Core Viewpoint - The disease prevention and control industry in China is experiencing growth due to increased public awareness, government funding, and advancements in biotechnology and data analysis, leading to improved efficiency in disease management [1][13]. Summary by Sections Industry Overview - Disease prevention and control is a crucial part of public health, focusing on reducing the occurrence and spread of diseases through scientific methods [3]. - Effective disease control can lower healthcare costs, enhance quality of life, and support economic stability [3]. Industry Development - The scale of China's disease prevention and control industry has been on the rise, with central government funding for disease control projects increasing from 17.526 billion to 20.38 billion from 2020 to 2022, followed by a projected recovery to 20.881 billion in 2024, marking an 18.06% year-on-year increase [1][13]. - The number of disease control centers in China has grown from 3,376 in 2021 to 3,429 in 2024, enhancing public health emergency management capabilities [11]. Policy Initiatives - Recent policies emphasize strengthening disease control institutions, enhancing core functions, and promoting scientific research and public health cooperation [5][7]. - The 2024-2025 National Disease Prevention and Control Action Plan encourages local institutions to engage in applied research and technology transfer [5][7]. Competitive Landscape - The disease prevention market in China is competitive, with key players including Fosun Pharma, Kangtai Biological, and Zhifei Biological, which are focusing on innovation and service quality to capture market share [15][19]. Industry Trends - The chronic disease management market is expected to grow significantly due to the aging population and increasing prevalence of chronic diseases, which currently account for 88% of total deaths in China [21]. - Technological innovations such as big data, AI, and IoT are set to transform disease prevention and control, enhancing monitoring and decision-making processes [22]. - The integration of sports and health ("body-health integration") is emerging as a new trend, promoting physical activity as a preventive measure against chronic diseases [23].

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology industry, suggesting it is at a turning point for profit improvement and has high allocation value [3][4]. Core Insights - The pharmaceutical sector is showing signs of recovery after three years of declining profitability, with a notable increase in net profit margin by 0.3% in Q1 2025 compared to the previous year [3][5]. - Key sub-sectors such as CXO, innovative drugs, biological products, private hospitals, and medical consumables have demonstrated strong performance in Q1 2025, with several leading companies exceeding expectations [3][4]. - The report recommends focusing on sub-sectors and companies with clear upward trends in performance, including innovative drugs and CXO services [3][4]. Overall Performance of the Sector - In 2024, 473 A-share pharmaceutical companies achieved total revenue of 24,588 billion yuan, a year-on-year decrease of 0.9%, and a net profit of 1,412 billion yuan, down 12.1% [3][5]. - For Q1 2025, the sector reported revenue of 6,104 billion yuan, a decline of 4.2% year-on-year, with net profit at 487 billion yuan, down 8.7% [3][5]. Sub-sector Performance - The CXO sector has shown a turnaround since Q4 2024, with Q1 2025 revenue of 225 billion yuan, reflecting an 11.6% year-on-year increase, and net profit of 50 billion yuan, up 72.8% [3][23]. - The innovative drug sector continues to grow rapidly, with leading companies like Heng Rui Medicine and Bai Jie Shen Zhou performing above expectations [3][18]. - The hospital sector is beginning to show signs of recovery, with Q1 2025 revenue of 144 billion yuan, a year-on-year increase of 4.9%, and net profit of 11 billion yuan, up 19.2% [3][28]. Investment Analysis - The report emphasizes the importance of investing in sectors and companies that are showing clear signs of upward trends, particularly in innovative drugs and CXO services [3][4]. - Specific companies recommended for investment include Heng Rui Medicine, Bai Jie Shen Zhou, and Wu Xi AppTec in the innovative drug and CXO sectors [3][4].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，华兰生物工程股份有限公司（以下简称 "公司"）定于2025年5月22日（周四）15:25-16:55参加在全景网举办的河南辖 区上市公司2025年投资者网上集体接待日活动，本次活动将采用网络远程的方式 举行，投资者可登录"全景·路演天下"（http://rs.p5w.net）参与本次互动 交流。 出席本次网上集体接待日活动的人员有：公司财务总监兼董事会秘书谢军民 先生、证券事务代表娄源成先生，欢迎广大投资者积极参与！ 特此公告。 华兰生物工程股份有限公司董事会 证券代码：002007 证券简称：华兰生物 公告编号：2025-018 华兰生物工程股份有限公司 关于参加河南辖区上市公司 2025年投资者网上集体接待日活动的公告 2025年5月17日 ...

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 2025年5月14日，公司全资子公司华兰生物工程重庆有限公司收到重庆市卫 生委员会印发的重庆市丰都县华兰单采血浆站（以下简称"丰都浆站"）《单采血 浆许可证》，主要信息如下： 机构名称：重庆市丰都县华兰单采血浆站 证券代码：002007 证券简称：华兰生物 公告编号：2025-017 华兰生物工程股份有限公司 关于公司取得单采血浆许可证的公告 采浆区域（范围）：重庆市丰都县 有效期限：自2025年5月14日至2027年5月13日 丰都浆站自取得《单采血浆许可证》之日起可正式采浆。丰都浆站实现采浆 将有利于提升公司原料血浆供应能力，对公司长期发展具有积极作用。 特此公告。 华兰生物工程股份有限公司董事会 业务项目：机采单采普通原料血浆、机采单采破伤风免疫原料血浆、机采单 采狂犬免疫原料血浆、机采单采乙肝免疫原料血浆 许可证号：50023016F2009031 2025年5月15日 ...

