Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company reported a revenue of 5.342 billion yuan in 2023, representing a year-on-year increase of 18.26%, and a net profit attributable to shareholders of 1.482 billion yuan, up 37.66% year-on-year [6]. - The blood products segment showed steady growth with a revenue of 2.926 billion yuan, an increase of 9.22%, driven by improved supply-demand dynamics and new plasma collection stations [6]. - The vaccine segment achieved a revenue of 2.405 billion yuan, a growth of 32.30%, with the company leading in the number of flu vaccine batches approved for release [6]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 1.429 billion yuan, a year-on-year increase of 56.23%, and a net profit of 414 million yuan, up 135.85% year-on-year [6]. - The company’s total revenue for 2024 is projected to be 6.201 billion yuan, with a net profit of 1.754 billion yuan, reflecting a growth rate of 18.4% [8]. Blood Products Segment - The blood products segment's revenue for 2023 was 2.926 billion yuan, with human albumin revenue at 1.057 billion yuan and immunoglobulin revenue at 845 million yuan [6]. - The gross margin for human albumin improved by 7.32 percentage points year-on-year, attributed to increased demand and pricing post-pandemic [6]. Vaccine Segment - The vaccine segment's revenue for 2023 was 2.405 billion yuan, with the company obtaining 94 batches of flu vaccine approvals, maintaining a leading position in the domestic market [6]. - The company is expanding its vaccine product line, having received registration certificates for new vaccines in 2023 [6]. Shareholder Returns - The company announced a shareholder return plan for 2024-2026, committing to a cash dividend of no less than 30% of the annual net profit [7]. Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 1.754 billion yuan, 1.962 billion yuan, and 2.188 billion yuan, respectively, with corresponding EPS of 0.96, 1.07, and 1.20 yuan [8].

医药 公 2024年04月01日 司 报 华兰生物(002007.SZ) 告 血制品需求旺盛提升利润率，流感疫苗需求增加 推荐 ( 维持 ) 事项： 公司发布2023年财报，全年实现营收53.42亿元（+18.26%），实现归属净利 股价:20.17元 润14.82亿元（+37.66%），扣非后归属净利润为12.67亿元（+41.77%）。符 公 主要数据 合市场预期。 行业 医药 司 分红预案：每10股派现3元（含税）。 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 01 日 华 兰生物(002007.SZ) 证券研究报告 血制品及疫苗业务业绩双升，发布未来 生物医药Ⅲ 投资评级 买入-A 三年股东回报规划 维持评级 6个月目标价 24.02元 事件：华兰生物发布 2023 年年报。2023年全年，公司实现营业收 股价 (2024-03-29) 20.17元 入 53.42 亿元，同比增长 18.26%；归母净利润 14.82 亿元，同比增 长 37.66%；扣非归母净利润12.67 亿元，同比增长41.77%。Q4单季 交易数据 度，公司实现营业收入 14.29 亿元，同比增长 56.23%；归母净利润 总市值(百万元) 36,886.51 4.14 亿元，同比增长 135.85%；扣非归母净利润 3.61 亿元，同比增 流通市值(百万元) 31,739.25 长 166.97%。 总股本(百万股) 1,828.78 血制品业务：业绩稳健增长，浆站建设与新品研发有序推进。2023 流通股本(百万股) 1,573.59 年公司血液制品业务实现营业收入 29.31亿元，同比增长8.92% ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 5.342 billion RMB in 2023, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 1.482 billion RMB, up 38% year-on-year [2] - The blood products business showed steady growth, with revenue reaching 2.926 billion RMB, a 9.22% increase year-on-year, supported by the construction of new plasma collection stations [3] - The flu vaccine segment experienced rapid growth, generating 2.405 billion RMB in revenue, with a 32.19% year-on-year increase, and the company maintained a leading position in the number of flu vaccine batches issued [3] - The company is increasing R&D investments to cultivate new profit growth points, focusing on various drug developments and clinical research [3] - Profit forecasts for 2024-2026 remain unchanged, with expected net profits of 1.71 billion RMB (+15%), 1.96 billion RMB (+15%), and 2.23 billion RMB (+14%) respectively [3] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.342 billion RMB, with a growth rate of 18.26% compared to 2022 [6] - The net profit attributable to shareholders was 1.482 billion RMB, reflecting a growth rate of 37.66% year-on-year [6] - The diluted earnings per share (EPS) for 2023 was 0.81 RMB, with projections of 0.90 RMB, 1.05 RMB, and 1.16 RMB for 2024, 2025, and 2026 respectively [6] Business Segments - Blood products revenue was 2.926 billion RMB in 2023, with a 9.22% increase year-on-year, driven by the expansion of plasma collection stations [3] - The flu vaccine segment generated 2.405 billion RMB in revenue, with a significant 32.19% year-on-year growth [3] R&D and Future Outlook - The company is focusing on accelerating the development of new drugs and enhancing its clinical research pipeline to create new profit growth points [3] - The company plans to maintain its growth trajectory with steady revenue and profit increases projected for the next three years [3]

