[Table_scodeMsg1] 公司研究丨深度报告丨欧林生物（688319.SH） [Table_Title] 破伤风疫苗龙头，金葡菌疫苗全球创新 丨证券研究报告丨 报告要点 [Table_Summary] 破伤风疫苗提供稳定现金流，金葡菌疫苗成为新的增长点。公司目前占据破伤风疫苗市场龙头 地位，在市场空间扩容过程中持续引领行业。随着金葡菌疫苗持续推进，公司新增长引擎出现， 打造可持续的增长曲线。长远来看，公司布局幽门螺旋杆菌疫苗、鲍曼不动杆菌疫苗、铜绿假 单胞菌疫苗等前沿/重磅品种，不断丰富研发管线深度和厚度，构筑深厚护城河。 分析师及联系人 [Table_Author] 彭英骐 张楠 SAC：S0490524030005 SAC：S0490524070006 SFC：BUZ392 %% %% %% %% research.95579.com 1 请阅读最后评级说明和重要声明 2 / 35 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 欧林生物（688319.SH） cjzqdt11111 [Table_Title2] 破伤风疫苗龙头，金葡菌疫苗全 ...

■ 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载成都欧林生物科技股份有限公司（以下简称"公司"）2025年度主要财务数据为初步核算数 据，未经会计师事务所审计，具体数据以公司2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币元 报告期内，公司营业利润、利润总额同比分别增长44.80%、43%，上述项目变化较大的原因如下： 1、报告期内，公司营业利润同比增长44.80%，主要系营业收入同比增长，营业利润增加。 2、报告期内，公司利润总额同比增长43%，主要系营业收入同比增长，利润总额增加。 三、风险提示 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终数据以公司2025年年度报告中披露的数 据为准。数据若有尾差，为四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 报告期内，公司实现营业收入70,416.03万元，同比增长19.58%；实现归属于母公司所有 ...

格隆汇2月27日丨欧林生物(688319.SH)公布2025年度业绩快报，报告期内，公司实现营业收入7.04亿 元，同比增长19.58%；实现归属于母公司所有者的净利润2,223.17万元，同比增长7.10%；实现归属于 母公司所有者的扣除非经常性损益的净利润987.95万元，同比减少11.64%。报告期内，公司持续加强市 场推广，吸附破伤风疫苗销售实现稳健增长。 ...

格隆汇2月27日丨欧林生物(688319.SH)公布2025年度业绩快报，报告期内，公司实现营业收入7.04亿 元，同比增长19.58%；实现归属于母公司所有者的净利润2,223.17万元，同比增长7.10%；实现归属于 母公司所有者的扣除非经常性损益的净利润987.95万元，同比减少11.64%。报告期内，公司持续加强市 场推广，吸附破伤风疫苗销售实现稳健增长。 ...

欧林生物发布业绩快报，2025年度公司实现营业收入7.04亿元，同比增长19.58%；净利润2223.17万 元，同比增长7.10%。报告期内，公司持续加强市场推广，吸附破伤风疫苗销售实现稳健增长。 ...

Core Viewpoint - The company, Olin Bio (688319.SH), is progressing towards a dual listing in Hong Kong, which could enhance its capital structure and international presence, while facing regulatory uncertainties regarding the approval process [1][2]. Stock Performance - As of February 13, 2026, Olin Bio's A-share price closed at 27.13 yuan, up 4.59%, with a trading volume of 255 million yuan and a turnover rate of 2.29% [1]. Strategic Advancement - The company aims to leverage the Hong Kong listing to accelerate its "bring in" (international patents and talent) and "go out" (global sales and technology transfer) strategies, focusing on differentiated areas such as superbug vaccines and adult vaccines [2]. - In November 2025, the company received a "satisfactory compliance" rating from the Philippines FDA, facilitating entry into the Southeast Asian market, and established a vaccine production partnership with Griffith University in Australia [2]. Project Development - The proceeds from the Hong Kong listing will be allocated to the clinical development of the rHPV (Helicobacter pylori) vaccine, expansion of the III phase clinical trials for the golden staph vaccine, and upgrades to production facilities [3]. - The restructured golden staph vaccine has completed enrollment of 6,000 cases for the III phase clinical trial, with complete data expected in the first half of 2026; the quadrivalent influenza virus split vaccine (MDCK cells) commenced its III phase clinical trial in October 2025 [3]. Future Development - The Hong Kong listing is anticipated to attract international investors, broadening financing channels, which is particularly beneficial for the long-term investment required in innovative vaccine research and development [4]. - A dual listing is expected to enhance the company's international visibility, promoting business development collaborations and expansion into overseas markets [5].

