Group 1 - The stock price of Zhifei Biological Products Co., Ltd. (300122.SZ) decreased by 4.05%, closing at 22.76 yuan [1] - Zhifei's stock reached an all-time high of 231.19 yuan on May 17, 2021 [1] - Research analyst He Wei from Dongfang Caifu Securities maintained an "overweight" rating for Zhifei Biological in a report dated April 29, 2021, highlighting the dual drivers of self-research and agency [1]

Core Viewpoint - The launch of the quadrivalent influenza vaccine by Zhifei Biological's subsidiary marks a significant breakthrough in the influenza vaccine sector, enhancing the company's capabilities in infectious disease prevention [1][3]. Group 1: Vaccine Launch and Market Impact - The quadrivalent influenza vaccine has been developed to address the seasonal flu, which causes 3 to 5 million severe cases and 290,000 to 650,000 respiratory disease-related deaths globally each year [3]. - The vaccine is designed for individuals aged 3 and above and is produced using WHO-recommended influenza virus strains, ensuring good safety profiles [5][7]. - The introduction of this vaccine increases the availability of preventive options for the public, particularly benefiting high-risk groups such as infants, the elderly, pregnant women, and chronic disease patients [3][5]. Group 2: Research and Development Pipeline - The company has multiple influenza vaccine products in the pipeline, including a quadrivalent influenza vaccine for children and a trivalent influenza vaccine, both of which are in the application review stage for market approval [7]. - Other products under development include a quadrivalent influenza vaccine with adjuvant, currently in Phase I and II clinical trials, and a trivalent influenza vaccine with adjuvant that has received clinical approval [7][10]. - The company is also advancing various other vaccine candidates, including a freeze-dried rabies vaccine, a 15-valent pneumococcal conjugate vaccine, and a quadrivalent recombinant norovirus vaccine, among others [10][12]. Group 3: Strategic Vision and Future Plans - Zhifei Biological aims to enhance its independent innovation capabilities across various fields, including vaccines and bioproducts, while establishing a comprehensive "prevention & treatment" industry layout [12]. - The company is committed to addressing public health needs and aligning its product strategy with market demands and industry trends to contribute to global epidemic prevention efforts [12].

Group 1 - The biopharmaceutical sector experienced a short-term surge, with TianTan Bio reaching the daily limit increase [1] - WanZe Co. previously hit the limit up, indicating strong market interest [1] - Other companies such as Aidi Pharmaceutical, ZhiFei Biological, BoYa Bio, BoHui Innovation, and PaiLin Bio also saw significant gains [1]

证券代码：300122 证券简称：智飞生物 公告编号：2025-45 重庆智飞生物制品股份有限公司 | 发明专利名称 | 专利号 | 专利证书号 | 专利类型 | 专利申请日 | 授权公告日 | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | | 一种模板 DNA 分 子及其在制备 | | | | 2022 年 07 月 | 2025 年 07 月 | 智飞生物 智飞绿竹 | | | ZL202210861511.7 | 第 8115265 号 | 发明专利 | | | | | mRNA 和疫苗中的 | | | | 20 日 | 29 日 | | | | | | | | | 智飞龙科马 | | 应用 | | | | | | | 上述发明专利是在公司自主研发的 mRNA 技术平台搭建过程中申请获得，未 来将在公司相关在研产品上应用。该专利证书的取得不会对公司近期生产经营产 生重大影响，但有利于进一步完善公司知识产权保护体系，充分发挥自主知识产 权优势，促进技术创新，提升公司的核心竞争力。 特此公告 重庆智飞生物制品股份有限公司董事会 2025 年 7 月 3 ...

