证券研究报告 华兰股份 (301093 CH) 主业稳健增长，期待卡式瓶组件起量 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 医疗器械 | 目标价(人民币): | 39.46 | 公司公告 1H25 收入、归母净利、扣非净利 3.09、0.44、0.35 亿元（+9%、 +18%、+42% yoy），其中 2Q25 收入、归母净利、扣非净利 1.63、0.25、 0.21 亿元（+4%、-4%、-0% yoy）。随着药企客户需求恢复，我们预计 2025 年公司重回增长轨道，此外胰岛素与 GLP-1 供应链国产化有望带来收入利 润弹性，维持"买入"评级。 药用胶塞上半年有序恢复，全年收入有望双位数增长 1H25 收入 3.1 亿元（+9% yoy），毛利率 39.4%（同比基本持平），其中 常规胶塞收入同比增长 8%、覆膜胶塞收入同比增长 9%。1H25 公司在手授 权项目覆膜、常规胶塞分别 1674、1528 个（较 2024 年末增长 8%、6% ...

公司最新毛利率为39.36%，较上季度毛利率增加1.69个百分点。最新ROE为1.93%，较去年同期ROE增 加0.30个百分点。 公司摊薄每股收益为0.27元，在已披露的同业公司中排名第32，较去年同报告期摊薄每股收益增加0.05 元，同比较去年同期上涨22.73%。 公司最新总资产周转率为0.12次，较去年同期总资产周转率增加0.01次，同比较去年同期上涨12.87%。 最新存货周转率为1.36次，在已披露的同业公司中排名第23。 公司股东户数为1.53万户，前十大股东持股数量为6778.85万股，占总股本比例为53.67%，前十大股东 持股情况如下： 2025年8月27日，华兰股份(301093.SZ)发布2025年中报。 公司营业总收入为3.09亿元，较去年同报告期营业总收入增加2501.87万元，同比较去年同期上涨 8.82%。归母净利润为4373.21万元，较去年同报告期归母净利润增加675.60万元，同比较去年同期上涨 18.27%。经营活动现金净流入为4855.55万元。 公司最新资产负债率为10.16%，在已披露的同业公司中排名第8。 | 序号 | 股东名称 | 持股比例 | | --- | ...

Group 1 - The core viewpoint of the news is that Hualan Co., Ltd. (301093.SZ) reported a decrease in institutional holdings in its semi-annual report for 2025, with a total of 10 institutional investors holding 56.6092 million shares, accounting for 44.82% of the total share capital, which is a decrease of 4.34 percentage points from the previous quarter [1] Group 2 - Among public funds, three funds reduced their holdings compared to the previous quarter, with a total reduction rate of 0.26%, while one new public fund was disclosed [1] - In the insurance sector, one insurance company, Ruizhong Life Insurance Co., Ltd., reduced its holdings by 1.0% compared to the previous quarter [2]

证券代码：301093 证券简称：华兰股份 公告编号：2025-083 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 ■ 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 3、公司股东数量及持股情况 单位：股 ■ 1、公司简介 公司是否需追溯调整或重述以前年度会计数据 □是 √否 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 □是 √否 4、控股股东或实际控制人变更情况 ■ 2、主要会计数据和财务指标 控股股东报告期内变更 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制人报告期 ...

Group 1 - The board of directors of Jiangsu Hualan Pharmaceutical New Materials Co., Ltd. held its fourth meeting of the sixth session on August 15, 2025, with all nine directors present, ensuring compliance with relevant laws and regulations [1] - The board approved the annual report and its summary, with detailed content available on the company's disclosure platform [1][2] - The board also approved a special report on the use of raised funds, which was reviewed by the audit committee [2][3] Group 2 - The board authorized the core management team to handle changes related to the raised funds account, including the cancellation and opening of accounts [3] - A temporary shareholders' meeting is scheduled for September 15, 2025, to discuss various proposals, including changes to the company's registered capital and amendments to the articles of association [2][3] - The company aims to improve the efficiency of fund usage by transferring the balance of raised funds to a different bank account [2][3]

Meeting Overview - The company, Jiangsu Hualan Pharmaceutical Materials Co., Ltd., will hold its fourth extraordinary general meeting of shareholders on September 15, 2025, at 14:30 [1][2] - The meeting will be conducted in a hybrid format, combining on-site and online voting [2][5] - The legal compliance of the meeting has been confirmed according to relevant laws and regulations [1][2] Voting Details - Shareholders can vote either in person or through an authorized representative [2][5] - The record date for shareholders eligible to vote is September 9, 2025 [2][4] - The meeting will include a special resolution that requires approval from more than two-thirds of the voting rights held by attending shareholders [3][4] Registration Information - Registration for the meeting will take place on September 12, 2025, from 8:30 to 12:00 and 13:00 to 17:00 [4] - Specific documents are required for registration, including shareholder account cards and identification [4][5] Online Voting Process - Shareholders can participate in online voting through the Shenzhen Stock Exchange's trading system and internet voting system [5][7] - The online voting period will be from 9:15 to 15:00 on September 15, 2025 [2][5] Additional Information - The meeting is expected to last half a day, with attendees responsible for their own travel and accommodation expenses [5][6] - Contact information for inquiries regarding the meeting is provided [5][6]

Core Viewpoint - Hualan Co., Ltd. reported a revenue of 309 million yuan for the first half of 2025, reflecting a year-on-year growth of 8.82% [1] - The net profit attributable to shareholders reached 43.73 million yuan, an increase of 18.27% compared to the previous year [1] - The net profit excluding non-recurring gains and losses was 34.82 million yuan, showing a significant growth of 42.18% year-on-year [1] - The basic earnings per share stood at 0.27 yuan [1] Financial Performance - Revenue for the first half of 2025: 309 million yuan, up 8.82% year-on-year [1] - Net profit attributable to shareholders: 43.73 million yuan, up 18.27% year-on-year [1] - Net profit excluding non-recurring items: 34.82 million yuan, up 42.18% year-on-year [1] - Basic earnings per share: 0.27 yuan [1]

证券日报网讯 8月26日晚间，华兰股份发布公告称，公司第六届董事会第四次会议审议通过了《关于及 其摘要的议案》等多项议案。 （文章来源：证券日报） ...

证券日报网讯 8月26日晚间，华兰股份发布公告称，2025年半年度公司实现营业收入308，761，762.58 元，同比增长8.82%；归属于上市公司股东的净利润为43，732，122.30元，同比增长18.27%。 （编辑 何成浩） ...

证券日报网讯 8月26日晚间，华兰股份发布公告称，董事会同意公司对组织架构进行优化调整。 （文章来源：证券日报） ...