限公司 关于选举第七届董事会职工代表董事的公告 附件：公司第七届董事会职工代表董事简历 一、程天骏先生 程天骏，男，1990 年出生，中国国籍，无境外永久居留权，研究生毕业于 英国拉夫堡大学，获得硕士学位，于 2013 年入职成都欧林生物科技股份有限公 司，曾任职于公司财务部、审计部，2016 年任职于公司证券投资部，现任公司 证券投资部经理、证券事务代表。2022 年 5 月起至今，任公司职工代表监事。 截至本公告披露日，程天骏未持有公司股票，与公司其他持有 5%以上股份 的股东及其他董事、高级管理人员之间不存在关联关系；不存在《公司法》规定 的不得担任公司的董事、高级管理人员的情形；不存在被中国证监会确定为市场 禁入者且尚在禁入期的情形，也不存在被证券交易所公开认定不适合担任上市公 司董事的情形，未受过中国证监会、证券交易所及其他有关部门处罚和惩戒，不 属于最高人民法院公布的失信被执行人，符合《公司法》等相关法律、法规和规 定要求的任职条件。 公司于 2025 年 7 月 30 日召开了公司 2025 年第一次职 ...

证券代码：688319 证券简称：欧林生物 公告编号：2025-033 成都欧林生物科技股份有限公司关于董事会完成 换届选举并聘任高级管理人员及证券事务代表的公告 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、准确性和完整性依法承担法律责任。 成都欧林生物科技股份有限公司（以下简称"公司"）于 2025 年 7 月 30 日召开 2025 年第一次临时股东大会，选举产生了公司第七届董事会非独立董事 和独立董事，与公司同日召开的 2025 年第一次职工代表大会选举产生的职工代 表董事共同组成了公司第七届董事会，任期自股东大会审议通过之日起三年。同 日，公司召开第七届董事会第一次会议，选举产生了公司第七届董事会董事长、 副董事长、专门委员会委员，并聘任了高级管理人员及证券事务代表。现将相关 情况公告如下： 其中，审计委员会、提名委员会、薪酬与考核委员会中独立董事均占半数以 上，且审计委员会的召集人段宏女士为会计专业人士。公司第七届董事会专门委 员会委员的任期自公司第七届董事会第一次会议审议通过之日起至第七届董事 会任期届满之日止。 二、高级管理人员聘任情况 ...

证券代码：688319 证券简称：欧林生物 公告编号：2025-034 成都欧林生物科技股份有限公司关于 调整核心技术人员的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 成都欧林生物科技股份有限公司于 2025 年 7 月 30 日召开第七届董事会第一 次会议，审议通过了《关于调整公司核心技术人员的议案》。现将相关情况公告 如下： 一、本次核心技术人员调整的具体情况 （一）调整核心技术人员的情况 根据公司长期发展战略规划，综合考虑公司战略布局以及相关人员工作侧重 和岗位变化等因素，公司原核心技术人员李洪光先生、陈道远先生、吴强先生因 岗位调整，基于新任岗位的工作职责，不再被认定为核心技术人员，仍继续在公 司任职。 1、原核心技术人员的具体情况 1.1 李洪光先生，1958 年出生，中国国籍，无境外永久居留权。2010 年至 今，就职于公司，历任公司研发总监、质量总监，现任公司质量总监。 截至本公告披露日，李洪光先生直接持有公司股份 731,440 股，其将继续遵 守《上海证券交易所科创板股票上市规则 ...

证券代码：688319 证券简称：欧林生物 公告编号：2025-032 成都欧林生物科技股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证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。 本次股东大会由公司董事会召集，董事长樊绍文先生主持，会议采用现场投 票和网络投票相结合的表决方式。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 本次股东大会的召集、召开及表决程序均符合《中华人民共和国公司法》《成 都欧林生物科技股份有限公司章程》及《成都欧林生物科技股份有限公司股东大 会议事规则》的有关规定。 （一） 股东大会召开的时间：2025 年 7 月 30 日 （二） 股东大会召开的地点：四川省成都高新区天欣路 99 号公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 55 | | --- | --- | | 普通股股东人数 | 55 | | 2、出席会议的股东所持有的表决权数量 | 167,508,905 ...

