拟回购3-5亿元公司股份，彰显长期发展信心

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company plans to repurchase shares worth 300-500 million RMB, demonstrating confidence in its long-term development [1]. - The transition from a vaccine platform to a broader biopharmaceutical platform is expected to reshape the company's valuation [1]. - A strategic partnership with GSK is anticipated to create a second growth curve, particularly with the introduction of a high-efficacy shingles vaccine [1]. Financial Summary - The company’s projected net profits for 2023-2025 are 9.2 billion RMB, 12.0 billion RMB, and 15.0 billion RMB, reflecting year-on-year growth rates of 22.0%, 30.7%, and 24.8% respectively [2]. - Revenue is expected to grow from 46.68 billion RMB in 2023 to 76.14 billion RMB in 2025, with growth rates of 22.0% and 23.0% [2]. - The company's earnings per share (EPS) are projected to increase from 3.83 RMB in 2023 to 6.25 RMB in 2025 [2]. Market Position and Strategy - The company has established three major research and production bases and nine research technology platforms, enhancing its self-research capabilities [1]. - The acquisition of Chanan Bio is expected to expand the company's business into metabolic diseases, marking a significant step in its evolution [1]. - The partnership with GSK involves a total procurement amount of 20.64 billion RMB, which is expected to provide a competitive advantage in drug supply [1].