房地产板块异动拉升，荣盛发展、香江控股、华丽家族涨停，卧龙新能、首开股份（维权）、珠江股 份、天地源、海泰发展等跟涨。 ...

证券研究报告 2025 年 09 月 14 日 湘财证券研究所 行业研究 疫苗行业周报 HPV 疫苗有望纳入国家免疫规划，国家免疫规划将迎来实质性扩容 相关研究： 1. 《疫苗行业Q2业绩依然承压》 20250831 2. 《国产疫苗再突破》20250907 行业评级：增持（维持） 近十二个月行业表现 0 10 20 30 40 50 24/09 24/12 25/03 25/06 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -7 | -2 | -20 | | 绝对收益 | 0 | 15 | 21 | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 国内外疫苗动态 HPV 疫苗有望纳入国家免疫规划。7 月 11 日国务院新闻办公室举行"高质量 完成'十四五'规划"系列主题新闻发布会，国家卫生健康委副主任、国家 疾控 ...

Group 1 - The core viewpoint of the news is that CanSino's stock has experienced fluctuations, with a current price of 83.06 CNY per share and a market capitalization of 20.55 billion CNY, reflecting a year-to-date increase of 36.05% [1] - As of June 30, CanSino had 17,500 shareholders, a decrease of 1.92% from the previous period, with an average of 0 circulating shares per shareholder [2] - For the first half of 2025, CanSino reported a revenue of 382 million CNY, representing a year-on-year growth of 26%, while the net profit attributable to shareholders was -13.49 million CNY, showing a significant increase in losses of 94.02% [2] Group 2 - CanSino's main business involves the research, production, and commercialization of innovative vaccines, with vaccine sales accounting for 97.84% of total revenue [1] - The company has cumulatively distributed 198 million CNY in dividends since its A-share listing, with no dividends distributed in the past three years [3] - CanSino operates within the pharmaceutical and biotechnology industry, specifically in the vaccine sector, and is associated with concepts such as monkeypox, anti-influenza, and biopharmaceuticals [1]

Core Insights - The vaccine industry is experiencing significant challenges, with many companies reporting substantial losses and declining revenues in 2025 [4][20][21] - Price wars and vaccine hesitancy are identified as major factors contributing to the industry's downturn [4][12][14] Financial Performance - In the first half of 2025, major vaccine companies like Zhifei Biological and Wantai Biological reported their first-ever half-year losses, with net profits dropping by 127% and 155% respectively [4][5] - Overall, vaccine revenue for listed companies in China decreased by 60% year-on-year, with net profits down by 113% [4] - Among 17 listed vaccine companies, only 6 reported profits, with the highest profit being 1.22 billion yuan from Chengda Biological [4] Market Dynamics - The top five vaccine companies by market capitalization are Wantai Biological, Zhifei Biological, CanSino, Kangtai Biological, and Watson Biological, with only CanSino showing a profit increase due to its innovative four-valent meningococcal vaccine [4][5] - A significant price drop in flu vaccines has been noted, with prices falling to as low as 5.5 yuan per dose, leading to intense competition [6][7][8] Price Wars - The price of various vaccines, including flu and HPV vaccines, has been driven down due to aggressive competition, with some prices dropping to a fraction of their previous levels [9][10][11] - Wantai Biological's entry into the nine-valent HPV vaccine market has intensified competition, leading to significant price reductions across the sector [9][10] Vaccine Hesitancy - Vaccine hesitancy has become a critical issue, particularly for non-mandatory vaccines, with many individuals expressing doubts about vaccine efficacy [14][15][16] - The overall vaccination rates for flu vaccines remain low in China, with annual rates below 4%, compared to over 50% in developed countries [16] Industry Outlook - The vaccine industry is facing a prolonged period of challenges, with experts predicting that the current downturn may last five to ten years unless significant changes occur in public perception and market dynamics [20][21] - The industry is expected to undergo consolidation, with weaker companies likely to be eliminated as competition intensifies [21]

证券之星消息，9月11日光学光电子板块较上一交易日上涨2.74%，腾景科技领涨。当日上证指数报收于 3875.31，上涨1.65%。深证成指报收于12979.89，上涨3.36%。光学光电子板块个股涨跌见下表： 从资金流向上来看，当日光学光电子板块主力资金净流入11.58亿元，游资资金净流出11.09亿元，散户资 金净流出4911.6万元。光学光电子板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688185 | 腾景科技 | 101.44 | 20.00% | 19.45万 | | 18.12亿 | | 835438 | 戈碧迦 | 49.16 | 10.57% | 11.91万 | | 5.69亿 | | 600071 | 凤凰光学 | 23.07 | 10.01% | 14.15万 | | 3.17亿 | | 300701 | 标霸传感 | 14.28 | 9.85% | 53.39万 | | 7.59亿 | | 300120 | 经纬辉开 | 1 ...

