Core Viewpoint - Liaoning Chengda Biological Co., Ltd. has announced the termination of its "Hib vaccine" development, marking the sixth vaccine project termination this month, amidst increasing competition in the domestic vaccine market and challenges including declining core product revenues, a shrinking R&D pipeline, and three consecutive years of declining performance [1][7]. Strategic Shift - Chengda Biological has terminated six projects in January, shifting its R&D focus towards combination vaccines. The company raised net funds of 4.341 billion yuan during its 2021 IPO, planning to cover 20 sub-projects under "human vaccine R&D." However, as of October 31, 2025, only 482 million yuan has been invested, with recent terminations attributed to intense market competition, insufficient product differentiation, and unclear commercialization prospects for some projects [2][8]. - The company is reallocating resources towards high-value projects such as the "high-dose influenza virus split vaccine" and "high-priced pneumococcal polysaccharide conjugate vaccine," indicating a strategic shift from broad coverage to focused breakthroughs on products with higher market potential [2][8]. Core Product Pressure - Chengda Biological has heavily relied on its human rabies vaccine, which accounted for over 93% of total revenue from 2020 to 2023. However, its market share has plummeted from 73.08% in 2019 to 36.29% in 2024, while the product price has dropped significantly from 215.6 yuan per dose in 2020 to approximately 61.18 yuan in 2024 [3][9]. - The presence of 23 marketed human rabies vaccines and 19 in clinical stages has intensified competition, leading to widespread price-cutting strategies among companies. The risk of a single product structure, previously highlighted in the company's prospectus, is now materializing [3][9]. Financial Performance Decline - Chengda Biological's financial performance has deteriorated since 2022, with revenue dropping from 1.815 billion yuan in 2022 to 1.675 billion yuan in 2024, and net profit shrinking from 714 million yuan to 343 million yuan during the same period [4][10]. - In the first three quarters of 2025, the company reported a 15.88% year-on-year revenue decline and a significant 50.01% drop in net profit, attributing these changes to intensified competition in the domestic vaccine market [4][10]. Conclusion - Chengda Biological is currently facing pressures from stagnant growth of its flagship product, a strategic contraction in its R&D pipeline, and ongoing performance declines. The company's attempts to pivot towards combination vaccines and high-priced products in response to market challenges are fraught with uncertainty, making the success of new product development a key focus for investors [5][11].

辽宁成大生物股份有限公司 2025 年第二次临时股东会会议资料 证券代码：688739 证券简称：成大生物 辽宁成大生物股份有限公司 2025 年第二次临时股东会 会议资料 辽宁成大生物股份有限公司 LiaoningChengdaBiotechnologyCo.,Ltd. 二〇二五年十二月三十一日 中国·沈阳 1 辽宁成大生物股份有限公司 2025 年第二次临时股东会会议资料 目录 辽宁成大生物股份有限公司 2025 年第二次临时股东会会议资料 | 2025 年第二次临时股东会会议须知 | 3 | | --- | --- | | 年第二次临时股东会会议议程 2025 | 5 | | 2025 年第二次临时股东会会议议案 | 7 | | 议案一：关于部分募投项目延期、调整内部投资结构并向全资子公司增资以实 | | | 施募投子项目的议案 | 7 | | 议案二：关于部分募集资金投资项目内部投资结构调整的议案 9 | | | 议案三：关于续聘会计师事务所的议案 | 11 | 2 辽宁成大生物股份有限公司 2025 年第二次临时股东会会议资料 辽宁成大生物股份有限公司 2025 年第二次临时股东会会议须知 为保障全 ...

