Core Viewpoint - The company, Ai Mei Vaccine, is poised for significant growth with the upcoming commercialization of key vaccine products and a reduction in R&D expenses, leading to a strong financial outlook for 2025 and beyond [1][2] Group 1: Financial Performance - Ai Mei Vaccine reported stable revenue for the first half of 2025, supported by the impending launch of four major vaccine products [1] - The company is expected to achieve profitability by 2026, with sales projected to grow at a compound annual growth rate (CAGR) of 45% from 2025 to 2027 [2] Group 2: Product Development - Four major vaccine products are nearing commercialization: - The registration application for the updated rabies vaccine has been accepted - The 13-valent pneumonia conjugate vaccine has applied for registration and completed on-site verification - The 23-valent pneumonia polysaccharide vaccine has completed Phase III clinical serum testing and is entering the statistical unblinding phase - The updated high-efficiency diploid rabies vaccine is in Phase III clinical trials, with a registration application expected in 2026 [1] - The company has 20 vaccine products in development across 12 disease areas, with 23 clinical approvals and 24 ongoing clinical trials, including 7 innovative Class 1 vaccines [1] Group 3: Market Expansion - Ai Mei Vaccine has successfully entered the African market with its quadrivalent meningococcal polysaccharide vaccine and is registering in Central Asia - The rabies vaccine has made its debut in the Central American market - The hepatitis B vaccine is actively undergoing registration processes in Southeast Asia, while the hepatitis A vaccine is progressing in South Asia [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section provides a concise overview of the company's key financial performance indicators for the period | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 514,657 | 537,178 | -4.2 | | Gross Profit | 341,236 | 388,290 | -12.1 | | Loss Attributable to Owners of the Parent | (131,116) | (139,254) | -5.8 | [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's financial performance, including revenue, expenses, and net loss, for the interim period | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 514,657 | 537,178 | | Cost of Sales | (173,421) | (148,888) | | Gross Profit | 341,236 | 388,290 | | Other Income and Gains | 10,553 | 13,424 | | Selling and Distribution Expenses | (232,057) | (232,240) | | Administrative Expenses | (126,246) | (124,163) | | Research and Development Expenses | (106,962) | (170,110) | | Net Impairment Losses on Financial Assets | (7,644) | (3,857) | | Other Expenses | (2,072) | (656) | | Finance Costs | (28,465) | (29,998) | | Loss Before Tax | (151,657) | (159,310) | | Income Tax Credit | 15,663 | 14,046 | | Loss for the Period | (135,994) | (145,264) | | Loss Attributable to Owners of the Parent | (131,116) | (139,254) | | Loss Attributable to Non-controlling Interests | (6,010) | (4,878) | - Loss for the period narrowed by **6.4%** year-on-year to **RMB 135,994 thousands**[6](index=6&type=chunk)[7](index=7&type=chunk) - Research and development expenses significantly decreased by **37.1%** to **RMB 106,962 thousands**[6](index=6&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement outlines the company's assets, liabilities, and equity at a specific point in time, reflecting its financial health | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 4,973,797 | 4,926,924 | | Total Current Assets | 2,213,931 | 2,387,397 | | Total Current Liabilities | 3,026,219 | 3,090,268 | | Net Current Liabilities | (812,288) | (702,871) | | Total Non-current Liabilities | 617,264 | 612,945 | | Total Equity | 3,544,245 | 3,611,108 | - Net current liabilities expanded to **RMB 812,288 thousands**, an increase of **RMB 109,417 thousands** from the end of 2024[9](index=9&type=chunk) - Total non-current assets slightly increased, while total current assets decreased[8](index=8&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details the changes in the company's equity components over the interim period, including profit/loss and share issuance | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Parent | 3,303,535 | 3,365,520 | | Non-controlling Interests | 240,710 | 245,588 | | Total Equity | 3,544,245 | 3,611,108 | - Total equity decreased from **RMB 3,611,108 thousands** at the end of 2024 to **RMB 3,544,245 thousands**[10](index=10&type=chunk) - Loss for the period of **RMB 135,994 thousands** was partially offset by proceeds from share issuance of **RMB 70,062 thousands**[10](index=10&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities during the interim period | Cash Flow Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Flows Used in Operating Activities | (96,839) | (97,158) | | Net Cash Flows Used in Investing Activities | (110,808) | (91,532) | | Net Cash Flows From Financing Activities | 2,668 | 130,445 | | Net Decrease in Cash and Cash Equivalents | (204,979) | (58,245) | | Cash and Cash Equivalents at End of Period | 289,507 | 525,343 | - Net cash flows used in operating activities amounted to an outflow of **RMB 96,839 thousands**, largely consistent with the prior year period[13](index=13&type=chunk) - Net cash flows used in investing activities increased to an outflow of **RMB 110,808 thousands**[14](index=14&type=chunk) - Net cash flows from financing activities shifted from an inflow of **RMB 130,445 thousands** in the prior year period to an inflow of **RMB 2,668 thousands**[14](index=14&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=9&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed explanations and additional information supporting the interim condensed consolidated financial statements [1. Company and Group Information](index=9&type=section&id=1.%20Company%20and%20Group%20Information) Aimei Vaccine Co., Ltd. was incorporated in China in 2011, listed on the HKEX in 2022, focusing on human vaccine R&D, production, and commercialization - The company was incorporated in China on November 9, 2011, and listed on the Main Board of the HKEX on October 6, 2022[15](index=15&type=chunk)[16](index=16&type=chunk) - The Group's principal business involves the research, development, production, and commercialization of human vaccine products in China[17](index=17&type=chunk) [2.1 Basis of Preparation](index=9&type=section&id=2.1%20Basis%20of%20Preparation) Interim financial information is prepared under IAS 34, should be read with 2024 annual statements, and despite net current liabilities, management deems the going concern assumption appropriate - The financial information is prepared in accordance with IAS 34 and should be read in conjunction with the annual financial statements[18](index=18&type=chunk) - As of June 30, 2025, the Group's net current liabilities amounted to **RMB 812,288 thousands**[19](index=19&type=chunk) - Management has renewed bank borrowings of **RMB 128,000 thousands** and has unutilized bank facilities of **RMB 566,000 thousands**, considering the going concern assumption appropriate[19](index=19&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=9&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Accounting policies align with 2024 annual statements, with only new IFRS amendments adopted, specifically IAS 21 (lack of exchangeability) having no impact - Accounting policies are consistent with the 2024 annual financial statements, with only the initial adoption of amended IFRS accounting standards[20](index=20&type=chunk) - The amendments to IAS 21 regarding 'Lack of Exchangeability' had no impact on the Group's interim condensed consolidated financial information[22](index=22&type=chunk) [3. Operating Segment Information](index=10&type=section&id=3.