北京德恒（成都）律师事务所 关于成都欧林生物科技股份有限公司 2025 年第一次临时股东大会的 法律意见 四川省成都市高新区天府大道中段 666 号希顿国际广场 B 座 20 层 电话：028-83338385 传真：028-83338385 邮编：610041 北京德恒（成都）律师事务所 关于成都欧林生物科技股份有限公司 2025年第一次临时股东大会的法律意见 北京德恒（成都）律师事务所 2025 年第一次临时股东大会的法律意见 京德成律法意字（2025）第 070163 号 致：成都欧林生物科技股份有限公司 成都欧林生物科技股份有限公司（以下简称"公司"）2025 年第一次临时 股东大会（以下简称"本次会议"）于 2025 年 7 月 30 日召开。北京德恒（成都） 律师事务所（以下简称"德恒"）受公司委托，指派律师（以下简称"德恒律师"） 出席了本次会议，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）、中国证券监督管理委 员会《上市公司股东会规则（2025 年修订）》（以下简称"《股东会规则》"）、 《成都欧林生物科技股份有限公司章程》（以 ...

Core Viewpoint - The company Olin Bio (688319.SH) announced a plan for its controlling shareholder, Shanghai Wushan Biotechnology Co., Ltd., to reduce its stake by up to 12.178 million shares, representing no more than 3% of the total share capital, due to funding needs [1][2] Group 1: Shareholder Actions - Shanghai Wushan plans to cash out over 200 million yuan from the share reduction based on the closing price of 22.11 yuan per share on July 23 [2] - The actual controllers of Olin Bio, Fan Shaowen and Fan Fan, along with board member Chen Aimin, have committed not to participate in this reduction [1][2] - The shares to be reduced were acquired before the company's IPO, indicating a long-term holding period [2] Group 2: Financial Performance - Olin Bio's stock price has increased over 100% year-to-date, with market capitalization rising from approximately 4.3 billion yuan to about 9 billion yuan [2] - The company reported a revenue of 87.49 million yuan in Q1, a year-on-year increase of 23.6%, while the net profit attributable to shareholders was a loss of 7.07 million yuan, which has narrowed compared to the previous year [3] - For 2024, the company expects revenue and net profit to grow by 18.69% and 18.24% respectively, with a significant increase in non-recurring net profit projected at 230.01% [3] Group 3: Product Pipeline - Olin Bio's main commercial product is the adsorbed tetanus vaccine, with additional products including Hib combination vaccine and AC combination vaccine already approved for market [3] - The company is conducting a Phase III clinical trial for its recombinant pneumococcal vaccine, with 5,000 out of 6,000 planned participants already enrolled [3] - The company has also received approval for clinical trials of its oral recombinant Helicobacter pylori vaccine and trivalent and quadrivalent influenza virus vaccines [3]

