Core Insights - A total of 490 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of October 29 [1] - The stock with the longest continuous net outflow is Zhongju Gaoxin, with 31 days of outflows, followed by Hengshen New Materials with 21 days [1] - The largest total net outflow amount is from China Merchants Bank, with a cumulative outflow of 3.093 billion yuan over 12 days [1] Group 1: Stocks with Longest Net Outflows - Zhongju Gaoxin has seen net outflows for 31 days, with a total outflow of 559 million yuan and a cumulative decline of 6.91% [1] - Hengshen New Materials has recorded net outflows for 21 days, totaling 197 million yuan, with a decline of 9.80% [3] - China Merchants Bank has the highest net outflow amount of 3.093 billion yuan over 12 days, with a net outflow ratio of 6.98% and a cumulative increase of 1.65% [1] Group 2: Other Notable Stocks - Guotai Junan has experienced net outflows for 10 days, amounting to 1.877 billion yuan, with a net outflow ratio of 7.89% and a cumulative increase of 2.70% [1] - Shengbang Co. has seen net outflows for 12 days, totaling 1.826 billion yuan, with a net outflow ratio of 9.52% and a cumulative decline of 10.65% [1] - Huajian Group has recorded net outflows for 6 days, with a total outflow of 1.713 billion yuan and a significant decline of 40.29% [1] Group 3: Stocks with Significant Outflow Ratios - Jianan Intelligent has the highest net outflow ratio at 14.74%, with a decline of 2.98% over the past 5 days [1] - Other notable stocks with high outflow ratios include Huayi Development at 11.91% and Pianzaihuang at 11.84% [1] - The overall trend indicates a significant outflow of funds from various sectors, reflecting investor sentiment and market conditions [1]

Core Viewpoint - The domestic vaccine industry is experiencing significant pressure due to economic downturns, declining birth rates, reduced vaccination willingness, and intensified market competition, leading to frequent executive changes among companies [1][3]. Group 1: Executive Changes - Sun Wanfeng has resigned from his position as employee representative director and vice president of Baike Bio, but will continue as assistant to the chairman [1]. - There are rumors of changes in the management of Kangtai Bio, but the company has confirmed that Vice President Yu Bing remains in his position [1]. - Frequent executive turnover is noted in the domestic vaccine industry, with several companies undergoing leadership changes since late 2024 [3]. Group 2: Financial Performance - In the first half of 2025, only 5 out of 10 listed vaccine companies in A-shares reported revenue growth, with only 3 achieving positive net profit growth [3]. - Baike Bio reported a revenue of 284.9 million yuan with a net loss of 73.57 million yuan, marking a year-on-year revenue decline of 53.93% and a net profit decline of 153.47% [4]. - Kangtai Bio's revenue was 1.392 billion yuan with a net profit of 37.53 million yuan, showing a revenue growth of 15.81% but a significant net profit decline of 77.30% [4]. Group 3: Market Competition - The HPV vaccine market is experiencing aggressive price competition, with prices for the bivalent HPV vaccine dropping below 100 yuan, and the lowest price recorded at 27.5 yuan per dose [5]. - The flu vaccine market is also seeing price reductions, with prices for quadrivalent flu vaccines dropping from 128 yuan to 88 yuan per dose [6]. - The pneumococcal vaccine market is highly competitive, with Pfizer withdrawing from the market due to intense competition from domestic products [6]. Group 4: Growth Opportunities - Despite the challenges, there are structural growth opportunities in the vaccine market, exemplified by Olin Bio's adsorbed tetanus vaccine, which achieved a revenue growth of 35.17% in the first half of 2025 [7].

Core Insights - On October 23, Zhifei Biological experienced a 0.25% decline in stock price with a trading volume of 305 million yuan [1] - The company reported a net financing outflow of 450.14 million yuan on the same day, with a total financing and securities balance of 1.507 billion yuan [1][2] - For the first half of 2025, Zhifei Biological's revenue was 4.919 billion yuan, a year-on-year decrease of 73.06%, and the net profit attributable to shareholders was -597 million yuan, a decrease of 126.72% [2] Financing and Securities - On October 23, Zhifei Biological had a financing buy-in of 39.17 million yuan and a financing repayment of 43.67 million yuan, resulting in a net financing buy-in of -4.50 million yuan [1] - The current financing balance is 1.503 billion yuan, accounting for 3.11% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low position [1] - The company had a securities lending balance of 354.49 million yuan, which is above the 70th percentile level over the past year, indicating a high position [1] Shareholder and Institutional Holdings - As of September 19, the number of shareholders for Zhifei Biological was 135,900, a decrease of 2.59% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 36.35 million shares, a decrease of 10.59 million shares from the previous period [2] - The company has distributed a total of 7.318 billion yuan in dividends since its A-share listing, with 3.194 billion yuan distributed in the last three years [2]