%20Operating%20Segment%20Information) The Group's vaccine sales and R&D services are considered a single reportable segment, thus no segment analysis is presented - The Group's business (vaccine sales and R&D services) is considered a single reportable segment[23](index=23&type=chunk) [4. Revenue, Other Income and Gains](index=10&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, revenue from customer contracts was RMB 514,657 thousands, all from vaccine sales, down 4.2% year-on-year; other income and gains totaled RMB 10,553 thousands, down 21.4%, mainly due to reduced deposit interest income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue from Contracts with Customers (Vaccine Sales) | 514,657 | 537,178 | | Total Other Income and Gains | 10,553 | 13,424 | - Vaccine sales revenue decreased by **4.2%** year-on-year[24](index=24&type=chunk)[25](index=25&type=chunk) - Other income and gains decreased by **21.4%**, primarily due to reduced deposit interest income[26](index=26&type=chunk)[99](index=99&type=chunk) [5. Finance Costs](index=11&type=section&id=5.%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs were RMB 28,465 thousands, down 5.1% year-on-year, mainly due to reduced bank loan interest expenses | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on Bank Loans | 37,874 | 40,700 | | Interest on Lease Liabilities | 399 | 988 | | Less: Interest Capitalized | (9,808) | (11,690) | | Total Finance Costs | 28,465 | 29,998 | - Finance costs decreased by **5.1%** year-on-year, primarily due to reduced interest expenses on bank loans[27](index=27&type=chunk)[105](index=105&type=chunk) [6. Loss Before Tax](index=12&type=section&id=6.%20Loss%20Before%20Tax) For the six months ended June 30, 2025, loss before tax narrowed to RMB 151,657 thousands from RMB 159,310 thousands, influenced by increased inventory write-downs and reduced interest income | Impact Factor | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Inventories Sold | 173,421 | 148,888 | | Net Exchange Differences | (625) | 154 | | Impairment Provision for Trade and Bills Receivables | 7,644 | 3,857 | | Write-down of Inventories to Net Realizable Value | 40,433 | 3,063 | | Loss on Disposal of Property, Plant and Equipment | 160 | 47 | | Interest Income | (2,314) | (4,356) | - Write-down of inventories to net realizable value significantly increased to **RMB 40,433 thousands** (2024: **RMB 3,063 thousands**)[28](index=28&type=chunk) [7. Income Tax Credit](index=12&type=section&id=7.%20Income%20Tax%20Credit) For the six months ended June 30, 2025, the company received an income tax credit of RMB 15,663 thousands, up 11.4% year-on-year, mainly due to certain subsidiaries enjoying a 15% high-tech enterprise preferential tax rate | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax | 4,719 | 6,586 | | Deferred | (20,382) | (20,632) | | Tax Credit for the Period | (15,663) | (14,046) | - Several subsidiaries, including Aimei Action, Aimei Chengxin, Aimei Rongyu, Aimei Jianchi, Aimei Tanxuezhe, and Zhuhai Lifanda, enjoy a **15%** preferential corporate income tax rate[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Income tax credit increased by **11.4%**, primarily due to an increase in loss before tax for a subsidiary[106](index=106&type=chunk) [8. Dividends](index=13&type=section&id=8.%20Dividends) The Board did not recommend payment of any dividends for the six months ended June 30, 2025, consistent with the prior year period - For the six months ended June 30, 2025, the Board did not recommend the payment of any dividends (2024: nil)[33](index=33&type=chunk) [9. Loss Per Share Attributable to Owners of the Parent](index=13&type=section&id=9.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, both basic and diluted loss per share attributable to owners of the parent were RMB 0.11, consistent with the prior year period | Metric | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.11) | (0.11) | | Diluted Loss Per Share | (0.11) | (0.11) | - The weighted average number of ordinary shares outstanding used to calculate basic and diluted loss per share increased from **1,211,062,599** in 2024 to **1,221,081,936** in 2025[34](index=34&type=chunk)[36](index=36&type=chunk) - Diluted loss per share is equal to basic loss per share as there were no potential ordinary shares outstanding during the period[36](index=36&type=chunk) [10. Property, Plant and Equipment](index=14&type=section&id=10.%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the Group's property, plant, and equipment had a net book value of approximately RMB 3,276,507 thousands, with some buildings mortgaged for bank loans and others lacking ownership certificates; asset acquisition costs for the period were RMB 55,276 thousands - As of June 30, 2025, buildings with a net book value of approximately **RMB 240,724 thousands** were pledged as collateral for bank borrowings[37](index=37&type=chunk) - As of June 30, 2025, buildings with a total net book value of approximately **RMB 283,288 thousands** had not yet obtained property ownership certificates[37](index=37&type=chunk) - The cost of assets acquired during the period was **RMB 55,276 thousands**, a year-on-year decrease of **16.5%**[37](index=37&type=chunk) [11. Trade and Bills Receivables](index=15&type=section&id=11.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables were RMB 1,164,972 thousands, up 3.7% from year-end 2024, mainly due to lower collections in H1; trade receivables have a credit period of two to six months, with strict control over overdue balances | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 1,223,370 | 1,173,906 | | Bills Receivables | 399 | 1,000 | | Impairment | (58,797) | (51,153) | | Total | 1,164,972 | 1,123,753 | - Trade and bills receivables increased by **3.7%**, primarily due to lower collections in the first half compared to the second half[38](index=38&type=chunk)[111](index=111&type=chunk) - Trade receivables typically have a credit period of two to six months, and the Group maintains strict control over credit risk[38](index=38&type=chunk) [12. Trade and Bills Payables](index=16&type=section&id=12.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables were RMB 94,264 thousands, a significant 85.2% increase from year-end 2024, driven by trade payables and new bills payables; trade payables are typically settled within 30 to 90 days | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 64,264 | 50,894 | | Bills Payables | 30,000 | – | | Total | 94,264 | 50,894 | - Trade and bills payables significantly increased by **85.2%**, including new bills payables of **RMB 30,000 thousands**[41](index=41&type=chunk) - Trade payables are non-interest-bearing and typically settled within **30 to 90 days**[41](index=41&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's financial performance, operational results, and future outlook [Business Overview and Outlook](index=17&type=section&id=Business%20Overview%20and%20Outlook) Aimei Vaccine is a leading Chinese vaccine company with a full R&D to commercialization value chain, five technology platforms, and four licensed manufacturers, commercializing 8 vaccines, developing 20, and expanding globally - The company possesses five human vaccine technology platforms: bacterial, viral, genetic engineering, combination vaccines, and mRNA[42](index=42&type=chunk) - It owns four licensed vaccine manufacturing enterprises (Aimei Rongyu, Aimei Jianchi, Aimei Action, Aimei Chengxin) and three vaccine research institutes[42](index=42&type=chunk) - Eight vaccine products targeting six diseases have been commercialized, with sales covering **31** provinces, municipalities, and autonomous regions in China, reaching over **2,000** county-level CDCs[42](index=42&type=chunk)[45](index=45&type=chunk) - The company has **20** vaccine products in development, covering **12** disease areas, with the **13-valent pneumococcal conjugate vaccine** and **serum-free rabies vaccine** having applied for marketing authorization[43](index=43&type=chunk)[44](index=44&type=chunk) - In the first half of 2025, the **quadrivalent