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]

Group 1: Company Performance - Baike Bio reported a revenue of approximately 1.229 billion RMB for 2024, a year-on-year decline of 32.64% [1] - The net profit attributable to shareholders was around 232 million RMB, down 53.67% year-on-year [1] - The decline in performance is primarily attributed to reduced sales of the shingles vaccine [1] Group 2: Green Bamboo Bio's Situation - Green Bamboo Bio's stock price fell by 9.09% on May 2, leading to significant sell-offs, with a trading volume of 1.8036 million shares, the highest since 2024 [2] - The company has experienced a drastic decline in liquidity, with 10 months in the past 17 months having a monthly trading volume of less than 200,000 shares [2] - Green Bamboo Bio's market capitalization is currently around 4.1 billion HKD, below the 7 billion HKD threshold required for inclusion in the Hang Seng Index [4] Group 3: Financials of Green Bamboo Bio - Green Bamboo Bio reported a net loss of 168 million RMB for the year, a reduction of 32.5% compared to the previous year's loss of 249 million RMB [4] - The company has not yet commercialized any products, with total revenue remaining at zero [4] - Research and development expenses decreased by 21.7% to 135 million RMB [4] Group 4: Product Development - Green Bamboo Bio's core product, the recombinant shingles vaccine LZ901, has completed Phase III clinical enrollment and submitted a Biologics License Application (BLA) [6] - LZ901 is expected to be the first shingles vaccine with a tetrameric molecular structure, targeting adults aged 50 and above [6] - The vaccine is positioned to compete with GSK's Shingrix, which has seen significant sales growth, reaching 3.446 billion GBP in 2023 [8] Group 5: Market Dynamics - The domestic vaccine industry is facing structural adjustment pressures, with a decline in consumer willingness to receive vaccinations and a significant drop in demand for self-paid vaccines [10] - The competition in the vaccine market is intense, with over 10 manufacturers competing in areas like rabies and influenza vaccines [10] - The market for shingles vaccines is currently less competitive, with only Baike Bio's Ganwei and GSK's Shingrix available, providing an opportunity for LZ901 if it commercializes as expected [10] Group 6: Challenges Ahead - Despite the potential of LZ901, the company may struggle to significantly improve its financial structure and fundamentals due to market education challenges and profit margin pressures [11] - The current vaccination rate for shingles in China is only 0.1%, significantly lower than in developed countries, indicating a need for market education [10]

证券代码：688276 证券简称：百克生物 长春百克生物科技股份公司 2024 年年度股东会会议资料 二零二五年五月 四、股东及股东代理人要求在股东会现场会议上发言的，应于股东会召开前 一天向会议会务组进行登记。会议主持人根据会务组提供的名单和顺序安排发 言。现场要求提问的股东及股东代理人，应当按照会议的议程举手示意，经会议 主持人许可后方可提问。有多名股东及股东代理人同时要求提问时，先举手者先 提问；不能确定先后时，由主持人指定提问者。 会议进行中只接受股东及股东代理人发言或提问。发言或提问应围绕本次会 议议题进行，简明扼要，时间不超过 5 分钟。发言或提问时需说明股东名称及所 持股份总数。每位股东及股东代理人发言或提问次数不超过 2 次。 五、股东及股东代理人要求发言时，不得打断会议报告人的报告或其他股东 及股东代理人的发言。在股东会进行表决时，股东及股东代理人不再进行发言。 股东及股东代理人违反上述规定，会议主持人有权加以拒绝或制止。 百克生物 2024 年年度股东会会议资料 2024 年年度股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据《中华人民 ...

中信证券股份有限公司关于 长春百克生物科技股份公司 2024年持续督导工作现场检查报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所上市公司持续督导工作指引》等有关法律、法规的规 定,中信证券股份有限公司(以下简称"中信证券"、"保荐人")作为正在对长春 百克生物科技股份公司(以下简称"百克生物"、"上市公司"、"公司")进行持续 督导工作的保荐人,对公司2024年度持续督导期间(以下简称"本持续督导期") 的规范运行情况进行了现场检查,现就现场检查的有关情况报告如下: 一、本次现场检查的基本情况 (一)保荐人 中信证券股份有限公司 (二) 保荐代表人 王晨晨、朱绍辉 (三)现场检查时间 2025年4月9日至2025年4月28日 (四) 现场检查人员 王晨晨、朱绍辉、杜博闻 现场检查人员查阅了上市公司最新章程、三会议事规则及会议材料,财务管 理、内部审计、募集资金管理、对外担保管理制度、关联交易制度等相关内控制 度,查阅了公司 2024年度内部控制自我评价报告、2024年度内部控制审计报告 等文件,对高级管理人员进行访谈。 经查阅前述文件,保荐人认为: 本持续督 ...

