Group 1 - The core stock price of CanSino Biologics increased by 2.05% to 64.70 CNY per share, with a total market capitalization of 15.984 billion CNY as of December 22 [1] - The company experienced a net inflow of main funds amounting to 1.2463 million CNY, with significant buying and selling activities recorded [1] - CanSino's stock price has risen by 5.98% year-to-date, but has seen a decline of 6.15% over the past 20 days and 18.96% over the past 60 days [2] Group 2 - CanSino Biologics, established on January 13, 2009, specializes in the research, production, and commercialization of innovative vaccines, with 97.84% of its revenue coming from vaccine sales [2] - As of September 30, 2025, CanSino reported a revenue of 693 million CNY, reflecting a year-on-year growth of 22.13%, and a net profit of 14.44 million CNY, up 106.49% [2] - The company has distributed a total of 198 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]

《沪市汇·硬科硬客》第二季第7期邀请芯联集成（688469.SH）董事长兼总经理赵奇，康希诺 （688185.SH）联合创始人、董事长兼首席执行官宇学峰，埃夫特（688165.SH）董事长兼总经理游玮 三家上市前未盈利企业代表，共谈扭亏为盈"时间表"与"路线图"。 展望未来，赵奇表示："深耕研发， 攻坚创新，感恩科创板成长层为'硬科技'企业铺平了创新发展之路。" "以创新维护健康，让中国疫苗走 向世界，感谢科创板！"宇学峰称。 "科创板助力智能机器人走入千家万户，赋能千行百业。"游玮如是 说。（中经记者 孙汝祥 夏欣 北京报道） 0:00 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9] Core Insights - The vaccine industry is experiencing a transition from scale expansion to innovation-driven growth, facing short-term pain due to supply-demand imbalance and homogenized competition, but the long-term outlook remains positive driven by policy, demand, and technology [9][28] - Recent clinical trial approvals for innovative vaccines by companies like Zhifei Biological, Kangtai Biological, Wantai Biological, and CanSino indicate significant advancements in the field, particularly in addressing emerging infectious diseases and specific patient populations [4][8] Summary by Sections Industry Performance - The vaccine sector has seen a relative decline, with a 12-month absolute return of -14% and a relative return of -28% compared to the CSI 300 index [4][5] - The vaccine index closed at 11,363.86, down 0.87% last week, while the overall pharmaceutical sector saw a slight decline of 0.14% [5][11] Market Review - The vaccine sector's performance has been lagging, with a cumulative decline of 10.1% since the beginning of 2025, indicating a challenging market environment [5][11] - Notable companies in the vaccine sector include Liaoning Chengda, Hualan Biological, and Kangtai Biological, which have shown better performance compared to others like Kanghua Biological and CanSino [6][11] Valuation - The vaccine sector's price-to-earnings (PE) ratio is 92.32X, reflecting a decrease of 0.74X week-on-week, while the price-to-book (PB) ratio stands at 1.79X, also showing a slight decline [7][11] - The PE ratio is at the 56.20% percentile since 2013, while the PB ratio is at the 1.36% percentile, indicating a relatively high valuation compared to historical data [7][11] Investment Recommendations - The vaccine industry is under pressure, with companies focusing on pipeline adjustments and innovation to enhance competitiveness. Long-term prospects hinge on innovation and international expansion [8][9] - Companies with strong research and development capabilities and differentiated product offerings, such as CanSino and Kanghua Biological, are recommended for investment [9][28]

康希诺（688185.SH）联合创始人、董事长兼CEO宇学峰日前做客《沪市汇·硬科硬客》第二季第7期节 目"科创成长层'成长记'"时表示，自成立以来，康希诺始终积极承担国家重大专项。 0:00 宇学峰表示，从"十一五"时期，康希诺就开始参与国家部分重大项目，后来逐步成为核心承担单位乃至 领头单位。"十四五"时期，康希诺圆满地完成了参与的所有国家重大专项任务。"未来，康希诺将一如 既往，全力承担'十五五'时期的国家重大专项工作，为国家战略规划落地贡献力量。"（中经记者 罗辑 北京报道） ...

康希诺（688185.SH）联合创始人、董事长兼CEO宇学峰日前做客《沪市汇·硬科硬客》第二季第7期节 目"科创成长层'成长记'"时表示，康希诺的核心产品主要布局三类方向。一是国产化产品，填补国内市 场空白；二是更新换代产品，对标国际先进标准，补齐国内现有产品的差距；三是全创新产品，聚焦疫 苗领域。宇学峰介绍，在科创板上市后，康希诺已有超过6款产品成功进入市场。（中经记者 罗辑 北京 报道） 0:00 ...

Core Insights - The core viewpoint of the article is that CanSino (688185.SH) has successfully achieved profitability by the third quarter of 2025, overcoming significant challenges in the biopharmaceutical innovation and research development sector [2]. Company Summary - CanSino's co-founder, chairman, and CEO, Yu Xuefeng, announced the company's profitability milestone during an interview on a financial program [2]. - The company plans to continue increasing its investments to ensure long-term returns for its investors [2].

