证券代码：300142 证券简称：沃森生物 公告编号：2025-030 云南沃森生物技术股份有限公司 关于签署微生态健康靶向技术独家再许可协议的公告 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。 云南沃森生物技术股份有限公司（以下简称"公司"或"沃森生物"）作为 一家以技术驱动发展的创新型企业，在疾病预防和控制领域持续深耕做强、做优、 做大疫苗主业的同时，积极把握国家生物制造战略机遇，进一步践行"让人人生 而健康"的主旨。公司董事会于 2025 年 5 月 23 日召开第五届董事会第二十八次 会议，审议通过了《关于签署微生态健康靶向技术独家再许可协议的议案》，为 推进公司在微生态健康和功能性营养干预领域的业务布局，进一步拓展公司产品 管线，董事会同意公司与美国 Notitia Biotechnologies Company（以下简称 "Notitia"）签署《Exclusive Sublicense Agreement》（《独家再许可协议》，以 下简称"《再许可协议》"或"协议"）。根据协议，Notitia 将其与美国新泽西 州立罗格斯大学签署的上游许可协议 ...

证券代码：300142 证券简称：沃森生物 公告编号：2025-029 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。 一、董事会会议召开情况 云南沃森生物技术股份有限公司（以下简称"公司"）第五届董事会第二十 八次会议于 2025 年 5 月 23 日以通讯表决的方式召开，会议通知于 5 月 19 日以 电子邮件方式发出，本次会议应参会董事 10 名，实际参加会议董事 10 名。会议 由董事长李云春先生主持。本次会议的召集、召开符合《公司法》及《公司章程》 的规定。 二、董事会会议审议情况 审议通过了《关于签署微生态健康靶向技术独家再许可协议的议案》 为推进公司在微生态健康和功能性营养干预领域的业务布局，进一步拓展公 司产品管线，董事会同意公司与美国 Notitia Biotechnologies Company（以下简称 "Notitia"）签署《Exclusive Sublicense Agreement》（《独家再许可协议》）。 根据协议，Notitia 将其与美国新泽西州立罗格斯大学签署的上游许可协议所获得 的核心菌群分析、菌群靶向移植及营养配方技术 ...

Core Viewpoint - The company, Yunnan Watson Bio-Tech Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 0.10 RMB per 10 shares for all shareholders, based on a total share capital of 1,599,348,541 shares [1][2]. Group 1: Profit Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting held on May 8, 2025, and the announcement was made on May 9, 2025 [1]. - The cash dividend will be distributed based on the total share capital after excluding any repurchased shares, with a total cash dividend amounting to approximately 15,993,485.41 RMB [1][2]. - The cash dividend will be 0.10 RMB per 10 shares (before tax), with specific tax treatments for different categories of shareholders [2]. Group 2: Key Dates - The record date for the dividend distribution is set for May 27, 2025, and the ex-dividend date is May 28, 2025 [2][3]. Group 3: Dividend Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their respective securities companies or other custodial institutions on the ex-dividend date [3]. Group 4: Share Capital Information - The total share capital before and after the dividend distribution remains unchanged at 1,599,348,541 shares, indicating that the distribution will not affect the overall share capital of the company [3].

证券代码：300142 证券简称：沃森生物 公告编号：2025-028 云南沃森生物技术股份有限公司 2024年年度权益分派实施公告 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。 特别提示： 1、云南沃森生物技术股份有限公司（以下简称"公司"）回购专用证券账 户持有公司股份0股，公司本次权益分派以总股本1,599,348,541股为基数进行。 2、本次 现金分 红总 额 =公 司总股 本×每 10股现金 分红金 额 ÷10股 =1,599,348,541股×0.10元÷10股=15,993,485.41元； 3、本次权益分派实施后的除权除息价格（元/股）=股权登记日收盘价-每股 现金红利=股权登记日收盘价-0.01元/股。 公司2024年年度权益分派方案已经公司于2025年5月8日召开的2024年年度 股东大会审议通过，现将权益分派事宜公告如下： 二、本次实施的权益分派方案 本公司2024年年度权益分派方案为：以公司现有总股本1,599,348,541股剔除 已回购股份0股后的股本1,599,348,541股为基数，向全体股东每10股派0.10元人民 币现金 ...