Group 1 - The core viewpoint of the news is that Chengda Biological experienced a decline in stock price and trading volume, with significant financing activities indicating high investor interest despite recent financial challenges [1][2]. Group 2 - On December 23, Chengda Biological's stock fell by 0.84%, with a trading volume of 32.51 million yuan. The financing buy-in amount was 4.22 million yuan, while the financing repayment was 2.56 million yuan, resulting in a net financing buy of 1.67 million yuan [1]. - As of December 23, the total balance of margin trading for Chengda Biological was 272 million yuan, with the financing balance accounting for 2.51% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, on December 23, 5,971 shares were repaid, and 1,200 shares were sold short, with a selling amount of 31,100 yuan. The remaining short-selling volume was 43,300 shares, with a balance of 1.12 million yuan, also at a high level compared to the past year [1]. Group 3 - As of September 30, the number of shareholders for Chengda Biological was 24,300, a decrease of 4.17% from the previous period, while the average circulating shares per person increased by 4.36% to 17,147 shares [2]. - For the period from January to September 2025, Chengda Biological reported operating revenue of 1.096 billion yuan, a year-on-year decrease of 15.88%, and a net profit attributable to shareholders of 165 million yuan, down 50.01% year-on-year [2]. - Since its A-share listing, Chengda Biological has distributed a total of 1.492 billion yuan in dividends, with 1.075 billion yuan distributed over the past three years [2]. Group 4 - As of September 30, among the top ten circulating shareholders, Hong Kong Central Clearing Limited was the fourth largest with 1.9124 million shares, an increase of 9,100 shares from the previous period. Meanwhile, Southern CSI 1000 ETF held 1.9011 million shares, a decrease of 7,600 shares [2].

Core Viewpoint - Chengda Biological has terminated six vaccine research and development projects since early December, including five under the "Human Vaccine R&D Project" and one under the "Biotechnology Product R&D Production Base Project" due to market dynamics and technical feasibility assessments [1][2]. Group 1: Project Termination - The company announced the termination of the "b-type influenza Haemophilus influenzae type b conjugate vaccine" development project and five other sub-projects, including the pentavalent rotavirus vaccine, due to a lack of commercial viability and feasibility [1][2]. - The total planned investment for the "Human Vaccine R&D Project" was 837 million yuan, fully funded by raised capital, focusing on multi-valent and innovative vaccines [1]. Group 2: Market Competition - The pentavalent rotavirus vaccine, previously a key focus, faces intense competition with the successful launch of the world's first hexavalent rotavirus vaccine by China National Pharmaceutical Group, leading to a reassessment of its commercial potential [2]. - The domestic rabies vaccine market has become increasingly competitive, with 23 marketed products and 19 in clinical development, impacting Chengda Biological's market share significantly [3]. Group 3: Financial Performance - Chengda Biological's revenue has declined over the past three years, with reported revenues of 1.815 billion yuan, 1.750 billion yuan, and 1.675 billion yuan, reflecting year-on-year decreases of 13.08%, 3.58%, and 4.22% respectively [3]. - For the first three quarters of 2025, the company reported revenues of 1.096 billion yuan, a year-on-year decline of 15.88%, and a net profit of 165 million yuan, down 50.01% [4].

中信证券股份有限公司 关于辽宁成大生物股份有限公司 部分募集资金投资项目内部投资结构调整 的核查意见 中信证券股份有限公司（以下简称"保荐机构"或"中信证券"）作为辽宁成大 生物股份有限公司（以下简称"成大生物"或"公司"）首次公开发行股票并在科创 板上市的持续督导保荐机构，根据《上海证券交易所科创板上市公司自律监管指 引第 1 号——规范运作》《上市公司募集资金监管规则》等有关规定，对公司 部分募集资金投资项目内部投资结构调整的事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意辽宁成大生物股份有限公司 首次公开发行股票注册的批复》（证监许可〔2021〕3019号），公司首次公开发 行人民币普通股（A股）4,165万股，每股发行价格为110.00元，募集资金总额为 人民币458,150.00万元；扣除各项发行费用后，实际募集资金净额为人民币 434,137.94万元。其中，募投项目拟投入资金204,000.00万元，超募资金为 230,137.94万元。上述募集资金已于2021年10月25日全部到位，由容诚会计师事 务所（特殊普通合伙）对本次发行募集资金的到账情况 ...

证券日报网讯 12月18日晚间，成大生物发布公告称，公司于2025年12月18日召开第五届董事会第二十 五次会议，审议并通过了《关于部分募集资金投资项目内部投资结构调整的议案》，同意公司根据募投 项目实施的需要对部分募投项目的内部投资结构进行调整。本次事项尚需提交股东会审议。 （文章来源：证券日报） ...

