内容概况：中国带状疱疹疫苗市场近年来呈现出快速增长的态势。随着人口老龄化的加剧和公众健康意 识的提高，带状疱疹疫苗的市场需求不断增加。2020年市场规模为26亿元，2021年大幅下降后开始回 升，2024我国带状疱疹疫苗行业市场规模达56亿元。带状疱疹在中国50岁及以上人群中的发病率较高， 且随着人口老龄化的加剧，市场需求持续增长。公众对带状疱疹及其预防的认知度逐渐提高，推动了疫 苗市场的快速发展。预计未来几年内，中国带状疱疹疫苗市场规模将继续保持快速增长的趋势。 相关上市企业：百克生物（688276）、万泰生物（603392）、绿竹生物（HK.02480）、瑞科生物 （HK.02179）、沃森生物（300142） 相关企业：长春祈健生物制品有限公司、怡道生物科技（苏州）有限公司、成都迈科康生物科技有限公 司、上海生物制品研究所有限责任公司、嘉晨西海（杭州）生物技术有限公司、 关键词：带状疱疹疫苗行业产业链、带状疱疹疫苗行业发展现状、带状疱疹疫苗行业发展趋势 一、带状疱疹疫苗行业定义及分类 带状疱疹疫苗是一种用于预防带状疱疹（俗称"缠腰龙"或"蛇盘疮"）的疫苗。带状疱疹是由水痘-带状 疱疹病毒（Varicel ...

4月20日晚间，百克生物(688276)发布了其2024年年报。财报显示，报告期内，公司实现的营业收入约为12.29亿元，同比下降32.64%;对应实现的归属净利润 约为2.32亿元，同比下降53.67%。 对此，百克生物表示，主要系本报告期带状疱疹疫苗销量减少所致。这一业绩也预示着国内"带疱一哥"在其核心品种商业化的第二年便遭遇滑铁卢。然而， 受到百克生物此次年报业绩表现打击最大的似乎并非百克本身，而是尚未实现产品收入且核心带疱疫苗即将上市的绿竹生物-B(02480)。 陷入流动性陷阱，亟待被"拯救" 今年5月2日，绿竹生物股价在结束了长达1个半月的横盘后，出现大幅收跌9.09%，引发了场内持筹者的大幅抛售，当日成交量达到180.36万股，打破了绿竹 生物股票2024年以来的单日成交量新高。 智通财经APP观察到，2024年以来，绿竹生物股票流动性出现了断崖式下跌，截至目前的17个月内，单月成交量不超过20万股的月份有10个，单月成交量最 低的月份为今年1月，整月成交量仅22800股。从成交量来看，绿竹生物显然已滑落至被市场遗忘的边缘，亟待被"拯救"。 对于绿竹生物而言，此前最合适的捷径自然是"入通"，但" ...

| 工股份 | | --- | 以金额进行统计，5月2日回购金额最多的是绿竹生物-B，回购金额为3971.33万港元；其次是中国宏 桥，回购金额为3938.64万港元；回购金额居前的还有太古股份公司A、友邦保险等。回购数量上看，5 月2日回购股数最多的是嬴集团，当日回购量为700.00万股；其次是中国宏桥、四环医药等，回购数量 分别为278.85万股、268.20万股。 值得关注的是，绿竹生物-B本次回购为年内首次进行回购。本次回购1607.29万港元的友邦保险，年内 则进行多次回购，合计回购金额为76.86亿港元。（数据宝） 5月2日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | （万港元） | （港元） | （港元） | （万港元） | | 02480 | 绿竹生物-B | 175.92 | 3971.33 | 23.000 | 21.950 | 3971.33 | | 01378 | 中国宏桥 | 278.85 | ...