- The report predicts adjustments to the sample stocks of seven major broad-based indices in the Chinese market, including CSI 300, CSI 500, SSE 50, STAR 50, STAR 100, ChiNext Index, and ChiNext 50, based on the index compilation rules and data as of April 30, 2025 [1][7] - The CSI 300 Index selects stocks from the Shanghai and Shenzhen markets that meet criteria such as good operational status, no significant financial issues, and no abnormal price fluctuations. The selection process involves ranking stocks by daily average trading volume and market capitalization over the past year, applying buffer rules, and excluding stocks with significant losses or long-term suspensions. Adjustments are limited to 10% of the constituent stocks per review [8] - The CSI 500 Index excludes CSI 300 constituents and follows a similar methodology, focusing on stocks with good operational status, no financial irregularities, and stable price movements. Stocks are ranked by daily average trading volume and market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [10] - The SSE 50 Index is derived from the SSE 180 Index, selecting stocks based on daily average market capitalization and trading volume over the past year. The accuracy of SSE 50 predictions depends on the SSE 180 Index's accuracy. Adjustments are limited to 10% of the constituent stocks [13] - The STAR 50 Index represents the top 50 securities on the STAR Market by market capitalization and liquidity. Stocks are ranked by daily average market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [15] - The STAR 100 Index includes 100 mid-sized securities from the STAR Market, reflecting the performance of mid-cap companies. The selection process is similar to STAR 50, with adjustments limited to 10% of the constituent stocks [17] - The ChiNext Index selects stocks from the ChiNext Board based on the top-ranked daily average market capitalization over the past six months. Buffer rules are applied, and stocks with significant losses or long-term suspensions are excluded. Adjustments are capped at 10% of the constituent stocks [20] - The ChiNext 50 Index selects the most liquid stocks from the ChiNext Index's 100 constituents, considering industry coverage and applying buffer rules. Adjustments are limited to 10% of the constituent stocks [24]

Core Viewpoint - Hemophilia is a hereditary bleeding disorder primarily treated through factor replacement therapy, with significant advancements in drug development leading to increased demand and market growth in China [1][6][20]. Industry Definition and Categories - Hemophilia is characterized by a deficiency in clotting factors, leading to prolonged bleeding tendencies, and can be classified into Hemophilia A and B, with A being more prevalent [2][3]. Current Industry Status - The demand for hemophilia drugs is on the rise due to advancements in diagnosis and treatment, with a projected demand of 5.8236 million doses in 2024 and 7.3154 million doses in 2025, reflecting a growing market size from 5.361 billion yuan in 2024 to 5.856 billion yuan in 2025 [6][9]. Market Competition Landscape - Major domestic companies in the hemophilia drug market include Beijing Shenzhou Cell Engineering, Shandong Taibang Biological Products, Henan Hualan Biological Engineering, and Shanghai Raist Blood Products, among others [13][14]. Industry Development Trends - The hemophilia drug industry is expected to benefit from technological innovations and increased awareness, leading to a broader market outlook as more patients can afford treatment and government support for rare diseases grows [20].

Core Viewpoint - The blood products sector is experiencing revenue growth among listed companies, but profitability is declining due to price reductions driven by increased competition and centralized procurement policies [1][2]. Group 1: Company Performance - In 2024, all nine listed companies in the blood products sector achieved revenue growth, with seven companies reporting an increase in net profit [1]. - In Q1 2024, eight companies reported a decline in net profit year-on-year, including Shanghai Raist and Tian Tan Biological, with declines of 25.20% and 22.90% respectively [1][2]. - Tian Tan Biological attributed its profit decline to a greater reduction in product prices than the increase in sales volume, primarily due to intensified market competition and centralized procurement [2][5]. - Shanghai Raist's net profit decline was also linked to increased credit impairment losses, which surged by 481% due to a rise in accounts receivable [2]. Group 2: Market Dynamics - The price of human albumin has been decreasing, with terminal prices dropping by 10% and 20% for human albumin and intravenous immunoglobulin respectively in Q1 2024 [5]. - The blood products market is characterized by a limited number of qualified players, with fewer than 30 companies holding production qualifications [1]. - The industry is facing pressure from imported human albumin, which is expected to account for 68% of total batch issuance in 2024, creating competitive challenges for domestic producers [7][12]. Group 3: Industry Trends - Centralized procurement has been a significant factor in price reductions, but its impact is considered manageable due to the rigid clinical demand for blood products [6]. - The blood products industry is heavily reliant on plasma supply, with a noted shortage in domestic plasma availability to meet market demand [7][12]. - Companies are actively pursuing acquisitions of plasma collection stations to secure raw material supply, indicating a competitive landscape for plasma resources [14][15].

