Hualan released its 1H25 results on Aug 27, 2025. Both its revenue (Rmb1,798mn, +9% yoy) and net profit (Rmb516mn, +17% yoy) were largely in-line with GSe (Rmb1,905mn/519mn). By product breakdown, revenue from albumin/IVIG/other plasma products/vaccines reached Rmb696mn/453mn/588mn/57mn, with +8% /-1%/+15%/+93% yoy respectively. The company noted that unit prices for its two key plasma products, albumin and IVIG, both declined by c.5%, though management emphasized that this performance is relatively favorab ...