Core Insights - A block trade of 80,000 shares of Airo Energy occurred on November 27, with a transaction value of 4.32 million yuan and a transaction price of 54.00 yuan, representing an 18.01% discount to the closing price of the day [2] Trading Activity - The closing price of Airo Energy on the same day was 65.86 yuan, reflecting a decrease of 2.17% with a turnover rate of 4.49% and a total trading volume of 296 million yuan, resulting in a net inflow of 1.60 million yuan in main capital [2] - Over the past five days, the stock has increased by 5.54%, with a total net inflow of 25.84 million yuan [2] Margin Financing - The latest margin financing balance for Airo Energy is 459 million yuan, which has decreased by 16.36 million yuan over the past five days, representing a decline of 3.44% [2] Company Background - Zhejiang Airo Network Energy Technology Co., Ltd. was established on March 2, 2012, with a registered capital of 1.6 billion yuan [2]

Core Viewpoint - Oulin Biotech (688319) has submitted an application for overseas public offering of H-shares on the Hong Kong Stock Exchange, following a significant stock price increase of over 140% this year, despite previously terminating a 175 million yuan private placement plan [1][3]. Financial Performance - In 2022, Oulin Biotech experienced a 75.38% decline in net profit, with 2023 revenue at 496 million yuan, down 9.38% year-on-year, and a net profit of 17.56 million yuan, a decrease of 33.94% [4]. - The company is projected to recover in 2024, with expected revenue of 589 million yuan, an 18.69% increase, and a net profit of 20.76 million yuan, up 18.24% [6]. - By Q3 2025, revenue reached 507 million yuan, a 31.1% increase, and net profit surged to 47.48 million yuan, a 1079.4% increase [6]. Accounts Receivable - As of the end of 2024, accounts receivable stood at 566 million yuan, representing 62.37% of current assets, indicating a significant portion of revenue is tied up in receivables [6]. - By Q3 2025, accounts receivable further increased to 665 million yuan, a 25.84% rise year-on-year, with an average collection period of 385 days [7]. Market Position - Oulin Biotech holds over 80% market share in its main product, the adsorbed tetanus vaccine, which has consistently contributed a significant portion of the company's revenue [8]. - The adsorbed tetanus vaccine accounted for 80.1% of revenue in 2022, increasing to 87.9% in the first half of 2025, with a gross margin around 95% [8][9]. Research and Development Expenses - R&D expenses from 2022 to the first half of 2025 were approximately 122 million yuan, 114.7 million yuan, 134.2 million yuan, and 58.8 million yuan, respectively, constituting around 22.3% to 19.3% of total revenue [10]. - Sales and distribution expenses exceeded 50% of revenue in 2024, indicating high operational costs [10]. Financial Health - As of Q3 2025, total liabilities were 977 million yuan, with a debt-to-asset ratio of 50.21%, and cash reserves of 170 million yuan, suggesting a tight financial situation [11].

需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的相关信息而作出。本公告以及 刊登于香港联交所网站的申请资料不构成也不得视作对任何个人或实体收购、购买或认购公司本次发行 的H股的要约或要约邀请。 公司本次发行上市尚需取得中国证券监督管理委员会、香港证券及期货事务监察委员会和香港联交所等 相关监管机构、证券交易所的批准、核准或备案，该事项仍存在不确定性。公司将依据《上海证券交易 所科创板股票上市规则》及相关法律法规的规定，根据本次发行上市的后续进展情况及时履行信息披露 义务，敬请广大投资者注意投资风险。 特此公告。 成都欧林生物科技股份有限公司董事会 登录新浪财经APP 搜索【信披】查看更多考评等级 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11月25日向香港联合交易所有限公司（以下 简称"香港联交所"）递交了境外公开发行股份（H股）并在香港联交所主板上市（以下简称"本次发行 上市"）的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料 ...

Core Viewpoint - Oulin Bio has experienced a significant stock price increase, with a 12.88% rise over the past three days, indicating strong market interest and potential investor confidence in the company's performance [1]. Company Overview - Oulin Bio, established on December 11, 2009, and listed on June 8, 2021, is located in Chengdu, Sichuan Province. The company specializes in the research, production, and sales of human vaccines [1]. - The main revenue sources for Oulin Bio include: - Tetanus vaccine: 90.99% - A and C group meningococcal polysaccharide conjugate vaccine: 4.49% - Haemophilus influenzae type b conjugate vaccine: 3.99% - Other (supplementary): 0.47% - Refined tetanus toxin raw liquid: 0.07% [1]. Fund Holdings - Oulin Bio is a significant holding for the Dongfang Urban Consumption Theme Mixed Fund (006235), which held 60,300 shares, accounting for 5.93% of the fund's net value, making it the largest position [2]. - The fund has realized a floating profit of approximately 74,700 yuan today and a total of 166,900 yuan during the three-day price increase [2]. Fund Manager Performance - The fund manager Wang Ran has a tenure of 10 years and 215 days, with a total fund size of 20.4 million yuan. The best return during his tenure is 68.26%, while the worst is -58.67% [3]. - Co-manager Cai Shangjun has been in position for 1 year and 281 days, managing a fund size of 2.76453 million yuan, with a best return of -0.48% and a worst return of -1.17% during his tenure [3].