2025年8月底，多家疫苗企业交出最差中报，智飞生物（300122）（300122.SZ）、万泰生物（603392） （603392.SH）两大龙头出现上市后首次半年度亏损，净利润同比分别骤降127%、155%。在17家疫苗 上市公司中，只有6家实现盈利，利润最高的成大生物(688739.SH)也只有1.22亿元。 从全行业看，2025年上半年，中国疫苗上市公司整体的疫苗收入同比下降60%，净利润同比下降 113%。 目前，A股市值前五的疫苗企业分别是万泰生物、智飞生物、康希诺（688185.SH）、康泰生物 （300601）（300601.SZ）、沃森生物（300142）（300142.SZ）。其中，只有康希诺上半年净利润同比 增长，这主要是因为其推出了中国唯一的四价流脑结合疫苗，极具竞争优势的创新产品促使了业绩的提 振。 | | | | 市值前5疫苗企业营收情况 | | | | --- | --- | --- | --- | --- | --- | | 企业 | 市值 | | 2025H1收入 收入同比 2025H1净利润 | | 净利润同比 | | 万泰生物 | 768 | 8. 44 | -38% | ...

Group 1 - A-share market saw a total of 65 stocks hitting the daily limit up on September 10 [1] - Real estate stocks led the surge, with Shoukai Co. achieving six consecutive limit ups [1] - Wolong New Energy recorded three consecutive limit ups [1]

康希诺今年以来股价涨42.31%，近5个交易日涨3.53%，近20日涨5.31%，近60日涨44.66%。 9月9日，康希诺盘中上涨2.03%，截至09:57，报86.88元/股，成交8374.76万元，换手率0.85%，总市值 214.98亿元。 资金流向方面，主力资金净流入487.75万元，特大单买入749.48万元，占比8.95%，卖出215.17万元，占 比2.57%；大单买入1473.87万元，占比17.60%，卖出1520.43万元，占比18.15%。 资料显示，康希诺生物股份公司位于天津经济技术开发区西区南大街185号西区生物医药园，成立日期 2009年1月13日，上市日期2020年8月13日，公司主营业务涉及研发、生产和商业化符合中国及国际标准 的创新型疫苗企业。主营业务收入构成为：疫苗及相关产品销97.84%，其他(补充)2.16%。 分红方面，康希诺A股上市后累计派现1.98亿元。近三年，累计派现0.00元。 责任编辑：小浪快报 康希诺所属申万行业为：医药生物-生物制品-疫苗。所属概念板块包括：猴痘概念、抗流感、中盘、疫 苗、生物医药等。 截至6月30日，康希诺股东户数1.75万，较上期减 ...

Group 1 - The core viewpoint of the news is that CanSino Biologics has shown a significant stock price increase of 38.53% year-to-date, despite a slight decline in the last five and twenty trading days [1] - As of September 8, CanSino's stock price was 84.57 CNY per share, with a market capitalization of 20.93 billion CNY [1] - The company reported a net inflow of main funds amounting to 3.08 million CNY, with significant buying activity from large orders [1] Group 2 - For the first half of 2025, CanSino achieved a revenue of 382 million CNY, reflecting a year-on-year growth of 26% [2] - The net profit attributable to the parent company for the same period was -13.49 million CNY, indicating a year-on-year increase of 94.02% in losses [2] - The number of shareholders decreased by 1.92% to 17,500 as of June 30 [2] Group 3 - Since its A-share listing, CanSino has distributed a total of 198 million CNY in dividends, with no dividends paid in the last three years [3]

Core Viewpoint - The biopharmaceutical sector experienced a significant increase of 3.06% on September 5, with Sanofi leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3812.51, up 1.24% [1] - The Shenzhen Component Index closed at 12590.56, up 3.89% [1] Group 2: Individual Stock Performance - Sanofi (688336) closed at 61.60, with a rise of 11.80% and a trading volume of 165,400 shares, totaling a transaction value of 9.62 billion [1] - Changchun High-tech (000661) closed at 128.00, increasing by 7.53% with a trading volume of 270,100 shares [1] - Junshi Biosciences (688180) closed at 48.00, up 7.38% with a trading volume of 252,900 shares, totaling 1.17 billion [1] - Tibet Pharmaceutical (600211) closed at 50.48, rising by 7.13% with a trading volume of 220,200 shares, totaling 1.08 billion [1] - Other notable stocks include: - Rongan Bio (688331) at 92.17, up 4.32% [1] - Kexing Pharmaceutical (688136) at 42.27, up 4.14% [1] Group 3: Capital Flow - The biopharmaceutical sector saw a net inflow of 231 million from institutional investors, while retail investors experienced a net outflow of 25.77 million [1]