BCHT(SH:688276) Zheng Quan Shi Bao Wang·2025-09-01 04:13Core Viewpoint - Baike Biotech (688276) held a performance briefing on September 1, 2025, to discuss its operating results and financial status for the first half of 2025, highlighting challenges in vaccine sales and strategies for recovery [1][2]. Financial Performance - In the first half of 2025, Baike Biotech achieved revenue of 285 million yuan, with a net loss of 73.57 million yuan and a non-recurring net loss of 82.23 million yuan [2]. - The decline in revenue and profit was attributed to external factors, intensified market competition, and decreased willingness among vaccine recipients to get vaccinated [2]. Research and Development - The company has established five core technology platforms for vaccine development, including virus large-scale culture technology, formulation and adjuvant technology, genetic engineering technology, bacterial vaccine technology, and mRNA vaccine technology [3]. - R&D investment in the first half of 2025 was 98.20 million yuan, accounting for 34.47% of revenue, a significant increase from 13.83% in the same period last year [3]. Pipeline Projects - Baike Biotech is focusing on 13 vaccine projects and 3 human monoclonal antibodies for infectious disease prevention [4]. - Key projects include the liquid nasal influenza vaccine, which has received production approval, and the DTP vaccine (three-component), currently in Phase III clinical trials [4]. - The company is also advancing several other vaccines and monoclonal antibodies through various stages of clinical trials, including rabies monoclonal antibody and HSV-2 vaccine [4].