Group 1 - The Hong Kong Innovation Drug Index (987018) has seen a strong increase of 2.33% as of May 21, 2025, with notable gains in constituent stocks such as CanSino Biologics (06185) up 8.87%, Junshi Biosciences (01877) up 8.16%, and Kelun Pharmaceutical (06821) up 7.02% [1] - The Hong Kong Innovation Drug ETF (159567) has risen by 1.56%, marking its fourth consecutive increase, with the latest price reported at 1.3 HKD. Over the past week, the ETF has accumulated an increase of 8.63% [1] - The trading activity for the Hong Kong Innovation Drug ETF has been robust, with an intraday turnover of 10.03% and a transaction volume of 171 million HKD, indicating active market participation. The average daily trading volume over the past month reached 736 million HKD, with the ETF's latest scale reaching 1.667 billion HKD, a new high in nearly a year [1] Group 2 - The CDMO sector is expected to see rapid growth driven by the increasing demand for chemical macromolecules and XDC CDMO production, particularly in polypeptides and oligonucleotides, presenting investment opportunities in the related industry chain [1] - The CRO sector is anticipated to benefit from improving overseas financing conditions and a gradual shift towards a rate-cutting environment, with expectations of revenue recovery for integrated CRO/CDMO and domestic preclinical CROs, suggesting potential valuation recovery opportunities [2] - The CRO sector has been significantly impacted by domestic and international financing challenges, but with supportive domestic policies, there is an expectation for gradual recovery, highlighting investment opportunities in clinical CROs [2]

港股医药股延续强势，康希诺生物(06185.HK)涨超10%，君实生物(01877.HK)涨超9%，三叶草生物 (02197.HK)、康方生物(09926.HK)等跟涨。 ...

Group 1: Company Performance - NetEase-S (09999) saw a significant increase of 10.89% in stock price after reporting Q1 2025 net revenue of RMB 28.8285 billion, a year-on-year increase of 7.4%, and gross profit of RMB 18.5 billion, up 8.6% [1] - H&H International Holdings (01112) rose over 8% as the market speculated on the ergotamine concept, with its Swisse brand showing strong performance in high-growth segments [2] - China Gold International (02099) experienced a stock price increase of over 5% after reporting a 351% rise in Q1 revenue to USD 273 million [2] Group 2: Clinical and Pharmaceutical Developments - Shandong Xinhua Pharmaceutical (00719) surged over 14% as COVID-19 infections showed an upward trend, with the company preparing for Phase II clinical trials of OAB-14 [1] - Innovent Biologics (01801) rose nearly 3% after announcing the completion of the first patient dosing in the Phase III clinical study of Ma Shidu peptide for obesity [1] - Kangxi Biologics (06185) increased over 3% after receiving approval from the Indonesian drug regulatory authority for its inhaled tuberculosis vaccine clinical trial [1] Group 3: Market Trends and Reactions - The Nasdaq Golden Dragon China Index fell over 2%, with notable declines in popular Chinese stocks such as Tiger Brokers (TIGR.US) down over 8% and Beike (BEKE.US) down over 5% [3] - UnitedHealth Group (UNH.US) experienced a significant drop of over 15% following reports of a U.S. Department of Justice investigation into potential insurance fraud [3] - Bitcoin-related stocks declined, with CleanSpark (CLSK.US) down nearly 6% and Coinbase (COIN.US) down over 7%, as Bitcoin itself fell over 1.5% [3]

Group 1 - The A-share market saw a collective decline on May 16, while the Sci-Tech Innovation Pharmaceutical sector rebounded, with the Sci-Tech Innovation Pharmaceutical ETF (588860) rising by 0.16% [1] - Notable stocks in the sector included Maiwei Biotech-U, which increased by over 5%, along with Shouyao Holdings-U, KQ Biotech, Innotec, CanSino, and Baotai, all of which experienced gains [1] - The Sci-Tech Innovation Pharmaceutical ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index, which selects 50 large-cap companies in biopharmaceuticals and related fields to reflect the overall performance of representative companies in the sector [1] Group 2 - According to CMB International, the optimization of centralized procurement policies in mainland China provides hospitals and enterprises with more flexibility and autonomy, benefiting leading prescription drug companies [2] - The anticipated implementation of favorable policies, such as the 2025H2 medical insurance category, is expected to accelerate industry consolidation, with the sector's valuations remaining at historical lows [2] - The recommendation is to focus on innovative drug targets with high growth potential or clear breakeven timelines after short-term sentiment stabilizes [2]

