核查意见 华泰联合证券有限责任公司 关于华兰生物疫苗股份有限公司 部分募投项目延期的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为华兰生物疫苗股份有限公司（以下简称"华兰疫苗"或"公司"）首次公开发 行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务管 理办法》《上市公司募集资金监管规则》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等规定，对华兰疫苗部分募投项目延期事项进行了审慎尽职调查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意华兰生物疫苗股份有限公司首次公 开发行股票注册的批复》（证监许可〔2022〕2 号），华兰疫苗获准向社会公开 发行人民币普通股（A 股）4,001.00 万股，每股面值人民币 1 元，发行价格为 56.88 元/股，募集资金总额为人民币 2,275,768,800.00 元，扣除各项发行费用人民币 31,565,696.07 元（含税），实际募集资金净额为人民币 2,244,203,103.93 元。上述 募集资金已于 2022 年 ...

Core Viewpoint - Hualan Vaccine reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating challenges in the company's financial performance [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 746 million yuan, a year-on-year decrease of 19.07% [1] - The net profit attributable to shareholders was 112 million yuan, down 53.94% year-on-year [1] - Basic earnings per share for Q3 2025 were 0.1874 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company reported total operating revenue of 806 million yuan, reflecting a year-on-year decline of 15.81% [1] - The net profit attributable to shareholders for the first three quarters was 132 million yuan, a decrease of 50.51% compared to the previous year [1] - Basic earnings per share for the first three quarters were 0.2224 yuan [1]

证券代码：301207 证券简称：华兰疫苗 公告编号：2025-047 华兰生物疫苗股份有限公司 关于部分募投项目延期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 2025 年 10 月 29 日，华兰生物疫苗股份有限公司（以下简称"公司"）召 开第二届董事会第十七次会议、2025 年第一次战略委员会会议以及 2025 年第 五次审计委员会会议，审议通过了《关于延长部分募集资金投资项目实施期限 的议案》，同意公司将募投项目"冻干人用狂犬病疫苗开发及产业化建设项 目"、"多联细菌性疫苗开发及产业化建设项目"、"新型疫苗研发平台建设 项目"的预计达到可使用状态日期向后延长至 2027 年 12 月 31 日。 一、募集资金基本情况 上述事项已经公司审计委员会、战略委员会及董事会审议通过，保荐人华 泰联合证券有限责任公司（以下简称"保荐人"）发表了明确的同意意见。根 据相关规定，本次调整事项无需股东会审议批准。具体情况如下： 根据中国证券监督管理委员会《关于同意华兰生物疫苗股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕2 号），华兰生物疫 ...

证券代码：301207 证券简称：华兰疫苗 公告编号：2025-045 《2025 年第三季度报告》具体内容详见公司同日披露于《证券时报》、《中国 证券报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的 2025-046 号公告。 华兰生物疫苗股份有限公司 第二届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华兰生物疫苗股份有限公司（以下简称"公司"）第二届董事会第十七次会议于 2025年10月17日以电话或电子邮件方式发出通知，于2025年10月29日以通讯表决方 式召开，会议应出席董事9名，实际出席董事9名。会议的召集和召开符合《公司法》 和《公司章程》的有关规定。 二、董事会会议审议情况 1、会议以 9 票同意，0 票反对，0 票弃权的表决结果通过了《2025 年第三季度 报告》。 公司严格按照《证券法》及《深圳证券交易所创业板股票上市规则》等有关规 定，完成了 2025 年第三季度报告的编制工作。公司董事、高级管理人员对该报告签 署了书面确认意见。 该议案已经公司第二届董事会 ...

