核查意见 华泰联合证券有限责任公司 关于华兰生物疫苗股份有限公司 部分募投项目延期的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为华兰生物疫苗股份有限公司（以下简称"华兰疫苗"或"公司"）首次公开发 行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务管 理办法》《上市公司募集资金监管规则》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等规定，对华兰疫苗部分募投项目延期事项进行了审慎尽职调查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意华兰生物疫苗股份有限公司首次公 开发行股票注册的批复》（证监许可〔2022〕2 号），华兰疫苗获准向社会公开 发行人民币普通股（A 股）4,001.00 万股，每股面值人民币 1 元，发行价格为 56.88 元/股，募集资金总额为人民币 2,275,768,800.00 元，扣除各项发行费用人民币 31,565,696.07 元（含税），实际募集资金净额为人民币 2,244,203,103.93 元。上述 募集资金已于 2022 年 ...

Core Viewpoint - Hualan Vaccine reported a significant decline in both revenue and net profit for the third quarter of 2025, indicating challenges in the company's financial performance [1] Financial Performance - In Q3 2025, the company achieved operating revenue of 746 million yuan, a year-on-year decrease of 19.07% [1] - The net profit attributable to shareholders was 112 million yuan, down 53.94% year-on-year [1] - Basic earnings per share for Q3 2025 were 0.1874 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the company reported total operating revenue of 806 million yuan, reflecting a year-on-year decline of 15.81% [1] - The net profit attributable to shareholders for the first three quarters was 132 million yuan, a decrease of 50.51% compared to the previous year [1] - Basic earnings per share for the first three quarters were 0.2224 yuan [1]

证券代码：301207 证券简称：华兰疫苗 公告编号：2025-047 华兰生物疫苗股份有限公司 关于部分募投项目延期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 2025 年 10 月 29 日，华兰生物疫苗股份有限公司（以下简称"公司"）召 开第二届董事会第十七次会议、2025 年第一次战略委员会会议以及 2025 年第 五次审计委员会会议，审议通过了《关于延长部分募集资金投资项目实施期限 的议案》，同意公司将募投项目"冻干人用狂犬病疫苗开发及产业化建设项 目"、"多联细菌性疫苗开发及产业化建设项目"、"新型疫苗研发平台建设 项目"的预计达到可使用状态日期向后延长至 2027 年 12 月 31 日。 一、募集资金基本情况 上述事项已经公司审计委员会、战略委员会及董事会审议通过，保荐人华 泰联合证券有限责任公司（以下简称"保荐人"）发表了明确的同意意见。根 据相关规定，本次调整事项无需股东会审议批准。具体情况如下： 根据中国证券监督管理委员会《关于同意华兰生物疫苗股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕2 号），华兰生物疫 ...

证券代码：301207 证券简称：华兰疫苗 公告编号：2025-045 《2025 年第三季度报告》具体内容详见公司同日披露于《证券时报》、《中国 证券报》、《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的 2025-046 号公告。 华兰生物疫苗股份有限公司 第二届董事会第十七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 华兰生物疫苗股份有限公司（以下简称"公司"）第二届董事会第十七次会议于 2025年10月17日以电话或电子邮件方式发出通知，于2025年10月29日以通讯表决方 式召开，会议应出席董事9名，实际出席董事9名。会议的召集和召开符合《公司法》 和《公司章程》的有关规定。 二、董事会会议审议情况 1、会议以 9 票同意，0 票反对，0 票弃权的表决结果通过了《2025 年第三季度 报告》。 公司严格按照《证券法》及《深圳证券交易所创业板股票上市规则》等有关规 定，完成了 2025 年第三季度报告的编制工作。公司董事、高级管理人员对该报告签 署了书面确认意见。 该议案已经公司第二届董事会 ...

