Summary of Key Points Core Viewpoint - Hualan Co., Ltd. (301093.SZ) announced a share buyback program, indicating a commitment to enhancing shareholder value through the repurchase of its own shares [1] Group 1: Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 2,975,699 shares, which represents 1.81% of the current total share capital [1] - The highest transaction price for the repurchased shares was 34.800 CNY per share, while the lowest was 28.700 CNY per share [1] - The total amount of funds used for the buyback was 99.9795 million CNY, excluding transaction fees [1]

证券代码：301093 证券简称：华兰股份 公告编号：2025-089 江苏华兰药用新材料股份有限公司 关于使用部分闲置募集资金和自有资金进行现金管理到期赎回 并继续进行现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏华兰药用新材料股份有限公司（以下简称"公司"）分别于 2024 年 11 月 29 日、2024 年 12 月 18 日召开第五届董事会第三十次会议及第五届监事会第 二十七次会议、2024 年第七次临时股东大会，审议通过了《关于使用部分闲置 募集资金和自有资金进行现金管理的议案》，同意公司及子公司使用不超过人民 币 130,000 万元的闲置募集资金（含超募资金，下同）和自有资金进行现金管理， 其中募集资金不超过 95,000 万元、自有资金不超过 35,000 万元。现金管理有效 期为公司股东大会审议通过之日起 12 个月内，上述额度在有效期内可循环滚动 使用。具体内容详见公司于 2024 年 11 月 30 日在指定信息披露媒体和巨潮资讯 网（www.cninfo.com.cn）上披露的《关于使用部分闲置募集资金和自有资金 ...

证券代码：301093 证券简称：华兰股份 公告编号：2025-090 江苏华兰药用新材料股份有限公司 关于使用超募资金、自有资金及自筹资金以集中竞价交易方式 回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 江苏华兰药用新材料股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日召开了第六届董事会第二次会议，审议通过了《关于使用超募资金、自有资 金及自筹资金以集中竞价交易方式回购公司股份方案的议案》，该议案已经公司 于 2025 年 7 月 11 日召开的 2025 年第三次临时股东会逐项审议通过。具体内容 详见公司于 2025 年 7 月 12 日在巨潮资讯网（www.cninfo.com.cn）上披露的 《关于使用超募资金、自有资金及自筹资金以集中竞价交易方式回购公司股份 的回购报告书》（以下简称"《回购报告书》"）。 根据《回购报告书》，公司将使用超募资金、自有资金及自筹资金以集中竞 价交易方式回购公司股份，本次用于回购的资金总额不低于人民币 10,000 万元 （含）且不超过人民币 20,000 万元（含），其中超募 ...

Market Performance - The medical device sector increased by 1.87% on September 1, with Yirui Biological leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Medical Device Sector - Yirui Biological (300942) closed at 13.82, up 13.56% with a trading volume of 263,400 shares and a transaction value of 350 million [1] - Jimin Health (603222) closed at 12.67, up 9.98% with a trading volume of 1,050,500 shares [1] - Hualan Biological (301093) closed at 37.16, up 9.55% with a trading volume of 123,900 shares [1] - Huatai Medical (688617) closed at 305.49, up 7.43% with a trading volume of 30,100 shares [1] - United Imaging Healthcare (688271) closed at 152.10, up 7.26% with a trading volume of 147,200 shares [1] Top Losers in Medical Device Sector - Toukeng Life (300642) closed at 28.50, down 7.71% with a trading volume of 234,300 shares [2] - Blue Sail Medical (002382) closed at 5.99, down 3.07% with a trading volume of 288,400 shares [2] - Wuzhou Medical (301234) closed at 43.30, down 2.48% with a trading volume of 20,800 shares [2] Capital Flow Analysis - The medical device sector saw a net inflow of 68.08 million from institutional investors, while retail investors contributed a net inflow of 14.9 million [2] - The sector experienced a net outflow of 217 million from speculative funds [2] Individual Stock Capital Flow - Mindray Medical (300760) had a net inflow of 90.24 million from institutional investors, while it faced a net outflow of 128 million from speculative funds [3] - United Imaging Healthcare (688271) saw a net inflow of 87.93 million from institutional investors, with a net outflow of 130 million from speculative funds [3] - Jimin Health (603222) experienced a net inflow of 79.82 million from institutional investors, but a net outflow of 49.23 million from speculative funds [3]

Group 1 - The China Securities Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.99%, with notable increases in constituent stocks such as Chunli Medical (01858) up 10.49%, MicroPort Medical (00853) up 7.02%, and Crystal Technology Holdings (02228) up 6.89% [1] - The Hong Kong Medical ETF (159366) has also seen an increase of 2.44% [1] - The China Securities All Index Medical Device Index (H30217) has increased by 1.46%, with significant gains from Ji Min Health (603222) up 9.98%, Hualan Biological Engineering (301093) up 7.81%, and Huatai Medical (688617) up 6.93% [2][3] Group 2 - The FDA has accepted Vibration-Controlled Transient Elastography (VCTE) as an alternative endpoint for assessing liver fibrosis in patients with Metabolic Associated Steatotic Liver Disease (MASH), marking a significant breakthrough in non-invasive diagnostic technology [4] - This advancement is expected to enhance drug development efficiency for MASH and provide growth opportunities for domestic companies in the non-invasive companion diagnostics field [4] - The pharmaceutical and biotechnology sector showed marginal improvement in Q2 2025, with the innovative drug and CXO sectors performing particularly well, as the CXO industry rebounded with a 14% year-on-year revenue increase and a 54% increase in net profit [4] Group 3 - The domestic medical device industry is gradually recovering from an adjustment period, with market demand showing signs of recovery [5] - In Q2 2025, the medical equipment sector experienced a 5.26% year-on-year revenue growth, and the medical consumables sector maintained stable growth [5] - The Hong Kong Medical ETF (159366) focuses on rare medical segment leaders and has a high CXO content, while the Medical Device ETF (159883) is the largest in A-shares, covering various sub-sectors of the medical device industry [5]