中邮证券表示，受益于海外投融资市场的率先复苏，需求端逐步恢复，CXO&上游公司订单增速提升， 行业拐点已过。CXO板块收入端恢复良好增长态势，盈利能力持续修复，利润端改善趋势更为显著， 基本面已呈现向上趋势。优质、高效、低成本的产品及服务为核心壁垒，我国制药业优势持续巩固，有 望在全球市场占据更高市场份额。中国创新药经过数十年发展，正在进入收获期，叠加政策友好性和市 场流动性提升，国内创新药市场前景光明。建议重点关注肿瘤、自免、减重、阿尔兹海默症、NASH、 脱发、乙肝等领域。 甬兴证券表示，百济神州凭借泽布替尼在欧美市场份额的提升保持收入规模的增长、恒瑞医药也多次实 现创新药的对外授权，我们认为国产创新药的竞争力正在持续提升，看好国产创新药的出海前景。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 5月14日港股低开低走，医药生物板块逆市走强。热门ETF方面，港股创新药ETF（159567）盘中震荡 走高，截至发稿涨1.01%。换手率超7%，成交额快速突破1亿元，交投活跃。 成分股方面，三生制药涨超4%，康希诺生物、凯莱英涨超3%，晶泰控股、再鼎医药、科 ...

Major Events - Heng Rui Medicine (01276) plans to globally issue 224.5 million H-shares, expected to be listed on May 23 [1] - MIRXES-B (02629) will conduct an IPO from May 15 to May 20, aiming to globally issue 46.62 million shares [1] - Green Tea Group (06831) received 317.54 times subscription for its public offering in Hong Kong, with a final issue price of HKD 7.19 per share [1] - CSPC Pharmaceutical Group (01093) signed an exclusive licensing agreement with Cipla for the commercialization of Irinotecan Liposome Injection in the United States [1] - CanSino Biologics (06185) received clinical trial approval for its inhaled tuberculosis booster vaccine in Indonesia [1] - Fuhong Hanlin (02696) has been included in the MSCI Global Small Cap Index [1] - Financial One Account (06638) received a privatization offer from Ping An Group (02318) at a premium of approximately 23.10% [1] Financial Reports - Alibaba-W (09988) reported revenue and net profit growth for the fiscal year 2025, with net profit attributable to shareholders increasing by 62% to CNY 129.47 billion [1] - NetEase-S (09999) announced Q1 results with net profit attributable to shareholders at CNY 10.301 billion, a year-on-year increase of 34.94%, and a quarterly dividend of USD 0.135 per share [1] - Geely Automobile (00175) released Q1 results showing a significant increase in profit attributable to shareholders of CNY 5.672 billion, up 263.59% year-on-year [1] - Beike-W (02423) reported a total transaction volume growth of 34.0% year-on-year in Q1, with net revenue increasing by 42.4% [1] - Minhua Holdings (01999) announced annual results with profit attributable to shareholders of HKD 2.063 billion, a decrease of 10.41% year-on-year [1] - Shoucheng Holdings (00697) reported Q1 results with profit attributable to shareholders of HKD 213 million, an increase of 80.5% year-on-year [1] - Fourth Paradigm (06682) showed strong performance in core business with total revenue of CNY 1.077 billion in Q1, a year-on-year growth of 30.1% [1]

证券代码：688185 证券简称：康希诺 公告编号：2025-015 康希诺生物股份公司 自愿披露关于吸入用肺结核疫苗（5型腺病毒载体） 于印度尼西亚获得临床试验批准的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 康希诺生物股份公司（以下简称"公司"）开发的吸入用肺结核疫苗（5型 腺病毒载体）（以下简称"吸入用结核病加强疫苗"）于近日获得印度尼西亚食 品药品监督管理局（Badan Pengawas Obat dan Makanan, Republik Indonesia, "BPOM"）签发的临床试验批准。 一、产品基本情况 二、临床试验相关情况 该 I 期临床试验目的是在 18-49 岁的成年人中探究接种一剂吸入用肺结核疫 苗（5 型腺病毒载体）的安全性和免疫原性。 三、风险提示 疫苗研发是一项复杂严谨的科学活动，难度大、周期长，在上市销售前需要 申请临床试验、进行临床试验、申请药品注册上市许可等，临床试验进程和结果 及产品上市进度具有不确定性，公司信息以公司指定披露媒体以及上海证券交易 所网站刊登的公告为准。敬 ...

