华兰生物：Q1营收与净利双增 去年采浆量创历史新高|财报解读

Group 1: Company Performance - In Q1, Hualan Biological achieved revenue of 868 million yuan, a year-on-year increase of 10.2% [1] - The net profit attributable to shareholders was 313 million yuan, up 19.62% year-on-year, while the net profit excluding non-recurring gains and losses was 300 million yuan, increasing by 35.35% [1] - The blood products segment generated revenue of 843 million yuan, with a year-on-year growth of 11.98% and a net profit of 291 million yuan, reflecting a 23.47% increase [1] Group 2: Vaccine Business - Hualan Vaccine reported Q1 revenue of 24.28 million yuan, a decline of 29.05% year-on-year, with a net profit of 32.78 million yuan, down 15.06% [2] - The net profit excluding non-recurring gains and losses was 15.42 million yuan, showing an increase of 8.89% [2] - The company anticipates that vaccine sales will improve in Q2 as product approvals and sales efforts ramp up [2] Group 3: Industry Trends - The plasma collection volume for Hualan Biological reached a record high of 1586.37 tons in 2024, marking an 18.18% increase [3] - The blood products industry is experiencing increased merger and acquisition activities, with plasma stations becoming a strategic focus for companies [3] - Notable acquisitions include Boya Biological's purchase of 100% of Green Cross China for 1.82 billion yuan, adding 4 plasma stations, and Tian Tan Biological's acquisition of 5 plasma stations from CSL Asia Pacific [3]