Core Insights - The Chinese biotechnology industry, focusing on biopharmaceuticals, biomanufacturing, and bioagriculture, is experiencing high-quality development supported by national policies, with a projected industry scale of 21.4 trillion yuan in 2024, representing a year-on-year growth of 3.88% [1][8] - Technological innovation is identified as the core engine for industry advancement, with significant breakthroughs in gene editing, synthetic biology, and cell therapy, enhancing China's competitive position in the global biotechnology landscape [1][8] Industry Overview - The biotechnology sector encompasses living organisms and is classified based on similarities in morphology and physiology, aiding in understanding evolutionary relationships [2] - The industry has evolved through five stages, from initial laboratory research in the 1980s to a focus on commercialization and internationalization in recent years [3][4][5] Market Scale - The biopharmaceutical sector is projected to face pricing pressures, with the PPI index for biopharmaceutical manufacturing at 95.7, down 4.3% year-on-year as of March 2025, yet the demand for biopharmaceuticals is expected to grow due to aging populations and increased health awareness [10] - The biomass power generation capacity in China is expected to reach 45.99 million kilowatts by 2024, with a year-on-year growth of 4.19%, indicating a significant role in the low-carbon energy transition [12] Key Enterprises - Major players in the biopharmaceutical sector include Huazhong Biotech, which has a comprehensive blood product portfolio and a significant vaccine production platform, and Longping High-Tech, known for its hybrid rice innovations and international breeding initiatives [18][20] - The biomanufacturing and bioenergy sectors are led by companies like Guoneng Bio and Malu Bio, focusing on biomass power generation and organic waste treatment, respectively [15][16] Industry Development Trends - Technological innovation is driving breakthroughs across multiple fields, including personalized medicine in biopharmaceuticals and enhanced efficiency in bioenergy production [22][23] - The integration of biomanufacturing and bioagriculture is expected to yield innovative solutions, improving resource utilization and creating a circular economy [25]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 867.61 million yuan, a year-on-year increase of 10.2% [3] - Net profit attributable to shareholders was 313.14 million yuan, up 19.62% compared to the same period last year [3] - Net profit excluding non-recurring gains and losses decreased by 35.35% to 299.74 million yuan [3] Group 2: Market Dynamics - The supply of blood products in China is relatively insufficient compared to Europe and the US, indicating significant growth potential in the domestic market [3] - The import volume of human albumin is expected to account for 68% of total approvals in 2024, creating competitive pressure on domestic products [3] - The company’s main product prices remained stable in Q1 2025 compared to the previous year [3] Group 3: Product Development - The company has begun generating sales revenue from Bevacizumab since Q1 2025, following its registration in late 2024 [4] - Several new products are expected to be launched in the next 1-3 years, including Rituximab, which is currently under review [4] Group 4: Operational Efficiency - The company plans to enhance operational efficiency through improved management, increased investment in information technology, and a focus on quality management [4] - In 2024, the company aims to increase plasma collection by enhancing recruitment efforts and upgrading management systems [6] Group 5: Dividend Policy - The company has distributed a total of 5.34 billion yuan in dividends since its listing, with a payout ratio of 30% of net profit planned for 2024-2026 [5] - The dividend amount is 8.52 times the financing amount of 626 million yuan [5] Group 6: Industry Trends - The blood products industry is experiencing consolidation, with the top five companies holding 80%-85% of the market share globally [6] - The company is open to participating in mergers and acquisitions if suitable opportunities arise [6] Group 7: Vaccine Market Strategy - The company plans to adjust the price of its quadrivalent influenza vaccine to enhance market competitiveness [6] - Despite a decline in overall vaccine industry revenue, the company maintains the highest market share and vaccination rates [6]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company demonstrated resilience with revenue and profit growth in Q1 2025 despite challenges in the blood products industry, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items increasing by 10.2%, 19.6%, and 35.4% year-over-year, respectively [1]. - The company is expected to benefit from increased plasma collection and recovery in vaccine sales, leading to double-digit revenue growth in 2025 [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 8.7 billion RMB, net profit attributable to the parent of 3.1 billion RMB, and net profit excluding non-recurring items of 3.0 billion RMB, reflecting year-over-year increases of 10.2%, 19.6%, and 35.4% respectively [1]. - The blood products segment saw revenue growth, with albumin revenue exceeding 3 billion RMB and immunoglobulin revenue surpassing 2 billion RMB [2]. Growth Drivers - The company’s plasma collection volume is projected to grow by 16% in 2025, supported by the addition of new plasma collection stations [2]. - Vaccine sales are expected to recover in 2025 as the market normalizes and competition stabilizes, following a seasonal decline in Q1 2025 [2]. Product Pipeline - The company has several products in development, including high-concentration immunoglobulin and various vaccines, with significant progress in clinical trials [4]. - The approval of biosimilars such as Bevacizumab and Rituximab is anticipated to contribute to revenue growth in the coming years [3]. Valuation and Forecast - The report projects net profits for 2025, 2026, and 2027 to be 13.7 billion RMB, 17.1 billion RMB, and 20.5 billion RMB respectively, with a target price set at 19.40 RMB based on a 26x PE ratio for 2025 [5][9].