meningococcal polysaccharide vaccine** entered the African market, and the **rabies vaccine** debuted in the Central American market[45](index=45&type=chunk) [Our Products and R&D Pipeline](index=19&type=section&id=Our%20Products%20and%20R%26D%20Pipeline) Aimei Vaccine is a key player in China's vaccine industry, with 8 commercialized and 20 pipeline vaccines across 12 disease areas, rapidly advancing core products to market registration or late-stage clinical trials, and actively developing innovative platforms like mRNA [Our Vaccine Products](index=20&type=section&id=Our%20Vaccine%20Products) This section highlights the company's commercialized vaccine portfolio, detailing key features and market positioning of each product - Recombinant Hepatitis B Vaccine (Hansenula polymorpha): The first and only domestic producer using Hansenula polymorpha for stable batch release, featuring patented technology; the **10μg** dose is the market's only yeast-derived HBV vaccine for all ages, and the **20μg** dose is the only **0.5ml** small-volume product in China[51](index=51&type=chunk)[52](index=52&type=chunk)[54](index=54&type=chunk) - Freeze-dried Human Rabies Vaccine (Vero cell): The second-largest market supplier, maintaining a **100%** batch release pass rate for **18 years**, with future plans for serum-free, high-titer human diploid, and mRNA rabies vaccine iterations[55](index=55&type=chunk)[56](index=56&type=chunk) - Inactivated Hepatitis A Vaccine (Human Diploid Cell): Two specifications developed, with pre-filled syringe production resumed in **2022** and GMP compliance inspection passed[57](index=57&type=chunk) - Meningococcal Polysaccharide Vaccine (Groups A, C, Y, and W135) (MPSV4): Launched in **2020**, exceeding national standards on key quality indicators, free of antibiotics or preservatives, with a **three-year** shelf life, and a quadrivalent conjugate meningococcal vaccine (MCV4) under development[58](index=58&type=chunk) [Our Pipeline Vaccines](index=22&type=section&id=Our%20Pipeline%20Vaccines) This section details the company's extensive R&D pipeline, showcasing various vaccine candidates across different technology platforms and clinical stages | Technology Platform | Indication | Pipeline Vaccine | Self-developed/Co-developed | Pre-clinical | CTA | Phase I | Phase II | Phase III | Drug Registration Certificate Application & Approval | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bacterial Vaccines | Pneumococcal Disease | 13-valent Pneumococcal Conjugate Vaccine (PCV13) | Self-developed | | | | | | Marketing Authorization Application Submitted | | | | 20-valent Pneumococcal Conjugate Vaccine (PCV20) | Self-developed | | | | | | Clinical Trial Application Submitted | | | | 24-valent Pneumococcal Conjugate Vaccine (PCV24) | Self-developed | CTA Submission Planned for 2026 | | | | | | | | | 23-valent Pneumococcal Polysaccharide Vaccine (PPSV23) | Self-developed | Pre-application for Marketing Authorization Planned for 2025 | | | | | | | | Meningococcal Disease | Quadrivalent Conjugate Meningococcal Vaccine (MCV4) | Self-developed | | | | Phase II Clinical Trial Ongoing | | | | | | Hexavalent Meningococcal Vaccine | Self-developed | Pre-clinical Research | | | | | | | | Group B Streptococcus Disease | Hexavalent Group B Streptococcus Polysaccharide Conjugate Vaccine | Self-developed | CTA Submission Planned for 2026 | | | | | | | | Tetanus | Adsorbed Tetanus Vaccine | Self-developed | | Clinical Approval Obtained | | | | | | | Hib Infection | Haemophilus influenzae type b (Hib) Conjugate Vaccine | Self-developed | | Clinical Approval Obtained | | | | | | | Hand-Foot-and-Mouth Disease | EV71-CA16 Bivalent Hand-Foot-and-Mouth Disease Vaccine (Human Diploid Cell) | Self-developed | | | Phase I Planned for 2025 | | | | | Viral Vaccines | Influenza | Quadrivalent MDCK Cell Influenza Virus Vaccine | Self-developed | | Clinical Approval Obtained | | | | | | | Rabies | Serum-free Iterative Rabies Vaccine | Self-developed | | | | | | Marketing Authorization Application Submitted | | | | Novel High-titer Human Diploid Rabies Vaccine | Self-developed | | | | | Phase III Clinical Trial Ongoing | | | | Rabies | mRNA Iterative Rabies Vaccine | Self-developed | Clinical Trial Application Under Review | | | | | | | | Shingles | mRNA Shingles Vaccine | Self-developed | | Clinical Approval Obtained (China & US) | | | | | | mRNA Vaccines | Respiratory Syncytial Virus Infection | mRNA Respiratory Syncytial Virus RSV Vaccine | Self-developed | | Clinical Approval Obtained (China & US) | | | | | | | Influenza | mRNA Influenza Vaccine | Self-developed | Pre-clinical Research | | | | | | | Combination Vaccines | DTP | Acellular Diphtheria, Tetanus, Pertussis, Haemophilus influenzae type b, Quadrivalent Meningococcal Conjugate (DTcP-Hib-Mcv4) Combination Vaccine | Self-developed | Pre-clinical Research | | | | | | | | | Adsorbed Acellular Diphtheria, Tetanus, Pertussis (Component) Combination Vaccine (DTcP) | Self-developed | CTA Submission Planned for 2026 | | | | | | | Genetic Engineering Vaccines | Meningococcal Disease | Recombinant Meningococcal Group B Vaccine | Self-developed | Pre-clinical Research | | | | | | - Iterative upgrade of pneumococcal vaccine products: **13-valent pneumococcal conjugate vaccine (PCV13)** has submitted a marketing authorization application and completed on-site verification; **23-valent pneumococcal polysaccharide vaccine** has completed Phase III clinical serological testing; **20-valent pneumococcal conjugate vaccine** has submitted a clinical trial application; and **24-valent pneumococcal conjugate vaccine** has completed pre-clinical research[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - Iterative upgrade of rabies vaccine products: **Serum-free iterative rabies vaccine** has submitted a marketing authorization application; **novel high-titer human diploid rabies vaccine** is undergoing Phase III clinical trials; and **mRNA iterative rabies vaccine** is under development[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - Iterative upgrade of mRNA vaccine technology platform and products: **mRNA iterative rabies vaccine**, **mRNA RSV vaccine**, and **mRNA shingles vaccine** have all made significant progress, with **mRNA RSV** and **shingles vaccines** having obtained clinical trial approvals in both China and the US[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - Progress on other pipeline vaccine products: **Quadrivalent conjugate meningococcal vaccine (MCV4)** has completed full vaccination for all subjects in Phase II clinical trials, and the **EV71-CA16 bivalent hand-foot-and-mouth disease vaccine** has been approved for Phase I clinical trials[73](index=73&type=chunk)[74](index=74&type=chunk) - Vaccine development platform technologies and in-house R&D team: Possesses five validated human vaccine platform technologies, including innovative technologies like **mRNA** and **genetic engineering**, and is exploring **AI-assisted vaccine R&D**[75](index=75&type=chunk)[76](index=76&type=chunk) [Production](index=28&type=section&id=Production) All Aimei Vaccine products are self-produced by its four licensed factories, all GMP-certified by the NMPA, equipped with advanced machinery to ensure stable, high-quality vaccine supply - All vaccine products are self-produced by the company's four licensed factories and have passed NMPA's GMP inspections[77](index=77&type=chunk) Production Facilities | Name | Location | Building Area (sqm) | Production Capacity (million doses) | Responsible Products | Production Lines | | :--- | :--- | :--- | :--- | :--- | :--- | | Aimei Rongyu Licensed Factory | Ningbo, Zhejiang Province | 25,318 | 25.0 | Freeze-dried Human Rabies Vaccine (Vero cell) | Two | | Aimei Chengxin Licensed Factory | Dalian, Liaoning Province | 11,877 | 45.0 | Recombinant Hepatitis B Vaccine (Hansenula polymorpha) | One | | Aimei Action Licensed Factory | Taizhou, Jiangsu