Core Points - The restructuring protein concept declined by 1.15%, ranking among the top declines in concept sectors as of the market close on October 23 [1] - Within the restructuring protein sector, major declines were observed in companies such as Haitai Biological, Maiwei Biological, and Yipinhong, while 14 stocks experienced price increases, with *ST Suwu, *ST Wanfang, and Kefu Medical leading the gains at 5.21%, 4.99%, and 2.90% respectively [1] Market Performance - The top-performing concept sectors today included Shenzhen State-Owned Enterprise Reform with a rise of 6.62%, while the restructuring protein sector faced a decline of 1.15% [2] - The restructuring protein sector saw a net outflow of 476 million yuan, with 37 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 30 million yuan [2] - Maiwei Biological led the net outflow with 69.48 million yuan, followed by Hualan Biological, BeiDa Pharmaceutical, and Zhifei Biological with outflows of 66.43 million yuan, 54.42 million yuan, and 33.70 million yuan respectively [2] Stock Performance - The top stocks with significant net outflows in the restructuring protein sector included: - Maiwei Biological: -5.53% with a turnover rate of 7.46% and a net outflow of 69.48 million yuan - Hualan Biological: -1.41% with a turnover rate of 1.37% and a net outflow of 66.43 million yuan - BeiDa Pharmaceutical: -3.26% with a turnover rate of 1.78% and a net outflow of 54.42 million yuan [3] - Conversely, the stocks with notable net inflows included: - SanSheng Guojian: +0.67% with a net inflow of 40.98 million yuan - Baipu Sais: +0.17% with a net inflow of 12.23 million yuan - Huiyu Pharmaceutical: +2.96% with a net inflow of 5.71 million yuan [4]

Core Viewpoint - The company, Zhifei Biological Products Co., Ltd., and its wholly-owned subsidiaries have recently obtained an invention patent certificate from the National Intellectual Property Administration of the People's Republic of China for a vaccine and its preparation method [1] Group 1 - The patent is titled "A Vaccine and Its Preparation Method" [1]

Core Viewpoint - Zhifei Biological announced the acquisition of an invention patent for a vaccine and its preparation method, indicating a significant advancement in its product development and potential market competitiveness [1] Company Summary - Zhifei Biological and its wholly-owned subsidiaries, Anhui Zhifei Longkema Biological Pharmaceutical Co., Ltd. and Beijing Zhifei Lvzhu Biological Pharmaceutical Co., Ltd., have recently obtained a patent certificate from the National Intellectual Property Administration of the People's Republic of China [1] - The patent is titled "A Vaccine and Its Preparation Method" with the patent number ZL202410156676.3, showcasing the company's innovation in vaccine technology [1]

证券代码：300122 证券简称：智飞生物 公告编号：2025-58 重庆智飞生物制品股份有限公司 关于取得发明专利证书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 上述发明专利是公司在研储备管线产品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 10 月 21 日 1 重庆智飞生物制品股份有限公司（以下简称"公司"）及全资子公司——安 徽智飞龙科马生物制药有限公司（以下简称"智飞龙科马"）、北京智飞绿竹生 物制药有限公司（以下简称"智飞绿竹"）于近日取得中华人民共和国国家知识 产权局颁发的发明专利证书。具体情况如下： | 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 | | --- | --- | --- | --- | --- | --- | --- | | 一种疫苗及其制 备方法 | ZL2024 ...