丨2025年11月27日星期四丨 NO.1 欧林生物向港交所主板递交上市申请 11月26日，欧林生物发布公告，称公司于11月25日向香港联合交易所有限公司（简称"香港联交所"）递 交了境外公开发行股份（H股）并在香港联交所主板上市的申请，并于同日在香港联交所网站刊登了本 次发行上市的申请资料。 点评：OT-702获批上市，意味着在原研药之外，给中国患者提供更多药物选择。对于欧康维视生物， 该事件短期将提振股价情绪，长期则为公司估值提供业绩支撑，但具体效果能否落地需持续观察。 NO.4 罗氏回应流感特效药需求上升：已启动应对预案 11月26日，罗氏制药对《每日经济新闻》记者表示，面对流感高发季，罗氏已启动预案，调动速福达全 球供应链资源，尽最大努力加大生产，加速向中国市场供应。目前，速福达正按计划分批次抵达中国口 岸，持续供应中国市场。 点评：罗氏制药的回应反映出中国市场的重要性，也凸显出国内流感特效药供不应求的问题。近年来， 业内卷起"一次治疗"新战场，未来若有更多的中国药企研发出流感创新药物，将成为这一市场的破局关 键。 NO.5 博雅生物破伤风人免疫球蛋白在国内获批 点评：欧林生物递表港股是其资本化与国际 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688319 证券简称：欧林生物 公告编号：2025-065 成都欧林生物科技股份有限公司关于 鉴于本次发行的认购对象仅限于符合相关条件的境外投资者及依据中国相关法律法规有权进行境外证券 投资的境内合格投资者，公司将不会在境内证券交易所的网站和符合监管机构规定条件的媒体上刊登该 申请资料，但为使境内投资者及时了解该等申请资料披露的本次发行上市以及公司的其他相关信息，现 提供该申请资料在香港联交所网站的查询链接供查阅： 中文：https://www1.hkexnews.hk/app/sehk/2025/107891/documents/sehk25112501675_c.pdf 英文：https://www1.hkexnews.hk/app/sehk/2025/107891/documents/sehk25112501676.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的相关信息而作出。本公告以及 刊登于香港联交所网站的申请资料不构成也不得视作对任何个人或实体收购、购买或认购公司本次发行 的H股的要约或要约邀请。 公司本次发行 ...

Group 1: Stock Buybacks in Hong Kong - Hong Kong companies have repurchased shares worth approximately 1544.15 billion HKD, with 247 companies buying back a total of 67.69 million shares as of November 25 [1] - In November alone, 90 companies repurchased shares totaling around 83.33 million HKD, with a concentration in sectors such as finance, information technology, consumer goods, healthcare, and energy [1] - The trend of stock buybacks is expected to continue into 2025, with leading companies demonstrating confidence in their valuations and contributing to market stability [1] Group 2: New Listings on Hong Kong Stock Exchange - Newguodu (SZ300130) has submitted its prospectus to the Hong Kong Stock Exchange, aiming to expand its financing channels and enhance its competitiveness in the global payment sector [2] - Olin Bio (SH688319) has also filed for a listing on the Hong Kong Stock Exchange, focusing on innovative vaccines, particularly in the areas of "super bacteria vaccines" and "adult vaccines" [3] - Zhongjian Technology (SZ002779) has applied for a listing on the Hong Kong Stock Exchange, seeking to leverage the capital market to expand its business in outdoor power equipment [4] Group 3: Hong Kong Stock Market Performance - The Hang Seng Index closed at 25928.08, with a slight increase of 0.13% on November 26 [5] - The Hang Seng Tech Index reached 5618.36, reflecting a gain of 0.11% [5] - The National Enterprises Index stood at 9162.37, showing a modest rise of 0.04% [5]