Province | 18,711 | 5.3 | Inactivated Hepatitis A Vaccine | One | | Aimei Jianchi Licensed Factory | Ningbo, Zhejiang Province | 72,313 | 16.0 | Inactivated Hemorrhagic Fever with Renal Syndrome Vaccine, Mumps Vaccine, and MPSV4 | Three | [Industry Overview](index=29&type=section&id=Industry%20Overview) China's vaccine market entered a new phase post-Vaccine Administration Law, reaching over RMB 101.77 billion (excluding COVID-19 vaccines) in 2024 with a 9.8% CAGR, facing economic downturns, anti-corruption, and declining birth rates, yet innovative vaccines offer significant advantages and pricing gaps with Western markets present strategic upgrade opportunities - China's vaccine market size (excluding COVID-19 vaccines) exceeded **RMB 101.77 billion** in 2024, with a compound annual growth rate of **9.8%**[78](index=78&type=chunk) - The market faces multiple challenges, including macroeconomic downturns, anti-corruption in healthcare, and declining birth rates[78](index=78&type=chunk) - Innovative vaccine products hold significant advantages, and the pricing gap between China and Europe/US for innovative products presents strategic opportunities for product iteration and upgrades[79](index=79&type=chunk) - Hepatitis B vaccine immunization will shift towards the entire population, with the adult hepatitis B market expected to become a new growth opportunity[81](index=81&type=chunk) - mRNA technology, due to its rapid R&D, high efficacy, and safety advantages, has become a key focus for global vaccine manufacturers, with broad market prospects[82](index=82&type=chunk) - China's pneumococcal vaccine market is projected to reach **RMB 24 billion** by 2025, with high-valent PCV vaccines being the future development trend[83](index=83&type=chunk) - China's rabies vaccine market is expected to grow to **RMB 22 billion** by 2030, with serum-free and mRNA rabies vaccines driving market growth[84](index=84&type=chunk) - China's RSV vaccine market is projected to exceed **RMB 15.4 billion** by 2030, and the shingles vaccine market is expected to reach nearly **RMB 20 billion** by 2030[85](index=85&type=chunk)[86](index=86&type=chunk) [Prospects and Outlook](index=33&type=section&id=Prospects%20and%20Outlook) Aimei Vaccine's R&D pipeline aligns with national policies, with five validated technology platforms and rapid product advancement; the company has established an international business unit, expanding into African and Central American markets with MPSV4 and rabies vaccines, securing exclusive agency agreements, and plans to accelerate commercialization of key products, deepen Belt and Road cooperation, and leverage mRNA technology to overcome international vaccine R&D barriers - The R&D pipeline aligns with national policies, with five validated technology platforms and rapid advancement of related vaccine products[88](index=88&type=chunk) - An international business department has been established to accelerate global expansion, with vaccine products now entering the global market[89](index=89&type=chunk) - In the first half of 2025, the **quadrivalent meningococcal polysaccharide vaccine** entered the African market, and the **rabies vaccine** debuted in the Central American market[89](index=89&type=chunk) - International commercialization is being prepared for the upcoming **13-valent pneumococcal conjugate vaccine** and **serum-free iterative rabies vaccine**, with exclusive agency agreements reached with several countries in West Asia and Southeast Asia[90](index=90&type=chunk) - Pipeline products including the **13-valent pneumococcal conjugate vaccine**, **quadrivalent conjugate meningococcal vaccine**, **RSV vaccine**, and **shingles vaccine** are all high-priority WHO-certified or internationally scarce varieties[91](index=91&type=chunk) - GMP workshops for iterative pneumococcal and rabies vaccine series have been built and meet international standards, preparing for post-launch global market entry[93](index=93&type=chunk) - In the second half, the company will accelerate the commercialization of the **13-valent pneumococcal conjugate vaccine**, **serum-free iterative rabies vaccine**, and **23-valent pneumococcal polysaccharide vaccine**, deepen 'Belt and Road' cooperation, and leverage its proprietary **mRNA technology platform** to break through R&D barriers for internationally scarce vaccines[94](index=94&type=chunk) [Financial Review](index=35&type=section&id=Financial%20Review) This section provides a detailed analysis of the company's financial performance, including revenue, costs, and key financial ratios [Overview](index=35&type=section&id=Overview) This overview states that the financial review is based on the financial information and notes contained in this announcement and should be read in conjunction - The financial review is based on the financial information and its notes presented in other sections of this announcement[95](index=95&type=chunk) [Revenue](index=35&type=section&id=Revenue) For H1 2025, the company's main business revenue was RMB 514.7 million, down 4.2% year-on-year, primarily due to decreased rabies vaccine revenue, with Class II vaccine sales declining and Class I sales slightly increasing | Vaccine Product Sales Revenue | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Class I Vaccine Sales Revenue | 55,876 | 54,100 | | Class II Vaccine Sales Revenue | 458,781 | 483,078 | | Total | 514,657 | 537,178 | - Main business revenue decreased by **4.2%** year-on-year to **RMB 514.7 million**, primarily due to a decline in rabies vaccine revenue[96](index=96&type=chunk) [Cost of Sales](index=35&type=section&id=Cost%20of%20Sales) For H1 2025, cost of sales was RMB 173.4 million, up 16.5% year-on-year, mainly due to inventory impairment losses - Cost of sales increased by **16.5%** year-on-year to **RMB 173.4 million**[97](index=97&type=chunk) - The primary reason was the provision for inventory impairment losses in the first half of 2025[97](index=97&type=chunk) [Gross Profit and Gross Margin](index=36&type=section&id=Gross%20Profit%20and%20Gross%20Margin) For H1 2025, gross profit was RMB 341.2 million, down 12.1% year-on-year; gross margin was 66.3%, a 6.0 percentage point decrease, mainly due to inventory impairment losses - Gross profit decreased by **12.1%** year-on-year to **RMB 341.2 million**[98](index=98&type=chunk) - Gross margin decreased by **6.0** percentage points year-on-year to **66.3%**[98](index=98&type=chunk) - The main reason for the decline in gross margin was the provision for inventory impairment losses; excluding this factor, gross margin slightly increased[98](index=98&type=chunk) [Other Income and Gains](index=36&type=section&id=Other%20Income%20and%20Gains) For H1 2025, other income and gains were RMB 10.5 million, down 21.4% year-on-year, primarily due to reduced deposit interest income - Other income and gains decreased by **21.4%** year-on-year to **RMB 10.5 million**[99](index=99&type=chunk) - The primary reason was a decrease in deposit interest income in the first half of 2025[99](index=99&type=chunk) [Research and Development Expenses](index=36&type=section&id=Research%20and%20Development%20Expenses) For H1 2025, R&D expenses were RMB 107.0 million, a significant 37.1% year-on-year decrease, mainly due to the absence of overseas clinical trial expenses present in H1 2024 | Nature | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Staff Costs | 36,966 | 46,198 | | Research Material Costs | 28,994 | 20,886 | | Professional Service Fees | 9,972 | 64,131 | | Depreciation and Amortization | 16,531 | 18,145 | | Utilities Costs | 9,793 | 13,866 | | Others | 4,706 | 6,884 | | Total | 106,962 | 170,110 | - Research and development expenses significantly decreased by **37.1%** year-on-year to **RMB 107.0 million**[101](index=101&type=chunk) - The primary reason was the absence of overseas clinical trial-related expenses in the first half of 2025, which were present