Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The vaccine industry is currently facing short-term performance pressure due to weak demand and structural oversupply, with many companies experiencing declines or losses in performance [1][7][8] - Despite the challenges, innovation and international expansion are ongoing, providing potential for medium to long-term growth [1][8] - The industry is transitioning from scale expansion to innovation-driven growth, with policy, demand, and technology as the three main driving factors for development [8][24][26] Summary by Sections Domestic and International Vaccine Dynamics - Kanghua Biotech has initiated Phase I clinical trials for its six-valent norovirus vaccine, which theoretically can prevent over 90% of norovirus infections [1] - Wantai Biopharma's bivalent HPV vaccine has successfully passed the WHO PQ periodic review [1] - Zhifei Biological's application for clinical trials of a freeze-dried inactivated vaccine for Japanese encephalitis has been accepted [1] Performance Forecasts - Chengda Bio expects a 59.34%-63.98% decrease in net profit for 2025 compared to the previous year [1] - CanSino anticipates a revenue increase of 22.88%-27.61% for 2025, with a turnaround in net profit [1] - Watson Bio forecasts a revenue of 2.4-2.43 billion yuan for 2025, a decline of approximately 14.9%-13.9% [1] - Other companies like Kangtai Bio and Wantai Bio also expect significant declines in net profit for 2025 [1] Market Performance - The vaccine sector saw a decline of 1.65% last week, with the overall pharmaceutical industry down 3.31% [2][5] - The vaccine sector has experienced a cumulative decline of 10.08% since the beginning of 2025 [5][13] Valuation Metrics - The vaccine sector's PE (ttm) is 92.01X, down 1.88X from the previous week, while the PB (lf) is 1.78X, down 0.04X [6] - The PE is at the 55.99% percentile since 2013, and the PB is at the 1.28% percentile since 2013 [6] Investment Recommendations - The vaccine industry is still under pressure, but companies are actively adjusting their pipeline strategies, focusing on technological innovation and multi-valent products [7][8] - Long-term prospects remain positive due to innovation and international market expansion, with a recommendation to focus on companies with strong R&D capabilities and differentiated product offerings, such as CanSino [8][26]

证券代码：688670证券简称：金迪克公告编号：2026-001 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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 1、公司预计2025年度实现归属于母公司所有者的净利润为-18,000.00万元到-16,000.00万元，将出现亏 损，与上年同期相比，亏损增加6,649.72万元到8,649.72万元，同比增亏71.12%到92.51%。 2、公司预计2025年度归属于母公司所有者扣除非经常性损益后的净利润为-18,500.00万元到-16,500.00 万元，与上年同期相比，亏损增加5,877.65万元到7,877.65万元，同比增亏55.33%到74.16%。 （三）本次业绩预告相关财务数据未经注册会计师审计。 二、上年同期业绩情况 2024年度，公司实现利润总额-11,574.95万元，归属于母公司所有者的净利润为-9,350.28万元，归属于 母公司所有者的扣除非经常性损益的净利润为-10,622.35万元，基本每股收益-0.76元/股，稀释每股收 益-0.76元/股。 三 ...

报告期内，因设备故障、耗材批间差异等原因使部分在产品和产成品存在风险，本着谨慎的原则，公司 决定将该部分在产品和产成品不再进行上市销售；同时，公司四价流感病毒裂解疫苗有效期为自生产之 日起12个月，在每一流感季末，近效期未实现接种的流感疫苗需要按照有关法律法规要求进行报废销毁 处理。针对已销售未接种的流感疫苗，经客户申请公司审批后，可以办理退回。公司根据市场调研情 况，结合历史退货率等情况，对期后可能发生退货的产品计提了资产减值准备。全年计提资产减值准备 及存货报废处置合计约4,199.96万元（最终以2025年年度报告数据为准）。 报告期内，公司四价流感病毒裂解疫苗（儿童）项目Ⅲ期临床试验受试者已全部完成入组，并完成了疫 苗的接种工作，目前血清正在中检院进行检验。同时，公司三价流感病毒裂解疫苗提交上市生产的申请 已受理，同步完成了注册检验、标准复核、注册现场核查和GMP符合性检查，目前等待CDE的进一步 审评。上述四价流感病毒裂解疫苗（儿童）项目以及三价流感病毒裂解疫苗项目投入增加导致公司研发 投入同比大幅增加，对本报告期利润造成一定影响。 格隆汇1月30日丨金迪克(688670.SH)公布，经财务部初步测 ...