分组1 - Watson Bio signed a strategic cooperation framework agreement with Yuxi State-owned Capital Operation Company to establish a long-term partnership in the vaccine and bioproducts industry [1] - The cooperation aims to promote innovation in vaccines and synthetic biological manufacturing through various methods such as establishing equity investment funds and strategic investments [1] - Watson Bio was founded in January 2001 and focuses on the research, production, and sales of human vaccines and biotechnological drugs [2] 分组2 - Yuan Dong Bio announced a preliminary transfer price of 42.06 yuan per share for its stock, attracting 12 institutional investors with a total subscription of 540,000 shares, resulting in a subscription multiple of 1.60 times [3] - Yuan Dong Bio was established in June 2009 and specializes in the research, production, and sales of chemical raw materials, high-end chemical drugs, and biological drugs [3] 分组3 - Weiming Environmental reported a total power generation of 2.262 billion kWh in the first half of the year, representing a year-on-year increase of 7.54% [4] - The company also achieved a total online power generation of 1.863 billion kWh, with an average online electricity price of 0.569 yuan per kWh [4] - Weiming Environmental was founded in December 2001 and focuses on low-carbon environmental technology, products, and services [5] 分组4 - Qidi Design won a bid for the Henan Airport Intelligent Computing Center project with a total bid amount of 860 million yuan [6] - The project includes construction, maintenance, and operation of a computing cluster, with a construction period of 150 calendar days [6] - Qidi Design was established in March 1988 and specializes in design consulting, construction engineering, and new energy projects [7] 分组5 - Tiantan Bio's subsidiary received approval for a production site change for its product "Recombinant Human Coagulation Factor VIII" used in treating hemophilia A [8] - The new production site is located in Chengdu, Sichuan Province [8] - Tiantan Bio was founded in June 1998 and focuses on blood products using human plasma and recombinant technology [9] 分组6 - East China Pharmaceutical's HDM1002 tablet clinical trial application was approved by the FDA, aimed at weight management for overweight or obese individuals [10] - The company also received approval for a new drug abbreviated application for injectable cabozantinib, enhancing its product pipeline in the anti-infection field [10] - East China Pharmaceutical was established in March 1993 and specializes in drug research, production, and sales [10] 分组7 - Jinlong Co. plans to acquire a 29.32% stake in Shenzhen Benmao Technology Co., Ltd. [11] - Jinlong Co. was founded in April 1997 and focuses on securities company operations [11] 分组8 - Hasi Lian's injectable diltiazem hydrochloride passed the consistency evaluation by the National Medical Products Administration [12] - The drug is primarily used for treating cardiovascular diseases [12] - Hasi Lian was established in June 1996 and specializes in the research, production, and sales of chemical drug formulations [13] 分组9 - Matrix Co. reported new signed orders of 272 million yuan in the second quarter, with a total of 677 million yuan in signed but uncompleted orders [14] - Matrix Co. was founded in March 2010 and focuses on space design and soft decoration [15] 分组10 - Nanshan Aluminum plans to use up to 1 billion yuan of idle funds for low-risk financial investments [16] - Nanshan Aluminum was established in March 1993 and specializes in the development, production, processing, and sales of aluminum and aluminum alloy products [17] 分组11 - Danhua Technology received a warning letter for failing to timely disclose related party transactions [18][19] - Danhua Technology was founded in February 1994 and focuses on the production and sales of coal chemical products [20] 分组12 - Jinkong Coal Industry announced a cash dividend of 0.755 yuan per share based on a total share capital of 1.674 billion shares [21] - Jinkong Coal Industry was established in July 2001 and specializes in coal production and sales [21] 分组13 - Blue Sky Gas announced that shareholders and the secretary of the board plan to reduce their holdings by a total of 2.61 million shares [22] - Blue Sky Gas was founded in December 2002 and focuses on pipeline natural gas and urban gas services [23] 分组14 - Huagong Technology received approval for the issuance of 2 billion yuan in short-term financing bonds and medium-term notes [24] - Huagong Technology was established in July 1999 and specializes in intelligent manufacturing equipment and related technologies [25] 分组15 - Chengjian Development completed the issuance of 500 million yuan in medium-term notes with a coupon rate of 2.05% [26] - Chengjian Development was founded in December 1998 and focuses on real estate development and investment [27] 分组16 - Feilong Co. reported a net profit of 210 million yuan in the first half of the year, a year-on-year increase of 14.49% [28] - The company achieved a total revenue of 2.162 billion yuan, a year-on-year decrease of 8.67% [28] - Feilong Co. was established in January 2011 and specializes in manufacturing thermal management components for automotive and civil applications [29] 分组17 - Guanghe Technology plans to invest 30 million yuan to establish a new venture capital fund focusing on emerging industries [30] - Guanghe Technology was founded in June 2002 and specializes in the research, production, and sales of multi-layer printed circuit boards [31] 分组18 - Dongnan Network won a bid for the EPC project of Qianjiang Century City Intelligent Comprehensive Science and Technology Park with a total bid amount of 1.183 billion yuan [32] - The project has a total construction area of 273,600 square meters and a planned total investment of 3.956 billion yuan [32] - Dongnan Network was established in December 2001 and focuses on steel structures and new energy [33] 分组19 - Guangdian Measurement plans to raise no more than 1.3 billion yuan through a private placement [34] - The funds will be used for various projects including testing platforms and upgrading laboratories [34] - Guangdian Measurement was founded in May 2002 and specializes in measurement services and technical services [35] 分组20 - Wanma Co. plans to invest in a project to produce 350,000 tons of environmentally friendly polymer materials [36] - The total investment for the project is approximately 1.245 billion yuan, with a construction period from 2025 to 2030 [36] - Wanma Co. was established in December 1996 and focuses on the research, production, and sales of wires, cables, and charging equipment [37] 分组21 - Dingxin Communications plans to sell its subsidiary Haina Smart for 240 million yuan [38] - Dingxin Communications was founded in March 2008 and specializes in low-voltage power line carrier communication products [39] 分组22 - Jiayun Technology plans to transfer its wholly-owned subsidiary Jinyuan Interactive for 10 million yuan [40] - Jiayun Technology was established in May 2002 and focuses on internet marketing services [41] 分组23 - Guangsheng Nonferrous plans to publicly transfer a 3% stake in Guangdong Pearl River Rare Earth Co., Ltd. [42] - The transfer price is not less than 5.9764 million yuan, aimed at clearing unrelated assets [42] - Guangsheng Nonferrous was founded in June 1993 and specializes in rare earth mining and processing [43] 分组24 - Zhongwei Semiconductor plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [44] - Zhongwei Semiconductor was established in June 2001 and focuses on the research, design, and sales of digital and analog chips [45] 分组25 - Zhongrong Co. announced that its chairman and general manager has been released from custody and is resuming normal duties [46] - Zhongrong Co. was founded in April 1990 and specializes in the research, design, production, and sales of paper packaging products [47] 分组26 - Jiangling Motors reported a net profit of 733 million yuan in the first half of the year, a year-on-year decrease of 18.17% [48] - The company achieved total revenue of 18.092 billion yuan, a year-on-year increase of 0.96% [48] - Jiangling Motors was established in January 1997 and focuses on the production and sales of commercial vehicles and related parts [49] 分组27 - Glodon plans to reduce its holdings by up to 2.08% of the company's shares [50] - Glodon was founded in August 1998 and specializes in digital construction platform services [51] 分组28 - Olin Bio's controlling shareholder plans to reduce its holdings by up to 3% of the company's shares [52] - Olin Bio was established in December 2009 and focuses on the research, production, and sales of human vaccines [53] 分组29 - Tianrun Industrial plans to acquire 100% of Shandong Altai's shares for 135 million yuan [54] - The acquisition aims to enhance the company's capabilities in lightweight automotive components [54] - Tianrun Industrial was founded in December 1995 and specializes in the production of crankshafts and connecting rods [55] 分组30 - Goer Technology plans to acquire Mega Precision Technology and Channel Well Industrial for approximately 10.4 billion HKD [56] - The acquisition aims to enhance Goer Technology's capabilities in precision components and smart hardware [56] - Goer Technology was established in June 2001 and focuses on precision components and intelligent acoustic products [57]

