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].

证券研究报告 2025 年 11 月 02 日 湘财证券研究所 行业研究 疫苗行业周报 二价 HPV 疫苗纳入国家免疫规划 相关研究： 1. 《国产mRNA技术在前沿领域 持续突破》20251019 2. 《政策持续完善，研发继续突 破》20251026 行业评级：增持（维持） 从公司表现来看，根据 wind 数据，上周疫苗行业表现居前的公司有：华兰疫 苗、欧林生物、沃森生物、康华生物、康希诺；表现靠后的公司有：百克生 物、华兰生物、成大生物、智飞生物、万泰生物。 近十二个月行业表现 -30 -20 -10 0 10 20 24/11 25/02 25/05 25/08 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 1 | -16 | -26 | | 绝对收益 | 1 | -3 | -13 | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金 ...

证券代码：688319 证券简称：欧林生物 公告编号：2025-059 成都欧林生物科技股份有限公司关于自愿披露 四价流感病毒裂解疫苗(MDCK细胞)启动Ⅲ期临床试验并完成首例受试者入组的公告 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。 近日，成都欧林生物科技股份有限公司（以下简称"公司"）四价流感病毒裂解疫苗（MDCK细胞）在前 期临床试验的基础上，正式启动Ⅲ期临床试验并完成首例受试者入组，现将相关情况公告如下： 二、临床试验相关情况 本次Ⅲ期临床试验采取随机、盲法、阳性对照试验设计，旨在进一步评价四价流感病毒裂解疫苗 （MDCK细胞）的有效性和安全性，为疫苗的上市审批提供充分的科学依据。 三、对公司的影响 流感系列疫苗为公司在病毒类疫苗领域的重点布局。本次四价流感病毒裂解疫苗（MDCK细胞）启动Ⅲ 期临床试验，标志着公司流感疫苗研发取得阶段性进展，在病毒类疫苗领域取得重要突破，有利于进一 步完善公司研发管线，丰富公司产品布局，为公司高质量、可持续发展奠定坚实基础。 四、风险提示 公司将按照相关法律法规的要求积极推进 ...

Group 1: Company Performance Highlights - Zhongji Xuchuang reported a net profit increase of 90.05% year-on-year for the first three quarters, with revenue of 250.05 billion yuan, up 44.43% [1] - Baosteel's net profit for the third quarter grew by 130.31%, with revenue of 810.64 billion yuan, a 1.83% increase [2] - Yuanjie Technology achieved a net profit of 1.06 million yuan for the first three quarters, driven by significant growth in its data center segment [3] - Shanshan Co. saw a staggering 1121.72% increase in net profit for the first three quarters, attributed to a substantial rise in negative electrode material sales [5] - Longi Green Energy reported a net loss of 34.03 billion yuan for the first three quarters, impacted by intense competition in the photovoltaic industry [6] - Luzhou Laojiao's net profit for the third quarter decreased by 13.07%, with revenue of 66.74 billion yuan, down 9.80% [7] - Trina Solar reported a net loss of 42.01 billion yuan for the first three quarters, with revenue down 20.87% [8] Group 2: Industry Trends - The performance of companies in the photovoltaic sector is heavily influenced by market price fluctuations and competitive pressures, leading to significant losses for some firms [6][8] - The steel industry is experiencing a widening purchase-sale price gap, contributing to profit increases for companies like Baosteel despite overall revenue declines [2] - The data center market is showing robust growth, benefiting companies like Yuanjie Technology, which reported a significant increase in revenue and profit due to high-margin product sales [3] - The negative electrode material market is expanding, as evidenced by Shanshan Co.'s impressive profit growth, indicating a positive trend in battery materials [5]

每经AI快讯，10月30日，欧林生物(688319.SH)公告称，公司四价流感病毒裂解疫苗（MDCK细胞）已 启动Ⅲ期临床试验并完成首例受试者入组。该疫苗拟用于6月龄及以上人群，用于预防疫苗相关型别的 流感病毒引起的流行性感冒。此次Ⅲ期临床试验采取随机、盲法、阳性对照设计，旨在进一步评价疫苗 的有效性和安全性。流感系列疫苗为公司在病毒类疫苗领域的重点布局，此次临床试验的启动标志着公 司在病毒类疫苗领域取得重要突破，有利于完善公司研发管线和丰富产品布局。 ...