智通财经APP获悉，希玛眼科(03309)、国泰君安国际(01788)、威高股份(01066)、亚洲金融(00662)、时 代电气(03898)、信利国际(00732)、清科创业(01945)、百宏实业(02299)、复星医药(02196)、百融云- W(06608)、四环医药(00460)、雅生活服务(03319)、澳优(01717)、天福(06868)、名创优品(09896)、上海 石油化工股份(00338)、中远海控(01919)、中远海发(02866)、思派健康(00314)、太古地产(01972)、固生 堂(02273)、旭日企业(00393)、玄武云(02392)、嬴集团(00397)、友邦保险(01299)、欧康维视生物- B(01477)、中国宏桥(01378)、绿竹生物-B(02480)、彩客新能源(01986)、和誉-B(02256)、中裕能源 (03633)、乐声电子(00213)、太古股份公司A(00019)、太古股份公司B(00087)、卡罗特(N24025)、力鸿检 验(01586)于2025年5月2日进行了回购。其中，回购金额最大的为绿竹生物-B(02480)，回购数量175.9 ...

证券研究报告 | 2025年04月21日 绿竹生物-B（02480.HK） 优于大市 核心产品重组带状疱疹疫苗 LZ901 上市申请获受理 全年亏损收窄，在研管线有序推进。2024 年公司经调整亏损 1.68 亿元，上 年同期为亏损 2.49 亿元，全年亏损收窄。2024 全年研发开支为 1.35 亿元（同 比-21.7%），主要由于随着 LZ901 国内 Ph3 临床进展，相关折旧摊销减少， 同时以股份付款的员工成本减少等原因；行政开支为 0.87 亿元（同比 -25.5%），主要由于以股份付款的员工成本减少。 LZ901（重组带状疱疹疫苗）：于 2023 年 9 月在中国启动 LZ901 的多中心、 随机、双盲、安慰剂对照 Ph3 临床研究，2024 年 1 月在江苏、山东、湖北 及山西四省完成共计 2.6 万名 40 岁及以上健康受试者入组，并于 2024H2 获得了临床试验中期分析结果，目前 LZ901 在中国的上市申请已获得国家药 监局受理，预计 2026H1 实现产品商业化。 K3（阿达木单抗生物类似药）：公司计划根据市场情况及公司可动用资源， 进一步评估在中国启动 K3 的 Ph3 临床试验的适 ...

2025 年 04 月 20 日 绿竹生物-B(02480.HK) 各管线进展加速，LZ901 商业化可期 事件：公司发布 2024 年度报告，亏损持续收窄，研发管线加速 推进。2024 年全年，公司亏损进一步收窄至 1.7 亿元，研发管线 中核心产品带状疱疹疫苗 LZ901 取得关键进展，2024 年 1 月，公 司完成了 LZ901 中国 III 期临床试验共计 26,000 名健康受试者 的入组工作，并于 2024 年下半年获得了临床试验中期分析结果并 完成了 LZ901 与 Shingrix®共 300 人的头对头临床试验主要研 究。2025 年 2 月，公司公告 LZ901 的 BLA 已获得 NMPA 受理，商 业化值得期待。 LZ901 产品独具优势，商业化值得期待。根据此前披露的临床数 据来看，LZ901 独特的四聚体分子结构使其表现出更好的免疫原 性，进而诱导出更高水平的中和抗体滴度。同时，在相对 Shingrix 的临床前头对头试验中，LZ901 展现出了更好的细胞免疫效果； Ⅰ期临床试验结果显示，LZ901 的免疫原性不弱于 Shingrix，不 良事件发生频率和严重程度均明显较低，Ⅱ期 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 21,387,000, representing a 6.5% increase from RMB 20,085,000 in 2023[9] - The net loss before tax decreased by 32.5% to RMB 168,235,000 in 2024 from RMB 249,350,000 in 2023[9] - Basic and diluted loss per share improved by 33.6% to RMB 0.83 in 2024 from RMB 1.25 in 2023[9] - The company's other income increased by approximately 6.5% from RMB 20.1 million in 2023 to RMB 21.4 million in 2024, primarily due to government subsidies related to R&D activities amounting to RMB 6.4 million[40] - The net other income decreased by approximately 34.9% from RMB 18.2 million in 2023 to RMB 11.8 million in 2024, mainly due to a reduction in foreign exchange gains of about RMB 5.7 million[43] - Administrative expenses were reduced by 25.5% to RMB 64,795,000 in 2024 from RMB 87,011,000 in 2023[9] - R&D expenses decreased by approximately 21.7% from RMB 172.7 million in 2023 to RMB 135.1 million in 2024, mainly due to reduced depreciation and amortization related to LZ901[46] - The company reported a pre-tax loss of RMB 168.2 million in 2024, a decrease of approximately 32.5% from RMB 249.4 million in 2023[38] Clinical Development and Product Pipeline - The company completed the enrollment of 26,000 healthy participants in the Phase III clinical trial for its core product, LZ901, in January 2024[14] - LZ901's Biologics License Application (BLA) has been accepted by the National Medical Products Administration in China, with commercialization efforts ongoing[14] - The company initiated two new clinical-stage vaccine products targeting HSV-1 and HSV-2, addressing unmet medical needs globally[15] - The company has six clinical-stage products in its pipeline, including LZ901, and additional preclinical products under development[12] - The core product LZ901 is expected to progress in its listing application in China and clinical trials in the US, with commercialization anticipated in the first half of 2026[18][24] - K3, a biosimilar to Humira®, is under evaluation for a Phase III trial in China, expected to start as early as the first half of 2026[26] - K193, a bispecific antibody for treating B-cell leukemia and lymphoma, is in Phase I trials, with completion expected in the second half of 2025[27] - The company plans to advance more products into clinical research stages