Summary of Key Points Core Viewpoint - On May 2, 37 Hong Kong-listed companies conducted share buybacks, totaling 23.26 million shares and an aggregate amount of HKD 179 million [1]. Group 1: Buyback Details - The company with the highest buyback amount on May 2 was Green Bamboo Bio-B, which repurchased 1.76 million shares for HKD 39.71 million, with a maximum price of HKD 23.00 and a minimum price of HKD 21.95 [1][2]. - China Hongqiao repurchased 2.79 million shares for HKD 39.39 million, with a maximum price of HKD 14.20 and a minimum price of HKD 14.02, bringing its total buyback amount for the year to HKD 20.74 billion [1][2]. - Swire Pacific A repurchased 0.33 million shares for HKD 22.59 million, with a maximum price of HKD 68.95 and a minimum price of HKD 66.95, totaling HKD 15.26 billion for the year [1][2]. Group 2: Notable Buybacks - AIA Group conducted multiple buybacks throughout the year, with a total buyback amount of HKD 7.69 billion, including a buyback of HKD 16.07 million on May 2 [2]. - The company with the highest number of shares repurchased on May 2 was Ying Group, which bought back 7 million shares [1][2]. - Other notable companies in terms of buyback volume included China Hongqiao and Four Seasons Pharmaceutical, with repurchases of 2.79 million shares and 2.68 million shares, respectively [1][2].

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]

证券研究报告 | 2024年09月13日 绿竹生物-B（02480.HK） 优于大市 候选重组带状疱疹疫苗国内 Ph3 临床进行中 加大研发投入，LZ901 国内 Ph3 临床进行中。2024H1，公司经调整亏损 1.10 亿元，上年同期为亏损 0.79 亿元。2024H1，研发开支为 0.80 亿元（同 比+142.4%），主要由于在中国开展 LZ901 的 Ph3 临床试验；行政开支为 0.45 亿元（同比+9.0%），主要由于部分建设项目完成导致物业、厂房及设 备折旧增加。 LZ901：重组带状疱疹候选疫苗，是公司核心管线之一，有望成为全球首款 具有四聚体分子结构的带状疱疹疫苗，用于预防 50 岁及以上成人由水痘－ 带状疱疹病毒（VZV）引起的带状疱疹。公司于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，并于 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。 公司预计不晚于2025年1 月提交BLA申请，并于2025Q4 实现产品商业化。 K3：重组人抗肿瘤坏死因子（TNF）-α单克隆抗体注射剂在研产品，也 ...

证券研究报告 | 2024年09月13日 绿竹生物-B（02480.HK） 优于大市 候选重组带状疱疹疫苗国内 Ph3 临床进行中 加大研发投入，LZ901 国内 Ph3 临床进行中。2024H1，公司经调整亏损 1.10 亿元，上年同期为亏损 0.79 亿元。2024H1，研发开支为 0.80 亿元（同 比+142.4%），主要由于在中国开展 LZ901 的 Ph3 临床试验；行政开支为 0.45 亿元（同比+9.0%），主要由于部分建设项目完成导致物业、厂房及设 备折旧增加。 LZ901：重组带状疱疹候选疫苗，是公司核心管线之一，有望成为全球首款 具有四聚体分子结构的带状疱疹疫苗，用于预防 50 岁及以上成人由水痘－ 带状疱疹病毒（VZV）引起的带状疱疹。公司于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，并于 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。 公司预计不晚于2025年1 月提交BLA申请，并于2025Q4 实现产品商业化。 K3：重组人抗肿瘤坏死因子（TNF）-α单克隆抗体注射剂在研产品，也 ...

Investment Rating - The report assigns a "Buy - A" investment rating to the company with a 6-month target price of HKD 32.77 [3][5]. Core Insights - The company, Green Bamboo Bio, has been deeply engaged in the biotechnology sector for over 20 years, focusing on the development of innovative human vaccines and therapeutic biological agents. It has successfully developed six vaccine products, with five already commercialized [1][10]. - The core product, LZ901, is a recombinant shingles vaccine that is expected to become the first of its kind approved for sale in China. The market for shingles vaccines in China is largely untapped, with a penetration rate of only 0.4% among individuals over 40, compared to over 40% in the U.S. [1][2][10]. - The company has a robust pipeline with seven products under development, including LZ901, K3 (a biosimilar to Humira), and K193 (a bispecific antibody) [1][5][10]. Summary by Sections Company Overview - Green Bamboo Bio was established in November 2001 and has a strong foundation in vaccine research and development. The founder, Kong Jian, has over 30 years of experience in the biopharmaceutical industry [1][10]. - The company has transitioned to a public company and is exploring new opportunities for growth through financing and partnerships [10]. Shingles Vaccine (LZ901) - LZ901 is positioned to capture a significant share of the domestic shingles vaccine market, which is projected to be a multi-billion market. The vaccine has shown excellent immunogenicity and low incidence of adverse reactions in clinical trials [1][2][10]. - The Phase III clinical trial for LZ901 commenced in September 2023, with plans to submit a Biologics License Application (BLA) to the National Medical Products Administration by January 2025 [1][2][10]. Other Products in Development - K3, a biosimilar to Humira, has completed Phase I clinical trials and is expected to enter Phase III trials in 2025. The company plans to price K3 significantly lower than existing biosimilars, enhancing its competitive edge [2][5][10]. - K193, a bispecific antibody for treating B-cell leukemia and lymphoma, is also in clinical development, with expectations to complete Phase I trials by 2025 [2][5][10]. Financial Projections and Valuation - The company anticipates revenues of HKD 0.02 billion in 2024, HKD 0.02 billion in 2025, and HKD 5.87 billion in 2026, with net profits projected to turn positive in 2026 [5][6][10]. - The report utilizes a Discounted Cash Flow (DCF) model for valuation, leading to the target price of HKD 32.77 [5][6][10]. Research and Development - The company maintains a high level of R&D expenditure, with approximately HKD 173 million in 2023, reflecting an 88.9% increase from 2022 due to the advancement of LZ901 [42][10]. - The R&D team is experienced, having previously developed several successful vaccines, and the company has established advanced technology platforms to support its product development [18][10].