in the first half of 2024[101](index=101&type=chunk) [Selling and Distribution Expenses](index=37&type=section&id=Selling%20and%20Distribution%20Expenses) For H1 2025, selling and distribution expenses were RMB 232.1 million, largely flat year-on-year, with a slight decrease of 0.1% - Selling and distribution expenses decreased by **0.1%** year-on-year to **RMB 232.1 million**, largely consistent with the prior year period[102](index=102&type=chunk) [Administrative Expenses](index=38&type=section&id=Administrative%20Expenses) For H1 2025, administrative expenses were RMB 126.2 million, up 1.6% year-on-year, primarily due to a slight increase in depreciation and amortization expenses - Administrative expenses increased by **1.6%** year-on-year to **RMB 126.2 million**[103](index=103&type=chunk) - The primary reason was a slight increase in depreciation and amortization expenses in the first half of 2025[103](index=103&type=chunk) [Impairment Losses on Financial Assets](index=38&type=section&id=Impairment%20Losses%20on%20Financial%20Assets) For H1 2025, impairment losses on financial assets were RMB 7.6 million, an increase of RMB 3.7 million year-on-year, mainly due to increased bad debt provisions for accounts receivable - Impairment losses on financial assets increased by **RMB 3.7 million** year-on-year to **RMB 7.6 million**[104](index=104&type=chunk) - The primary reason was an increase in the provision for doubtful debts on accounts receivable[104](index=104&type=chunk) [Finance Costs](index=38&type=section&id=Finance%20Costs) For H1 2025, finance costs were RMB 28.5 million, down 5.1% year-on-year, primarily due to reduced bank loan interest expenses - Finance costs decreased by **5.1%** year-on-year to **RMB 28.5 million**[105](index=105&type=chunk) - The primary reason was a decrease in bank loan interest expenses in the first half of 2025[105](index=105&type=chunk) [Income Tax Expense](index=38&type=section&id=Income%20Tax%20Expense) For H1 2025, the company received an income tax credit of RMB 15.6 million, up 11.4% year-on-year, primarily due to an increased loss before tax for a subsidiary - Income tax credit increased by **11.4%** year-on-year to **RMB 15.6 million**[106](index=106&type=chunk) - The primary reason was an increase in loss before tax for a subsidiary[106](index=106&type=chunk) [Loss for the Period](index=38&type=section&id=Loss%20for%20the%20Period) For H1 2025, the company's loss was RMB 136.0 million, a 6.4% year-on-year reduction, primarily due to decreased R&D expenses - Loss for the period decreased by **6.4%** year-on-year to **RMB 136.0 million**[107](index=107&type=chunk) - The decrease in loss was primarily due to a year-on-year reduction in research and development expenses in the first half of 2025[107](index=107&type=chunk) [Cash and Cash Equivalents and Time Deposits](index=39&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Time%20Deposits) As of June 30, 2025, cash and cash equivalents plus time deposits totaled RMB 401.9 million, down 32.4% from year-end 2024, mainly due to lower H1 collections and funds used for R&D and industrialization project final payments - Total cash and cash equivalents and time deposits decreased by **32.4%** year-on-year to **RMB 401.9 million**[108](index=108&type=chunk) - Reasons for the decrease include lower collections in the first half compared to the second half, and funds being used for ongoing R&D investments and final payments for industrialization projects[108](index=108&type=chunk) [Net Current Liabilities](index=39&type=section&id=Net%20Current%20Liabilities) As of June 30, 2025, the company's net current liabilities were RMB 812.3 million, an increase of RMB 109.4 million from year-end 2024, mainly due to ongoing development expenditures and deferred development costs for multiple pipeline products; the company has secured sufficient working capital through renewed bank borrowings and unutilized bank facilities - Net current liabilities increased by **RMB 109.4 million** to **RMB 812.3 million**[109](index=109&type=chunk) - The primary reasons are ongoing development expenditures for multiple pipeline products, as well as continuous investment in deferred development costs for the **serum-free iterative rabies vaccine**, **13-valent pneumococcal conjugate vaccine**, and **23-valent pneumococcal polysaccharide vaccine**[109](index=109&type=chunk) - The company has renewed bank borrowings of **RMB 128,000 thousands** and has unutilized bank facilities of **RMB 566,000 thousands**, ensuring sufficient working capital[109](index=109&type=chunk) [Inventories](index=39&type=section&id=Inventories) As of June 30, 2025, inventory balance was RMB 433.9 million, down 6.2% from year-end 2024, primarily due to the company's inventory management efforts - Inventory balance decreased by **6.2%** year-on-year to **RMB 433.9 million**[110](index=110&type=chunk) - The primary reason was the company's inventory management, leading to a decrease in stock[110](index=110&type=chunk) [Trade Receivables](index=39&type=section&id=Trade%20Receivables) As of June 30, 2025, the book value of trade receivables was RMB 1,165.0 million, up 3.7% from year-end 2024, primarily due to lower collections in the first half compared to the second half - The book value of trade receivables increased by **3.7%** year-on-year to **RMB 1,165.0 million**[111](index=111&type=chunk) - The primary reason was lower collections in the first half compared to the second half, leading to an increase in accounts receivable mid-year[111](index=111&type=chunk) [Capital Expenditures](index=40&type=section&id=Capital%20Expenditures) For H1 2025, capital expenditures were RMB 102.5 million, down 14.2% year-on-year, primarily for upgrading production, R&D, and quality equipment, payments for vaccine industrialization projects, and deferred development costs for pipeline vaccines; the decrease is mainly due to the 13-valent pneumococcal conjugate vaccine and serum-free iterative rabies vaccine entering the marketing review stage, reducing related investments - Capital expenditures decreased by **14.2%** year-on-year to **RMB 102.5 million**[112](index=112&type=chunk) - Primarily used for upgrading production, R&D, and quality equipment, vaccine industrialization projects, and deferred development costs for pipeline vaccines[112](index=112&type=chunk) - The decrease is mainly due to the **13-valent pneumococcal conjugate vaccine** and **serum-free iterative rabies vaccine** having entered the marketing review stage, leading to reduced related investments[112](index=112&type=chunk) [Borrowings and Gearing Ratio](index=40&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, total financial liabilities were RMB 1,778.5 million, down 3.4% year-on-year, mainly due to reduced bank loan balances; the gearing ratio was 50.2%, a 0.8 percentage point decrease - Total financial liabilities decreased by **3.4%** year-on-year to **RMB 1,778.5 million**[113](index=113&type=chunk) - The gearing ratio decreased by **0.8** percentage points year-on-year to **50.2%**[113](index=113&type=chunk) - The primary reason was a decrease in bank loan balances in the first half of 2025[113](index=113&type=chunk) [Pledged Assets](index=40&type=section&id=Pledged%20Assets) As of June 30, 2025, some of the Group's bank loans are secured by pledges of buildings (net book value approximately RMB 240.7 million), leased land (net book value approximately RMB 69.9 million), and guarantees provided by the company and its subsidiaries - Some bank loans are secured by pledges of buildings (net book value approximately **RMB 240.7 million**) and leased land (net book value approximately **RMB 69.9 million**)抵押担保[114](index=114&type=chunk) - The company and its subsidiaries also provide guarantees[114](index=114&type=chunk) [Foreign Exchange Risk](index=40&type=section&id=Foreign%20Exchange%20Risk) The Group's vast majority of business