登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688739 证券简称：成大生物 公告编号：2025-056 辽宁成大生物股份有限公司关于以集中竞价交易方式回购公司股份的进展公告 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股份》等相关 规定，公司在回购股份期间，应当在每个月的前3个交易日内披露截至上月末的回购进展情况。公司回 购股份的进展情况如下： 2025年11月，公司未实施股份回购。截至2025年11月30日，公司通过上海证券交易所交易系统以集中竞 价交易方式已累计回购公司股份384,899股，占公司总股本的比例约为0.092%，回购成交的最高价为 29.61元/股，最低价为27.20元/股，已支付的资金总额为人民币10,789,216.56元（不含交易费用和佣 金）。 上述回购股份符合相关法律法规及公司回购股份方案的规定。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股 份》等相关规定，在回购期限内根据市场情况择机做出回购决策并予以实施，同时根据回购股份事项进 展情况及时履行 ...

证券代码：688739 证券简称：成大生物 公告编号：2025-056 辽宁成大生物股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 上述回购股份符合相关法律法规及公司回购股份方案的规定。 | 回购方案首次披露日 | 2025/6/19 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 月 6 | 6 | 19 | 日~2026 | 年 | 月 | 18 | 日 | | 预计回购金额 | 万元~2,000 1,000 | | | 万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | 累计已回购股数 | 股 384,899 | | | | | | | | | 累计已回购股数占总股本 ...

Core Insights - The price war in the vaccine industry is driven by changes in supply and demand dynamics, leading to significant price reductions and financial losses for companies [2][10][15] Group 1: Price Trends - The price of a three-valent flu vaccine has dropped to 5.5 yuan, lower than the price of a cup of milk tea, indicating a drastic reduction in vaccine prices [3][7] - The price of the four-valent flu vaccine has decreased from 128 yuan to 88 yuan, with further reductions expected as competition intensifies [7][8] - HPV vaccines have also seen significant price drops, with the two-valent HPV vaccine priced at 27.5 yuan, down over 90% from previous prices [8] Group 2: Industry Response - The China Vaccine Industry Association issued an initiative to combat "involutionary" competition, urging members to avoid bidding below cost and maintain price stability [4][5] - The association's initiative aims to stabilize price expectations but may not address the underlying issue of overcapacity in the industry [3][10] Group 3: Market Dynamics - The vaccine market is experiencing overcapacity due to an influx of companies entering the sector, leading to intense competition and price wars [10][11] - Demand for vaccines is under pressure, with declining public trust in vaccines and a decrease in birth rates affecting the market for childhood vaccines [11][12] Group 4: Financial Impact - Vaccine companies have reported significant financial losses, with overall revenue for listed vaccine companies dropping by 60% and net profits declining by 113% in the first half of 2025 [12][14] - Major companies like Zhifei Biological and Wantai Biological have reported substantial revenue declines and net losses, reflecting the severe impact of the price war [12][14] Group 5: Future Outlook - Experts suggest that the industry may need to undergo a period of consolidation and restructuring, which could last five to ten years, to address the current challenges [15] - Companies are exploring international markets and differentiation strategies to navigate the competitive landscape, with some reporting significant increases in exports [15]

Core Viewpoint - The article discusses the ongoing price war in China's vaccine industry, driven by changes in supply and demand dynamics, leading to significant price reductions and financial losses for companies [4][15][22]. Group 1: Price War Dynamics - The price of a three-valent flu vaccine has dropped to 5.5 yuan, cheaper than a cup of milk tea, indicating a severe price competition in the vaccine market [5][11]. - The China Vaccine Industry Association has issued an initiative to combat "involution-style" competition, urging members to avoid bidding below cost and threatening penalties for violations [6][8][10]. - The price war has persisted for two years, with the association's initiative being the first formal stance against low-price competition, although it may not resolve the underlying issue of overcapacity [6][10][22]. Group 2: Supply and Demand Changes - The supply side is characterized by homogenization and overcapacity, with many companies entering the vaccine market, leading to intense competition and price wars [16][17]. - Demand is also under pressure, with declining public trust in vaccines and a decrease in vaccination rates, particularly for flu vaccines, which averaged below 4% in China from 2020 to 2023 [17][19]. - The shift in focus from childhood vaccines to adult vaccines due to declining birth rates has intensified competition in the adult vaccine market [17][19]. Group 3: Financial Impact on Companies - The financial repercussions of the price war are evident, with vaccine companies experiencing a 60% drop in revenue and a 113% decline in net profit in the first half of 2025 [19][20]. - Major companies like Zhifei Biological and Wantai Biological have reported significant losses, with Zhifei's revenue down 66.53% and net profit loss of 12.06 billion yuan [20][21]. - Despite some companies showing growth in sales, the overall trend indicates that increased revenue does not equate to increased profit due to drastic price reductions [21][22]. Group 4: Future Outlook and Strategies - Experts suggest that the industry is in a "deep cold moment," requiring a period of consolidation and restructuring that could last five to ten years [23]. - Companies are exploring two main strategies to navigate the competitive landscape: expanding into emerging markets and focusing on differentiated products to meet unmet clinical needs [24].