Core Viewpoint - The company, CanSino Biologics, is expected to turn a profit in 2025, with significant advancements in vaccine development and ongoing expansion into international markets [1][2]. Financial Performance - The company forecasts revenue between 1.04 billion to 1.08 billion yuan for 2025, representing a year-on-year growth of 22.88% to 27.61%. Net profit attributable to shareholders is projected to be between 24.5 million to 29 million yuan, indicating a turnaround from previous losses. The audited annual report is scheduled for release in 2026 [2]. Product Development Progress - The self-developed DTPa vaccine has completed Phase III clinical trials and is expected to receive market approval in the first half of 2026, potentially replacing imported products and expanding into the high-end vaccine market. The 24-valent pneumococcal polysaccharide conjugate vaccine (PCV24) has been approved for clinical trials by the National Medical Products Administration of China, marking it as the first 24-valent pneumonia vaccine to enter clinical trials globally [3]. Business Expansion - The company is actively expanding into overseas markets in Southeast Asia, the Middle East, North Africa, and South America. For instance, the Manhaixin vaccine has received halal certification in Indonesia and has begun exports, with potential for deeper local partnerships and technology transfers [4]. Future Development - Other research pipeline updates include the prioritization of the DTPa vaccine for infants, acceptance of the application for the Tetanus vaccine, and international support for the recombinant poliovirus vaccine (VLP-Polio). The clinical and approval progress of these products may significantly impact the company's long-term development [5].

Group 1 - The core viewpoint of the news is that Oulin Bio experienced a decline in stock price and significant changes in financing activities on January 29, with a net financing outflow of 842.01 million yuan [1] - On January 29, Oulin Bio's financing buy-in amounted to 4.30 million yuan, while the financing repayment was 12.72 million yuan, resulting in a total financing balance of 353 million yuan, which represents 3.56% of its market capitalization [1] - The company has a high financing balance, exceeding the 80th percentile of the past year, indicating elevated financing activity [1] Group 2 - As of September 30, Oulin Bio had 10,200 shareholders, an increase of 56.42% from the previous period, while the average number of circulating shares per person decreased by 36.07% to 39,746 shares [2] - For the period from January to September 2025, Oulin Bio reported revenue of 507 million yuan, a year-on-year increase of 31.11%, and a net profit attributable to shareholders of 47.48 million yuan, reflecting a substantial growth of 1079.36% [2] - Since its A-share listing, Oulin Bio has distributed a total of 15.43 million yuan in dividends [3] Group 3 - Among the top ten circulating shareholders as of September 30, 2025, the fifth largest is XQH Run Mixed A, holding 15.44 million shares, with no change from the previous period [3] - XQH Yi Mixed A ranks seventh with 8.92 million shares, also unchanged, while XQH Commercial Model Mixed (LOF) A is a new entrant in the top ten, holding 4.64 million shares [3]

