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 Insights - The market for shingles vaccines in China has experienced rapid growth due to an aging population and increased public health awareness, with the market size expected to reach 5.6 billion yuan by 2024 after a recovery from a significant drop in 2021 [1][13] - The incidence of shingles is notably high among individuals aged 50 and above, driving sustained demand for vaccines [1][13] - The public's awareness of shingles and its prevention is gradually increasing, further propelling the market's growth [1][13] Industry Overview - Shingles vaccines are designed to prevent shingles, a disease caused by the reactivation of the Varicella-Zoster Virus, which initially causes chickenpox [2][4] - The industry chain includes upstream raw material suppliers, midstream vaccine developers and manufacturers, and downstream logistics and healthcare providers [4] Development History - The shingles vaccine industry in China has evolved from non-existence to local innovation, with the first imported vaccine, GSK's Shingrix, approved in 2019 [6][9] - The launch of the first domestic live attenuated shingles vaccine by Baike Biological in January 2023 marked a significant milestone, expanding the eligible age group for vaccination [6][9] - The market is now characterized by competition between imported and domestic vaccines, with expectations for a surge in domestic vaccine approvals in the coming years [6][9] Market Dynamics - The number of vaccine approvals has increased significantly, with Baike Biological's vaccine receiving 22 approvals in the first three quarters of 2023, indicating strong market performance [9] - The domestic vaccine market is expected to grow rapidly, driven by aging demographics and improved public health policies [9][11] Key Companies - Baike Biological has established itself as a leader in the shingles vaccine market, with a revenue of 883 million yuan in 2023, although it is projected to decline to 251 million yuan in 2024 [17] - Wantai Biological, another key player, reported a revenue of 5.511 billion yuan in 2023, down 50.73% from the previous year, and is expected to generate 2.245 billion yuan in 2024 [19] Future Trends - Domestic vaccines are anticipated to dominate the market due to their competitive pricing and alignment with local needs [21] - The improvement of health insurance policies is expected to enhance vaccine accessibility and increase public willingness to get vaccinated [22] - The development of multivalent and combination vaccines is becoming a significant trend, aiming to provide broader protection and improve vaccination efficiency [23]

Industry Overview - The vaccine industry is experiencing a significant decline in 2024 and the first quarter of 2025, with total revenue dropping from 1,637 billion in 2023 to 1,283 billion in 2024, marking a year-on-year decrease of 21.6%, the first negative growth in five years [1] - Net profit in the industry has decreased from a peak of 309 billion in 2021 to 120 billion in 2024, a reduction of 61%, with profit margins declining from 21.7% in 2021 to 9.4% in 2024, indicating increased cost pressures [1] Company Performance - Leading companies show significant performance divergence; TianTan Bio and Tibet Pharmaceutical have reported growth, with TianTan Bio achieving 60 billion in revenue for 2024, a 17.6% increase, and a net profit of 15 billion, up 36.4% [3] - In contrast, Zhifei Biological and Wantai Biological have faced substantial declines due to intensified competition in the HPV vaccine market, with Zhifei's revenue plummeting from 529 billion in 2023 to 260 billion in 2024, a 50.8% drop, and net profit falling from 80 billion to 20 billion, a 75% decrease [3] - Wantai Biological's net profit decreased from 47 billion in 2022 to approximately 1 billion in 2024, with a drop in gross margin from 89% to 66% [3] Cost and Profitability Trends - The median sales expense ratio in the industry has increased from 48% in 2020 to 58% in 2024, with over half of the companies exceeding a 50% expense ratio [3] - Changchun High-tech's sales expense ratio rose from 44% in 2023 to 57% in 2024, with net profit margin declining from 31% to 18.7% [3] - Kanghua Biological maintained a high gross margin of 93%, but its expense ratio increased from 47% to 54%, leading to a decrease in net profit margin from 33% to 21% [3] Vaccine Approval Trends - In 2024, most vaccine varieties saw a decline in batch approvals, with Zhifei Biological's HPV vaccines experiencing significant drops in approvals, including a 95% decrease for the four-valent HPV vaccine [4] - The first quarter of 2025 showed a mixed performance in vaccine approvals, with the recombinant herpes vaccine seeing a 54% decline in batch approvals, while the two-valent HPV vaccine saw a 367% increase [4] Specific Vaccine Performance - Rabies vaccines showed good overall approval growth, with Vero cell rabies vaccines achieving 199 batch approvals, a 24% increase [5] - The flu vaccine approvals in the first quarter of 2025 saw a significant increase of 500%, with the three-valent flu vaccine experiencing a 1300% increase in approvals [5] - The 13-valent pneumonia vaccine approvals remained stable, while the 23-valent pneumonia vaccine saw a 71% decline [5]

