| 綠]的[編纂]數目 : [編纂]股H股(視乎[編纂]及[編纂]行使 | 與合而定) | | --- | --- | | [編纂]數目 : | [编纂]股H股(可予[编纂]及視乎[编纂] | | | 行使與否而定) | | [编纂]數目 : | [编纂]股H股(可予[编纂]、視乎[编纂] | | | 及[編纂]行使與否而定) | | 最高[編纂] : | 每股H股[編纂]港元,另加1.0%經 | | | 紀佣金、0.0027%證監會交易徵費、 | | | 0.00565%聯交所交易賽及0.00015%會 | | | 財局交易徵賽(股款須於申請時以港元繳 | | | 足,多繳股款可予退還) | | 面值 : | 每股H股人民幣1.00元 | | [編纂] : [編纂] | | 因此，上海武山、樊绍文及樊钒被视为公司单一最大股东集团。单一最大股东集团有权行使1.06亿股A 股所附的表决权，约占公司截至最后实际可行日期已发行股本总额的26.23%。 2022年至2024年及2025年上半年，欧林生物收入分别为5.47亿元、4.94亿元、5.86亿元、3.05亿元，年度 利润及全面收益总额分别为2657.6万元、1 ...

欧林生物递表港交所主板，独家保荐人为中信证券。 公司致力于创新疫苗的研究、开发、生产及商业化。战略重心聚焦于"超级细菌疫苗"及"成人疫苗"两大 重大未满足医疗需求领域。已实现吸附破伤风疫苗、b型流感嗜血杆菌结合疫苗及A群C群脑膜炎球菌多 糖结合疫苗三款产品的商业化。 根据灼识咨询报告，欧林生物的吸附破伤风疫苗于2022年至2024年在中国保持领先市场地位，批签发市 场份额超过80%。 公司拥有全球最全面的靶向"超级细菌"的疫苗管线，包括针对金葡菌、幽门螺杆菌、铜绿假单胞菌、鲍 曼不动杆菌及A群链球菌的1.1类创新候选疫苗，这些病原体均被世界卫生组织列为高优先级或关键优先 级。 中国破伤风疫苗市场规模从2019年的人民币2亿元增至2024年的人民币8亿元，复合年增长率为40.2%。 预计到2035年将增至人民币26亿元，2024年至2035年复合年增长率为10.8%，受人口老龄化及应用扩展 推动。中国Hib疫苗市场预计将从2024年的人民币5亿元增至2035年的人民币24亿元，2024年至2035年复 合年增长率为15.7%。中国脑膜炎球菌疫苗市场规模从2019年的人民币26亿元增至2024年的人民币27亿 元 ...

据港交所11月25日披露，成都欧林生物科技股份有限公司(简称：欧林生物(688319.SH))递表港交所主板，中信证券为独家保荐人。 | [編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂]及[編纂]行使 | 與否而定) | | --- | --- | | [編纂]數目 | : [編纂]股H股(可予[編纂]及視乎[編纂] | | 行使與否而定) | | | [編纂]數目 | : [編纂]股H股(可予[編纂]、視乎[編纂] | | | 及[編纂]行使與否而定) | | 最高[編纂] : | 每股H股[編纂]港元,另加1.0%經 | | | 紀佣金、0.0027％證監會交易徵費、 | | | 0.00565%聯交所交易費及0.00015%會 | | | 財局交易徵費(股款須於申請時以港元繳 | | | 足,多繳股款可予狠環) | | 面值 : | 每股H股人民幣1.00元 | | [編纂] : [編纂] | | | 獨家保薦人、[編纂] | | 招股书显示，欧林生物是一家面向全球、创新驱动的生物制药公司，致力于创新疫苗的研究、开发、生产及商业化。公司的战略重心聚焦于"超级细菌疫 苗"及"成人疫苗"两大重大未满 ...

| 與合而定) | 纂]的[編纂]數目 : [編纂]股H股(視乎[編纂]及[編纂]行使 | | --- | --- | | [編纂]數目 : | [編纂]股H股(可予[編纂]及視乎[編纂] | | 行使與否而定) | | | [編纂]數目 : | [編纂]股H股(可予[編纂]·視乎[編纂] | | 及[編纂]行使與否而定) | | | 最高[编纂] : | 每股H股[編纂]港元,另加1.0%經 | | | 紀佣金、0.0027%證監會交易徵費、 | | | 0.00565%聯交所交易賽及0.00015%會 | | | 財局交易徵費(股款須於申請時以港元繳 | | 足,多繳股款可予退還) | | | 直復 : | 每股H股人民幣1.00元 | | [編纂] : [編纂] | | | 獨家保薦人·[編纂] | | 招股书显示，欧林生物是一家面向全球、创新驱动的生物制药公司，致力于创新疫苗的研究、开发、生 产及商业化。公司的战略重心聚焦于"超级细菌疫苗"及"成人疫苗"两大重大未满足医疗需求领域。与众 多尚未产生收入的生物技术公司不同，公司拥有一个成熟、强大的商业化平台，并实现三款产品的商业 化：吸附破伤风疫苗、b型 ...