in 2025, aiming to meet growing market demand[18] Assets and Liabilities - Non-current assets increased to RMB 577,587,000 in 2024 from RMB 545,722,000 in 2023, reflecting a growth of 5.9%[11] - Current assets decreased to RMB 472,876,000 in 2024 from RMB 620,972,000 in 2023, a decline of 23.8%[11] - The group's property, plant, and equipment increased by approximately 19.2% from about RMB 383.9 million as of December 31, 2023, to about RMB 457.6 million as of December 31, 2024, mainly due to the construction of a new R&D and production base in Beijing[52] - The group's prepaid expenses, deposits, and other receivables decreased by approximately 58.8% from about RMB 62.3 million as of December 31, 2023, to about RMB 25.6 million as of December 31, 2024, primarily due to a reduction in recoverable VAT[53] - The group's bank balance decreased by approximately RMB 124.9 million from about RMB 265.0 million as of December 31, 2023, to about RMB 140.1 million as of December 31, 2024, mainly due to share buybacks and capital expenditures[54] - The group's total bank borrowings increased to approximately RMB 54.9 million as of December 31, 2024, compared to about RMB 7.0 million as of December 31, 2023[54] - The group's debt-to-asset ratio increased to 18.7% as of December 31, 2024, from 12.5% as of December 31, 2023[59] - The group's net current assets decreased from about RMB 524.7 million as of December 31, 2023, to about RMB 374.0 million as of December 31, 2024[60] Corporate Governance and Management - The company has established a comprehensive internal product discovery capability, with a research and development team consisting of 17 personnel as of December 31, 2024[34] - The company is constructing a new R&D and production facility in Beijing with a total area of approximately 45,072.87 square meters[36] - The company’s production team includes 43 personnel, while the quality control team consists of 44 personnel, all trained in regulatory and quality control standards[36] - The company has a strong emphasis on quality control and assurance in its vaccine production processes[87] - The company has a strategic focus on expanding its product pipeline and enhancing clinical trial management[87] - The company’s board includes members with extensive experience in drug development and biopharmaceutical research[89] - The company is committed to providing independent oversight and strategic advice through its independent non-executive directors[92] Shareholder Information - The company did not declare any final dividends for the reporting period[147] - The company has no distributable reserves as of December 31, 2024[157] - The company may face challenges in managing its growth and business expansion[146] - The total issued share capital of the company as of December 31, 2024, includes 202,449,032 H-shares, which encompasses 1,460,000 shares held in treasury[173] - The total percentage of shareholding for Mr. Kong, Ms. Zhang, and Mr. Ma combined is significant, indicating a concentrated ownership structure within the company[170] Risks and Challenges - The group faced significant risks related to the success of its clinical-stage and preclinical-stage products, which may not receive regulatory approval or may experience delays[131] - The group may encounter difficulties in recruiting clinical trial participants, potentially delaying clinical development activities[131] - The group generated a net loss and negative operating cash flow during the reporting period, with expectations of continued losses[140] - The group may require additional financing for research and operational expansion, which may not be secured[140] - The group is exposed to supply chain risks, including price increases or supply disruptions that could adversely affect its business[136] Compliance and Regulations - The group has complied with all relevant laws and regulations without any serious violations during the reporting period[145] - The pharmaceutical industry in China is highly regulated, and changes in regulations may affect the approval and commercialization of the company's research products[146]