欧林生物公告，公司四价流感病毒裂解疫苗（MDCK细胞）在前期临床试验的基础上，正式启动Ⅲ期临 床试验并完成首例受试者入组。 ...

Core Viewpoint - The fundraising project by Chengdu Olin Biotechnology Co., Ltd. focuses on technological innovation in the vaccine industry, aiming to enhance production efficiency and product quality through the upgrade of existing production lines [12][14][15]. Group 1: Company Overview - Chengdu Olin Biotechnology Co., Ltd. specializes in the research, production, and sales of human vaccines, having developed a product pipeline that includes marketed products such as adsorbed tetanus vaccine, Hib conjugate vaccine, and AC conjugate vaccine [1][13]. - The company has a strong R&D capability with multiple vaccine development platforms and has accumulated several patents in the field of human vaccine research and industrialization [9][13]. Group 2: Fundraising and Investment Plan - The total amount to be raised from the current issuance is capped at 300 million RMB, with a net amount of approximately 125.29 million RMB allocated for specific projects [2][12]. - The main investment project is the "Vaccine R&D Production Base Technology Renovation Project," which involves upgrading production facilities to improve production efficiency and product quality [3][4]. Group 3: Project Details and Necessity - The project will replace old production lines with new automated and intelligent production lines, ensuring stable overall production capacity while enhancing production conditions for key products [3][4][5]. - The necessity of the project is underscored by the need to comply with vaccine production quality management standards and to improve production efficiency due to aging equipment [4][6]. Group 4: Compliance and Policy Alignment - The investment aligns with national industrial policies promoting the development of the biopharmaceutical industry, particularly in the vaccine sector, which is considered a strategic emerging industry [12][14]. - The project is supported by government policies encouraging equipment upgrades in the pharmaceutical industry, aiming to enhance production quality and efficiency [6][7][14]. Group 5: Economic Benefits and Innovation - While the project does not directly generate financial benefits, it is expected to ensure the stable production of core products, thereby supporting ongoing R&D investments [12][15]. - The implementation of the project will enhance the company's technological innovation capabilities, allowing for better product performance and quality, which is essential for meeting increasing market demands [14][15].

Core Insights - The "2025 PDI Pharmaceutical R&D and Innovation Conference" has commenced, unveiling the "2025 China Biopharmaceutical R&D Strength Ranking TOP50" and "2025 China Traditional Chinese Medicine R&D Strength Ranking TOP50" [1] - The rankings are initiated by professional organizations like Yaowang Network, which has established a mature and authoritative evaluation system in the pharmaceutical and health industry since its first release in 2016 [1] - Bichang Pharmaceutical, a leading enterprise in traditional Chinese medicine focusing on cardiovascular and cerebrovascular products, has been recognized for its outstanding R&D capabilities [1] Company Overview - Bichang Pharmaceutical has built a sustainable development model centered on R&D, focusing on major diseases and cultivating significant products across various fields including traditional Chinese medicine, chemical drugs, biopharmaceuticals, vaccines, and medical devices [3][4] - The company reported a total sales revenue of 5.83 billion yuan from three proprietary traditional Chinese medicines in the cardiovascular field, which consistently rank among the top 20 in the market share for traditional Chinese medicine in public medical institutions [3] R&D and Product Pipeline - Bichang Pharmaceutical is actively developing 12 biopharmaceutical products, with some entering the NDA application stage, supported by high-level academic platforms such as academician and doctoral workstations [4] - The vaccine segment includes four products, with several others under development, showcasing the company's differentiated competitive edge [4] - The company has a total of 213 products in its pipeline, demonstrating its comprehensive layout and exceptional strength across traditional Chinese medicine, chemical drugs, biopharmaceuticals, and vaccines [4] Financial Performance and Social Responsibility - Since its listing in 2016, Bichang Pharmaceutical has distributed over 7.5 billion yuan in dividends, with an average dividend rate exceeding 85%, reflecting its commitment to shareholder returns and financial resilience [5] - The company has paid nearly 32 billion yuan in taxes and has been actively involved in social welfare projects, significantly contributing to healthcare improvements in remote areas [5] - Bichang Pharmaceutical aims to enhance its R&D investments and contribute to national pharmaceutical advancements and public health, aligning with its philosophy of giving back to society [5]