and all bank loans are transacted in RMB, thus posing no significant foreign exchange fluctuation risk, and currently, there is no hedging policy - The Group's vast majority of business and all bank loans are transacted in RMB, posing no significant foreign exchange fluctuation risk[115](index=115&type=chunk) - Currently, there is no hedging policy, and no hedging transactions have been undertaken[115](index=115&type=chunk) [Contingent Liabilities](index=41&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities with a material impact on its financial position or operating results - As of June 30, 2025, the Group had no material contingent liabilities[116](index=116&type=chunk) [Corporate Governance and Other Information](index=41&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers the company's governance practices, compliance with codes, and other relevant corporate disclosures [Dissolution of Supervisory Committee and Retirement of Supervisors](index=41&type=section&id=Dissolution%20of%20Supervisory%20Committee%20and%20Retirement%20of%20Supervisors) The Supervisory Committee was dissolved on May 20, 2025, with all supervisors retiring from that date - The Supervisory Committee was dissolved, and all supervisors retired on May 20, 2025[117](index=117&type=chunk) [Standard Code for Securities Transactions by Directors](index=41&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has established a code of conduct for directors' securities dealings, and all directors confirmed compliance during the reporting period - The company has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance[118](index=118&type=chunk) [Corporate Governance Code](index=41&type=section&id=Corporate%20Governance%20Code) The company complied with the Corporate Governance Code during the period, but the Chairman and CEO roles are combined, an arrangement the Board believes aids strategy execution and information flow, subject to timely review - The company complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are held by Mr. Zhou Yan, which does not comply with code provision C.2.1[119](index=119&type=chunk)[120](index=120&type=chunk) - The Board believes this arrangement facilitates strategic execution and information flow between management and the Board, and will review it at an appropriate time[120](index=120&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[121](index=121&type=chunk) - As of June 30, 2025, the company held no treasury shares[121](index=121&type=chunk) [Employees and Remuneration Policy](index=42&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had approximately 1,493 employees, with total employee benefit expenses of RMB 166.9 million; remuneration policy is based on performance, skills, qualifications, experience, and industry practice, including an employee share incentive scheme - As of June 30, 2025, the company had approximately **1,493** employees (2024: **1,557** employees)[122](index=122&type=chunk) - Total employee benefit expenses for the first half of 2025 were **RMB 166.9 million** (2024: **RMB 180.4 million**)[122](index=122&type=chunk) - The remuneration policy is based on employee performance, skills, qualifications, experience, and industry practice, and includes an employee share incentive scheme[122](index=122&type=chunk)[123](index=123&type=chunk) [Material Investments, Acquisitions and Disposals](index=42&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the company had no material investments, significant acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the company had no material investments, significant acquisitions, or disposals[124](index=124&type=chunk) [Future Plans for Material Investments and Capital Assets](index=42&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of the date of this announcement, the Group has no future plans involving material investments or capital assets - As of the date of this announcement, the Group has no future plans for material investments or capital assets[125](index=125&type=chunk) [Placement of New H Shares Under General Mandate and Use of Net Proceeds from Placement](index=43&type=section&id=Placement%20of%20New%20H%20Shares%20Under%20General%20Mandate%20and%20Use%20of%20Net%20Proceeds%20from%20Placement) The company completed an H-share placement in February 2025, issuing 15,500,000 shares with net proceeds of approximately HKD 75.0 million, primarily allocated to R&D (60%), new product marketing (20%), and working capital (20%), with all remaining funds expected to be utilized by June 30, 2026 - On February 28, 2025, the company entered into an agreement with placing agents to place **15,500,000 H shares**, with the placement completed on March 6, 2025[126](index=126&type=chunk) - The net proceeds from the placement were approximately **HKD 75.0 million** (approximately **RMB 71,638 thousands**)[127](index=127&type=chunk) Use of Net Proceeds from Placement | Intended Use | Approximate Percentage of Total Net Proceeds | Net Proceeds (HKD millions) | Amount Utilized as of June 30, 2025 (HKD millions) | Amount Unutilized as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | :--- | | Accelerate R&D of Product Pipeline | 60.0% | 45.0 | 26.0 | 19.0 | | Marketing and Commercialization of New Products | 20.0% | 15.0 | 6.7 | 8.3 | | Working Capital and Other Corporate Purposes | 20.0% | 15.0 | 14.6 | 0.4 | | **Total** | **100%** | **75.0** | **47.3** | **27.7** | - All remaining unutilized net proceeds are expected to be fully utilized by June 30, 2026[128](index=128&type=chunk) [Interim Dividend](index=44&type=section&id=Interim%20Dividend) The Board did not declare any interim dividend for the six months ended June 30, 2025 - The Board did not declare any interim dividend for the six months ended June 30, 2025[129](index=129&type=chunk) [Audit Committee](index=44&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, with Professor Ker Wei PEI as Chairman, and has reviewed the Group's unaudited interim condensed consolidated financial information for the six months ended June 30, 2025 - The Audit Committee consists of three independent non-executive directors, with Professor Ker Wei PEI serving as Chairman[130](index=130&type=chunk) - The Committee has reviewed the Group's unaudited interim condensed consolidated financial information for the six months ended June 30, 2025[130](index=130&type=chunk) [Material Events After Reporting Period](index=44&type=section&id=Material%20Events%20After%20Reporting%20Period) As of the date of this announcement, no material events have occurred after the reporting period - As of the date of this announcement, no material events have occurred after the reporting period[131](index=131&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=44&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the HKEX and company websites, and the interim report will be published and dispatched to shareholders in due course - The results announcement has been published on the HKEX website and the company's website[132](index=132&type=chunk) - The interim report will be published and dispatched to shareholders in due course[132](index=132&type=chunk) [Definitions](index=45&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report to ensure accurate understanding - This section provides definitions for key terms and abbreviations used throughout the report to ensure accurate understanding of its content[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[140](index=140&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 AIM Vaccine Co., Ltd. 董事會會議通告 艾 美 疫 苗 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議將於2025年8月27日（星 期 三）舉 行，藉 以（其 中 包 括）考 慮 及 批 准 本 公 司 及其附屬公司截至2025年6月30日 止 六 個 月 的 中 期 業 績 及 其 發 佈，並 考 慮 建 議 派 發 中 期 股 息（如 有），以 及 處 理 其 他 事 項。 承董事會命 艾美疫苗股份有限公司 董事會主席兼CEO 周延先生 香 港，2025年8月15日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 周 延 先 生、周 欣 先 生、賈 紹 君 先 生、 關 文 先 生 及 周 杰 先 生；非 執 行 董 事 趙 繼 臣 先 生；及 獨 立 ...