中信证券股份有限公司 关于长春百克生物科技股份公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为长 春百克生物科技股份公司（以下简称"百克生物"或"公司"）首次公开发行 并在科创板上市的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所上市公司自律监管指引第11号——持续督导》及《上市公司 监管指引第2号——上市公司募集资金管理和使用的监管要求》等相关规定，负 责百克生物上市后的持续督导工作，并出具本持续督导年度跟踪报告。 | 序 | 工作内容 | 实施情况 | | --- | --- | --- | | 号 | | | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的 | 保荐机构已建立健全并有效 | | | 持续督导工作制定相应的工作计划 | 执行了持续督导制度，并制 | | | | 定了相应的工作计划 | | | 根据中国证监会相关规定，在持续督导工作开始前，与 | 保荐机构已与百克生物签订 保荐协议，该协议明确了双 | | 2 | 上市公司签署持续督导协议，明确双方在持续督导期间 | 方在持续督导期间的权利和 | | ...

Core Viewpoint - The performance of several vaccine companies in China is significantly declining in 2024 due to industry policy adjustments, decreased public willingness to vaccinate, and changing market demands, leading to a challenging environment for the industry [1] Financial Performance - The average revenue of vaccine companies in 2024 is 7.131 billion yuan, down 21.63% from 9.099 billion yuan in 2023, while the average net profit is 788 million yuan, a decrease of 35.60% from 1.222 billion yuan in 2023 [1] - Companies like Zhifei Biological, Wantai Biological, and Hualan Biological reported revenue declines exceeding 50%, while Watson Biological, Baike Biological, and Jindike saw declines of over 30% [1] - Kangxino's revenue increased by over 130% due to its quadrivalent meningococcal conjugate vaccine, benefiting from the resolution of global public health events [1] Price Competition Impact - The price war among vaccine products, particularly HPV, influenza, and pneumonia vaccines, has severely impacted net profits, with Wantai Biological, Kangtai Biological, Hualan Biological, and Zhifei Biological experiencing declines of 91.49%, 76.59%, 76.10%, and 74.99% respectively [2] - Wantai Biological's revenue for 2024 is 2.245 billion yuan, down 59.25%, and its net profit is 106 million yuan, down 91.49% [6] - Watson Biological's revenue is 2.821 billion yuan, a decline of 31.41%, with a net profit of 142 million yuan, down 66.10% [6] Market Dynamics - The domestic vaccine market is becoming increasingly competitive, with many companies focusing on traditional products and facing challenges from product homogeneity and market saturation [3] - The overall vaccination rate in China is low, with only about 3% for influenza vaccines, indicating significant growth potential in the market despite current pressures [7] R&D and Innovation - Companies are increasing R&D investments, with Zhifei Biological investing 1.391 billion yuan in 2024, and several companies allocating over 20% of their revenue to R&D [8] - New vaccine technologies, including mRNA and DNA vaccines, are emerging, which could lead to breakthroughs in disease prevention and treatment [9] International Expansion - Many vaccine companies are pursuing international markets, with Kangxino and Baike Biological successfully exporting products to various countries [10][11] - Watson Biological reported overseas revenue of 570 million yuan in 2024, a year-on-year increase of approximately 98% [11] - The global human vaccine market is projected to grow significantly, with emerging markets providing opportunities for Chinese vaccine companies due to their competitive pricing [12][13]

Core Insights - The company reported a significant decline in revenue and net profit for 2024, primarily due to reduced sales of the shingles vaccine [1] - The nasal spray flu vaccine showed strong performance, while the shingles vaccine faced short-term sales pressure [1][2] - The company is actively advancing its R&D pipeline with multiple products achieving key milestones [2] - Profitability has decreased, with overall gross margin and net margin declining compared to the previous year [1] Financial Performance - In 2024, the company achieved revenue of 1.23 billion yuan, a decrease of 32.6%, and a net profit of 230 million yuan, down 53.7% [1] - For Q1 2025, revenue was 160 million yuan, a decline of 40.0%, with a net profit of 1 million yuan, down 98.2% [1] - The shingles vaccine generated revenue of 250 million yuan, a decrease of 71.5%, while the chickenpox vaccine revenue was 840 million yuan, an increase of 2.2% [1] - The nasal spray flu vaccine revenue reached 140 million yuan, an increase of 15.4% [1] - Overall gross margin for 2024 was 85.4%, down 4.8 percentage points, and net margin was 18.9%, down 8.6 percentage points [1] R&D Progress - The company invested 160 million yuan in R&D in 2024, accounting for 12.7% of revenue [2] - Key advancements include the acceptance of the liquid nasal spray flu vaccine application, completion of Phase I clinical trials for rabies monoclonal antibody, and initiation of Phase I/II clinical trials for tetanus monoclonal antibody [2] - Clinical trial approvals were obtained for HSV-2 mRNA vaccine and Hib vaccine, while the recombinant shingles vaccine and adjuvanted flu vaccine have submitted IND applications [2] Earnings Forecast - The company projects EPS of 0.6 yuan, 0.68 yuan, and 0.75 yuan for the years 2025, 2026, and 2027 respectively [3]