Core Insights - The rise of the "silver economy" indicates that the high-net-worth elderly population is expected to become a significant growth engine for the market [1][5]. Group 1: Market Dynamics - Goldman Sachs reports that the medical expenditures of individuals aged 50 and above with net assets exceeding 3 million yuan will be a key driver for the growth of the high-end medical market in China [2]. - This demographic, while only representing 3% of the population over 50, currently contributes 5% of total medical expenditures, which is projected to increase to 13% by 2035 as their population share grows to 5% [3][8]. - The medical spending of this group is expected to rise from 221 billion yuan in 2024 to 963 billion yuan by 2035, reflecting a compound annual growth rate (CAGR) of 14.3%, significantly higher than the overall elderly population growth rate of 5.3% and the all-age growth rate of 4.7% [3][7]. Group 2: Self-Payment Market - As national health insurance budgets tighten, the role of out-of-pocket (OOP) medical expenses is becoming increasingly important, with the self-payment ratio expected to rise from 65% in 2024 to 86% by 2035 [4][9]. - This shift indicates that traditional models reliant on insurance reimbursements are inadequate for meeting the needs of this affluent elderly demographic, which prefers high-quality, elective medical services [9]. Group 3: Health Trends and Opportunities - The report highlights a rising incidence of diseases such as tooth loss, cataracts, and diabetes among the over-50 population, suggesting a growing demand for early screening, preventive care, and high-quality treatment options [10]. - Companies that offer high-end and self-paid medical products are expected to benefit significantly, with revenue growth projected at 13%-21% CAGR, outpacing other business segments [11]. Group 4: Emerging Technologies - The report emphasizes the potential of cutting-edge technologies such as brain-machine interfaces, gene therapies, and rehabilitation robotics to reshape the healthcare industry [4][12]. - The global market for gene medicine is estimated to reach $4.8 trillion, driven by advancements in CRISPR/Cas9 technology and decreasing gene sequencing costs [12]. - Although these technologies are still in early stages, their early applications in healthcare present significant opportunities for growth in the high-end self-pay medical market [13].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China Healthcare** industry, particularly the demographic of the **'silver' population** aged 50 and above with significant spending power, defined as having a net worth greater than **Rmb3 million** [3][16]. Core Insights - The **Total Addressable Market (TAM)** for the 50+ >Rmb3 million NW cohort is projected to grow from **Rmb221 billion (US$31 billion)** in 2024 to **Rmb963 billion (US$135 billion)** by 2035, representing a **CAGR of 14.3%** [3][17]. - In 2024, this cohort will account for **3%** of the overall 50+ population but will contribute **5%** of its healthcare spending, expected to rise to **13%** by 2035 [3][17]. - The healthcare needs of this demographic are anticipated to increasingly align with the **out-of-pocket (OOP)** market, with OOP payment share projected to reach **86%** by 2035, up from **65%** in 2024 [3][20]. Key Stocks and Their Positioning - **Aier Eye Hospital**: Upgraded to **Buy**; expected growth in high-end cataract surgeries and improved average selling prices (ASP) due to new technologies [4][12]. - **Eyebright**: Positive outlook on premiumization trends in intraocular lenses (IOL) post VBP, with increasing uptake for OOP cataract surgeries [4][12]. - **Zhifei**: Upgraded to **Buy**; anticipated rebound in vaccine sales despite below-expectation results in 2024 [4][12]. - **Topchoice**: Neutral rating; improving visibility on growth in dental implants with resilient demand [4][12]. - **Straumann**: Buy rating; expected sustained growth in China, benefiting from the 50+ >Rmb3 million NW cohort [4][12]. Demographic and Economic Insights - The 50+ >Rmb3 million NW cohort is expected to grow from **15 million** in 2024 to **29 million** by 2035, representing **5%** of the total 50+ population [16][17]. - This demographic has a net worth approximately **twice** that of the urban average, with higher annual healthcare expenditures [16][17]. - The average annual healthcare expenditure per capita for this cohort is projected to increase from **Rmb15,000** in 2024 to **Rmb34,000** by 2035 [17][22]. Emerging Trends and Technologies - The report highlights the potential of emerging healthcare technologies such as **brain implants, genome medicines, and robotics** to further drive OOP spending [3][20]. - The shift towards OOP spending is becoming a critical component of the healthcare payment system, especially for high-end pharmaceuticals and medical consumables [18][20]. Conclusion - The healthcare spending landscape in China is poised for significant growth, particularly among the affluent 50+ demographic, driven by increasing demand for high-quality healthcare services and a shift towards OOP expenditures. The identified stocks are well-positioned to capitalize on these trends, making them attractive investment opportunities.

证券代码：300122 证券简称：智飞生物 公告编号：2025-44 | 发明专利名称 | 专利号 | 专利证书号 | 专利类型 | 专利申请日 | 授权公告日 | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | | 一种用于水痘 带状疱疹病毒感 | | | | 2023 年 06 月 | 2025 年 07 月 | 智飞生物 智飞绿竹 | | | ZL202310650519.3 | 第 8109378 号 | 发明专利 | | | | | 染的重组腺病毒 | | | | 04 日 | 25 日 | | | | | | | | | 智飞龙科马 | | 疫苗 | | | | | | | 上述发明专利是在公司自主研发且尚处于在研阶段的水痘带状疱疹疫苗的 研发过程中申请获得。该专利证书的取得不会对公司近期生产经营产生重大影响， 但有利于进一步完善公司知识产权保护体系，充分发挥自主知识产权优势，促进 技术创新，提升公司的核心竞争力。 特此公告 重庆智飞生物制品股份有限公司董事会 2025 年 7 月 28 日 1 重庆智飞生物制品股份有限公司 关于取得发明专利证 ...