Core Viewpoint - The company, Zhifei Biological, has indicated that investors should pay attention to the company's information disclosure regarding its research and development activities [2] Group 1 - The company responded to investor inquiries on October 17, emphasizing the importance of following its official disclosures for updates on research and development [2]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆智飞生物制品股份有限公司（以下简称"公司"）于近日收到中国证券 监督管理委员会《关于同意重庆智飞生物制品股份有限公司向专业投资者公开发 行科技创新公司债券注册的批复》（证监许可〔2025〕2255 号）,现将批复内容 公告如下： 证券代码：300122 证券简称：智飞生物 公告编号：2025-57 重庆智飞生物制品股份有限公司 关于向专业投资者公开发行科技创新公司债券注册申请获得 中国证券监督管理委员会同意注册批复的公告 特此公告 重庆智飞生物制品股份有限公司董事会 2025 年 10 月 15 日 1 四、自同意注册之日起至本次科技创新公司债券发行结束前，公司如发生重 大事项，应及时报告并按有关规定处理。 公司董事会将按照有关法律法规和上述批复文件的要求及公司股东大会的 授权，根据资金需求和市场情况择机发行科技创新公司债券，并及时履行信息披 露义务。 一、同意公司向专业投资者公开发行面值总额不超过 10 亿元科技创新公司 债券的注册申请。 二、本次发行科技创新公司债券应严格按照报送深圳证券交易所的募集说明 ...

Summary of Conference Call Notes Industry Overview - **Industry**: China Healthcare - **Quarter**: 3Q25 Key Companies and Revenue Growth Companies with Higher Revenue Growth 1. **United Imaging** - Expected revenue growth: **44% YoY** in 3Q25 - Growth driven by improved hospital bidding data in China [1][6] 2. **Lepu** - Expected revenue growth: **38% YoY** in 3Q25 - Growth factors: - Low base effect from 3Q24 due to "Four Same" policy impacting pharmaceutical business - Incremental revenue from consumer healthcare segment, particularly medical aesthetics [1][6] 3. **Gan & Lee Pharmaceuticals** - Expected revenue growth: **23% YoY** in 3Q25 - Benefits from insulin VBP renewal and progress in overseas expansion [1][6] Companies Under Pressure 1. **Zhifei** - Currently in the trough of its revenue cycle - Revenue expected to decline by **30% YoY** in 3Q25 - Increased competition following Wantai's launch of a 9-valent HPV vaccine - Offering discounts to accelerate inventory destocking [2][6] 2. **ICL Companies (Kingmed and Dian Diagnostics)** - Expected to post negative revenue growth in 3Q25 - Industry pricing pressure has stabilized, indicating potential for positive growth in 4Q25 [2][6] Financial Estimates and Changes - **Tonghua Dongbao**: Revised annual earnings estimates upward due to market share gains post-insulin VBP renewal [7] - **Kelun**: Revised net profit estimates downward due to ongoing price war in the API industry, while revenue estimates remain unchanged [7][10] Detailed Financial Estimates Exhibit 1: Revenue and Earnings Growth Preview - **United Imaging**: Revenue from **1,621 million** to **2,327 million** (44% YoY) - **Lepu**: Revenue from **1,402 million** to **1,937 million** (38% YoY) - **Gan & Lee**: Revenue from **930 million** to **1,140 million** (23% YoY) - **Zhifei**: Revenue from **4,528 million** to **3,177 million** (-30% YoY) [6] Exhibit 2: Updated Estimates for Tonghua Dongbao (2025E to 2027E) - **Revenue**: Increased from **2,612 million** to **2,689 million** (3.0% change) - **Net Profit**: Increased from **401 million** to **408 million** (1.5% change) [8] Exhibit 3: Updated Estimates for Kelun (2025E to 2027E) - **Revenue**: Remains at **19,029 million** (0.0% change) - **Net Profit**: Decreased from **2,791 million** to **2,686 million** (-3.8% change) [10] Risks and Methodology - **Mindray**: Target price of **Rmb314** with risks including VBP impacts and market penetration challenges [12][13] - **SNIBE**: Target price of **Rmb73** with risks from competition and policy changes [14] - **Hualan**: Target price of **Rmb19** with risks from regulatory changes and competition [15] - **Tonghua Dongbao**: Neutral rating with target price of **Rmb9**, risks from product sales ramp-up and competition [17] - **Kelun**: Neutral rating with target price of **Rmb38**, risks from API price declines [18] Conclusion - The China healthcare sector is experiencing varied growth dynamics, with certain companies like United Imaging and Lepu showing strong revenue growth, while others like Zhifei face significant challenges. The financial estimates reflect these trends, with adjustments made based on market conditions and competitive pressures.