Group 1 - The core viewpoint of the report is that Aimei Vaccine (06660.HK) is expected to achieve profitability by 2026, which will lead to a revaluation of its stock price due to its leading position in the pneumonia and rabies vaccine segments [1][2] - Aimei Vaccine's current stock price is at a 56% discount compared to its peers' projected sales for 2026, indicating it is at the lower end of the valuation range among competitors [1] - The report predicts a significant reduction in R&D expenses by 39% after the completion of major clinical trials in 2025, contributing to the expected profitability in 2026 [1] Group 2 - Aimei Vaccine is anticipated to achieve a compound annual growth rate (CAGR) of 45% in sales from 2025 to 2027, driven by the expected launch of the 13-valent pneumococcal conjugate vaccine (PCV13) and a serum-free rabies vaccine [1] - The company is projected to capture approximately 20% and 10% market shares in the rabies and pneumonia vaccine markets in China by 2026, respectively [1] - Aimei's vaccines are reported to have superior efficacy compared to Pfizer's products, and the rabies vaccine's serum-free formulation is expected to result in fewer side effects [2] Group 3 - Aimei Vaccine's stock rose by 9.96% to close at HKD 5.74 per share, reflecting the ongoing enthusiasm for vaccine stocks in the Hong Kong market [2] - The report highlights the recent bullish trend in the Hong Kong innovative drug sector, exemplified by the significant market performance of Zhonghui Biotechnology-B, which saw its stock price increase by over 162% on its first trading day [2] - Multiple institutions have indicated that the Hong Kong innovative drug market is entering a bull market, suggesting that Aimei Vaccine will also experience a value revaluation as its fundamentals improve [2]

Company Overview - Ai Mei Vaccine Co., Ltd. is the second-largest vaccine company in China, holding a market share of 7.4%, second only to the state-owned China National Pharmaceutical Group [2] - The company covers the entire value chain from research and development to manufacturing and commercialization [2] - It possesses five validated human vaccine platform technologies, including bacterial, viral, genetic engineering, combination, and mRNA vaccine technologies [2] Financial Performance - As of December 31, 2024, Ai Mei Vaccine reported total revenue of 1.285 billion yuan, a year-on-year increase of 8.22% [1] - The net profit attributable to shareholders was -277 million yuan, showing a significant year-on-year increase of 78.69% [1] - The gross profit margin stood at 74.2%, with a debt-to-asset ratio of 50.63% [1] Market Position and Valuation - The average price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry is 2.19 times, with a median of 6.44 times [1] - Ai Mei Vaccine's P/E ratio is -19.01 times, ranking 111th in the industry [1] - Other companies in the industry have P/E ratios such as: Qingdao Haier Biomedical (1.42), Kingsray Biotechnology (1.63), Dongrui Pharmaceutical (3.35), Jilin Changlong Pharmaceutical (5.94), and Dajiang International (6.94) [1] Recent Developments - The company is one of the first to receive a P3 laboratory construction license under China's 14th Five-Year Plan [2] - In response to the current pandemic, Ai Mei Vaccine is utilizing its comprehensive platform technology to develop new COVID-19 vaccines using three validated technological routes: mRNA, inactivated virus, and recombinant adenovirus vector [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 艾美疫苗股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06660 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 507,673,711 | RMB | | 1 RMB | | 507,673,711 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 507,673,711 | RMB | | 1 RMB | | 507,673,711 | | 2 ...

Group 1 - The National Healthcare Security Administration announced that drug procurement will no longer simply reference the lowest bid, indicating a shift in policy that could benefit companies with strong quality systems and cost advantages [1] - The recent announcement led to a significant increase in Hong Kong's biopharmaceutical stocks, particularly in the vaccine sector, with notable gains for companies such as Ai Mei Vaccine (+13.5%) and CanSino Biologics (+9.03%) [1] - The 11th batch of centralized procurement has been initiated, with new rules optimizing the calculation of price differences and requiring transparency from the lowest bidders regarding the rationality of their pricing [1] Group 2 - The vaccine sector has shown remarkable performance due to multiple favorable factors, including a warning from the World Health Organization regarding mosquito-borne diseases, which has boosted market sentiment [2] - Ai Mei Vaccine has successfully commercialized eight vaccines, including leading products like rabies and hepatitis B vaccines, and has a robust pipeline of 21 vaccines in development, with three key products nearing market launch [2] - The vaccine sector is seen as having significant potential for valuation recovery, as many companies' pipeline values have not yet been fully reflected in their market valuations [2]

Group 1 - The majority of Hong Kong pharmaceutical stocks are experiencing declines, with Hansoh Pharmaceutical falling over 4% [1] - Hansoh Pharmaceutical (03692.HK) decreased by 4.45%, while other companies like Aimeijia Vaccine (06660.HK) and CSPC Pharmaceutical Group (01093.HK) also saw significant drops of 3.98% and 2.72% respectively [1] - Kanglong Chemical (03759.HK) reported a decline of 1.83%, indicating a broader trend of weakness in the sector [1]

Group 1 - The company has received clinical trial approval for its mRNA shingles vaccine from the National Medical Products Administration, following FDA approval for clinical trials in March 2025, demonstrating the strength of its mRNA technology platform [1] - The mRNA shingles vaccine shows significantly higher specific T cell immunity, specific IgG antibody titers, and fluorescent antibody titers compared to international recombinant subunit vaccine controls in preclinical trials [1] Group 2 - Shingles is caused by the reactivation of the varicella-zoster virus, with an infection rate of over 90% in adults, and the incidence rate is increasing by 2.5% to 5.0% annually [2] - Vaccination against shingles is an effective measure to prevent the disease and its complications, with a target to inhibit the reactivation of the virus [2] Group 3 - Currently, there are no approved mRNA shingles vaccines globally, and the vaccination rate in the target population in China is less than 1%, indicating significant growth potential [3] - The global sales of GSK's shingles vaccine are projected to be approximately $4.31 billion in 2024, with the market size in China expected to reach around RMB 20 billion by 2030 [3] - The company is one of the earliest developers of mRNA vaccines in China, with a mature mRNA vaccine R&D system and a complete industrialization process, enabling rapid commercialization post-clinical trials [3] - The company aims to focus on key technologies of the mRNA platform and accelerate the development and registration of new products to enhance its innovation capability and competitiveness [3]

Financial Performance - The company achieved a total revenue of approximately RMB 1,285.0 million for the year ending December 31, 2024, representing an increase of 8.2% compared to RMB 1,187.5 million in 2023[28]. - The company's main business revenue for 2024 was RMB 1,285.0 million, an increase of RMB 97.5 million or 8.2% compared to RMB 1,187.5 million in 2023, primarily driven by sales growth in hepatitis B, hepatitis A, and quadrivalent meningococcal vaccines[72]. - Sales revenue from Class I vaccines reached RMB 140.2 million in 2024, up from RMB 72.8 million in 2023[29]. - Sales revenue from Class II vaccines was RMB 1,121.3 million in 2024, slightly increasing from RMB 1,114.7 million in 2023[29]. - Gross profit for 2024 was RMB 953.5 million, an increase of RMB 52.5 million or 5.8% from RMB 901.0 million in 2023, with a gross margin of 74.2%, down from 75.9% in 2023[75]. - Other income and gains decreased to RMB 32.8 million in 2024, down RMB 18.8 million or 36.4% from RMB 51.6 million in 2023, primarily due to reduced government subsidies and bank interest income[76]. - Research and development expenses for 2024 were RMB 363.1 million, a decrease of RMB 273.3 million or 42.9% from RMB 636.4 million in 2023, mainly due to reduced overseas clinical trial expenses[78]. - Selling and distribution expenses increased to RMB 542.7 million in 2024, up RMB 48.7 million or 9.9% from RMB 494.0 million in 2023, due to enhanced marketing activities for vaccine products[79]. - Administrative expenses rose to RMB 282.7 million in 2024, an increase of RMB 28.4 million or 11.2% from RMB 254.3 million in 2023, primarily due to increased depreciation and amortization costs[81]. - The company reported a loss of RMB 278.4 million in 2024, a decrease of RMB 1,671.8 million or 85.7% from a loss of RMB 1,950.2 million in 2023, attributed to the absence of significant impairment losses on intangible assets and goodwill[86]. Vaccine Development and Innovation - The company is focusing on the development of iterative vaccines, including rabies, pneumonia, and mRNA vaccines, with a significant product matrix ready for launch[10]. - The rabies vaccine series includes the world's first serum-free rabies vaccine, which has received production approval and is in the final stages of market entry[11]. - The 23-valent polysaccharide pneumonia vaccine is in the III clinical trial phase, while the 13-valent conjugate pneumonia vaccine has received production approval and is also nearing market entry[11]. - The mRNA RSV vaccine has received clinical trial approval in both China and the U.S., and the mRNA shingles vaccine has also been approved for clinical trials in the U.S.