Core Viewpoint - Hualan Co., Ltd. reported a solid performance in its 2025 mid-year financial results, with significant year-on-year growth in revenue and net profit, although there are concerns regarding high accounts receivable levels and declining cash flow per share [1][6]. Financial Performance - Total revenue for the first half of 2025 reached 309 million yuan, an increase of 8.82% compared to 2024 [1]. - Net profit attributable to shareholders was 43.73 million yuan, up 18.27% year-on-year [1]. - The gross profit margin was 39.36%, a slight decrease of 0.1% from the previous year, while the net profit margin improved to 14.16%, an increase of 8.68% [1]. - The total of selling, administrative, and financial expenses was 58.86 million yuan, accounting for 19.06% of revenue, down 12.15% year-on-year [1]. - Earnings per share rose to 0.27 yuan, reflecting a 22.73% increase [1]. Accounts Receivable and Cash Flow - Accounts receivable amounted to 187 million yuan, representing 377.25% of the net profit, indicating a significant concern regarding cash collection [1][6]. - Operating cash flow per share decreased by 53.32% to 0.38 yuan, raising concerns about liquidity [1]. Asset and Liability Changes - Fixed assets increased by 38.02% due to the completion of certain investment projects [2]. - Construction in progress decreased by 54.53% as projects transitioned to fixed assets [2]. - Interest-bearing liabilities rose by 57.79% to 58.91 million yuan, indicating increased leverage [1]. Investment and Returns - The company's return on invested capital (ROIC) was reported at 1.85%, significantly below the historical median of 15.89%, suggesting weaker capital efficiency [6]. - The company’s historical financial performance has been relatively strong, but the recent ROIC indicates a need for improvement [6]. Fund Holdings - The largest fund holding Hualan shares is the Changjiang Intelligent Manufacturing Mixed Fund A, with a current scale of 357 million yuan and a recent net value decline of 1.09% [7].

Core Viewpoint - The company is expected to return to a growth trajectory in 2025, driven by the recovery in demand from pharmaceutical clients and the domestic supply chain for insulin and GLP-1, maintaining a "Buy" rating [1][4]. Financial Performance - In 1H25, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 309 million, 44 million, and 35 million yuan respectively, representing year-on-year increases of 9%, 18%, and 42% [1]. - For 2Q25, the figures were 163 million, 25 million, and 21 million yuan, showing year-on-year changes of +4%, -4%, and 0% [1]. Product Development and Market Expansion - The pharmaceutical rubber stopper segment showed orderly recovery with a projected double-digit revenue growth for the full year, achieving 310 million yuan in 1H25, a 9% year-on-year increase, with a gross margin of 39.4% [1]. - The company has a robust pipeline with 1,674 and 1,528 authorized projects for film-coated and conventional stoppers respectively, indicating an 8% and 6% increase from the end of 2024 [1]. - The company is entering the domestic supply chain for insulin through cartridge components, with expected revenue contributions starting in 2025, including a significant order of 200 million piston components from Ganli Pharmaceutical [2]. Capacity Expansion Initiatives - The company is developing the "Qihang Workshop" to expand its product offerings, including insulin components and pre-filled components, with planned capacities of 1.5 billion piston caps and 10 million COC/COP components [3]. - The company is also relocating and expanding its Chongqing factory to accelerate the aluminum cap project and enhance production capacity in the western market [3]. Valuation and Target Price - The company has increased its capital expenditure assumptions, projecting net profits attributable to shareholders of 110 million, 130 million, and 160 million yuan for 2025-2027 [4]. - A price-to-earnings ratio of 60x is assigned for 2025, with a target price of 39.46 yuan, reflecting a premium due to ongoing order fulfillment and new market entries [4].

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 | | --- | ...

2025年8月27日，华兰股份(301093.SZ)发布2025年半年度报告。截至2025年8月26日，共有10个机构投 资者披露持有华兰股份A股股份，合计持股量达5660.92万股，占华兰股份总股本的44.82%。其中，前 十大机构投资者包括江阴华兰机电科技有限公司、瑞众人寿保险有限责任公司-自有资金、上海磬晟私 募基金管理有限公司-磬晟联盈五号私募证券投资基金、江阴华恒投资有限公司、和盛财富(北京)基金管 理有限公司-和盛财富甄选七号私募证券投资基金、中国银河证券股份有限公司、长江智能制造混合型 发起式A、大成创业板两年定开混合A、银河康乐股票A、长江旭日混合A，前十大机构投资者合计持股 比例达44.82%。相较于上一季度，前十大机构持股比例合计下跌了4.34个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计3个，包括长江智能制造混合型发起式A、长江 旭日混合A、银河康乐股票A，持股减少占比达0.26%。本期较上一季度新披露的公募基金共计1个，即 大成创业板两年定开混合A。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 对于社保基金，本期较上一季未再披露的社保基金共计1 ...