证券代码：688739 证券简称：成大生物 公告编号：2025-060 辽宁成大生物股份有限公司 关于部分募集资金投资项目内部投资结构调整的公告 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、准确性和完整性承担法律责任。 重要内容提示： 部分募投项目内部投资结构调整情况：为进一步优化募集资金使用效率， 合理配置资源，辽宁成大生物股份有限公司（以下简称"公司"）拟对部分募集 资金投资项目（以下简称"募投项目"）的内部投资结构进行调整。本次募投项 目内部投资结构调整包含两项内容：一是公司拟终止"人用疫苗研发项目"项下 子项目"b 型流感嗜血杆菌结合疫苗"（以下简称"hib 疫苗"）的开发；二是 针对"生物技术产品研发生产基地项目"内部投资结构及具体金额进行优化调 整，以匹配项目建设节奏与实际需求。本次调整为募投项目内部层面的投资结构 优化，不涉及募投项目投资总额、实施主体及实施地点的变更，调整后可保障相 关项目规范有序推进，与公司整体发展战略高度契合。 公司于 2025 年 12 月 18 日召开第五届董事会第二十五次会议，审议并通过 了《关于部分募集资金投 ...

辽宁成大生物股份有限公司 关于2025年第二次临时股东会增加临时提案暨延期 召开的公告 本公司董事会及全体董事保证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： 本次股东会增加临时提案《关于部分募集资金投资项目内部投资结构调 整的议案》。 证券代码：688739 证券简称：成大生物 公告编号：2025-061 1、原股东会的类型和届次： 2025年第二次临时股东会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 688739 | 成大生物 | 2025/12/16 | 二、股东会增加临时提案及延期召开的原因 1、提案人：辽宁成大股份有限公司（以下简称"辽宁成大"）。 2、提案程序说明：公司已于 2025 年 12 月 6 日披露《关于召开 2025 年第二 次临时股东会的通知》。2025 年 12 月 17 日，公司董事会收到控股股东辽宁成大 （直接持股比例 54.67%）提交的书面函件《关于向辽宁成大生物股份有限公司 提请增加 2025 年第二次临时股 ...

人民财讯12月18日电，成大生物(688739)12月18日公告，公司拟对部分募集资金投资项目的内部投资结 构进行调整。本次募投项目内部投资结构调整包含两项内容：一是公司拟终止"人用疫苗研发项目"项下 子项目"b型流感嗜血杆菌结合疫苗"（简称"hib疫苗"）的开发；二是针对"生物技术产品研发生产基地项 目"内部投资结构及具体金额进行优化调整，以匹配项目建设节奏与实际需求。 ...

Core Viewpoint - Liaoning Chengda is focusing on clearing development obstacles to unleash its innovative potential, as stated by Chairman Xu Biao in a recent interview [3][4]. Financial Performance - In the first three quarters of this year, the net profit attributable to shareholders after deducting non-recurring gains and losses increased by 92.20% year-on-year, total assets grew by 2.79% compared to the beginning of the year, and the debt-to-asset ratio decreased by 1.98 percentage points [3]. - As of the end of September, the proportion of long-term loans in total liabilities increased to 14.91%, up by 7.87 percentage points from the beginning of the year, while the proportion of short-term loans decreased to 32.32%, down by 5.19 percentage points [4]. Governance and Shareholder Support - The board restructuring at the beginning of the year was not merely a change in controlling shareholders but a consensus among various shareholders, with Guangdong Min Investment holding approximately 16% of the shares [4]. - The new board and management team include professionals with risk control and investment banking backgrounds, providing solid support for the company's sustainable development [4]. Strategic Focus and Business Optimization - The company has decided to long-term suspend operations at its subsidiary Baoming Mining and will not make significant cash investments in it, focusing instead on attracting strategic investors [6]. - The company aims to improve profitability by reducing weaker business segments while continuing to invest in core industries, particularly in biopharmaceuticals [7]. Investment in Core Industries - Chengda Biopharmaceutical, a core subsidiary, is a focus area for resource integration to enhance research and market positioning [7]. - The company plans to leverage its financial strength to cultivate a second growth curve in innovative vaccines and therapeutic drugs [7][8]. Future Development Plans - Liaoning Chengda has defined its positioning as a "technology industry group based on stable financial investments," while also planning to develop new-generation information technology [9]. - A strategic investment team has been established to explore high-value technology sectors, with plans for mergers and acquisitions to strengthen industry foundations when market conditions are favorable [9].