Core Viewpoint - The performance of major Chinese vaccine companies, including Wantai Biological Pharmacy (万泰生物), Zhifei Biological Products (智飞生物), and Watson Bio (沃森生物), has significantly declined in Q1 2025, primarily due to a shrinking self-paid market for HPV vaccines amid economic pressures [1] Group 1: Company Performance - Wantai Biological reported a revenue of 401 million yuan in Q1 2025, a year-on-year decrease of 46.76%, with a net loss of 52.78 million yuan [1] - Zhifei Biological's revenue fell to 2.374 billion yuan, down 79.16% year-on-year, resulting in a net loss of 305 million yuan [1] - Watson Bio achieved a revenue of 462 million yuan, a decline of 22.93%, with a net profit of 2.65 million yuan, down 81.27% [1] Group 2: Market Dynamics - The HPV vaccine market is experiencing a significant contraction, with a 61.57% year-on-year drop in the total number of HPV vaccine batches approved for sale in 2024 [3] - The two-valent HPV vaccine's sales revenue for Wantai Biological plummeted by 84.69% to 606 million yuan in 2024, influenced by price reductions and increased competition from the nine-valent HPV vaccine [3][4] - The price of HPV vaccines has drastically decreased, with the two-valent vaccine's procurement price dropping from over 300 yuan to 27.5 yuan in Shandong province, reflecting a nearly 90% decline [7] Group 3: Competitive Landscape - The introduction of the nine-valent HPV vaccine has intensified competition, with consumers favoring higher-priced vaccines, leading to a sharp decline in demand for the two-valent vaccine [4] - Zhifei Biological, as the exclusive agent for Merck's HPV vaccines, faced a 95.49% drop in the issuance of four-valent HPV vaccines in 2024, exacerbated by Merck's suspension of supplies to China [4][5] - The price war in the HPV vaccine market has severely compressed profit margins, with Wantai Biological's vaccine segment gross margin falling from 91.6% in 2022 to 70.4% in 2024 [7] Group 4: Future Outlook - The development of domestic nine-valent HPV vaccines is accelerating, with several companies, including Wantai Biological, advancing their clinical trials [8] - The potential introduction of male-targeted HPV vaccines may open new growth avenues, as Merck's four-valent HPV vaccine has been approved for male use [9]

Group 1: International Expansion and Sales - The company aims to overcome current challenges by increasing international sales and pursuing mergers and acquisitions [1] - In Q1 2025, the company became a supplier of HPV vaccines for UNICEF for 2026-2027 and expanded into new markets in Chile and Mexico [1] - The company is focused on maintaining high-quality international business development [1] Group 2: Product Development and Innovation - The company has not launched any significant new products since the 13-valent vaccine in 2019, which raises concerns about future growth [2] - The company is enhancing its core product production and sales, focusing on technological and management innovations [2] - There are plans to develop new vaccines, including higher-valent pneumococcal vaccines and a combined COVID-19 and influenza mRNA vaccine [5] Group 3: Clinical Trials and Research Progress - The four-valent meningococcal conjugate vaccine is currently in Phase III clinical trials, with major research work completed [5] - The nine-valent HPV vaccine is also progressing through its Phase III clinical trials, with data analysis and report writing underway [5] - The company is actively working on mRNA vaccine clinical research and registration, particularly for the Omicron variant [5] Group 4: Financial Performance and Market Strategy - The company is facing declining performance and is exploring strategies to improve operational efficiency and reduce costs [3] - There is a focus on optimizing existing product sales in domestic and international markets while advancing new product development [3] - The management is considering a potential merger and acquisition loan to enhance its vaccine business [4] Group 5: Market Conditions and Shareholder Value - The company acknowledges the impact of market conditions on its stock price and is committed to improving product development and sales performance [6] - There are discussions about potential stock buyback plans, contingent on market conditions and company performance [6] - The management emphasizes the importance of sustainable growth and long-term returns for shareholders [6]

