Investment Rating - The report upgrades the investment rating of the company to "Accumulate" [5][11] Core Views - The company is expected to see a significant improvement in performance in 2025 after a disappointing 2024, where net profit is projected to drop by 70.93% to 76.74% compared to the previous year [7][5] - The main revenue source, the influenza vaccine, faced a price reduction of over 40% in June 2024, impacting sales and overall profitability [7][5] - Despite the challenges, the company continues to invest in innovative vaccine development and maintain a high level of R&D expenditure [7][5] Financial Summary - Revenue for 2024 is estimated at 1,600 million, a decrease of 33.62% from 2023, with a projected recovery to 2,200 million in 2025 [5][8] - Net profit for 2024 is expected to be between 215 million and 250 million, a significant decline from 860 million in 2023, but is forecasted to rebound to 806 million in 2025 [5][8] - Earnings per share (EPS) are revised down to 0.36 for 2024, with expectations of 1.34 and 1.23 for 2025 and 2026 respectively [5][8]

Financial Performance - The company expects a net profit for 2024 to be between 200 million and 250 million CNY, representing a decline of 70.93% to 76.74% compared to the previous year's profit of 859.9686 million CNY [3]. - The net profit after deducting non-recurring gains and losses is projected to be between 110 million and 160 million CNY, down 78.89% to 85.49% from last year's 757.9972 million CNY [3]. - Non-recurring gains and losses are expected to impact net profit by approximately 90 million CNY, primarily from investment income generated from idle funds [6]. Market and Sales Impact - The business development and profitability have been significantly impacted by changes in vaccination rates, declining market demand, and reduced sales [6]. - The company adjusted the price of its quadrivalent influenza vaccine by over 40% in June 2024 to enhance market competitiveness and accessibility [5]. Research and Development - The company maintains a high level of investment in R&D for innovative vaccines and gene-engineered vaccines, which has negatively affected net profit [6].

证券代码：301207 证券简称：华兰疫苗 公告编号：2025-001 华兰生物疫苗股份有限公司 第二届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华兰生物疫苗股份有限公司（以下简称"公司"）第二届董事会第十一次会议 于2025年1月3日以电话或网络通讯方式发出通知，于2025年1月10日以现场结合 通讯表决方式召开，会议应出席董事9名，实际出席董事9名。会议的召集和召开 符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 会议以9票同意，0票反对，0票弃权的表决结果审议通过了《关于指定董事 兼总经理代行董事会秘书及财务总监职责的议案》。 为保证公司日常运作等工作有序开展，公司董事会同意在正式聘任新的董事 会秘书及财务总监前，指定董事兼总经理安文珏女士代行董事会秘书及财务总监 职责。公司将按照相关法律法规尽快正式聘任董事会秘书及财务总监，并履行相 关信息披露义务。 公司审计委员会对本议案发表了一致同意的审议意见。 具体内容详见公司同日披露于巨潮资讯网的《关于公司董事会秘书兼财务总 监辞职暨指 ...

Investment Rating - The report maintains a "Cautious Accumulate" investment rating for the company [4][11]. Core Views - The company, established in 2005 and listed on the Shenzhen Stock Exchange in 2022, specializes in the research, production, and sales of human vaccines, with a primary revenue source from influenza vaccines [2]. - For the first three quarters of 2024, the company reported a revenue of 957 million yuan, a year-on-year decline of 44.28%, and a net profit attributable to shareholders of 267 million yuan, down 57.54% year-on-year [3]. - The decline in performance is attributed to a high base from the previous year due to an outbreak of H1N1 influenza, alongside reduced sales and price cuts for influenza vaccines [3]. - The company's gross margin for the first three quarters of 2024 was 81.05%, a decrease of 7.36 percentage points compared to the same period last year [3]. - The report forecasts earnings per share (EPS) for 2024, 2025, and 2026 to be 0.88 yuan, 1.09 yuan, and 1.19 yuan respectively, with corresponding dynamic price-to-earnings ratios of 21.18, 17.08, and 15.73 [4][5]. Financial Summary - The company achieved a revenue of 1,826 million yuan in 2022, which increased to 2,410 million yuan in 2023, but is expected to decline to 2,049 million yuan in 2024, reflecting a growth rate of -15% [5]. - The net profit for 2022 was 520 million yuan, which rose to 860 million yuan in 2023, but is projected to drop to 530 million yuan in 2024, indicating a year-on-year decrease of 38.39% [5]. - The company's total assets are projected to grow from 7,076 million yuan in 2022 to 9,812 million yuan by 2026 [6]. - The cash flow from operating activities is expected to increase from 289 million yuan in 2022 to 1,013 million yuan in 2026 [7]. Market Performance - The company's stock closed at 18.67 yuan, with a market capitalization of 2.645 billion yuan [1]. - The stock has experienced a significant decline relative to the CSI 300 index, with a performance drop of 46% from November 2023 to November 2024 [4].