Core Viewpoint - Oulin Biological (688319.SH) announced a share reduction plan by its controlling shareholder, Shanghai Wushan Biotechnology Co., Ltd., which holds 72,394,330 shares, accounting for 17.83% of the total share capital. The reduction is due to funding needs and will not exceed 12,178,008 shares, representing no more than 3% of the total share capital [1] Financial Performance - Oulin Biological's revenue from 2021 to 2024 was 487.2 million, 547.5 million, 496.1 million, and 588.9 million respectively, showing fluctuations in growth [2] - The net profit attributable to the parent company for the same period was 108 million, 26.58 million, 17.56 million, and 20.76 million respectively, indicating a decline in profitability [2] - The non-recurring net profit figures were 96.66 million, 720,700, 338,800, and 1.118 million respectively, reflecting significant volatility [2] Shareholder Structure - The actual controllers of the company, Fan Shaowen and Fan Fan, control Shanghai Wushan, with Fan Shaowen holding 47.22% and Fan Fan holding 6.78% of the shares. Director Chen Aimin holds 20% of Shanghai Wushan [1] IPO and Fundraising - Oulin Biological raised a total of 400 million in its initial public offering, with a net amount of 359 million after deducting issuance costs, which was 404 million less than originally planned [4] - The funds were intended for vaccine clinical research projects and the industrialization of various vaccines [4]