Financial Performance - Revenue for Q3 2025 was CNY 746,025,122.57, a decrease of 19.07% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 111,511,443.25, down 53.94% year-on-year[5] - Basic earnings per share decreased by 53.64% to CNY 0.1874[5] - Total operating revenue decreased to ¥805,986,896.84 from ¥957,363,018.62, representing a decline of approximately 15.8% year-over-year[18] - Net profit for the period was ¥132,308,600.05, down from ¥267,359,727.86, indicating a decrease of about 50.6% compared to the previous year[19] - Operating profit fell to ¥139,351,616.48 from ¥305,871,419.40, a decrease of approximately 54.5% year-over-year[19] - The basic earnings per share decreased to ¥0.2224 from ¥0.4463, reflecting a decline of about 50%[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,179,369,720.73, a decrease of 4.57% from the end of the previous year[5] - Total assets decreased to ¥7,179,369,720.73 from ¥7,523,255,843.58, a reduction of about 4.6%[18] - Total liabilities slightly decreased to ¥1,504,528,077.23 from ¥1,510,111,321.68, showing a decline of approximately 0.4%[18] - The company's equity attributable to shareholders decreased to ¥5,674,841,643.50 from ¥6,013,144,521.90, a drop of about 5.6%[18] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 181,964,118.25, down 48.11% year-on-year[5] - Operating cash flow for the current period is ¥181,964,118.25, a decrease of 48.0% compared to ¥350,644,555.60 in the previous period[20] - The company reported cash received from operating activities totaling ¥865,490,687.86, down 34.1% from ¥1,314,347,439.35[20] - The company’s cash flow from operating activities was impacted by a significant reduction in cash received from sales, which totaled ¥840,417,243.67, down 35.2% from ¥1,295,544,904.55[20] - Cash and cash equivalents at the end of the period increased to ¥854,136,140.42, up from ¥531,251,202.49 in the previous period[21] - The company experienced a 100% reduction in short-term borrowings, repaying CNY 300,183,333.33 during the period[8] Expenses - R&D expenses increased by 38.84% to CNY 111,781,220.66 due to higher clinical trial costs[8] - Management expenses decreased by 36.43% to CNY 52,945,493.02, primarily due to reduced inventory write-offs[8] - Research and development expenses increased to ¥111,781,220.66, up from ¥80,510,272.88, reflecting a growth of approximately 38.7% year-over-year[18] - Cash paid for purchasing goods and services was ¥125,460,323.97, a decrease of 41.6% compared to ¥214,925,416.84[20] Shareholder Information - Total number of common shareholders at the end of the reporting period was 17,147[10] - The largest shareholder, Hualan Biological Engineering, holds 67.38% of shares, totaling 405,000,000 shares[10] - The company has a repurchase account holding 6,027,467 shares, representing 1.00% of total shares, ranking it as the 5th largest shareholder[11] - The top two shareholders are identified as acting in concert, indicating a potential influence on company decisions[11] - The company has no preferred shareholders or changes in restricted shares during the reporting period[12] Other Financial Metrics - The weighted average return on equity was 1.85%, down 2.06% from the previous year[5] - Deferred income tax assets decreased to ¥204,762,701.06 from ¥212,727,411.11, a reduction of approximately 3.5%[18] - Other non-current assets decreased to ¥1,174,869,156.97 from ¥1,214,773,182.18, indicating a decline of about 3.3%[18] Investment Activities - Investment cash inflow decreased significantly to ¥6,262,680,030.87 from ¥14,744,165,919.04, representing a decline of 57.6%[20] - Net cash flow from investment activities improved to ¥489,074,624.74, compared to a negative cash flow of ¥33,805,690.23 in the previous period[21] - The company did not receive any cash from new investments during the current period, contrasting with ¥16,281,000.00 received in the previous period[21] Audit Status - The company’s financial report for the third quarter was not audited[22]