Group 1 - Goldman Sachs upgraded Zhifei Biological from Neutral to Buy, with a target price of 29 RMB [1] - Goldman Sachs upgraded Aier Eye Hospital from Neutral to Buy, with a target price of 15 RMB [1]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [1][40]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 7.84% from July 11 to July 24, 2025, exceeding the CSI 300's performance by approximately 4.13 percentage points [4][14]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and raw materials sectors leading with increases of 14.23% and 9.30%, respectively [4][15]. - Approximately 91% of stocks in the industry achieved positive returns, with notable performers including Borui Pharmaceutical, which saw a weekly increase of 78.98% [16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 7.84% from July 11 to July 24, 2025, surpassing the CSI 300 by about 4.13 percentage points [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and raw materials, which increased by 14.23% and 9.30%, respectively [15]. - About 91% of stocks in the industry had positive returns, with Borui Pharmaceutical leading at 78.98% [16]. 2. Industry News - The report highlights the ongoing progress of the 11th batch of national drug procurement, with significant updates provided during a government open day event on July 22, 2025 [4][28]. - The announcement of the 11th batch of national drug procurement included a notification for drug information submission, which was highly anticipated [4][28]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received FDA approval for clinical trials of YKYY029 injection for hypertension treatment [29]. 4. Industry Outlook - The report maintains an "Overweight" rating for the industry, citing a continuous rise in the pharmaceutical and biotechnology sector driven by positive sentiment towards innovative drugs and improved financing data [30]. - The report suggests focusing on investment opportunities within the innovative drug supply chain and highlights several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [30][32].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the healthcare sector in China, particularly the medical technology (Medtech), in vitro diagnostics (IVD), retail pharmacies, hospitals, vaccines, and insulin markets [1][2]. Core Insights and Arguments Medtech - **Key Areas of Focus**: 1. Progress of capital equipment value-based procurement (VBP) and the trade-in policy [1] 2. Channel destocking trends [1] 3. Import substitution trends post-VBP, including intraocular lenses (IOLs) and IVD [1] - **VBP Impact**: The June bidding value data showed a year-on-year growth rate of 49%, but a month-on-month decline of 3%, indicating lower unit prices due to VBP [10]. IVD Market - **Weak Demand**: The IVD sector continues to face challenges, with a projected 20% year-on-year decline in the CLIA reagent market size for 2025 [19]. - **AmoyDx Performance**: AmoyDx is expected to grow against the trend due to its strong presence in compliant in-hospital sales channels, benefiting from the anti-corruption campaign [21]. Insulin Market - **Domestic Substitution**: The insulin industry has seen significant growth, particularly for insulin analogs from companies like Gan & Lee and THDB, which reported rapid revenue growth in 1Q25 [22]. Retail Pharmacies - **Market Pressure**: Retail pharmacies are under pressure due to strict reimbursement policies and weak consumer spending. However, there is a potential market-clearing trend expected by year-end [31]. Hospitals - **New Product Feedback**: Hospitals are seeing new product introductions, such as the new version of SMILE surgery and new PIOL products, which are expected to drive consumption recovery [1]. Vaccine Market - **Anti-Corruption Campaign**: The ongoing anti-corruption campaign within the CDC system is impacting vaccine demand and distribution channels [1]. Financial Performance and Estimates Earnings Revisions - **Mindray**: Annual earnings estimates revised down by 2.1% to 5.0% for 2025E-27E due to industry headwinds in medical equipment and IVD [2][37]. - **United Imaging**: Revenue and earnings forecasts adjusted down to reflect lower-than-expected bidding data [39]. - **SNIBE**: Earnings estimates revised down by 1.4% to 7.1% for 2025E-27E due to policy headwinds in the IVD sector [40]. Revenue Growth Expectations - **High Growth Companies**: THDB and Gan & Lee are expected to achieve the highest revenue growth due to a low base from VBP renewal in 2Q24 [6]. - **Mindray's Decline**: Mindray's China business is expected to decline by 26% year-on-year in 2Q25 due to IVD weakness [9]. Other Important Insights - **Trade-in Policy Concerns**: The trade-in stimulus fund is expected to run out, leading to a decline in applications and a reduced stimulus effect in the second half of 2025 [10]. - **Market Dynamics**: The healthcare market is experiencing a shift with increasing government support for procurement and a focus on innovative products [47][48]. Conclusion - The healthcare sector in China is facing various challenges, including policy headwinds, weak demand in certain segments, and the impact of ongoing reforms. However, there are also opportunities for growth, particularly in innovative products and domestic substitution trends. Companies like AmoyDx, Gan & Lee, and THDB are positioned to benefit from these trends, while others like Mindray and SNIBE are facing headwinds that may impact their performance in the near term.