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- ...

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： （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 9:00-10:00 举行 2025 年第三季度业绩说 ...

上市首日即跌破发行价，四年漫漫熊途，这只生物制品股的"割肉"教材 2021年10月，当一家生物制品公司以110元的天价新股身份登陆A股市场时，众多幸运中签的投资者满怀憧憬，期待着一笔数万元的丰厚收益。然而，现实 却以一种残酷的方式，瞬间击碎了他们的美梦。上市当天，股价便遭遇"开门黑"，盘中最高价仅触及83.69元，未能触及发行价的"边"，收盘价定格在76.40 元，让每一位中签者直接蒸发16800元。 但这仅仅是漫长下跌的序幕，而非噩梦的终结。这家公司，创造了A股市场一个令人瞠目结舌的记录，开启了长达四年的价值毁灭之旅。 股价犹如断了线的风筝，一路向下，毫无悬念。时至2022年12月，其股价已然跌至29元，相比发行价蒸发了66%，一签的账面亏损更是扩大至惊人的40500 元。尽管市场一度以为跌势将止，经历了一年的横盘震荡，投资者们试图从中寻找一丝曙光，但2024年1月，悲剧再次重演。股价又一次选择了下跌通道， 直至22元才勉强企稳。从发行价算起，跌幅已然超过80%。这意味着，任何在上市初期中签后选择持有，抑或是试图通过补仓摊薄成本的投资者，其初始本 金几乎已所剩无几。 成大生物 ▽ 688739 科创 融 沪 ...

Market Overview - The biopharmaceutical sector experienced a slight decline of 0.08% on November 11, with He Yuan Bio leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Stock Performance - Notable gainers included: - Jin Ke (688670) with a closing price of 24.97, up 19.99% on a trading volume of 134,300 shares and a transaction value of 310 million [1] - Kanghua Bio (300841) closed at 83.21, up 6.04% with a trading volume of 57,100 shares [1] - Watson Bio (300142) closed at 12.82, up 2.64% with a trading volume of 942,000 shares [1] - Significant losers included: - Bu Yuan Bio (688765) closed at 86.00, down 8.02% with a trading volume of 107,600 shares [2] - Ao Pu Mai (688293) closed at 59.18, down 3.65% with a trading volume of 17,900 shares [2] - Rongchang Bio (688331) closed at 86.00, down 2.55% with a trading volume of 45,900 shares [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 671 million from institutional investors, while retail investors contributed a net inflow of 335 million [2] - The capital flow for key stocks showed: - Jin Ke had a net inflow of 48.11 million from institutional investors, but a net outflow of 24.49 million from speculative funds [3] - Zhifei Bio (300122) experienced a net inflow of 15.25 million from institutional investors, with a net outflow of 23.20 million from retail investors [3] - Kanghua Bio had a net inflow of 14.35 million from institutional investors, but a net outflow of 23.26 million from speculative funds [3]