（文章来源：证券日报） 证券日报网讯 12月11日，华兰生物在互动平台回答投资者提问时表示，二级市场股价受经营环境、经 营业绩、股东结构以及所处行业的发展前景等综合影响，公司将持续通过现金分红、加快产品研发等措 施维护股东利益。 ...

（文章来源：证券日报） 证券日报网讯 12月11日，华兰生物在互动平台回答投资者提问时表示，公司将继续通过提升信息披露 质量、保持稳定分红等方式，积极传递内在价值，维护投资者利益。 ...

Group 1 - The domestic demand for influenza vaccines is experiencing a significant surge as the winter flu season approaches, prompting the company to ramp up production to ensure market supply [1] - The company has reported a notable increase in vaccine orders from local disease control centers since October, particularly as the traditional flu peak in November approaches, leading to faster inventory turnover of its core product, the quadrivalent influenza virus split vaccine [1] - To address the supply-demand imbalance, the company has urgently opened multiple production lines and is working on additional batches of the quadrivalent influenza virus split vaccine, which are expected to be quickly released to the market after completing regulatory inspection processes [1] Group 2 - The company's subsidiary, Hualan Vaccine, is the largest influenza vaccine producer in the country, with a production capacity of 100 million doses annually, providing a solid foundation to meet seasonal demand fluctuations [2] - Since the launch of the quadrivalent influenza virus split vaccine in 2018, the company has maintained a leading position in the domestic market, with its vaccine sales consistently ranking among the top in the industry and achieving high market recognition from disease control centers nationwide [2] - The company is accelerating its global expansion, with overseas markets becoming a new growth engine, having successfully entered markets in Pakistan and the Dominican Republic since 2025, which enhances its revenue structure and international brand influence [2]

华兰生物（002007.SZ）12月11日在投资者互动平台表示，根据中国食品药品检定研究院的公开数据显 示，截至目前公司已签发流感疫苗批次为55批，批签发批次数量位居国内前列。自10月份特别是11月份 以来，民众接种流感疫苗的意识显著增强，各地疾控中心的需求订单较上年同期显著增加，公司流感疫 苗特别是四价流感病毒裂解疫苗的库存消化较快，为满足市场的需求，公司加班加点，增加了多个批次 四价流感病毒裂解疫苗的分包装并已提交批签发申请，预计近期在完成批签发后将投放市场。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘好，看楚天科技说疫苗预约通道开通，秒没，这 是目前流感疫苗真实写照吗？那为何公司和子公司二级市场反应平平？ ...

华兰生物12月11日在投资者互动平台表示，自10月份以来，民众接种流感疫苗的意识显著增强，各地疾 控中心的需求订单较上年同期显著增加，华兰生物生产的流感疫苗特别是四价流感病毒裂解疫苗的库存 消化较快，为满足市场的需求，华兰生物加班加点，增加了多个批次四价流感病毒裂解疫苗的生产、分 包装并已提交批签发申请，预计近期在完成批签发后将投放市场。 ...

格隆汇12月11日丨华兰生物(002007.SZ)在投资者互动平台表示，公司暂未开展商业航天、卫星互联网 及护理机器人领域的投资业务。 ...

Summary of He Yuan Bio's Conference Call Company Overview - He Yuan Bio specializes in the research and development of plant-derived recombinant protein expression technology and products, established in 2006 as a national high-tech enterprise [2][3]. Core Product - The core product, HY1,001 (recombinant human serum albumin), was launched in China on July 18, 2025, for treating hypoalbuminemia due to liver cirrhosis. It has completed Phase II clinical trials in the U.S. and is advancing to Phase III [2][3][8]. Market Potential - Expected revenue from HY1,001 is projected to exceed 3 billion yuan by 2030, with a market share of approximately 39% in the recombinant human serum albumin market [4][19]. - The global market for human serum albumin (excluding China) is anticipated to grow from $4.643 billion in 2024 to $7.4 billion by 2031, with a CAGR of about 6.28%. The Chinese market is expected to grow from 39.5 billion yuan in 2024 to 57 billion yuan by 2030, with a CAGR of approximately 6% [2][10]. Production Advantages - He Yuan Bio utilizes rice endosperm cells as bioreactors, offering several advantages: 1. High recombinant protein expression (20-30 grams per kilogram of brown rice) [5]. 2. Simple purification process, leading to lower costs (production cost is at least 50% lower than traditional methods) [5][18]. 3. Easy scalability, with raw materials that can be stored for 2-3 years at room temperature [5]. 4. Good safety profile, with no risk of transmitting animal-borne diseases [5][18]. Production Capacity and Infrastructure - A 10-ton capacity human serum albumin raw material factory is operational, with a new intelligent production line of 120 tons per year set to begin construction in September 2024 [7]. - A transgenic rice planting base in Xinjiang is expected to cover over 9,000 acres by 2025, with plans to expand to 20,000 acres by 2026 and 35,000 acres by 2027 [7]. Competitive Landscape - The domestic human serum albumin market is heavily reliant on plasma purification, with 60% of supply imported. In 2021, China had only 290 plasma collection stations compared to 1,041 in the U.S. [4][11][12]. - Major competitors include Tian Tan Bio and Hua Lan Bio, with Tian Tan being the largest producer, collecting 2,781 tons of plasma in 2024 [15][16]. Risks - He Yuan Bio faces potential legal risks, including a patent investigation initiated by Virtual BioScience in December 2020, which has since been withdrawn. However, He Yuan Bio has filed a counter-infringement lawsuit [5][6]. Future Outlook - The company is optimistic about expanding its product pipeline, with additional products like HY1,002 and HY1,003 in development, targeting various medical conditions [21][22]. - Despite current financial losses, the high R&D investment is expected to position the company favorably for future growth, with a projected peak sales value of 9.8 billion yuan by 2030 [20].