Group 1 - Sichuan Chengyu's wholly-owned subsidiary plans to acquire 85% equity of Hubei Jingyi Company for 2.409 billion yuan, enhancing the company's control over highway projects [1] - Huadian Technology signed contracts worth approximately 815 million yuan with Huadian Technology Group for a wind power hydrogen production project [2] - Dongfang Cable and its subsidiary won projects totaling approximately 3.125 billion yuan, accounting for 34.37% of the company's audited revenue for 2024 [3] Group 2 - Heng Rui Medicine received approval for clinical trials of SHR-2906 injection, a self-developed biopharmaceutical aimed at weight control and metabolic regulation [4] - Qingdao Port plans to invest approximately 15.7 billion yuan in two terminal projects [5] - Jingu Co. received a notification to supply low-carbon wheels for two export models to a major domestic car manufacturer, with production expected in 2026 [6] Group 3 - ST Xingguang won a procurement project worth approximately 22.955 million yuan, accounting for 11.96% of the company's revenue for 2024 [7] - Xinbo Co. plans to jointly invest in an alloy materials research institute with partners, focusing on high-performance materials for various industries [8] - Tianqi Lithium's third-phase lithium concentrate expansion project has been completed and is undergoing trial production, with a total capacity of 2.14 million tons per year [9] Group 4 - Changfei Fiber reported that new fiber optic products related to data centers represent a small proportion of total demand [10] - Dongfang Bio's subsidiaries obtained multiple medical device registration certificates, including various testing kits [11] - Xiugang Co. plans to use up to 500 million yuan of idle fundraising for cash management in safe, liquid investment products [12] Group 5 - Jifeng Co. received a project designation for passenger car seat assemblies from a European luxury brand, with a total lifecycle value of approximately 9.8 billion yuan [13] - CanSino initiated Phase I clinical trials for a combined vaccine, completing the first subject enrollment [14] - Dayu Water-saving's subsidiary pre-won a drainage project worth 140 million yuan and another project worth 1 billion yuan [15] Group 6 - Yutong Pharmaceutical's subsidiary received clinical trial approval for YKYY032 injection for treating hyperlipoproteinemia [17] - Diweier announced the departure of a core technical personnel, impacting its technical leadership [18] - Weilang Co.'s controlling shareholder received regulatory measures from the Shandong Securities Regulatory Bureau for failing to fulfill a commitment [19] Group 7 - Xiehe Electronics invested 5 million yuan in a private equity fund focusing on hard technology sectors [20] - Phoenix Optical received a government subsidy of 4.7053 million yuan, representing 35% of its projected net profit for 2024 [21] - China State Construction reported a 0.9% year-on-year increase in new contracts signed in the first 11 months of 2025, totaling 4.0408 trillion yuan [22] Group 8 - Nanguang Energy's pumped storage power station units 1 and 2 have entered trial operation, with units 3 and 4 expected to follow by year-end [23] - Jindalai plans to invest 280 million yuan to acquire a 34% stake in Yunnan Jici Medical Technology [24] - Geer Software terminated its planned acquisition of a majority stake in Weipin Zhiyuan due to failure to reach agreement on key terms [25] Group 9 - Ningbo Fubang completed the absorption merger of its wholly-owned subsidiary, inheriting all assets and liabilities [26] - Zhongyuan Neipei signed a strategic cooperation framework agreement with Ningbo Puzhi Company for humanoid robot-related business [28] - Gongyuan Co. announced a business integration and relocation of its production lines in the East China region [29] Group 10 - Chlor-alkali Chemical's subsidiary plans to invest 2.975 billion yuan in a comprehensive utilization project for waste salt [30] - Kain Technology announced the departure of a core technical personnel, impacting its research capabilities [31] - ST Renfu received approval for clinical trials of a new drug for idiopathic pulmonary fibrosis [32] Group 11 - Sanbo Brain Science's established brain science fund has completed registration with the Asset Management Association of China [33] - Tongyou Technology plans to apply for a 70 million yuan credit line from Beijing Bank, using its property as collateral [34] - Bai Ao Intelligent signed a significant equipment sales contract worth approximately 27.5021 million yuan [35] Group 12 - ST Xinyan received all restructuring investment funds totaling 2.239 billion yuan, entering the execution phase of its restructuring plan [36] - Dalu Real Estate's subsidiary decided to terminate a planned acquisition of a 60% stake in Beijing Chengzhu Real Estate [38] - Huiyu Pharmaceutical's products received marketing approval in Italy and Norway [39]

基于公司的产品管线布局，结合市场对多联疫苗的需求，并形成差异化竞争，公司拟研发DTcP-Hib- MCV4联合疫苗。I期临床试验为评价DTcP-Hib-MCV4联合疫苗在2月龄至6岁人群中接种的安全性及免 疫原性。 格隆汇12月19日丨康希诺生物(06185.HK)发布公告，公司研发的吸附无细胞百(组分)白破("DTcP")b型流 感嗜血杆菌(结合)("Hib")-ACYW135群脑膜炎球菌(结合)("MCV4")联合疫苗("DTcP-Hib-MCV4联合疫 苗")于近日正式启动I期临床试验，并完成首例受试者入组。 来源：格隆汇APP ...

I期临床试验为评价DTcP-Hib-MCV4联合疫苗在2月龄~6岁人群中接种的安全性及免疫原性的随机、部 分盲法、剂量探索、阳性/安慰剂对照的临床试验。 智通财经APP讯，康希诺(688185.SH)发布公告，公司的吸附无细胞百(组分)白破b型流感嗜血杆菌(结 合)-ACYW135群脑膜炎球菌(结合)联合疫苗(简称"DTcP-Hib-MCV4联合疫苗")于近日正式启动I期临床试 验，并完成首例受试者入组。 ...

基于本公司的产品管线布局，结合市场对多联疫苗的需求，并形成差异化竞争，公司拟研发DTcP-Hib- MCV4联合疫苗。I期临床试验为评价DTcP-Hib-MCV4联合疫苗在2月龄至6岁人群中接种的安全性及免 疫塬性。 智通财经APP讯，康希诺生物(06185)发布公告，公司研发的吸附无细胞百(组分)白破(DTcP)b型流感嗜 血杆菌(结合)(Hib)-ACYW135群脑膜炎球菌(结合)(MCV4)联合疫苗(DTcP-Hib-MCV4联合疫苗)于近日正 式启动I期临床试验，并完成首例受试者入组。 ...