

Core Viewpoint - The vaccine industry is expected to see a recovery in sales growth trends for key vaccine varieties in 2025, driven by a low base effect, which will improve company performance [1] Industry Summary - In Q1 2025, the overall number of vaccine batch approvals was 697, representing a year-on-year decline of 14% [1] - Significant year-on-year growth was observed in flu vaccines, DTP vaccines, and hepatitis vaccines, while polio vaccines, shingles vaccines, rotavirus vaccines, and HPV vaccines experienced notable declines [1] - The development of therapeutic vaccines for cancer is emerging as a hot area for vaccine indication expansion, with domestic research still in its early stages [1] - The competitive landscape for traditional key vaccine pipelines is intensifying, with many domestic companies entering the market [1] Company Summary - It is anticipated that key vaccine varieties will recover in sales growth in 2025, which will positively impact company performance [1] - Continuous advancement in innovative vaccine pipelines is expected to provide companies with greater market opportunities and potential for international expansion in the future [1]