智通财经APP获悉，据港交所11月25日披露，成都欧林生物科技股份有限公司(简称：欧林生物(688319.SH))递表港交所主板，中信证券为独家保荐人。 根据灼识咨询报告，欧林生物拥有全球最全面的靶向"超级细菌"的疫苗管线。"超级细菌"对多种抗生素具有显著抗药性，由于有效治疗方案受限或缺乏有效 治疗方案，全球公共卫生面临严峻的挑战。公司的1.1类创新超级细菌候选疫苗专为针对其中五种病原体进行战略性开发，包括： | [編纂]的[編纂]數目 : [編纂]股H股(視乎[編纂]及[編纂]行使 | 與否而定) | | --- | --- | | [編纂]數目 | : [編纂]股H股(可予[編纂]及視乎[編纂] | | 行使與否而定) | | | [編纂]數目 | : [編纂]股H股(可予[編纂]、視乎[編纂] | | 及[編纂]行使與否而定) | | | 最高[編纂] : | 每股H股[編纂]港元,另加1.0%經 | | | 紀佣金、0.0027％證監會交易徵費、 | | | 0.00565%聯交所交易費及0.00015%會 | | | 財局交易徵費(股款須於申請時以港元繳 | | 足,多繳股款可予退還) | | | ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 27.72 CNY, compared to the current stock price of 23.52 CNY [4]. Core Insights - The company reported a significant revenue increase of 31.11% year-on-year, reaching 507 million CNY in the first three quarters of 2025, with a remarkable net profit growth of 1079.36% to 47 million CNY [1]. - The company is leading globally in the clinical progress of its recombinant Staphylococcus aureus vaccine, with the Phase III clinical trial expected to unblind in the first half of 2026 [3]. - The company has optimized its expense ratio, resulting in a notable improvement in profitability, with a net profit margin increase of 9.32 percentage points to 9.30% [2]. Financial Performance - In Q3 2025, the company achieved a revenue of 201 million CNY, a year-on-year increase of 25.38%, and a net profit of 34 million CNY, up 7.22% [1]. - The gross profit margin for the first three quarters of 2025 was 93.10%, with a slight year-on-year decrease of 1.62 percentage points, while the expense ratio decreased by 13.08 percentage points to 79.30% [2]. - The company’s operating cash flow turned positive, reaching 33 million CNY in the first three quarters of 2025, compared to a negative cash flow of 6.2 million CNY in the same period of 2024 [1]. Research and Development - The company invested 143 million CNY in R&D during the first three quarters of 2025, accounting for 28.19% of its revenue, focusing on vaccines for "superbugs" and "adult vaccines" [4]. - The company is advancing multiple innovative vaccine pipelines, including a recombinant Helicobacter pylori vaccine and a recombinant Pseudomonas aeruginosa vaccine, among others [7]. Future Projections - Revenue growth is projected at 23.8%, 18.7%, and 15.2% for 2025, 2026, and 2027 respectively, with net profit growth expected at 224.7%, 20.1%, and 19.1% for the same years [7].

Core Viewpoint - The company, Chengdu Olin Biological Technology Co., Ltd., is focusing on enhancing its market position through medical education and product promotion while advancing its vaccine research and clinical trials for Staphylococcus aureus and influenza vaccines [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 306 million yuan, representing a year-on-year growth of 35.17% [1]. - The net profit attributable to shareholders was 13.2 million yuan, with a net profit of 7.72 million yuan after deducting non-recurring gains and losses, marking a turnaround from losses in the previous year [1]. R&D Pipeline - The company is focusing on two strategic directions: "super bacteria" vaccines and "adult vaccines," continuously enriching its pipeline and enhancing innovation capabilities [2]. - The company is researching four "super bacteria" vaccines, including recombinant Staphylococcus aureus vaccine, oral recombinant Helicobacter pylori vaccine, recombinant Pseudomonas aeruginosa vaccine, and recombinant Acinetobacter baumannii protein vaccine, all classified as global Class 1 new drugs [2]. Clinical Trials - The recombinant Staphylococcus aureus vaccine has completed Phase I and II clinical trials, with Phase III trials currently ongoing and leading globally [2]. - The vaccine aims to prevent Staphylococcus aureus infections post-surgery, with no similar products available globally, indicating a broad application potential in hospital infection prevention [3]. - The company’s Helicobacter pylori vaccine received Phase I clinical trial approval in Australia in 2024, and further optimization of the oral formulation is underway for future domestic clinical trial applications [3]. Technological Advancements - The company is expanding its technological platforms and has made significant progress in the field of viral vaccines, having initiated Phase I clinical trials for trivalent and quadrivalent influenza virus split vaccines in the first half of 2025 [3].

