Ge Long Hui·2026-01-15 08:23Core Viewpoint - The Chinese stock market is shifting from "valuation recovery" in 2025 to "profit growth" in 2026, with a focus on technology and innovation as key drivers for the vaccine industry [1] Industry Overview - The vaccine industry in China has entered a new phase characterized by "structural differentiation" as it moves away from abnormal growth [2] - In the first three quarters of 2025, the vaccine industry's revenue decreased by 37.2% year-on-year, and net profit dropped by 80.3%, with a market value contraction of approximately 17% for the year [3] - Despite market challenges, innovation in research and development remains strong, with 68 preventive vaccines approved for clinical trials in 2025, 62% of which are first-class innovative vaccines with core independent intellectual property [4] Policy and Market Dynamics - The year 2026 marks the beginning of the "14th Five-Year Plan," with policies aimed at enhancing technological innovation and industry upgrades, encouraging international cooperation, and expediting review processes [5] - The capital market is rationally selecting companies, with a focus on those with differentiated advantages in multi-valent technology and internationalization, while traditional players face significant pressure [6] Company Spotlight: CanSino Biologics - CanSino Biologics has achieved a critical transition from "performance recovery" to "profit inflection point" in 2025, demonstrating resilience amid industry adjustments [8] - In Q3 2025, CanSino reported revenue of 310 million yuan, a year-on-year increase of 17.67%, and a net profit of 27.93 million yuan, a significant turnaround from a loss of 222 million yuan the previous year [9] - The company has multiple key products entering a critical phase, including the ACYW135 meningococcal polysaccharide conjugate vaccine and the 13-valent pneumococcal conjugate vaccine, which are expected to drive growth [10] International Expansion and Future Prospects - CanSino has made significant strides in international markets, with its meningococcal vaccine receiving halal certification in Indonesia and achieving commercial export [11] - The company has a robust pipeline with four candidate products approved for IND/NDA and is exploring deeper collaborations beyond simple product exports [12] - CanSino's strong R&D capabilities, product pipeline, and international strategy position it well for future growth in the innovative vaccine market [14][16]