证券代码：300142 证券简称：沃森生物 公告编号：2025-027 云南沃森生物技术股份有限公司 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。 云南沃森生物技术股份有限公司 关于参加云南辖区上市公司2024年度投资者 董事会 网上集体接待日活动的公告 二〇二五年五月十三日 为进一步加强与投资者的互动交流，云南沃森生物技术股份有限公司（以下 简称"公司"）将参加由云南证监局指导，云南省上市公司协会与深圳市全景网 络有限公司联合举办的"2024年度云南辖区上市公司投资者网上集体接待日"活 动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参与 本次互动交流，活动时间为2025年5月16日（周五）16:00-17:00。届时公司董事、 总裁姚伟先生、董事会秘书刘宇然先生和证券事务代表杨永祥先生将在线就公司 2024年度业绩、公司治理、发展战略、经营状况、融资计划和可持续发展等投资 者关心的问题，与投资者进行沟通与交流，欢迎广大投 ...

Core Viewpoint - The performance of A-share vaccine companies remains sluggish in Q1 2025, with over half of the 14 companies reporting a decline in net profit, and the top five companies experiencing a drop of over 80% [1][2]. Industry Overview - The overall trend in the vaccine industry shows a decline in both revenue and profit, attributed to a drop in market demand, policy adjustments, inventory buildup, and difficulties in collecting accounts receivable [1][3]. - The low vaccination rates for self-paid vaccines, such as flu and HPV vaccines, are identified as a core reason for the decline in performance [2][3]. Company Performance - Leading companies like Wantai Biological Pharmacy (万泰生物) reported a revenue of 401 million yuan, down 46.76%, and a net loss of 52.78 million yuan; Zhifei Biological Products (智飞生物) saw a revenue drop of 79.16% to 2.374 billion yuan, with a net loss of 305 million yuan; Watson Bio (沃森生物) reported a revenue decline of 22.93% to 462 million yuan, with a non-recurring net loss of 11.49 million yuan [1][2]. Market Dynamics - The competition in the HPV vaccine market has intensified, particularly after the age eligibility for the nine-valent HPV vaccine was expanded, negatively impacting sales for companies like Wantai and Zhifei [2]. - The changing population structure, with a decline in newborns, has reduced demand for traditional childhood vaccines, while the adult vaccine market remains underdeveloped [2][3]. Financial Challenges - Companies are facing increased financial pressure due to inventory buildup and difficulties in accounts receivable collection, with Wantai reporting impairment losses of 51.33 million yuan and Zhifei reporting 38.34 million yuan [3][4]. - Price wars are exacerbating the situation, with significant price reductions in both HPV and flu vaccine markets, leading to further profit compression [3][4]. Strategic Responses - Some companies, like Watson Bio and CanSino, are actively seeking new growth avenues through international expansion, product upgrades, and government collaborations [4][5]. - Watson Bio's overseas revenue reached nearly 300 million yuan in H1 2024, marking a 98% increase, and its dual-valent HPV vaccine received pre-certification from the WHO [5][6]. Future Outlook - The vaccine industry is expected to undergo accelerated differentiation, with companies possessing technological reserves and global strategies, like Watson Bio and CanSino, likely to emerge stronger [6][7]. - Addressing public vaccine hesitancy remains a significant challenge, necessitating collaboration with healthcare institutions to enhance public awareness and vaccination rates, particularly among chronic disease patients [6][7].