Financial Performance - Revenue for Q3 2025 was CNY 746,025,122.57, a decrease of 19.07% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 111,511,443.25, down 53.94% year-on-year[5] - Basic earnings per share decreased by 53.64% to CNY 0.1874[5] - Total operating revenue decreased to ¥805,986,896.84 from ¥957,363,018.62, representing a decline of approximately 15.8% year-over-year[18] - Net profit for the period was ¥132,308,600.05, down from ¥267,359,727.86, indicating a decrease of about 50.6% compared to the previous year[19] - Operating profit fell to ¥139,351,616.48 from ¥305,871,419.40, a decrease of approximately 54.5% year-over-year[19] - The basic earnings per share decreased to ¥0.2224 from ¥0.4463, reflecting a decline of about 50%[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,179,369,720.73, a decrease of 4.57% from the end of the previous year[5] - Total assets decreased to ¥7,179,369,720.73 from ¥7,523,255,843.58, a reduction of about 4.6%[18] - Total liabilities slightly decreased to ¥1,504,528,077.23 from ¥1,510,111,321.68, showing a decline of approximately 0.4%[18] - The company's equity attributable to shareholders decreased to ¥5,674,841,643.50 from ¥6,013,144,521.90, a drop of about 5.6%[18] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 181,964,118.25, down 48.11% year-on-year[5] - Operating cash flow for the current period is ¥181,964,118.25, a decrease of 48.0% compared to ¥350,644,555.60 in the previous period[20] - The company reported cash received from operating activities totaling ¥865,490,687.86, down 34.1% from ¥1,314,347,439.35[20] - The company’s cash flow from operating activities was impacted by a significant reduction in cash received from sales, which totaled ¥840,417,243.67, down 35.2% from ¥1,295,544,904.55[20] - Cash and cash equivalents at the end of the period increased to ¥854,136,140.42, up from ¥531,251,202.49 in the previous period[21] - The company experienced a 100% reduction in short-term borrowings, repaying CNY 300,183,333.33 during the period[8] Expenses - R&D expenses increased by 38.84% to CNY 111,781,220.66 due to higher clinical trial costs[8] - Management expenses decreased by 36.43% to CNY 52,945,493.02, primarily due to reduced inventory write-offs[8] - Research and development expenses increased to ¥111,781,220.66, up from ¥80,510,272.88, reflecting a growth of approximately 38.7% year-over-year[18] - Cash paid for purchasing goods and services was ¥125,460,323.97, a decrease of 41.6% compared to ¥214,925,416.84[20] Shareholder Information - Total number of common shareholders at the end of the reporting period was 17,147[10] - The largest shareholder, Hualan Biological Engineering, holds 67.38% of shares, totaling 405,000,000 shares[10] - The company has a repurchase account holding 6,027,467 shares, representing 1.00% of total shares, ranking it as the 5th largest shareholder[11] - The top two shareholders are identified as acting in concert, indicating a potential influence on company decisions[11] - The company has no preferred shareholders or changes in restricted shares during the reporting period[12] Other Financial Metrics - The weighted average return on equity was 1.85%, down 2.06% from the previous year[5] - Deferred income tax assets decreased to ¥204,762,701.06 from ¥212,727,411.11, a reduction of approximately 3.5%[18] - Other non-current assets decreased to ¥1,174,869,156.97 from ¥1,214,773,182.18, indicating a decline of about 3.3%[18] Investment Activities - Investment cash inflow decreased significantly to ¥6,262,680,030.87 from ¥14,744,165,919.04, representing a decline of 57.6%[20] - Net cash flow from investment activities improved to ¥489,074,624.74, compared to a negative cash flow of ¥33,805,690.23 in the previous period[21] - The company did not receive any cash from new investments during the current period, contrasting with ¥16,281,000.00 received in the previous period[21] Audit Status - The company’s financial report for the third quarter was not audited[22]

Core Points - Hualan Vaccine's stock closed at 19.55 yuan, down 2.98%, currently in a broken state [1] - The company was listed on the Shenzhen Stock Exchange's ChiNext on February 18, 2022, with an initial public offering (IPO) price of 56.88 yuan per share [1][2] - The total amount raised from the IPO was 2.276 billion yuan, with a net amount of 2.244 billion yuan after deducting issuance costs [2] Fundraising and Projects - The company initially planned to raise 2.495 billion yuan, with funds allocated for various vaccine development projects, including influenza, rabies, and pneumonia vaccines [2] - The total issuance costs amounted to 31.5657 million yuan, with the underwriter, Huatai United Securities, receiving 22 million yuan in underwriting and sponsorship fees [2] Dividend Distribution - On May 30, 2023, Hualan Vaccine announced a dividend distribution plan for 2022, proposing a cash dividend of 3.00 yuan for every 10 shares and a capital reserve increase of 5 shares for every 10 shares [2]

