华兰生物一季报出炉，扣非净利润同比增长35.35%，三轮驱动战略展现韧性

Core Viewpoint - Hualan Biological's Q1 2025 financial report shows strong growth driven by its "blood products + vaccines + recombinant protein drugs" strategy, with significant increases in revenue and net profit compared to the previous year [1][2]. Financial Performance - The company achieved a revenue of 868 million yuan, a year-on-year increase of 10.2% [1]. - The net profit attributable to shareholders was 313 million yuan, reflecting a growth of 19.62% year-on-year [1]. - The non-recurring net profit reached 300 million yuan, up 35.35% from the same period last year [1]. - Blood products business generated revenue of 843 million yuan, a growth of 11.98% year-on-year, with a net profit of 291 million yuan, increasing by 23.47% [1]. Product Performance - Hualan Biological maintains a leading market share in domestic blood products, with core product batch approvals remaining among the top in the industry [2]. - The vaccine segment is expected to see growth in Q2 as flu vaccine sales ramp up following seasonal factors [2]. - The new product Bevacizumab began sales in Q1 2025, with expectations for increased sales in Q2, potentially creating a new growth driver [2]. Research and Development - The company invested 66.46 million yuan in R&D, accounting for 7.66% of its revenue, indicating a commitment to biopharmaceutical innovation [2]. - Hualan Biological's plasma collection efforts have led to a record high collection volume of 1586.37 tons in 2024, an increase of 18.18% year-on-year [2]. Strategic Outlook - The Q1 performance validates the effectiveness of the company's three-pronged strategy and demonstrates resilience and robust growth in core business areas [2]. - Future growth is anticipated as domestic vaccine demand recovers and the blood products industry consolidates, with Bevacizumab expected to capture a larger market share in a market projected to reach hundreds of billions [2].