Core Viewpoint - Since the "14th Five-Year Plan," China's capital market has been gradually moving towards high-quality development, with a well-structured regulatory framework and a more complete multi-level market system [1][2]. Group 1: Development of Henan Capital Market - The Henan capital market has made significant progress, with an increase in the number and quality of listed companies, providing strong support for high-quality economic development during the "14th Five-Year Plan" [2][3]. - As of now, 28 new companies have been listed in Henan since 2021, covering various market segments, indicating a comprehensive flowering of the multi-level capital market [3][4]. Group 2: Quality Improvement of Listed Companies - The quality of listed companies in Henan has improved alongside their growth, with better governance structures and enhanced operational standards [4]. - Companies are focusing on core businesses and increasing R&D investments, showcasing a clear transition from "scale expansion" to "value creation" [4][5]. Group 3: Financing and Dividends - In the past five years, Henan's newly listed companies have raised a total of 15.641 billion yuan through IPOs, with an average of 559 million yuan per company [6]. - The total dividends paid by A-share listed companies in Henan exceeded 130 billion yuan over the past five years, with 82 companies distributing a total of 41.689 billion yuan in 2024 alone, marking a significant increase from the previous year [6][5]. Group 4: Bond Market Expansion - The bond market in Henan has seen substantial growth, with total bond financing exceeding 100 billion yuan for four consecutive years, and the total outstanding bonds reaching 500.8 billion yuan [8][7]. - The average cost of bond issuance has decreased to 2.54%, significantly reducing the financing burden on enterprises [8][7]. Group 5: Capital Market as an Engine for Industry Upgrade - The capital market serves as an accelerator for private enterprises, providing ample funding and guiding industrial transformation and upgrading [9][10]. - Companies in Henan are actively utilizing various financing tools to promote technological innovation and industry upgrades, with notable examples including the issuance of technology innovation bonds [10][11].

Core Viewpoint - The A-share and Hong Kong stock pharmaceutical sectors have shown significant structural differentiation in 2023, with the innovative drug sector recovering in valuation due to policy relaxation and global collaboration, while the vaccine sub-sector lags behind due to price wars and a shrinking infant vaccination population [1][2]. Industry Analysis - The vaccine industry is at a critical juncture of "pain and opportunity," facing traditional price competition that squeezes profit margins, while high-end products and new market segments (like adult and overseas markets) are emerging as potential growth paths for companies with technological barriers [1][3]. - The vaccine sector is undergoing a "pressure test" in 2024, with a significant decline in revenue and profit due to homogenized competition, but signs of recovery are emerging as the sector shows a 20% quarter-on-quarter revenue growth in Q2 2025 [4][5]. Company Analysis - CanSino Biologics, a company with both innovative and commercial capabilities in the domestic vaccine sector, has been undervalued by the market, which still perceives it as a "single-product biotech" despite its comprehensive breakthroughs in commercialization, finance, pipeline, and globalization [1][10]. - CanSino's Q3 2025 financial report shows a revenue of approximately 693 million yuan, a year-on-year increase of 22.13%, and a net profit of approximately 14.44 million yuan, indicating a successful turnaround and enhanced profitability [11][12]. - The company has developed a unique four-valent meningococcal vaccine, which is the only one approved in China, and is expanding its market reach by increasing the age range for vaccination, thus raising its market ceiling [11]. - CanSino's cash flow from operating activities reached 33.49 million yuan, indicating strengthened self-sustaining capabilities that provide funding for pipeline advancement [12]. - The company has built five major technology platforms that create core barriers, supporting a diverse pipeline of innovative vaccines targeting various diseases, including a recently approved 13-valent pneumococcal polysaccharide conjugate vaccine [13][14]. - CanSino's internationalization strategy, which includes local production and technology output, is expected to unlock significant overseas market potential, particularly in regions like Southeast Asia and the Middle East [16][17].