Core Viewpoint - The upcoming flu season in 2025 is expected to be significant, with a different strain circulating compared to last year, leading to lower immunity among the public. Vaccination remains the most effective preventive measure, and there is a noticeable increase in vaccine demand across various regions [1][4][5]. Vaccine Supply and Demand - There is a surge in flu vaccine demand, particularly among parents for their children, leading to situations where appointments are available but vaccines are not [6][8]. - The government procurement price for trivalent vaccines has dropped to a historical low of 5.5 yuan per dose, while the price of quadrivalent vaccines has remained stable [2][12]. - Sanofi, a major overseas player, has resumed supply to the Chinese market after a 10-month hiatus, but this has not significantly impacted the market dynamics as domestic manufacturers continue to dominate [10][11]. Flu Activity and Trends - The flu season may start earlier than in previous years, with reports indicating an increase in flu cases, particularly in southern provinces [3][4]. - The predominant strain this year is H3N2, which poses a higher risk due to lower public immunity compared to last year's H1N1 strain [4][5]. Pricing Dynamics - The price of trivalent vaccines has decreased significantly, while quadrivalent vaccines have stabilized after a previous price war [12][13]. - The procurement prices for government-subsidized vaccines have varied, but the overall trend indicates a potential for future price adjustments due to market conditions [13][14]. Market Competition - The return of Sanofi to the Chinese market raises questions about competitive dynamics, but domestic manufacturers like Sinopharm, Beijing Kexing, and Hualan Biological remain the primary suppliers [10][11]. - The flu vaccine market is characterized as an incremental market with substantial demand, and companies do not view each other strictly as competitors [11]. Recommendations for Public Health - Health authorities continue to recommend annual flu vaccinations as the best preventive measure, alongside personal hygiene practices [5][6]. - Increased public awareness and education about the importance of flu vaccination are essential for improving vaccination rates [13].

Market Overview - The biopharmaceutical sector experienced a decline of 0.57% on October 22, with Aopumai leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Wendi Pharmaceutical (688488) with a closing price of 14.77, up 4.01% [1] - Dongbao Bio (300239) at 5.78, up 2.66% [1] - Jinke (688670) at 17.03, up 2.59% [1] - Major decliners included: - Aopumai (688293) at 55.19, down 4.40% [2] - Wofu Bio (300357) at 31.63, down 3.18% [2] - Sanofi (688336) at 59.60, down 2.39% [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 192 million yuan from institutional investors, while retail investors contributed a net inflow of 53.82 million yuan [2] - Specific stock capital flows included: - Te Bao Bio (688278) with a net inflow of 19.00 million yuan from institutional investors [3] - Hualan Bio (002007) with a net inflow of 12.05 million yuan from institutional investors [3] - Aopumai (688293) with a net outflow of 4.40% from institutional investors [3]

证券之星消息，10月21日生物制品板块较上一交易日上涨1.16%，华兰疫苗领涨。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。生物制品板块个股涨跌见下表： 从资金流向上来看，当日生物制品板块主力资金净流入1.39亿元，游资资金净流出9439.54万元，散户资 金净流出4501.94万元。生物制品板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Core Viewpoint - The A-share market is experiencing a surge in flu-related stocks, driven by rising flu activity in southern provinces and the emergence of the H3N2 strain, which has led to increased investor interest in pharmaceutical companies [1][2] Company Performance - **Jinshi Yiyao**: Increased by 13.44%, with a total market value of 4.644 billion [2] - **Guangji Pharmaceutical**: Rose by 9.97%, total market value of 2.448 billion [2] - **Te Yi Pharmaceutical**: Gained 8.78%, market value of 5.209 billion [2] - **Hualan Biological Engineering**: Up by 8.59%, with a market value of 12.9 billion [2] - **Lingkang Pharmaceutical**: Increased by 7.01%, market value of 4.291 billion [2] - **Hengdi Pharmaceutical**: Rose by 6.60%, market value of 5.466 billion [2] - **Innotec**: Increased by 5.37%, market value of 4.459 billion [2] - **Weikang Pharmaceutical**: Up by 4.76%, market value of 3.471 billion [2] - **Yirui Biological**: Increased by 4.67%, market value of 4.359 billion [2] Market Trends - The China CDC reported a slow increase in respiratory disease cases nationwide, with flu activity rising in southern provinces and remaining low in northern regions [1] - Experts suggest that the flu season may arrive earlier this year, with a potential increase in infection rates due to lower immunity against the H3N2 strain [1]