华兰生物：半年报扣非净利润增长33.41% 三轮驱动战略展现韧性

Core Viewpoint - Hualan Biological's half-year report for 2025 shows strong performance driven by its "blood products + vaccines + recombinant protein drugs" strategy, with significant revenue and profit growth [1][2][3] Financial Performance - The company achieved a revenue of 1.798 billion yuan, an increase of 8.8% year-on-year, and a net profit of 515 million yuan, up 17.19% year-on-year [1] - The blood products segment generated 1.738 billion yuan, reflecting a growth of 7.49% year-on-year, with a net profit of 502 million yuan, an increase of 18.51% year-on-year [1] Dividend Policy - Hualan Biological plans to distribute a dividend of 5 yuan per 10 shares (including tax), totaling 913 million yuan, and aims to enhance the stability and predictability of cash dividends in the future [1] Market Position and Growth Drivers - As a leading player in the domestic blood products industry, Hualan Biological's market share and comprehensive utilization rate remain strong, showcasing resilience and high-quality development [2] - The company collected 803.66 tons of plasma in the first half of the year, a 5.23% increase year-on-year, indicating ongoing growth in plasma collection [2] Research and Development - Hualan Biological invested 161.35 million yuan in R&D, accounting for 8.97% of revenue, and is advancing its pipeline with 9 major projects in clinical trials or application stages [2] - The company is actively developing innovative drugs in various therapeutic areas, including stem cells and cardiovascular diseases, which are expected to create new profit growth points [2] Strategic Outlook - The effectiveness of the "blood products + vaccines + recombinant protein drugs" strategy is validated by the strong half-year performance, indicating robust core business vitality [3] - With the anticipated recovery in domestic vaccine demand and increasing concentration in the blood products industry, Hualan Biological is positioned to expand its market share further [3]