Core Insights - The core viewpoint of the articles highlights the significant decline in performance of Baike Biotech, with a sharp drop in revenue and net profit due to the poor sales of its key product, the shingles vaccine [1][2]. Financial Performance - Baike Biotech reported a 32.64% decrease in revenue and a 53.67% drop in net profit for 2024, with a staggering 98.24% decline in net profit for Q1 2025 compared to the previous year [1]. - The shingles vaccine sales plummeted by 69.8% in 2024, leading to an 80% increase in inventory and a revenue contribution of only 251 million yuan, down from its previous strong performance [1]. Market Dynamics - The shingles vaccine, priced at 1,369 yuan per dose, was expected to disrupt the market dominated by GSK's two-dose vaccine priced at 3,200 yuan, but the anticipated market response has not materialized [2]. - The pediatric vaccine segment, which constitutes 68% of Baike's revenue, is facing structural challenges due to a decline in newborn numbers and intense competition from 11 other manufacturers [3]. Competitive Landscape - The adult vaccine market is experiencing fierce price competition, particularly in categories like HPV and influenza, which is putting pressure on Baike's growth prospects [3]. - The domestic shingles vaccine market is becoming increasingly competitive, with over ten companies, including Watson Bio and Wantai Bio, developing products, indicating a potential repeat of the intense competition seen in the HPV vaccine market [4]. Strategic Initiatives - In response to these challenges, Baike Biotech is accelerating its investment in innovative pipelines, including Alzheimer's therapeutic vaccines and mRNA technology, with R&D expenditure expected to rise to 12.7% of revenue in 2024 [3]. - The company is also advancing the development of a recombinant protein vaccine to address diverse population needs, which is critical for its recovery strategy [3].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.53 CNY, compared to the current stock price of 20.83 CNY [5][8]. Core Views - The company's performance is under pressure due to a decline in sales of the shingles vaccine, a decrease in gross margin, and an increase in expense ratios. In 2024, total revenue was 1.229 billion CNY, down 32.64% year-on-year, and net profit was 232 million CNY, down 53.67% year-on-year [1][2]. - The sales revenue for the chickenpox vaccine and nasal spray flu vaccine showed stable growth, with revenues of 837 million CNY (up 2.16% year-on-year) and 141 million CNY (up 15.37% year-on-year), respectively. However, the shingles vaccine sales dropped significantly to 251 million CNY, down 71.54% year-on-year [2]. - The company is advancing its vaccine pipeline, with several projects expected to enhance performance, including the approval of a liquid nasal spray flu vaccine, which is anticipated to contribute positively to future earnings [3][8]. Summary by Sections Financial Performance - In 2024, the overall gross margin was 85.42%, down 4.81 percentage points, and the expense ratio was 60.23%, up 5.84 percentage points. For Q1 2025, the gross margin was 85.27%, down 4.45 percentage points, while the expense ratio surged to 87.12%, up 20.28 percentage points [1]. - The company forecasts revenue growth rates of 10.2%, 13.3%, and 11.7% for 2025 to 2027, with net profit growth rates of 4.9%, 16.7%, and 14.4% for the same period [8][10]. Vaccine Sales - The company has successfully expanded its international market presence, exporting the shingles vaccine to Colombia and the chickenpox vaccine to Afghanistan, with products now available in over 10 countries [2]. - The company is focusing on multiple vaccine development projects, including the whooping cough vaccine and rabies monoclonal antibody, which are expected to enter clinical trials in 2025 [3]. Market Position - The company's total market capitalization is approximately 8.616 billion CNY, with a circulating market capitalization of the same amount. The total share capital is 413.66 million shares [5].