Investment Rating - The industry rating is maintained at "Overweight" [7][11][26] Core Insights - The vaccine industry is currently under pressure, with performance still in a bottoming phase due to high competition and supply-demand imbalance. Companies are focusing on pipeline adjustments and innovation to enhance product competitiveness [10][11][26] - The industry is transitioning from scale expansion to innovation-driven growth, with policies, demand, and technology being the three main driving forces for development [11][29] Summary by Sections Domestic and International Vaccine Dynamics - Regeneron Biologics has initiated Phase II clinical trials for its freeze-dried shingles mRNA vaccine RH110, targeting immunogenicity and safety in subjects aged 40 and above [2] - The National Influenza Center reported a 24.88% increase in flu-like illness cases in China from the previous week, with a notable rise in both southern and northern provinces [2] Market Performance - The vaccine sector saw a decline of 1.62% last week, with a cumulative drop of 6.66% since the beginning of 2025 [3][4][13] - The vaccine industry PE (ttm) was 95.66X, up 0.25X week-on-week, while the PB (lf) was 1.85X, down 0.02X [5] Company Performance - Top-performing companies in the vaccine sector included Olin Biologics and Kanghua Biologics, while companies like Watson Biologics and CanSino showed weaker performance [4][20] Investment Recommendations - The report suggests focusing on companies with strong R&D capabilities and differentiated product lines, recommending Kanghua Biologics and highlighting the importance of flu vaccine-related companies in the short term [11][29]

Company Overview - He Yuan Bio, established in 2006, specializes in the research and development of plant-derived recombinant protein expression technology and products, aiming to create world-class biopharmaceuticals based on plant bioreactor technology [5]. - The company has developed two core technology platforms: a high-efficiency recombinant protein expression platform and a protein purification platform, achieving a recombinant protein expression yield of 20-30g/kg and a purification purity of 99.9999% [14][19]. Product Pipeline - The core product, HY1001 (recombinant human albumin), is expected to receive domestic approval by July 2025 and has completed FDA Type C communication for its Phase III clinical trial design in the U.S. [2][27][28]. - Other products in the pipeline include HY1002 (lactoferrin lysozyme oral solution), HY1003 (α-1 antitrypsin), and additional candidates targeting various medical conditions, with a total of 19 recombinant proteins under development [2][25]. Market and Competition - The domestic human recombinant albumin market is projected to grow from 39.5 billion RMB in 2024 to 57 billion RMB by 2030, with a CAGR of 6% [3][41]. - Currently, 62.9% of the domestic market is supplied by imports, with He Yuan Bio positioned as a leading domestic player in the recombinant HSA market, indicating strong potential for import substitution [3][42]. - The global demand for HSA is expected to reach 800 tons by 2030, with emerging markets heavily reliant on imports [3][41]. Cost and Production Advantages - The production cost of HY1001 is projected to be significantly lower than that of plasma-derived human albumin, with estimates suggesting a cost reduction of over 50% once the 120-ton production line is fully operational [54][56]. - The company has established a commercial-scale production line capable of producing 10 tons of HSA per year and is expanding to a 120-ton capacity by 2024 [22]. Clinical and Regulatory Progress - HY1001 has shown non-inferiority to plasma-derived human albumin in clinical trials, demonstrating comparable efficacy and safety profiles [52][49]. - The product has been recognized by FDA experts as a "historical innovation," supporting its global clinical trial design [28]. Future Outlook - The market for recombinant human albumin is expected to expand significantly, with projected sales revenue for HY1001 reaching approximately 15.67 billion RMB by 2030, driven by increasing treatment rates for liver cirrhosis and low albumin levels [58]. - The company anticipates a growing demand for its products, particularly in light of the limitations of plasma-derived products and the increasing focus on safety and supply stability [45][47].

Group 1: Flu Season Overview - The flu season in China has entered a high incidence period, with flu-like cases in southern and northern provinces reaching 10.3% and 9.1% of total emergency visits, respectively, both higher than the previous week [1] - The demand for flu prevention and control has surged, prompting pharmaceutical companies to increase inventory and supply across all segments, including vaccines, diagnostics, treatments, and drug distribution [1] Group 2: Prevention Efforts - Hualan Biological Engineering Co., Ltd. has reported a significant increase in public awareness regarding flu vaccination, leading to a rise in demand orders from disease control centers compared to the same period last year [1] - The company has efficiently utilized its cold chain logistics to meet the vaccination needs across the country [1] Group 3: Diagnostic Solutions - Shengxiang Biotechnology Co., Ltd. has developed a rapid nucleic acid testing solution for respiratory infections, covering various pathogens and is suitable for outpatient, emergency, and inpatient settings [1] - The company has seen an increase in shipments of respiratory products since October and is well-prepared to meet the testing demand during the flu season [1] Group 4: Treatment Options - The industry is witnessing a collaborative approach in flu treatment, combining Western and traditional Chinese medicine [2] - Beijing Shuanglu Pharmaceutical Co., Ltd. has reported an increase in orders for its flu medications, including Oseltamivir and immune enhancers [2] - Hunan Fangsheng Pharmaceutical Co., Ltd. has noted a significant improvement in sales of respiratory products in the fourth quarter, although overall sales for the year still require monitoring [2] Group 5: Drug Distribution - From November, the sales of flu medications, particularly Oseltamivir and Mabalaoshuai (Sufuda), have seen significant growth at the pharmacy chain, Lao Bai Xing [3] - The company has initiated supply assurance plans ahead of the respiratory disease peak season, ensuring stable market supply through predictive measures and increased inventory [3] - The overall pharmaceutical industry is responding to the flu season by ramping up production and inventory, which not only meets public medication needs but also drives company performance [3]