证券代码：688670 证券简称：金迪克 公告编号：2026-002 江苏金迪克生物技术股份有限公司 关于 2025 年度计提资产减值准备及部分 存货报废处置的公告 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、准确性和完整性依法承担法律责任。 江苏金迪克生物技术股份有限公司（以下简称"公司"）于 2026 年 1 月 30 日召开第二届董事会第十六次会议、第二届董事会审计委员会第十二次会议， 审议通过了《关于 2025 年度计提资产减值准备及部分存货报废处置的议案》， 该议案无需提交股东会审议。现将相关情况公告如下： 一、计提资产减值准备及部分存货报废处置情况 依据《企业会计准则》及公司会计政策、会计估计的相关规定，为真实、 公允地反映公司截至 2025 年 12 月 31 日的财务状况和经营成果，公司对截至 2025 年 12 月 31 日的存货等资产进行了全面清查及评估，并与年审会计师进行 了充分的沟通，基于谨慎性原则，公司对期末预计无法实现销售的在产品和产 成品以及期后可能发生退货的产品计提资产减值准备、部分进行报废处置，合 计约 4,199.9 ...

证券代码：688670 证券简称：金迪克 公告编号：2026-001 江苏金迪克生物技术股份有限公司 2025 年年度业绩预告 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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 经公司财务部门初步测算： 1、公司预计 2025 年度实现归属于母公司所有者的净利润为-18,000.00 万元 到-16,000.00 万元，将出现亏损，与上年同期相比，亏损增加 6,649.72 万元到 8,649.72 万元，同比增亏 71.12%到 92.51%。 2、公司预计 2025 年度归属于母公司所有者扣除非经常性损益后的净利润为 -18,500.00 万元到-16,500.00 万元，与上年同期相比，亏损增加 5,877.65 万元到 7,877.65 万元，同比增亏 55.33%到 74.16%。 （三）本次业绩预告相关财务数据未经注册会计师审计。 二、上年同期业绩情况 2024 年度，公司实现利润总额 ...

南财智讯1月30日电，金迪克发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为-1.60 亿元—-1.80亿元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为-1.65亿元 —-1.85亿元。归属于上市公司股东的净利润同比增亏71.12%—92.51%。本期业绩变化的主要原因：报 告期内，公司提前排产，加强设备维护维修与车间环境保持，狠抓劳动纪律，提升生产效率，各部门协 调配合，加快流感疫苗生产和批签发节奏，出货时间较上年有所提前，2025年实现销售收入约11,200万 元，较上年有一定幅度增长。但基于以下原因，公司仍然处于亏损状态：1、报告期内，公司四价流感 病毒裂解疫苗（儿童）项目III期临床试验受试者已全部完成入组，并完成了疫苗的接种工作，目前血清 正在中检院进行检验。同时，公司三价流感病毒裂解疫苗提交上市生产的申请已受理，同步完成了注册 检验、标准复核、注册现场核查和GMP符合性检查，目前等待CDE的进一步审评。上述四价流感病毒 裂解疫苗（儿童）项目以及三价流感病毒裂解疫苗项目投入增加导致公司研发投入同比大幅增加，对本 报告期利润造成一定影响。2、报告期内，因设备故障、 ...

金迪克公告称，预计2025年度营收约1.12亿元，归属于母公司所有者的净利润为-1.80亿元到-1.60亿元， 同比增亏71.12%到92.51%；扣非净利润为-1.85亿元到-1.65亿元，同比增亏55.33%到74.16%。亏损主因 是研发投入增加，四价、三价流感疫苗项目投入加大；计提资产减值准备及存货报废处置约4199.96万 元。 ...