Core Insights - The article highlights the transformative potential of Chinese biopharmaceutical companies in the vaccine industry, driven by innovation and global expansion [1][11] - Green Bamboo Biotech's LZ901 shingles vaccine is positioned to disrupt the market with its unique design and expected approval in the first half of next year [2][6] Group 1: LZ901 Vaccine Development - LZ901 is set to launch next year, featuring a groundbreaking design that enhances immune response efficiency through precise antigen targeting [1][2] - The vaccine is undergoing head-to-head trials against the only currently approved recombinant shingles vaccine, showcasing its competitive edge [1][2] - The commercial production system is ready, with the Zhuhai base in trial operation, aiming for rapid market penetration post-launch [2] Group 2: Market Potential and Demand - The shingles vaccine consistently ranks among the top-selling vaccines globally, indicating significant market demand and potential [2][6] - The global market for herpes simplex virus (HSV) vaccines is vast, with approximately 3.8 billion people under 50 infected with HSV-1 and 520 million with HSV-2, highlighting unmet medical needs [7][8] Group 3: Broader Innovation Pipeline - Green Bamboo Biotech is expanding its pipeline with innovative vaccines targeting HSV-1 and HSV-2, currently in preclinical research [7] - The company is also advancing therapeutic antibody projects, including a recombinant anti-TNF-α monoclonal antibody and dual-target antibodies for treating blood cancers [8] - The strategic focus on both preventive and therapeutic solutions positions the company for significant growth in the coming years [11]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 21,387,000, an increase of 6.5% compared to RMB 20,085,000 in 2023[4] - The net loss before tax for the year was RMB 168,235,000, a reduction of 32.5% from RMB 249,350,000 in the previous year[4] - The company's total equity as of December 31, 2024, was RMB 853,591,000, a decrease from RMB 1,020,628,000 in 2023[10] - The company's cash and cash equivalents decreased to RMB 140,126,000 from RMB 264,982,000 in the previous year[9] - The company's other income increased by approximately 6.5% from RMB 20.1 million for the year ended December 31, 2023, to approximately RMB 21.4 million for the year ended December 31, 2024, mainly due to government subsidies related to R&D activities amounting to RMB 6.4 million[73] - The company's administrative expenses decreased by approximately 25.5% from RMB 87.0 million for the year ended December 31, 2023, to approximately RMB 64.8 million for the year ended December 31, 2024[79] Research and Development - Research and development expenses decreased by 21.7% to RMB 135,134,000 from RMB 172,685,000 in 2023[4] - The company has initiated the development of two new recombinant vaccines targeting HSV-1 and HSV-2, increasing its pipeline to six preclinical products as of December 31, 2024[5] - The company completed the enrollment of 26,000 healthy participants aged 40 and above for the Phase III clinical trial of LZ901 in January 2024[5] - The LZ901 vaccine, a recombinant shingles vaccine, is the first globally with a tetravalent molecular structure, showing high immunogenicity and safety in clinical trials[60] - A Phase III clinical trial for LZ901 commenced in September 2023, aiming to enroll 26,000 healthy participants aged 40 and above by January 2024[61] - The company is developing two new vaccines targeting HSV-1 and HSV-2, currently in preclinical stages, addressing unmet medical needs globally[64] - The company has