“父女档”掌舵，四川疫苗龙头欧林生物终止A股定增后拟赴港IPO

Core Viewpoint - Oulin Biotech plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange, just weeks after terminating its A-share fundraising plan, indicating a strategic shift in its capital-raising approach [1][9]. Company Overview - Oulin Biotech, led by the father-daughter duo Fan Shaowen and Fan Fan, has become a focal point in the Sichuan capital market, with a market capitalization exceeding 11 billion yuan [4][5]. - The company was founded in 2009 and went public on the Sci-Tech Innovation Board in June 2021 [5][7]. Leadership Background - Fan Shaowen, the 72-year-old founder, has a rich background in the pharmaceutical industry, having previously led several companies to success in the blood products sector before pivoting to human vaccines [5][6]. - Fan Fan, born in 1981, has a diverse educational background, including degrees in hotel management and business management, and has held various roles within the company since joining in 2010 [6][5]. Financial Performance - In the first half of 2025, Oulin Biotech reported revenue of 306 million yuan, a year-on-year increase of 35.17%, and a net profit of approximately 13.2 million yuan, marking a turnaround from losses in the previous year [7][8]. - The company's stock price has seen significant recovery, with a cumulative increase of over 150% this year, bringing its market value back above 10 billion yuan [7][8]. Product Portfolio - Oulin Biotech's main products include adsorbed tetanus vaccine, Hib conjugate vaccine, and AC conjugate vaccine, with ongoing research into vaccines for "super bacteria" and adult vaccines [7][8]. Recent Developments - The company previously attempted to raise funds through an A-share placement but ultimately decided to terminate the plan due to market conditions, while still proceeding with its vaccine research and production projects [9]. - Recent shareholding changes involved a reduction in the stake held by a major shareholder, Shanghai Wushan, which is controlled by the founding family, indicating ongoing adjustments in ownership structure [13].