Core Viewpoint - The company is expected to return to a growth trajectory in 2025, driven by the recovery in demand from pharmaceutical clients and the domestic supply chain for insulin and GLP-1, maintaining a "Buy" rating [1][4]. Financial Performance - In 1H25, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 309 million, 44 million, and 35 million yuan respectively, representing year-on-year increases of 9%, 18%, and 42% [1]. - For 2Q25, the figures were 163 million, 25 million, and 21 million yuan, showing year-on-year changes of +4%, -4%, and 0% [1]. Product Development and Market Expansion - The pharmaceutical rubber stopper segment showed orderly recovery with a projected double-digit revenue growth for the full year, achieving 310 million yuan in 1H25, a 9% year-on-year increase, with a gross margin of 39.4% [1]. - The company has a robust pipeline with 1,674 and 1,528 authorized projects for film-coated and conventional stoppers respectively, indicating an 8% and 6% increase from the end of 2024 [1]. - The company is entering the domestic supply chain for insulin through cartridge components, with expected revenue contributions starting in 2025, including a significant order of 200 million piston components from Ganli Pharmaceutical [2]. Capacity Expansion Initiatives - The company is developing the "Qihang Workshop" to expand its product offerings, including insulin components and pre-filled components, with planned capacities of 1.5 billion piston caps and 10 million COC/COP components [3]. - The company is also relocating and expanding its Chongqing factory to accelerate the aluminum cap project and enhance production capacity in the western market [3]. Valuation and Target Price - The company has increased its capital expenditure assumptions, projecting net profits attributable to shareholders of 110 million, 130 million, and 160 million yuan for 2025-2027 [4]. - A price-to-earnings ratio of 60x is assigned for 2025, with a target price of 39.46 yuan, reflecting a premium due to ongoing order fulfillment and new market entries [4].

Core Viewpoint - Jiangsu Hualan Pharmaceutical New Materials Co., Ltd. plans to repurchase its shares using raised funds, self-owned funds, and self-raised funds, with a total repurchase amount between RMB 100 million and RMB 200 million, aimed at capital reduction and employee stock ownership plans [1][2][16]. Summary by Sections Repurchase Funding Sources - The total repurchase amount will not be less than RMB 100 million and not exceed RMB 200 million, with raised funds between RMB 30 million and RMB 60 million, and self-owned and self-raised funds between RMB 70 million and RMB 140 million [1][16]. Purpose of Repurchase - The repurchased shares will be used for capital reduction and employee stock ownership plans or equity incentives. Shares bought with raised funds will be canceled, while those bought with self-owned and self-raised funds may be used for employee incentives in the future [1][13][16]. Types and Methods of Shares to be Repurchased - The shares to be repurchased are ordinary shares (A shares) and will be acquired through centralized bidding [2][12]. Repurchase Timeline and Price - The repurchase period will not exceed 12 months from the date of the shareholders' meeting approval, with a maximum price of RMB 45.50 per share [2][15]. Shareholder Reduction Plans - Major shareholder Ruizhong Life Insurance Co., Ltd. plans to reduce its holdings by up to 3,789,267 shares (3.00% of total shares) between June 4, 2025, and September 3, 2025 [2][20]. Financial Impact and Company Structure - As of March 31, 2025, the total assets of the company were approximately RMB 2.51 billion, and the repurchase funds will account for about 7.98% of total assets and 8.83% of equity attributable to shareholders [17][22]. Compliance and Approval - The repurchase plan has been approved by the board and will comply with relevant laws and regulations, ensuring it does not harm the interests of the company or its shareholders [26][27].

证券代码：301093 证券简称：华兰股份 江苏华兰药用新材料股份有限公司 3.请问公司2025年上半年的业绩大概怎么样？ 答：投资者您好！公司目前生产经营状况良好，2025年半年度业 绩情况请关注后续披露的半年度报告。谢谢！ 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他（请文字说明其他活动内容） 形式 ☐现场 网上 ☐电话会议 参与单位名称及人员姓名 线上参与公司2024年度网上业绩说明会的全体投资者 时间 2025年05月13日15:00-16:00 地点 价值在线（https://www.ir-online.cn/），采用网络文字互动方式 举行 上市公司接待人员姓名 董事长兼总经理 华一敏先生 独立董事 徐作骏先生 保荐代表人 邹晓东先生 副总经理、董事会秘书 刘雪女士 副总经理、财务总监 徐立中先生 投资者关系活动 主要内容介绍 一、 公司介绍 二、 互动交流环节 1.公司2024年度分红情况是怎么样的？ 答：投资者您好！经公司董事会审议通过的2024年度利润分配预 案如下：以公司现有总股本126,308,942股为基数，拟向全 ...