six clinical-stage products in its pipeline, including the core product LZ901, and six preclinical-stage products as of December 31, 2024[57] Assets and Liabilities - Total assets less current liabilities as of December 31, 2024, were RMB 951,606,000, down from RMB 1,070,382,000 in 2023[9] - The total value of property, plant, and equipment is RMB 517,786,000, an increase from RMB 422,831,000 as of December 31, 2023, representing a growth of approximately 22.4%[35] - The total amount of prepaid expenses and other receivables decreased to RMB 25,627,000 as of December 31, 2024, from RMB 62,267,000 as of December 31, 2023, a decline of approximately 58.8%[42] - The company's bank borrowings increased significantly from approximately RMB 7.0 million as of December 31, 2023, to approximately RMB 54.9 million as of December 31, 2024[88] - The debt-to-asset ratio rose to 18.7% as of December 31, 2024, compared to 12.5% as of December 31, 2023[92] Clinical Trials and Regulatory Approvals - The Biologics License Application (BLA) for LZ901 was submitted to the National Medical Products Administration in January 2025 and accepted in February 2025[5] - The company plans to submit a Biologics License Application (BLA) for LZ901 in January 2025, with commercialization expected in mid-2026 in China[61] - K3, a biosimilar to Humira®, is in development for autoimmune diseases, with a Phase I trial completed in December 2019, and a Phase III trial anticipated to start in mid-2026[62] - K193, a bispecific antibody for treating B-cell leukemia and lymphoma, is in Phase I trials, with completion expected in the second half of 2025[63] Employee and Corporate Governance - The group employed 164 full-time employees as of December 31, 2024, with a competitive salary and bonus structure[104] - The company's board of directors includes key figures such as Mr. Kong Jian and Ms. Zhang Yanping, who are also major shareholders[126] - The company has established an innovative precision protein engineering platform, enabling the development of human vaccines, monoclonal antibodies, and bispecific antibodies[58] - The company emphasizes compliance with the regulations set forth by the National Medical Products Administration of China[123] Financial Strategy and Future Outlook - The company has a total bank borrowing of RMB 54,914,000 as of December 31, 2024, compared to RMB 7,000,000 in 2023, indicating a significant increase[51] - The company anticipates that the net proceeds from the global offering will be fully utilized by the end of 2027[103] - The company does not recommend a final dividend for the year ended December 31, 2024, consistent with the previous year[116] - The company is actively expanding its market presence and exploring potential mergers and acquisitions[123]

Investment Strategy and Policies - The company prioritizes redeemable wealth management products in its investment strategy to maintain capital preservation and liquidity[3] - The company implements treasury policies, internal control policies, and rules for wealth management product investments to ensure sufficient working capital for business operations, R&D, and capital needs[3] - Investment decisions are made on a case-by-case basis after considering factors such as investment duration and expected returns[3] China Construction Bank Structured Product - The company holds a China Construction Bank structured product with an original principal amount of RMB 111,826 thousand and a fair value of RMB 113,440 thousand as of December 31, 2023, representing 9.72% of the group's total assets[2] - The China Construction Bank product generated an unrealized gain of RMB 1,614 thousand for the year ended December 31, 2023[2] - The China Construction Bank product is a low-risk, non-principal-guaranteed floating income fixed-income product without regular interest income distribution[2]