HUALAN BIOLOGICAL(SZ:002007) Xin Lang Cai Jing·2025-08-27 15:42Core Viewpoint - Hualan Biological Engineering Co., Ltd. reported steady growth in its financial performance for the first half of 2025, driven by strong revenue from blood products and ongoing innovation in drug development [2][3][4]. Financial Performance - In the first half of 2025, Hualan Biological's revenue reached 1.798 billion yuan, an increase of 8.8% year-on-year [2]. - The net profit attributable to shareholders was 516 million yuan, reflecting a year-on-year growth of 17.19% [2]. - The net profit after deducting non-recurring gains and losses was 484 million yuan, up 33.41% compared to the previous year [2]. - The blood products segment generated 1.738 billion yuan in revenue, with a net profit of 502 million yuan, marking increases of 7.49% and 18.51% respectively [2]. - As of the end of the reporting period, total assets amounted to 15.535 billion yuan, and net assets attributable to shareholders were 12.013 billion yuan [2]. Plasma Collection and Drug Innovation - Plasma collection volume increased to 803.66 tons, a growth of 5.23% year-on-year, supported by the establishment of a new plasma collection station [3]. - The company is advancing its innovative drug and biosimilar drug development, with significant progress in clinical trials for various products [3]. - The GLP-1 receptor agonist for type 2 diabetes has completed Phase I/II clinical studies and is preparing for Phase III trials [3]. Sales and International Expansion - Sales revenue from Bevacizumab reached 58.8958 million yuan in the first half of 2025, following the receipt of the drug registration certificate at the end of 2024 [4]. - The company has initiated drug registration processes for international markets, including Turkey, to accelerate its global expansion [4]. Dividend Policy and Industry Outlook - Hualan Biological has maintained a robust dividend policy, distributing a total of 5.34 billion yuan since its listing, which is 8.53 times its financing amount [4]. - The proposed cash dividend for the first half of 2025 is 0.5 yuan per share, totaling 914 million yuan, which represents 177.13% of the net profit attributable to shareholders [4]. - The company views mergers and acquisitions as a trend in the blood products industry and is actively seeking suitable targets to enhance its core competitiveness [4]. Product Pricing and Market Perspective - Domestic prices for core blood products are under pressure, with slight declines compared to the previous year, but the company maintains a balanced production and sales strategy [5]. - The company disagrees with the notion that the vaccine industry is in decline, citing ongoing growth in the global human vaccine market and low vaccination rates in China as opportunities for expansion [5]. - Hualan Biological plans to enhance product promotion to achieve better performance in 2025, despite anticipated profit declines due to price adjustments [5].