Investment Rating - The report gives an "Accumulate" rating for the company, marking the first coverage [4]. Core Insights - The company has abundant cash reserves of 4.01 billion yuan and trading financial assets of 1.06 billion yuan, with a low debt ratio of 4.24%, providing solid support for innovation and development [2][33]. - The company is focusing on its core human vaccine business while extending its vision to innovative drugs and therapies, actively exploring investment and acquisition opportunities in the biopharmaceutical sector [2][33]. - The management is closely monitoring market dynamics and is committed to selecting new projects and businesses with investment value and growth potential to create a second growth curve for the company [2][33]. Financial Forecast and Valuation - The company is expected to achieve operating revenues of 1.348 billion, 1.418 billion, and 1.530 billion yuan from 2025 to 2027, with net profits of 200 million, 223 million, and 254 million yuan respectively, leading to EPS of 0.48, 0.53, and 0.61 yuan [2][41]. - The stock price corresponds to a PE ratio of 55 times for 2025 [2][41]. Company Overview - The company, established in 2002, is a leader in the domestic rabies vaccine market and the only provider of inactivated Japanese encephalitis vaccine in China, maintaining a leading market share since 2008 [13][27]. - The company has faced revenue fluctuations due to intensified competition in the domestic vaccine market, particularly affecting rabies vaccine sales [15][27]. - The company has maintained high R&D investment levels, which have impacted profits but have also led to a robust pipeline of products entering late-stage clinical trials [24][27]. Product Pipeline - The company has a clear product pipeline, with multiple products in late-stage clinical trials, including the human diploid rabies vaccine and various influenza vaccines [30][31]. - The company achieved a 100% pass rate for vaccine product approvals in the first half of 2025, reinforcing its market leadership [27][30]. Strategic Initiatives - The company is actively exploring AI applications in vaccine research and has established a partnership to create an "AI + Vaccine Research Joint Laboratory" [34]. - The management is focused on industry integration and external acquisition opportunities to enhance growth [2][33].

Market Overview - The biopharmaceutical sector increased by 0.83% on November 25, with Jindike leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Top Gainers in Biopharmaceutical Sector - Jinke (688670) closed at 25.75, up 19.99% with a trading volume of 92,200 shares [1] - Hualan Biological (301207) closed at 23.33, up 11.25% with a trading volume of 250,500 shares [1] - Saiseng Pharmaceutical (300485) closed at 11.95, up 5.19% with a trading volume of 168,000 shares [1] - Other notable gainers include Bohui Innovation (300318) at 6.84 (+3.32%) and Dongbao Biological (300239) at 5.72 (+3.25%) [1] Market Capital Flow - The biopharmaceutical sector saw a net inflow of 40.88 million yuan from institutional investors, while retail investors experienced a net outflow of 147 million yuan [2] - The sector's overall capital flow indicates a strong interest from institutional investors despite retail selling pressure [2] Individual Stock Capital Flow - Jinke (688670) had a net inflow of 39.66 million yuan from institutional investors, while retail investors showed a net outflow of 13.72 million yuan [3] - Other stocks like Watson Bio (300142) and Hualan Bio (002007) also experienced significant net inflows from institutional investors, indicating positive sentiment [3] - Conversely, stocks like Dongbao Biological (300239) and Bohui Innovation (300318) faced net outflows from retail investors, suggesting mixed investor sentiment [3]

成大生物回复称，公司产品目前已覆盖30多个国家，主要包括泰国、埃及、印度等 "一带一路" 沿线国 家与地区，相关海外业务正稳步推进。关于您关注的欧盟国家，公司暂无产品出口至该区域。后续若海 外市场拓展有重要进展，公司将按规则及时履行披露。 格隆汇11月25日｜有投资者在互动平台向成大生物提问：了解到公司已出口30多个国家和地区，但是没 有披露具体国家，请问公司近两年(23/24年)是否有出口到欧盟国家呢？ ...

格隆汇11月25日丨成大生物(688739.SH)在投资者互动平台表示，公司产品目前已覆盖 30 多个国家，主 要包括泰国、埃及、印度等 "一带一路" 沿线国家与地区，相关海外业务正稳步推进。公司暂无产品出 口至欧盟国家区域。 ...

格隆汇11月25日丨成大生物(688739.SH)在投资者互动平台表示，公司产品目前已覆盖 30 多个国家，主 要包括泰国、埃及、印度等 "一带一路" 沿线国家与地区，相关海外业务正稳步推进。公司暂无产品出 口至欧盟国家区域。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688739 证券简称：成大生物 公告编号：2025-055 辽宁成大生物股份有限公司 关于召开2025年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025年11月28日（星期五）上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年11月21日（星期五）至11月27日（星期四）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱lncdsw@cdbio.cn进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 辽宁成大生物股份有限公司（以下简称"公司"）于2025年10月30日发布公司2025年第三季度报告，为便 于广大投资者更全面深入地了解公司2025年第三季度的经营成果、财务状况，公司计划于2025年11月28 日上午 9:00- ...