Core Viewpoint - The A-share and Hong Kong stock pharmaceutical sectors have shown significant structural differentiation in 2023, with innovative drugs recovering in valuation due to policy relaxation and global collaboration, while the vaccine sub-sector lags behind due to price wars and a shrinking infant vaccination population, presenting an opportunity for investment in undervalued vaccine stocks [1] Industry Logic - The lagging performance of vaccine stocks creates a "catch-up" opportunity driven by four interrelated factors: performance cycles, valuation levels, product iteration, and market space [2] - The year 2024 is seen as a "stress test year" for the vaccine industry, with a significant decline in revenue and profit due to homogenized competition and price wars, but signs of recovery began to emerge in Q2 2025 [3] - The vaccine sector has undergone two years of valuation digestion, entering a historical valuation trough, with the median P/E ratio of vaccine companies falling below the overall pharmaceutical industry by 25 percentage points [4] - The traditional vaccine market is shrinking, with the proportion of infants aged 0-6 years declining from 64.6% in 2020 to 43.7% in 2024, prompting leading companies to upgrade products to high-end and multi-valent vaccines to find new growth paths [7] - The adult vaccine market and international demand present significant growth opportunities, with China's vaccination rates for flu vaccines remaining low compared to the U.S., and overseas markets offering potential due to lower production costs and flexible cooperation [8] Company Analysis - The market undervalues CanSino Biologics, perceiving it as a "Biotech" reliant on a few products, while it has made substantial progress in commercial maturity, financial health, technological barriers, and global expansion [9] - CanSino's transition from "Biotech" to "Biopharma" is evidenced by its ability to generate sustainable revenue, with Q3 2025 revenue reaching approximately 693 million yuan, a 22.13% increase year-on-year, and a net profit of approximately 14.44 million yuan [10] - The company's cash flow has improved significantly, with a net cash flow from operating activities of 33.49 million yuan in Q3 2025, providing financial support for pipeline advancement [11] - CanSino's five technological platforms create a core barrier, with multiple innovative vaccine products targeting various diseases, including a recently approved 13-valent pneumococcal polysaccharide conjugate vaccine [12][13] - The internationalization strategy of CanSino, focusing on "technology output + localized production," is undervalued, with successful registrations and partnerships in regions like Indonesia and the Middle East [15] Conclusion - The vaccine industry is undergoing a "淘汰赛" (elimination race), with significant pressure on homogenized companies, while CanSino has built resilience through unique advantages and a diversified pipeline [16]

Core Points - Hualan Vaccine's stock closed at 19.55 yuan, down 2.98%, currently in a broken state [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext on February 18, 2022, with an initial public offering (IPO) price of 56.88 yuan per share [1][2] - The total amount raised from the IPO was 2.276 billion yuan, with a net amount of 2.244 billion yuan after deducting issuance costs [2] Fundraising and Projects - The company initially planned to raise 2.495 billion yuan, with funds allocated for various vaccine development projects, including influenza, rabies, and pneumonia vaccines [2] - The total issuance costs amounted to 31.5657 million yuan, with the underwriter, Huatai United Securities, receiving 22 million yuan in underwriting and sponsorship fees [2] Dividend Distribution - On May 30, 2023, Hualan Vaccine announced a dividend distribution plan for 2022, proposing a cash dividend of 3.00 yuan for every 10 shares and a capital reserve increase of 5 shares for every 10 shares [2]

Core Viewpoint - The domestic vaccine industry is experiencing significant pressure due to economic downturns, declining birth rates, reduced vaccination willingness, and intensified market competition, leading to frequent executive changes among companies [1][3]. Group 1: Executive Changes - Sun Wanfeng has resigned from his position as employee representative director and vice president of Baike Bio, but will continue as assistant to the chairman [1]. - There are rumors of changes in the management of Kangtai Bio, but the company has confirmed that Vice President Yu Bing remains in his position [1]. - Frequent executive turnover is noted in the domestic vaccine industry, with several companies undergoing leadership changes since late 2024 [3]. Group 2: Financial Performance - In the first half of 2025, only 5 out of 10 listed vaccine companies in A-shares reported revenue growth, with only 3 achieving positive net profit growth [3]. - Baike Bio reported a revenue of 284.9 million yuan with a net loss of 73.57 million yuan, marking a year-on-year revenue decline of 53.93% and a net profit decline of 153.47% [4]. - Kangtai Bio's revenue was 1.392 billion yuan with a net profit of 37.53 million yuan, showing a revenue growth of 15.81% but a significant net profit decline of 77.30% [4]. Group 3: Market Competition - The HPV vaccine market is experiencing aggressive price competition, with prices for the bivalent HPV vaccine dropping below 100 yuan, and the lowest price recorded at 27.5 yuan per dose [5]. - The flu vaccine market is also seeing price reductions, with prices for quadrivalent flu vaccines dropping from 128 yuan to 88 yuan per dose [6]. - The pneumococcal vaccine market is highly competitive, with Pfizer withdrawing from the market due to intense competition from domestic products [6]. Group 4: Growth Opportunities - Despite the challenges, there are structural growth opportunities in the vaccine market, exemplified by Olin Bio's adsorbed tetanus vaccine, which achieved a revenue growth of 35.17% in the first half of 2025 [7].