Core Insights - The vaccine industry is currently facing significant challenges due to suboptimal vaccination rates, leading to decreased revenues for vaccine companies [1][2] - In 2024, out of 14 listed vaccine companies in the A-share market, 12 reported a decline in net profit attributable to shareholders [2] - By the first quarter of 2025, 8 companies continued to experience a decline in net profit, with some companies reporting over an 80% drop [2] Company Performance - Wantai Biological Pharmacy achieved a revenue of 401 million yuan in Q1 2025, a year-on-year decrease of 46.76%, and reported a net loss of 52.78 million yuan [2][3] - Wantai attributed its revenue decline to market adjustments, government procurement policies, and lower-than-expected sales of the nine-valent HPV vaccine [2] - Wantai also recorded impairment losses totaling 51.33 million yuan in Q1 2025, primarily from accounts receivable and inventory [3] Impairment and Credit Losses - Wantai's impairment losses included 45.83 million yuan from accounts receivable and 549,780 yuan from inventory [3] - The increase in accounts receivable impairment was due to delayed payments from local disease control centers, which are affected by tight fiscal conditions [3] - Other companies, such as Zhifei Biological Products, reported a revenue drop of 79.16% in Q1 2025, with a net loss of 305 million yuan [4] Industry Challenges - The primary challenge for vaccine companies is to increase vaccination rates among the population, particularly for self-paid vaccines [5] - Vaccination rates for self-paid vaccines, including flu and HPV vaccines, remain low in China, often in single-digit percentages [5] - There is a need for better communication and education regarding the benefits of vaccination, especially among chronic disease patients [6]

证券代码：603392 证券简称：万泰生物 公告编号：2025-029 北京万泰生物药业股份有限公司 关于使用部分闲置募集资金 进行现金管理的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 履行的审议程序：北京万泰生物药业股份有限公司（以下简称"公司"） 于2025年1月14日召开第六届董事会第六次会议、第六届监事会第六次会议，审 议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司使用最 高额度不超过人民币15亿元（含）的暂时闲置非公开发行股票募集资金适时投资 安全性高、流动性好的保本型产品，单项产品期限最长不超过12个月。该额度自 公司董事会审议通过之日起12个月内有效，可由公司及全资子公司共同循环滚动 使用。具体内容详见公司于指定信息披露媒体披露的《北京万泰生物药业股份有 限公司关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-004）。 一、本次现金管理概况 （一）现金管理目的 2、募集资金的基本情况 经中国证券监督管理委员会《关于核准北京万泰生物药业股份有限公司非 ...

北京市中伦律师事务所 关于北京万泰生物药业股份有限公司 2024 年年度股东大会的法律意见书 二〇二五年五月 北京市中伦律师事务所 2 法律意见书 公司关于本次会议的相关公告一起披露，并就本法律意见书承担相应的法律责任。 为出具本法律意见书，本所律师对本次会议的相关文件资料及其他事项进行 了必要的核查。基于核查工作，本所律师依照中国律师业公认的业务标准、道德 规范和勤勉尽责精神，出具法律意见如下： 关于北京万泰生物药业股份有限公司 2024 年年度股东大会的法律意见书 致：北京万泰生物药业股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受北京万泰生物药业股份有限 公司（以下简称"公司"）的委托，就公司 2024 年年度股东大会（以下简称"本次 会议"）相关事宜，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东大会规则》《上海证券交易所股票上市规则》等法律、法规和规 范性文件及现行有效的《北京万泰生物药业股份有限公司章程》（以下简称"《公 司章程》"），依法出具本法律意见书。 本法律意见书仅就本次会议的召集和召开程序、出席会议人员资格、召集人 资格、本次会议表决程序及表决结果等事项发 ...