Financial Performance - The company's operating revenue for 2023 was ¥5,341,872,557.46, representing an increase of 18.26% compared to ¥4,516,979,408.06 in 2022[13]. - Net profit attributable to shareholders for 2023 was ¥1,481,578,849.25, a 37.66% increase from ¥1,076,265,283.57 in 2022[13]. - The net profit after deducting non-recurring gains and losses was ¥1,266,787,950.25, up 41.77% from ¥893,520,265.06 in 2022[13]. - The net cash flow from operating activities for 2023 was ¥1,345,838,781.04, reflecting a 40.59% increase from ¥957,311,907.10 in 2022[13]. - Basic earnings per share for 2023 were ¥0.8121, a rise of 37.71% compared to ¥0.5897 in 2022[13]. - Total assets at the end of 2023 were ¥16,105,783,295.19, marking a 9.24% increase from ¥14,740,966,166.50 at the end of 2022[13]. - The net assets attributable to shareholders at the end of 2023 were ¥11,359,430,727.42, also a 9.24% increase from ¥10,398,562,106.26 at the end of 2022[13]. - Total revenue for 2023 reached ¥5,341,872,557.46, an increase of 18.26% compared to ¥4,516,979,408.06 in 2022[34]. - Blood products generated ¥2,926,332,810.99, accounting for 54.78% of total revenue, with a year-on-year growth of 9.22%[35]. - Vaccine products revenue was ¥2,404,650,361.84, representing 45.02% of total revenue, with a significant increase of 32.30% from ¥1,817,533,244.46 in 2022[34]. Dividend Distribution - The company plans to distribute a cash dividend of 3 RMB per 10 shares to all shareholders, totaling 1,828,780,926 RMB[2]. - The cash dividend distribution plan proposes a cash dividend of CNY 3 per 10 shares, totaling CNY 548,634,277.80, which represents 100% of the profit distribution[97][98]. Market Position and Industry Trends - The blood products industry is experiencing increased concentration, with the top five foreign companies holding 80%-85% of the market share globally[20]. - In 2023, the top four blood product companies in China collected over 7,100 tons of plasma, accounting for approximately 60% of the total plasma collection in the country[21]. - The overall vaccination rate for influenza vaccines in China is around 3%, significantly lower than that of the US and East Asia, indicating substantial growth potential in the domestic market[23]. - The Chinese monoclonal antibody market is expected to grow to RMB 194.5 billion by 2025, with a compound annual growth rate of 36.5% from 2020 to 2025[23]. - The company operates in the blood products, vaccines, and biopharmaceuticals sectors, with a comprehensive range of 11 blood products and 34 specifications, making it one of the leading firms in China's blood products industry[24]. Research and Development - The company is focused on the development of recombinant protein drugs, with a rich pipeline covering various diseases, including cancers and autoimmune disorders[23]. - The company has 10 monoclonal antibody products that have received clinical trial approval, with plans for further clinical studies and product registrations in the near future[23]. - The company is actively pursuing innovation in biopharmaceuticals, with multiple products in various stages of clinical development, reflecting a commitment to R&D[25]. - The company is developing a purification process for von Willebrand factor (vWF) to create a new product, with clinical research currently underway[45]. - The company is upgrading the process for intravenous immunoglobulin (IVIG) and is currently in the clinical trial stage[45]. - The company is developing a subcutaneous injection process for immunoglobulin, which is in preclinical research[45]. Regulatory and Compliance - The company has detailed potential risks that may adversely affect its future development strategies and operational goals in the report[3]. - The regulatory environment for the vaccine industry in China is becoming stricter, promoting standardized and centralized production among vaccine companies[22]. - The company emphasizes compliance with regulations and governance standards, ensuring effective operation of its shareholder meetings and protecting investor rights[70]. - The company has implemented a comprehensive management system for plasma collection stations to mitigate regulatory risks and ensure operational compliance[65]. Operational Efficiency - The company has established two production bases in Xinxiang and Chongqing, leading the domestic market in production scale for blood products, with 11 product varieties including human albumin and immunoglobulins[32]. - The company has a high plasma utilization rate, indicating efficient production processes and a strong supply chain in the blood products sector[24]. - The company has strengthened its strategic cooperation with domestic and international enterprises to enhance core competitiveness and form a large biopharmaceutical industry pattern centered on blood products, vaccines, and innovative drugs[29]. - The company has established multiple independent and interconnected R&D platforms to support the development of blood products, vaccines, and gene-engineered products[31]. Shareholder and Management Structure - The management team has extensive experience in the biopharmaceutical industry, ensuring effective communication and a shared vision for future development[32]. - The company maintains independence in personnel, assets, finance, organization, and business from major shareholders[72]. - The board of directors consists of four specialized committees, enhancing operational efficiency[72]. - The company has established a transparent performance evaluation and incentive mechanism for senior management[75]. - The total number of shares held by the chairman, An Kang, remains unchanged at 3,265,274 shares[78]. Environmental Responsibility - Hualan Biological is classified as a key pollutant discharge unit by environmental protection authorities[108]. - The company strictly adheres to multiple environmental protection laws and has not faced any pollution incidents or administrative penalties during the reporting period[108]. - The company has constructed wastewater treatment facilities with a capacity of 900 m³/d and 800 m³/d at its main site and Chongqing company, respectively, ensuring compliance with the "Biological Engineering Pharmaceutical Industry Water Pollutants Discharge Standard" (GB21907-2008)[114]. - The company emphasizes energy management and has achieved energy management system certification, focusing on reducing carbon emissions and enhancing energy efficiency[118]. Corporate Social Responsibility - The company actively participates in poverty alleviation and rural revitalization efforts, fulfilling its corporate social responsibility[122]. - The company has published its 2023 Environmental, Social, and Governance (ESG) report, detailing its social responsibility initiatives[121].