[11]. - The company has developed 21 major vaccine products covering the top 10 global vaccines, positioning itself as an industry innovator[15]. - The focus on iterative vaccine development is seen as the true growth engine for the company's future, representing a significant transformation and renewal[16]. - The company emphasizes that innovation is the only path forward amidst risks and challenges in the market[18]. - The company is committed to expanding its market presence and leveraging innovative strategies to ensure long-term sustainability[16]. - The company has established a strong foundation for future growth through its commitment to research and development in the vaccine sector[12]. - The company has 21 vaccine products in the research pipeline, with 13-valent pneumococcal conjugate vaccine and serum-free iterative rabies vaccine having completed Phase III clinical trials and submitted for market registration[23][24]. - The company has obtained 20 clinical approvals and is actively pursuing international market expansion, with products like the freeze-dried rabies vaccine and quadrivalent meningococcal vaccine entering markets in countries such as Pakistan and Egypt[24][27]. - The new generation mRNA technology platform has received clinical approval for mRNA shingles vaccine and mRNA respiratory syncytial virus vaccine in the US, with the latter also approved in China[23][27]. - The company is focusing on temperature monitoring products for vaccines to enhance safety and quality management, catering to diverse customer needs[28]. - The company is actively developing a series of upgraded rabies vaccines through continuous technological innovation[44]. - The mRNA technology platform has been validated through clinical trial data from over 10,000 subjects, confirming the safety and efficacy of the mRNA rabies vaccine, which shows significant reductions in vaccination doses and faster production of neutralizing antibodies compared to traditional vaccines[45]. - The quadrivalent meningococcal conjugate vaccine (MCV4) has completed all basic phase vaccinations in the II clinical trial, targeting high-risk infants under 12 months[49]. - The EV71-CA16 bivalent hand-foot-mouth disease vaccine is the first of its kind aimed at providing immunity against both EV71 and CA16 strains, with clinical approval already obtained[50]. - The company possesses five validated human vaccine platform technologies, including mRNA and genetic engineering vaccines, enabling the development of stable and scalable vaccine products[51]. Market Trends and Opportunities - The Chinese vaccine market (excluding COVID-19 vaccines) grew from RMB 85.07 billion to RMB 101.77 billion from 2022 to 2023, representing a year-on-year growth of 19.6%[56]. - The pneumonia vaccine market in China reached RMB 10.75 billion in 2022, with a projected compound annual growth rate of 22.7%, expected to reach RMB 24 billion by 2025[61]. - The market potential for the 13-valent pneumococcal conjugate vaccine in China is expected to exceed RMB 20 billion by 2030, with a penetration rate of 25.9% for the approved age group[40]. - The company has identified a global shortfall of 180 million doses for the 13-valent pneumococcal conjugate vaccine, positioning itself as a key supplier post-launch[41]. - The market size for rabies vaccines in China is expected to reach RMB 22 billion by 2030, driven by the increasing awareness of high-quality vaccine uptake and economic growth[62]. - The market share of serum-free rabies vaccines in China is projected to be approximately 35.0% by 2030, due to their stable components and higher safety[62]. - The mRNA rabies vaccine is anticipated to capture about 21.2% of the Chinese market by 2030, offering significant advantages in immunization efficiency and production simplicity[62]. - The RSV vaccine market in China is expected to exceed RMB 15.4 billion by 2030, with strong demand due to the absence of approved RSV vaccines[63]. - The global market for shingles vaccines is projected to reach USD 23.9 billion by 2030, with China's market expected to approach RMB 20 billion due to low current vaccination rates[64]. - The total market size of China's vaccine industry grew by RMB 61.7 billion from 2015 to 2022, with a compound annual growth rate of approximately 19.4%[65]. - By 2030, the vaccine industry in China is forecasted to grow at a compound annual growth rate of 12.3%, reaching approximately RMB 220.3 billion[65]. Corporate Governance and Management - The company has a management team with extensive experience in the biopharmaceutical industry, including investment and management roles[106]. - The company has appointed several key executives with significant backgrounds in investment management and financial services to strengthen its leadership team[110][111]. - The company emphasizes internal control systems and risk management effectiveness, as highlighted by Pei's role as chairman of the audit committee[119]. - The board includes members with significant experience in investment banking and corporate finance, which supports the company's growth strategies[120][125]. - The company is committed to maintaining high standards of corporate governance and transparency in its financial reporting[137]. - The management team has a diverse background in various industries, contributing to a well-rounded approach to business strategy and market expansion[136]. - The company has a strong board with members holding advanced degrees in finance and management, enhancing its strategic decision-making capabilities[131][132][133][134]. - The company is focused on enhancing its operational efficiency and strategic decision-making through experienced board members and executives[110][112]. - The company has a comprehensive quality management system in place, overseen by the Chief Quality Officer since April 2022[143]. Shareholder Information - As of December 31, 2024, the company's total issued share capital consists of 1,211,062,599 shares, with 59.36% being domestic shares and 40.64% being H shares[158]. - The company does not plan to declare a final dividend for the twelve months ending December 31, 2024[150]. - The company has established a dividend policy that considers financial performance, cash flow, business conditions, and future operational needs[161][162]. - The employee stock incentive plan was adopted on November 30, 2020, and revised on February 16, 2022, with a maximum issuance of 12,106,666 shares, representing approximately 1% of the total share capital as of the report date[194]. - As of January 1, 2024, 78 participants, including 4 senior management members, were granted options to purchase a total of 3,351,000 shares under the incentive plan[195]. - The exercise price for the options is set at RMB 6.98 per share, with adjustments possible due to dividends, stock splits, or capital restructuring[194]. - The total number of options exercised during the year was zero, with 3,006,000 options expiring and 345,000 options canceled due to employee resignations[196]. - The options granted to senior management included 120,000 shares each for two individuals and 90,000 shares each for two others, all of which were unexercised by year-end[196]. - The company aims to align the interests of option holders with those of shareholders to promote sustainable and long-term development[194].