Core Viewpoint - Company Olin Bio is seeking to list on the Hong Kong Stock Exchange to become an "A+H" listed company, aiming to raise funds for innovative vaccine research and to reduce reliance on its single core product, the adsorbed tetanus vaccine [1][6]. Group 1: Company Overview - Olin Bio was founded by industry veteran Fan Shaowen and his daughter Fan Fan, with a focus on the adsorbed tetanus vaccine as its core product [1][3]. - The company became the first private enterprise in China to produce and sell the adsorbed tetanus vaccine in 2017, which has since become its main revenue source [1][3]. Group 2: Financial Performance - In 2024, Olin Bio achieved a revenue of 589 million yuan, a year-on-year increase of 18.7%, with a net profit of 20.76 million yuan, up 18.2% [3]. - For the first half of 2025, the company reported a revenue of 306 million yuan, representing a year-on-year growth of 35.17%, and a net profit of approximately 13.2 million yuan, marking a turnaround from losses [3]. Group 3: Product and Market Dynamics - The adsorbed tetanus vaccine accounted for over 90% of the company's revenue in 2024, with sales reaching 536 million yuan, a 15.7% increase from the previous year [3]. - The company faces challenges from increasing competition in the vaccine market, despite having a first-mover advantage as the first private producer of the adsorbed tetanus vaccine [3][6]. Group 4: Research and Development - Olin Bio is developing four new Class 1 vaccines, including a recombinant Staphylococcus aureus vaccine and an oral recombinant Helicobacter pylori vaccine, with clinical trials planned for 2026 [4]. - The company has faced funding challenges, with a net cash flow from operating activities of -9.73 million yuan in 2024, indicating ongoing financial pressure [5][6]. Group 5: IPO and Market Conditions - The company has recently attempted to raise funds through a private placement, which was terminated due to market conditions and stock price fluctuations [5]. - Olin Bio plans to issue up to 25% of its total share capital in H-shares to fund research, production upgrades, and international expansion, but faces uncertainty regarding market acceptance due to its reliance on a single product and cash flow issues [6].

Core Viewpoint - Chengdu Olin Biotechnology Co., Ltd. has submitted its application for listing on the Hong Kong Stock Exchange, focusing on unmet medical needs in the fields of "super bacteria vaccines" and "adult vaccines" [3] Company Overview - Olin Biotechnology is a biopharmaceutical company with a strategic focus on developing vaccines for super bacteria and adult populations [3] - The company has commercialized three products: Tetanus Toxoid Vaccine, Hib Conjugate Vaccine, and AC Conjugate Vaccine [3] - Olin's Tetanus Toxoid Vaccine holds over 80% market share in China from 2022 to 2024 [4] Financial Performance - Revenue for Olin Biotechnology from 2022 to 2025 is projected as follows: 547 million CNY in 2022, 494 million CNY in 2023, 586 million CNY in 2024, and 305 million CNY in the first half of 2025 [4][5] - The company's profit and total comprehensive income for the same period are: 26.58 million CNY in 2022, 11.44 million CNY in 2023, 15.72 million CNY in 2024, and 13.23 million CNY in the first half of 2025 [4][5] - Gross profit margins are consistently high, ranging from 92.3% to 94.0% across the years [4] Market Position - Olin has established a sales network covering 30 provinces, municipalities, and autonomous regions in China, with over 8,100 vaccination points [3] - The company has direct commercial relationships with more than 2,000 district and county-level disease control centers [3] Recent Developments - As of November 26, 2025, Olin's stock price increased by 5.42% to 24.51 CNY, with a total market capitalization of 9.949 billion CNY [9][10] - The stock has shown significant volatility, with a 52-week high of 34.68 CNY and a low of 10.07 CNY [10]

Market Overview - The biopharmaceutical sector increased by 0.36% compared to the previous trading day, with Jindike leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Jindike (688670) saw a closing price of 30.90, with a significant increase of 20.00% and a trading volume of 192,400 shares, amounting to a transaction value of 572 million [1] - Rongchang Bio (688331) closed at 92.25, up 5.43%, with a trading volume of 68,800 shares and a transaction value of 635 million [1] - Sanofi (688336) closed at 68.39, up 4.59%, with a trading volume of 74,400 shares and a transaction value of 510 million [1] - Other notable performers include Olin Bio (616889) with a 4.43% increase and Hualan Bio (301207) with a 3.21% increase [1] Fund Flow Analysis - The biopharmaceutical sector experienced a net inflow of 20.94 million from institutional investors, while retail investors saw a net outflow of 57.02 million [2] - Jindike had a net inflow of 57.00 million from institutional investors, despite a net outflow of 19.76 million from retail investors [3] - Rongchang Bio also saw a net inflow of 32.94 million from institutional investors, with retail investors withdrawing 25.48 million [3]