华兰生物工程股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 大华核字[2024]0011000567 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn) 报告编码:京24UQB 华兰生物工程股份有限公司 控股股东及其他关联方资金占用情况的专项说明 (截止 2023 年 12 月 31 日） 目 录 页 次 1 控股股东及其他关联方资金占用情况的专项 1-2 说明 I Í 华兰生物工程股份有限公司 2023 年度非经营 1-2 性资金占用及其他关联资金往来情况汇总表 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 大华会计师事务所(特殊普通合作 市海淀区西四环中路 16 号院 7 号楼 12 层 [1000 电话:86 (10) 5835 0011 传真: 86 (10) 5835 0006 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 大华核字[2024]0011 ...

华兰生物工程股份有限公司独立董事 2023 年度述职报告 各位股东及股东代表： 本人王云龙，作为华兰生物工程股份有限公司（以下简称"公司"）的独立 董事，2023年度严格按照《公司法》《证券法》《上市公司治理准则》《上市公司 独立董事管理办法》等法律法规和规范性文件以及《公司章程》的相关规定，勤 勉忠实独立董事的职责，积极出席公司股东大会、董事会及专门委员会会议，对 董事会审议的各项议案审慎发布独立意见，切实维护了上市公司的整体利益，保 护了全体股东特别是中小股东的合法权益。现就2023年度本人履行独立董事职责 的工作情况汇报如下： 一、本人基本情况 本人王云龙，男，汉族，1962 年出生，教授，教授级高级工程师，河南省 "五一劳动奖章"获得者，中原学者，全国优秀科技工作者，享受国务院政府特 殊津贴。曾任南阳农业职业学院系主任，河南华美生物工程公司研究室主任、总 工程师、技术总裁。现任河南省生物工程技术研究中心主任、首席科学家。2020 年 4 月至今，担任公司独立董事。 报告期内，未发生提议召开董事会的情况，未发生提议召开临时股东大会的 情形，未发生聘请外部审计机构和咨询机构的情况。 二、2023 年度履职 ...