Investment Rating - The report does not explicitly state an investment rating for the vaccine industry Core Insights - The overall trend in the vaccine industry shows a decline in batch approvals for most vaccine types in Q1 2025, with some exceptions showing recovery or growth in demand [7][29][46] Summary by Category Multi-Component Vaccines - In Q1 2025, multi-component vaccines saw a total of 17 batch approvals, a decrease of 26% compared to the previous year [11][15] - The five-component vaccine maintained its batch approval at 17, while the four-component vaccine had no approvals [15][12] Pneumonia Vaccines - Total batch approvals for pneumonia vaccines in Q1 2025 were 23, down 30% year-on-year [19][21] - The 13-valent pneumonia vaccine had 19 approvals, remaining stable, while the 23-valent vaccine saw a significant drop to 4 approvals, down 71% [24][19] HPV Vaccines - HPV vaccine approvals increased to 57 batches in Q1 2025, a growth of 63% [29][27] - The two-valent HPV vaccine saw a remarkable increase of 367%, with all approvals coming from Wantai Biological Pharmacy [29][32] Influenza Vaccines - Influenza vaccine approvals totaled 29 batches, a significant increase of 263% year-on-year [34][38] - The three-valent influenza vaccine had 28 approvals, while the four-valent vaccine had only 1 approval, down 67% [38][41] Rabies Vaccines - Batch approvals for rabies vaccines increased to 223 in Q1 2025, a growth of 37% [46][48] - The freeze-dried rabies vaccine accounted for the majority of approvals, with Chengda Biological achieving 105 approvals, a 110% increase [48][46] Varicella Vaccines - Varicella vaccine approvals slightly decreased to 83 batches, down 2% [53][54] - The largest contributor was Baike Biological, with 33 approvals, marking a 38% increase [54][53] Hib Vaccines - Hib vaccine approvals fell to 7 batches, a decrease of 50% [59][58] EV71 Vaccines - EV71 vaccine approvals continued to decline, with only 4 batches approved, down 69% [64][63] Rotavirus Vaccines - Rotavirus vaccine approvals totaled 21 batches, a decrease of 46% [68][67] DTP Vaccines - DTP vaccine approvals increased to 18 batches, a growth of 167% [72][73] Meningitis Vaccines - Meningitis vaccine approvals totaled 85 batches, down 34% [78][79] - The AC polysaccharide vaccine accounted for 55 approvals, a decrease of 47% [84][79] Hepatitis B Vaccines - Hepatitis B vaccine approvals increased to 87 batches, a growth of 28% [91][90] IPV Vaccines - IPV vaccine approvals totaled 22 batches, a decrease of 33% [93][92]

Core Viewpoint - The impact of the U.S. "reciprocal tariffs" on Chinese pharmaceutical companies is limited, with many companies reporting normal operations and minimal effects on their business [1][2][4][7][12]. Group 1: Company Responses - Heng Rui Pharmaceutical reported that overseas sales account for only 2.56% of its revenue, indicating that U.S. tariffs have a minimal impact on its business [1]. - Han Yu Pharmaceutical stated that it has a diversified market presence across North America, Asia, Europe, and South America, which mitigates risks from single market policy changes [2]. - Bai Yang Pharmaceutical noted that its supply chain is globally diversified, and the impact of tariffs is minimal [3]. - WuXi AppTec acknowledged that tariffs will have some impact but emphasized their optimized supply chain and management practices to minimize effects [4]. - Kangtai Biological confirmed that it has no products exported to the U.S. and is focusing on markets along the Belt and Road [5]. Group 2: Industry Trends - The medical device industry in China is rapidly developing, with companies like Mindray Medical actively seeking alternatives for U.S. imported raw materials [5]. - Companies are increasingly focusing on domestic production and local supply chains to counteract potential tariff impacts [6][8]. - The vaccine industry in China is evolving, with companies like CanSino Biologics transitioning from followers to leaders in vaccine technology [8][9]. - The overall sentiment among Chinese pharmaceutical companies is that the current tariff situation presents an opportunity for domestic substitution and innovation [10][12].

Core Viewpoint - 康希诺 has shown significant improvement in its financial performance, with a notable reduction in losses and a positive revenue growth trajectory, indicating a potential recovery from the impacts of the COVID-19 pandemic [2][3][4]. Financial Performance - In Q1 2025, 康希诺 reported revenue of 1.074 billion yuan, a year-on-year increase of 20.02%, while the net loss attributable to shareholders was 11.55 million yuan, down from a loss of 170 million yuan in the same period last year [2]. - The company achieved a substantial reduction in losses due to several factors, including the absence of one-time special losses from the previous year, increased market share of its meningococcal products, and additional government subsidies [2][4]. - For the full year 2024, 康希诺's revenue grew by 137.01% to 846 million yuan, with a narrowed net loss of 379 million yuan [3]. Market Position and Competitiveness - 康希诺's performance stands out in a challenging vaccine market, where most domestic vaccine manufacturers reported declines in revenue [4][3]. - The company’s meningococcal vaccine, 曼海欣, has become a key revenue driver, contributing significantly to its Q1 2025 revenue [7][10]. - Despite the overall decline in the meningococcal vaccine market, 康希诺's products have shown growth, with 曼海欣's approval and sales expected to continue expanding [9][10]. Product Pipeline and Future Prospects - 康希诺 has two approved meningococcal vaccines, with 曼海欣 being the primary revenue contributor, and is actively pursuing market expansion both domestically and internationally [6][10]. - The company is also awaiting approval for its 13-valent pneumococcal conjugate vaccine, which could further enhance its product portfolio, although competition in this segment is strong [11]. - The future growth potential of 康希诺 remains uncertain, as its current and upcoming products may not provide significant long-term growth opportunities [11].