Financial Performance - The company's revenue for Q3 2024 was ¥921,834,062.89, representing a decrease of 41.23% compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2024 was ¥242,085,290.80, down 53.58% year-over-year[3]. - The basic earnings per share for Q3 2024 was ¥0.4042, a decline of 53.49% compared to the previous year[3]. - Total operating revenue for the current period is ¥957,363,018.62, a decrease of 44.4% compared to ¥1,718,267,831.09 in the previous period[20]. - Net profit for the current period is ¥267,359,727.86, a decrease of 57.5% compared to ¥629,714,837.48 in the previous period[21]. - Operating profit for the current period is ¥305,871,419.40, down 58.6% from ¥737,508,632.46 in the previous period[21]. - Basic earnings per share for the current period is ¥0.4463, down from ¥1.0495 in the previous period[22]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥7,641,648,782.70, a decrease of 4.42% from the end of the previous year[3]. - The total current assets decreased from 5,226,815,305.37 CNY at the beginning of the period to 4,631,880,229.62 CNY at the end of the period, representing a decline of approximately 11.4%[17]. - Total liabilities decreased from 1,732,226,370.79 CNY to 1,547,467,594.35 CNY, a reduction of approximately 10.7%[18]. - The company's total assets decreased from 7,995,318,297.21 CNY to 7,641,648,782.70 CNY, reflecting a decline of about 4.4%[18]. - The company's retained earnings decreased from 2,461,743,479.87 CNY to 2,369,094,207.73 CNY, a decrease of approximately 3.8%[19]. Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥350,644,555.60, down 28.24% year-over-year[3]. - Cash flow from operating activities for the current period is ¥350,644,555.60, a decrease of 28.3% compared to ¥488,668,014.32 in the previous period[23]. - The net cash flow from investing activities was -¥33,805,690.23, a 94.25% improvement from the previous period[8]. - The net cash flow from investing activities was -33,805,690.23 CNY, compared to -588,359,444.13 CNY in the previous period[24]. - The net increase in cash and cash equivalents was -109,728,909.46 CNY, compared to -224,261,096.50 CNY in the previous period[24]. - The ending balance of cash and cash equivalents was 531,251,202.49 CNY, up from 600,041,864.54 CNY at the beginning of the period[24]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 17,177[10]. - The largest shareholder, Hualan Biological Engineering, holds 67.38% of the shares, totaling 405,000,000 shares[10]. - The second-largest shareholder, Cyber Creator Limited, holds 8.98% of the shares, totaling 54,000,000 shares[10]. - The third-largest shareholder, Henan Huaying Enterprise Management Consulting Partnership, holds 4.99% of the shares, totaling 30,000,714 shares[10]. - The company has a total of 378,000 restricted shares due to executive lock-up[14]. - The report indicates that there are no preferred shareholders with voting rights[10]. - The top ten shareholders account for a significant portion of the total shareholding, with the largest three holding over 80% combined[10]. - The company has not disclosed any other relationships among the top ten shareholders, except for the relationship between Hualan Biological Engineering and Cyber Creator Limited[11]. - The report does not indicate any changes in the number of shares held by the top ten shareholders due to margin trading[12]. - The company has not issued any new shares during the reporting period[14]. Operational Adjustments - The company adjusted the prices of its quadrivalent influenza vaccines effective June 5, 2024, with adult prefilled 0.5ml at 88 CNY per dose, adult vial 0.5ml at 85 CNY per vial, and children's prefilled 0.25ml at 128 CNY per dose[15]. - The company aims to stimulate market demand for influenza vaccines through price adjustments, despite an expected short-term negative impact on sales revenue[15]. - The company plans to enhance internal cost control and improve sales volume to mitigate the pressure from price reductions[15]. - Research and development expenses for the current period are ¥80,510,272.88, an increase of 12.8% compared to ¥71,494,795.96 in the previous period[20]. - Sales expenses for the current period are ¥411,829,871.25, down 42% from ¥709,393,184.19 in the previous period[20]. - Tax expenses for the current period are ¥38,541,370.30, a decrease of 63.4% compared to ¥105,212,998.05 in the previous period[21]. Inventory Management - The company reported a significant increase in inventory, with a 40.56% rise to ¥243,832,814.78 compared to the beginning of the year[6]. - Inventory increased from 173,470,942.08 CNY to 243,832,814.78 CNY, marking an increase of about 40.5%[17].

| 项目 | 工作内容 | | --- | --- | | 7.向深圳证券交易所报告情况（现场检查报告 | | | 除外） | | | （1）向深圳证券交易所报告的次数 | 无 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 无 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9.保荐业务工作底稿记录、保管是否合规 | 是 | | 10.对上市公司培训情况 | | | （1）培训次数 | 1 | | （2）培训日期 | 2024 年 3 月 19 日 | | （3）培训的主要内容 | 上市公司募集资金管理规范，从上市公司募集 资金管理的相关规则出发，并结合近三年国内 | | | 市场募集资金使用违规案例进行讲解 | | 11.其他需要说明的保荐工作情况 | 无 | 华泰联合证券有限责任公司 关于华兰生物疫苗股份有限公司 2024 年半年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：华兰疫苗 | ...