证券代码：603392 证券简称：万泰生物 公告编号：2025-028 北京万泰生物药业股份有限公司 2024年年度股东大会决议公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 8 日 (二)股东大会召开的地点：北京市昌平区创新路 7 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 292 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 985,797,290 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 77.9660 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集并发布公告通知，由公司董事长邱子欣先生 主持。会议表决方式为现场和网络投票相结合，本次大会的召集与召开程序、出 席会议人 ...

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].

Group 1: WanTai Bio - WanTai Bio announced that its HIV urine self-test kit has received prequalification (PQ) certification from the World Health Organization (WHO), marking it as the first HIV antibody urine self-test kit globally to achieve this status [1] - This certification allows the product to participate in procurement projects by the United Nations and other global multilateral organizations, enhancing the company's international competitiveness [1] - The recognition from WHO is expected to boost investor confidence in the company's research and market potential [1] Group 2: East China Pharmaceutical - East China Pharmaceutical's subsidiary received approval from the National Medical Products Administration (NMPA) for the clinical trial of HDM2005, an antibody-drug conjugate targeting ROR1 for treating diffuse large B-cell lymphoma (DLBCL) [2] - The drug is currently in the fifth dose escalation phase of its clinical trial in China, with no dose-limiting toxicities reported so far [2] - The approval of HDM2005's clinical trial represents a significant advancement in the company's research and development in the oncology field [3] Group 3: GuiChuang TongQiao - GuiChuang TongQiao announced that it will remove the "B" designation from its stock name starting May 9, 2025, indicating that it no longer falls under the category of unprofitable companies [4] - This change reflects the company's achievement of higher operational and performance standards, which is expected to enhance its influence in the capital market and investor recognition [4]

Group 1 - Ningde Times announced a share buyback plan with a total fund of 40 billion to 80 billion yuan, having repurchased 6.641 million shares, accounting for 0.1508% of the total share capital, with a total expenditure of 1.551 billion yuan [1] - Guoxin Technology successfully tested its quantum-resistant password chip AHC001, which is based on a domestic 28nm process and features low power consumption and high security, aimed at high-security applications [2] - Jingcheng Co. plans to introduce investors through a capital increase and share expansion for its subsidiary Tianhai Hydrogen Energy, with details yet to be determined [3] Group 2 - Weir Shares' shareholder plans to exchange up to 10 million shares for an open-ended index fund, representing 0.82% of the total share capital, aimed at optimizing asset allocation [4] - Zhejiang University Network New committed 33 million yuan to invest in a venture capital fund focusing on artificial intelligence and robotics, with a total target size of 100 million yuan [5] - Huayi Group intends to acquire 60% of San Aifu for 4.091 billion yuan to expand its business in fluorine fine chemicals, with funding sourced from its own or self-raised funds [6] Group 3 - Huina Technology's controlling shareholder is planning a change of control, leading to a temporary suspension of stock trading [7] - Tongyu Heavy Industry's actual controller will change from Zhuhai State-owned Assets Supervision and Administration Commission to Shandong State-owned Assets, following a share transfer agreement [8] - Kangxi Communication terminated its major asset restructuring plan and shifted to a strategic investment plan to acquire 35% of Shenzhen Chip Zhongxin Technology [9] Group 4 - Huafeng Measurement Control's shareholder plans to transfer 2.9% of its shares due to funding needs, with the transfer price set at a minimum of 70% of the average trading price over the previous 20 trading days [10] - Xiangyuan Cultural Tourism reported a 50.47% year-on-year increase in revenue during the May Day holiday [13] - Sairisi's April new energy vehicle sales increased by 12.99% year-on-year [13]