董事会审计委员会工作细则 第一章 总则 第一条 为强化董事会决策功能，做到事前审计、专业审计，确保董事会对 经理层的有效监督，完善公司内部控制，根据《中华人民共和国公司法》、《上 市公司独立董事管理办法》、《公司章程》及其他有关规定，公司特设立董事会 审计委员会，并制订本工作细则。 第二条 董事会审计委员会是董事会依据相应法律法规设立的专门工作机构， 主要负责公司内、外部审计的沟通、监督和核查工作。 第二章 人员组成 第三条 审计委员会成员由三名董事组成，审计委员会成员应当为不在上市 公司担任高级管理人员的董事，其中独立董事应占1/2以上且其中1名独立董事须 为会计专业人士。 第四条 审计委员会委员由董事会选举产生，设主任委员（召集人）一名， 由独立董事中的会计专业人员担任，负责主持委员会工作。 第五条 审计委员会委员必须符合下列条件： （一）不具有《公司法》或《公司章程》规定的不得担任公司董事、监事、 高级管理人员的禁止性情形； （二）最近三年内不存在被证券交易所公开谴责或宣布为不适当人选的情形； （三）最近三年不存在因重大违法违规行为被中国证监会予以行政处罚的情 形； （四）具备良好的道德品行，具有财务、 ...

证券代码：002007 证券简称：华兰生物 公告编号：2024-004 华兰生物工程股份有限公司 第八届监事会第十一次会议决议公告 本公司及监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。 一、监事会会议召开情况 华兰生物工程股份有限公司（以下简称"公司"）第八届监事会第十一次会议 于 2024 年 3 月 18 日以电话或电子邮件方式发出通知，2024 年 3 月 28 日在公司办 公楼三楼会议室以现场表决方式召开，会议由监事会主席马超援先生主持，会议应 出席监事 3 人，实际出席监事 3 人。会议符合《公司法》和《公司章程》的规定。 二、监事会会议审议情况 经与会董事审议，通过如下议案： （一）审议通过了《2023年度监事会工作报告》 《2023年度监事会工作报告》刊登于巨潮资讯（www.cninfo.com.cn）。 该议案尚需提交公司2023年度股东大会审议。 表决结果：3票赞成，0票反对，0票弃权。 （二）审议通过了《2023年年度报告及摘要》 根据中国证监会和深圳证券交易所相关规定，监事会对董事会编制的《2023年 年度报告全文》及摘要进行了审慎审核，提出如 ...

董事会提名委员会工作细则 第一章 总则 第一条 为规范公司管理人员的产生，优化董事会组成，完善公司治理结构， 根据《中华人民共和国公司法》、《上市公司独立董事管理办法》、《公司章程》 及其他有关规定，公司特设立董事会提名委员会，并制订本工作细则。 第二条 董事会提名委员会是董事会依据相应法律法规设立的专门工作机构， 对董事会负责并报告工作，主要负责对公司董事和高级管理人员的人选、选择标 准和程序进行选择并提出建议。 第二章 人员组成 第三条 提名委员会成员由三名董事组成，其中独立董事两名。 第四条 提名委员会委员由董事会选举产生。提名委员会设主任委员（召集 人）一名，由董事会选举一名独立董事委员担任，负责主持委员会工作。 第五条 提名委员会委员必须符合下列条件： （一）不具有《公司法》或《公司章程》规定的不得担任公司董事、监事、 高级管理人员的禁止性情形； （二）最近三年内不存在被证券交易所公开谴责或宣布为不适当人选的情形； （三）最近三年内不存在因重大违法违规行为被中国证监会予以行政处罚的 情形； （四）具备良好的道德品行，具有人力资源管理、企业管理、财务、法律等 相关专业知识或工作背景； （五）符合有关法 ...