资料显示，江苏金迪克生物技术股份有限公司位于江苏省泰州市郁金路12号，成立日期2008年12月29 日，上市日期2021年8月2日，公司主营业务涉及专注于人用疫苗研发、生产、销售的生物制药企业。主 营业务收入构成为：疫苗产品100.00%。 截至9月30日，金迪克股东户数4319.00，较上期减少4.55%；人均流通股28525股，较上期增加4.77%。 2025年1月-9月，金迪克实现营业收入7465.76万元，同比增长91.93%；归母净利润-8647.06万元，同比 减少61.74%。 1月29日，金迪克跌5.81%，成交额1.28亿元。两融数据显示，当日金迪克获融资买入额790.48万元，融 资偿还833.46万元，融资净买入-42.98万元。截至1月29日，金迪克融资融券余额合计3841.06万元。 融资方面，金迪克当日融资买入790.48万元。当前融资余额3841.06万元，占流通市值的1.43%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，金迪克1月29日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一 ...

Group 1: Nipah Virus Outbreak in India - The recent Nipah virus outbreak in West Bengal, India, has led to 5 confirmed cases, including healthcare workers [1] - Nipah virus is a zoonotic virus that can be transmitted from infected animals to humans, with symptoms including acute respiratory infection and fatal encephalitis [1] Group 2: Company Responses and Developments - Wanfu Bio has launched various Nipah virus nucleic acid test kits, adaptable to their U-CardDx 200 platform and other PCR systems, to meet screening and detection needs [1] - Shengxiang Bio has developed a Nipah virus nucleic acid test kit based on fluorescence PCR technology, with CE certification and a focus on rapid response to public health events [2] - Capbio emphasizes the importance of their Nipah virus test kit for global quarantine and disease control efforts, highlighting its precise detection capabilities [2] - Zhijiang Bio's Nipah virus PCR test kit offers higher sensitivity and accuracy, aiming to shorten the diagnosis window [2] - Da'an Gene has created a Nipah virus nucleic acid test kit with a sensitivity of 200 copies/mL, reducing the risk of false negatives [2] Group 3: Research on Treatment - Research teams from the Wuhan Institute of Virology and Shanghai Institute of Materia Medica have confirmed that the oral nucleoside drug VV116 shows significant antiviral activity against Nipah virus [3] Group 4: Clarifications from Companies - Hualan Biological has clarified that it does not have any products related to Nipah virus, focusing instead on human vaccine manufacturing for influenza [4] - Companies such as Jindike, Yirui Bio, and Renhe Pharmaceutical have publicly stated they do not have any Nipah virus-related products [4]

Core Viewpoint - The recent outbreak of Nipah virus in West Bengal, India, has raised concerns, leading to increased preventive measures in neighboring countries and a significant rise in stock prices of vaccine and IVD companies in the A-share market [1][12]. Group 1: Nipah Virus Overview - Nipah virus (NiV) is a zoonotic RNA virus with a high mortality rate, classified as a biosafety level 4 pathogen by WHO, with a fatality rate ranging from 40% to 75% [6][8]. - The natural reservoir for Nipah virus is fruit bats, which can transmit the virus to humans through contaminated food or environments [6][8]. - Recent data indicates that India has experienced a resurgence of Nipah virus cases, particularly in Kerala and now West Bengal, with localized outbreaks showing high fatality rates [7][8]. Group 2: Market Impact - Following the news of Nipah virus cases, the A-share vaccine and IVD sectors saw a collective surge, with companies like Hualan Biological and Jindike hitting the daily limit up [1][12]. - Specific stock performances included Hualan Biological at 23.34 with a 20% increase, Jindike at 25.28 with a 19.98% increase, and others like Zhifei Biological and CanSino also showing significant gains [2][3]. Group 3: Detection and Response - Early detection of Nipah virus is crucial, with the incubation period ranging from 3 to 14 days, and initial symptoms resembling flu, which can lead to misdiagnosis [10][12]. - Various detection methods are in use, including antibody and nucleic acid tests, with companies like Zhijiang Biological and Daan Gene developing specific test kits for Nipah virus [10][11]. - The new revised "Law on Frontier Health and Quarantine" in China includes Nipah virus in its detection protocols, highlighting the importance of monitoring and response [10]. Group 4: Vaccine Development - Although there is currently no approved treatment for Nipah virus, research is ongoing, with vaccines entering clinical trials and monoclonal antibodies showing potential in compassionate use [12]. - Companies involved in vaccine development, such as Watson Bio, Zhifei Biological, and Hualan Biological, have seen stock price increases, reflecting investor optimism regarding potential future products [12].