Core Viewpoint - The company plans to acquire a total of 15% equity in its subsidiary, XinNuoMing Bio, from minority shareholders through a public transfer at a price not exceeding RMB 45 million, enhancing control and management efficiency [1][2]. Group 1: Acquisition Details - The company intends to purchase 8.11% of XinNuoMing Bio from Fund No. 1 and 6.89% from JingChuang Fund [1]. - The acquisition will increase the company's stake in XinNuoMing Bio from 84.13% to 99.13% post-transaction [1][2]. Group 2: Strategic Implications - The acquisition is expected to improve the company's control over its subsidiary and enhance overall strategic synergy and resource integration [2]. - The transaction will not change the scope of consolidation and will not adversely affect the company's financial status or operating results [2]. Group 3: Business Focus and R&D - The company specializes in the research, production, and sales of human vaccines, with a strong focus on developing vaccines for "super bacteria" and "adult vaccines" [2][3]. - The company is advancing four global Class 1 new drug projects related to the World Health Organization's list of the 12 most dangerous antibiotic-resistant bacteria [3]. Group 4: Financial Activities - The company previously announced plans to issue A-shares to specific investors, aiming to raise RMB 125 million for vaccine R&D and production base upgrades [3]. - However, the company has decided to terminate this share issuance due to market conditions and other factors, ensuring that daily operations remain unaffected [4].

Core Viewpoint - Chengdu Olin Biological Technology Co., Ltd. plans to issue RMB ordinary shares (A shares) to specific investors to raise a total of RMB 125.2929 million for the technical transformation project of its vaccine research and production base, enhancing its capital strength and profitability [1][2][6]. Group 1: Background and Purpose of the Issuance - The global pharmaceutical market is experiencing growth, with 2023 drug spending estimated at approximately USD 1.6 trillion, and expected to reach about USD 2.2 trillion by 2028, driven by increased drug usage and new product launches [2]. - In China, the pharmaceutical manufacturing industry achieved revenue of RMB 252.057 billion in 2023, with a projected market size of RMB 299.11 billion by 2030, reflecting a compound annual growth rate of 9.6% from 2020 to 2025 [3][4]. - The vaccine industry is a strategic focus for China's biopharmaceutical sector, supported by various government policies aimed at promoting high-quality development in disease prevention and control [5][6]. Group 2: Use of Proceeds - The funds raised will be used for the technical transformation of production lines that are currently outdated, aiming to improve production efficiency and reduce operational costs through automation and smart manufacturing upgrades [6][7]. - The company has established a dual-driven product development strategy focusing on upgrading traditional vaccines and developing innovative vaccines, particularly targeting "super bacteria" and adult vaccines [7][8]. Group 3: Financial Impact and Measures - The issuance is expected to enhance the company's production capacity and financial strength, optimizing its capital structure and reducing financial risks, thereby improving long-term profitability [6][8]. - The company has committed to measures to mitigate the dilution of immediate returns for existing shareholders, including ongoing product development and market expansion efforts [21][24]. Group 4: Compliance and Fairness of the Issuance - The issuance process has been authorized by the company's annual general meetings and complies with relevant legal regulations, ensuring fairness and protecting the interests of all shareholders [16][17]. - The selection of specific investors for the issuance adheres to regulatory requirements, ensuring that the chosen investors possess adequate risk recognition and financial capability [10][11].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and clinical trial progress [1][2]. Core Insights - The company reported a revenue of 589 million yuan in 2024, representing a year-on-year increase of 18.69%, and a net profit of 21 million yuan, also up by 18.24% [1][2]. - The first quarter of 2025 saw a revenue of 87 million yuan, a 23.58% increase year-on-year, although it reported a net loss of 7 million yuan, which is a 72.79% improvement compared to the previous year [1][2]. - The company is actively advancing its clinical trials for the recombinant pneumococcal vaccine, with over 5,600 participants enrolled as of March 2025, and expects to complete enrollment in the first half of 2025 [2]. Financial Performance Summary - In 2024, the company achieved total revenue of 589 million yuan, with a breakdown showing the tetanus vaccine revenue at 536 million yuan (up 15.73% year-on-year) and the meningococcal vaccine revenue at 26 million yuan (up 580.49% year-on-year) [2]. - The gross margin for the first quarter of 2025 improved by 1 percentage point to 93.43%, while management and R&D expense ratios decreased significantly [2]. - Revenue projections for 2025 to 2027 are estimated at 677 million yuan, 773 million yuan, and 869 million yuan, with corresponding net profits of 23 million yuan, 43 million yuan, and 60 million yuan [2][4]. Clinical Development Pipeline - The company is progressing with its pipeline of vaccines targeting superbugs, including the Helicobacter pylori vaccine, Pseudomonas aeruginosa vaccine, and Acinetobacter baumannii vaccine [2]. - The Helicobacter pylori vaccine has received Phase I clinical trial approval in Australia, and the company is optimizing the oral formulation for future domestic clinical trial applications [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are approximately 276, 148, and 105, respectively, indicating a high valuation relative to earnings [3][4].