Investment Rating - The report does not explicitly state an investment rating for the vaccine industry Core Insights - The overall trend in the vaccine industry shows a decline in batch approvals for most vaccine types in Q1 2025, with some exceptions showing recovery or growth in demand [7][29][46] Summary by Category Multi-Component Vaccines - In Q1 2025, multi-component vaccines saw a total of 17 batch approvals, a decrease of 26% compared to the previous year [11][15] - The five-component vaccine maintained its batch approval at 17, while the four-component vaccine had no approvals [15][12] Pneumonia Vaccines - Total batch approvals for pneumonia vaccines in Q1 2025 were 23, down 30% year-on-year [19][21] - The 13-valent pneumonia vaccine had 19 approvals, remaining stable, while the 23-valent vaccine saw a significant drop to 4 approvals, down 71% [24][19] HPV Vaccines - HPV vaccine approvals increased to 57 batches in Q1 2025, a growth of 63% [29][27] - The two-valent HPV vaccine saw a remarkable increase of 367%, with all approvals coming from Wantai Biological Pharmacy [29][32] Influenza Vaccines - Influenza vaccine approvals totaled 29 batches, a significant increase of 263% year-on-year [34][38] - The three-valent influenza vaccine had 28 approvals, while the four-valent vaccine had only 1 approval, down 67% [38][41] Rabies Vaccines - Batch approvals for rabies vaccines increased to 223 in Q1 2025, a growth of 37% [46][48] - The freeze-dried rabies vaccine accounted for the majority of approvals, with Chengda Biological achieving 105 approvals, a 110% increase [48][46] Varicella Vaccines - Varicella vaccine approvals slightly decreased to 83 batches, down 2% [53][54] - The largest contributor was Baike Biological, with 33 approvals, marking a 38% increase [54][53] Hib Vaccines - Hib vaccine approvals fell to 7 batches, a decrease of 50% [59][58] EV71 Vaccines - EV71 vaccine approvals continued to decline, with only 4 batches approved, down 69% [64][63] Rotavirus Vaccines - Rotavirus vaccine approvals totaled 21 batches, a decrease of 46% [68][67] DTP Vaccines - DTP vaccine approvals increased to 18 batches, a growth of 167% [72][73] Meningitis Vaccines - Meningitis vaccine approvals totaled 85 batches, down 34% [78][79] - The AC polysaccharide vaccine accounted for 55 approvals, a decrease of 47% [84][79] Hepatitis B Vaccines - Hepatitis B vaccine approvals increased to 87 batches, a growth of 28% [91][90] IPV Vaccines - IPV vaccine approvals totaled 22 batches, a decrease of 33% [93][92]

Core Insights - The market for shingles vaccines in China has experienced rapid growth due to an aging population and increased public health awareness, with the market size expected to reach 5.6 billion yuan by 2024 after a recovery from a significant drop in 2021 [1][13] - The incidence of shingles is notably high among individuals aged 50 and above, driving sustained demand for vaccines [1][13] - The public's awareness of shingles and its prevention is gradually increasing, further propelling the market's growth [1][13] Industry Overview - Shingles vaccines are designed to prevent shingles, a disease caused by the reactivation of the Varicella-Zoster Virus, which initially causes chickenpox [2][4] - The industry chain includes upstream raw material suppliers, midstream vaccine developers and manufacturers, and downstream logistics and healthcare providers [4] Development History - The shingles vaccine industry in China has evolved from non-existence to local innovation, with the first imported vaccine, GSK's Shingrix, approved in 2019 [6][9] - The launch of the first domestic live attenuated shingles vaccine by Baike Biological in January 2023 marked a significant milestone, expanding the eligible age group for vaccination [6][9] - The market is now characterized by competition between imported and domestic vaccines, with expectations for a surge in domestic vaccine approvals in the coming years [6][9] Market Dynamics - The number of vaccine approvals has increased significantly, with Baike Biological's vaccine receiving 22 approvals in the first three quarters of 2023, indicating strong market performance [9] - The domestic vaccine market is expected to grow rapidly, driven by aging demographics and improved public health policies [9][11] Key Companies - Baike Biological has established itself as a leader in the shingles vaccine market, with a revenue of 883 million yuan in 2023, although it is projected to decline to 251 million yuan in 2024 [17] - Wantai Biological, another key player, reported a revenue of 5.511 billion yuan in 2023, down 50.73% from the previous year, and is expected to generate 2.245 billion yuan in 2024 [19] Future Trends - Domestic vaccines are anticipated to dominate the market due to their competitive pricing and alignment with local needs [21] - The improvement of health insurance policies is expected to enhance vaccine accessibility and increase public willingness to get vaccinated [22] - The development of multivalent and combination vaccines is becoming a significant trend, aiming to provide broader protection and improve vaccination efficiency [23]