分析师：李琳琳 登记编码：S0730511010010 lill@ccnew.com 021-50586983 业绩承压，等待流感疫苗销售回暖 生物医药Ⅱ ——华兰疫苗(301207)中报点评 | --- | --- | --- | --- | |-----------------------------------------|------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：301207 证券简称：华兰疫苗 公告编号：2024-048 华兰生物疫苗股份有限公司 关于回购股份实施完成暨股份变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 华兰生物疫苗股份有限公司（以下简称"公司"）于2024年6月5日召开第二 届董事会第七次会议和第二届监事会第七次会议，审议通过了《关于回购公司 股份方案的议案》。公司计划使用自有资金以集中竞价交易方式回购公司股份， 用于维护公司价值及股东权益所必需，并将按照有关回购规则和监管指引要求 在规定期限内出售或注销。本次回购总金额不低于人民币10,000万元（含本 数），不超过人民币20,000万元（含本数），回购价格不超过31.28元/股（含本 数），具体回购金额及回购数量以回购完成时实际使用的资金和回购的股份数 量为准。回购股份的实施期限自董事会审议通过本次回购股份方案之日起三个 月内。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《回购报告 书》（公告编号：2024-032）和《关于2023年年度权益分派实施后调整回购价格 上限的公告》（公告编号：202 ...

证券代码：301207 证券简称：华兰疫苗 公告编号：2024-047 华兰生物疫苗股份有限公司 关于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、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 华兰生物疫苗股份有限公司（以下简称"公司"）于2024年6月5日召开第二 届董事会第七次会议和第二届监事会第七次会议，审议通过了《关于回购公司 股份方案的议案》。公司计划使用自有资金以集中竞价交易方式回购公司股份， 用于维护公司价值及股东权益所必需，并将按照有关回购规则和监管指引要求 在规定期限内出售或注销。本次回购总金额不低于人民币10,000万元（含本 数），不超过人民币20,000万元（含本数），回购价格不超过31.28元/股（含本 数），具体回购金额及回购数量以回购完成时实际使用的资金和回购的股份数 量为准。回购股份的实施期限自董事会审议通过本次回购股份方案之日起三个 月内。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《回购报告 书》（公告编号：2024-032）和《关于2023年年度权益分派实施后调整回购价格 上限的公告》（公告编号：2024-033 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 28.55 [5]. Core Views - The company's performance in the first half of 2024 shows a significant decline in revenue and net profit, with a year-on-year decrease of 76% for both revenue and net profit [1]. - The report anticipates that sales of influenza vaccines will return to normal in the second half of 2024, particularly in the fourth quarter, as the sales of influenza vaccines are typically concentrated in that period [2]. - The supply-demand balance in the influenza vaccine industry is expected to improve in 2024, with stable production and supply from the company, which leads the industry in both production capacity and market share [3]. - The company is advancing its research pipeline, with several vaccines expected to enter clinical trials and production in the coming years [4]. Summary by Sections Financial Performance - In 1H24, the company reported revenue of RMB 0.36 billion and a net profit attributable to the parent company of RMB 0.25 billion, both down 76% year-on-year [1]. - For 2Q24, the revenue was RMB 130 million, with a net loss of RMB 113.1 million, reflecting a 193% year-on-year decline in net profit [1]. Market Outlook - The report expects the influenza vaccine sales to normalize in 2024, with a projected return to typical sales patterns concentrated in the second half of the year [2]. - The overall vaccination rate for influenza in China is around 3%, indicating significant room for growth compared to the U.S. rate of approximately 50% [3]. Production and Supply - The company has maintained a leading position in the influenza vaccine market, with 66 batches of vaccines approved for sale in 1H24, including 60 batches of quadrivalent influenza vaccines [3]. - The report notes that the supply situation is expected to improve as competitors like Sanofi have paused their supply due to efficacy issues, which may enhance the company's market position [3]. Research and Development - The company has several vaccines in its pipeline, including Vero rabies vaccine and Tetanus vaccine, which have received approval and are expected to enhance product quality and market competitiveness [4]. - Future clinical trials for MenAC and DTacP vaccines are anticipated to start in 2025 and 2H24, respectively, along with ongoing development of mRNA vaccines [4].