Summary of the Conference Call for Olin Biotech Company Overview - Olin Biotech is an innovative vaccine company focusing on the development of vaccines, including the MRSA vaccine, which is the first of its kind globally. The company has completed the enrollment of participants for Phase III clinical trials and expects to submit a market application in the first half of 2026. The vaccine targets antibiotic-resistant Staphylococcus aureus infections, particularly in orthopedic surgery patients [2][4]. Financial Performance - The company has shown steady revenue growth, although profit margins are currently low due to high R&D and sales expenses. As innovative products are commercialized, profit margins are expected to improve, especially with the commercialization of pipeline products [2][7]. - Revenue from 2019 to present has generally increased year-on-year, with the exception of 2023. The gross margin remains stable, primarily due to the contribution from the tetanus vaccine [7]. Key Products and Market Strategy - Olin Biotech's core products include the adsorbed tetanus vaccine, AC conjugate meningococcal vaccine, and HIB vaccine. The adsorbed tetanus vaccine holds a leading position in the domestic market [3]. - The company plans to accelerate the development and commercialization of vaccines for superbugs and adult vaccines while actively seeking international collaborations to expand market coverage. A dual listing on the Hong Kong Stock Exchange is also planned to enhance competitiveness [2][8]. MRSA Vaccine Development - The MRSA vaccine is in Phase III clinical trials, with data unblinding expected in the first half of 2026. The vaccine has shown good safety and immunogenicity in Phase II trials, with specific antibody levels peaking 10-14 days post-vaccination [9]. - The choice of orthopedic surgery patients as the initial indication is strategic, as this population is generally stable and more likely to exhibit a robust immune response [6][9]. Market Potential - The domestic market for orthopedic surgery, particularly closed fractures, is substantial, with over 1 million patients annually. If the vaccine achieves a 30% penetration rate, sales could exceed 1 billion RMB by 2033-34 [9][10]. - The company is also exploring indications for pressure ulcers, which are common in elderly patients, indicating a broad market opportunity [10]. Competitive Landscape - Olin Biotech's tetanus vaccine has a leading market share, benefiting from policies promoting integrated medical and preventive care. The market size is expected to stabilize between 800 million to 900 million RMB, despite increasing competition [11][12]. - The company maintains a competitive edge due to its first-mover advantage and established distribution channels, even as new competitors enter the market [11]. Pipeline and Future Growth - In addition to the MRSA vaccine, Olin Biotech is developing vaccines for Helicobacter pylori, Pseudomonas aeruginosa, and Acinetobacter baumannii, with most projects in preclinical stages [14]. - The four-valent influenza vaccine is also in Phase III trials, expected to provide stable revenue growth upon commercialization [15]. Revenue and Profit Forecast - Revenue projections for Olin Biotech are estimated at 690 million RMB, 760 million RMB, and 820 million RMB for 2025, 2026, and 2027, respectively. Growth will primarily come from the domestic launch of the MRSA vaccine and international sales collaborations [16]. - The company anticipates a significant reduction in sales and R&D expense ratios as revenues grow and pipeline products are realized [16]. Valuation - A DCF analysis estimates Olin Biotech's fair market value at approximately 15 billion RMB, with a target price of around 37 RMB, indicating substantial upside potential from the current stock price [17]. Investors are encouraged to monitor the progress of the MRSA vaccine and international licensing negotiations, which are expected to advance rapidly this year [17].

Group 1 - The core point of the article highlights the significant increase in the stock price of Olin Bio, which rose by 8.48% to reach 26.85 CNY per share, with a total market capitalization of 10.893 billion CNY [1] - Olin Bio, established on December 11, 2009, specializes in the research, production, and sales of human vaccines, with its main revenue sources being 90.99% from adsorbed tetanus vaccine, 4.49% from group A and C meningococcal polysaccharide conjugate vaccine, and 3.99% from type b Haemophilus influenzae conjugate vaccine [1] Group 2 - From the perspective of fund holdings, Olin Bio is a significant investment for Huafu Fund, with its Huafu Health and Entertainment Flexible Allocation Mixed A Fund holding 600,000 shares, representing 7.56% of the fund's net value, making it the fourth-largest holding [2] - The Huafu Health and Entertainment Flexible Allocation Mixed A Fund has achieved a year-to-date return of 12.99% and a one-year return of 42.45%, ranking 539 out of 9009 and 2957 out of 8164 respectively [2]