Xin Lang Cai Jing·2026-01-23 09:48Core Viewpoint - Fosun Pharma announced a plan to spin off its subsidiary Fosun Antigen for a listing on the Hong Kong Stock Exchange, aiming to enhance financing channels and market competitiveness, despite the current downturn in the domestic vaccine industry and Fosun Antigen's poor financial performance [1][3]. Financial Performance - Fosun Antigen's revenue is projected to decline significantly from 461 million yuan in 2022 to 97.42 million yuan in 2024, with a net profit turning from a profit of 86.64 million yuan to a loss of 123.38 million yuan [3]. - The company's total assets as of December 31, 2024, are reported at 345.86 billion yuan, with a debt-to-asset ratio of 33.87% [3]. - The net cash flow from operating activities is negative at -105.29 million yuan for 2024, indicating financial strain [3]. Market Context - The domestic vaccine industry is currently facing challenges, with significant price competition among established products, leading to revenue declines for major players [6][9]. - The market for flu vaccines and rabies vaccines is particularly competitive, with price cuts from leading companies impacting overall sales [6][9]. Product Pipeline - Fosun Antigen has a limited product lineup, with four vaccines currently on the market, including rabies and flu vaccines, which are in a crowded market [5][6]. - The company is developing several vaccines, including the 13-valent and 24-valent pneumococcal conjugate vaccines, but lacks progress compared to competitors [7][10]. Competitive Landscape - The pneumococcal vaccine market is becoming increasingly competitive, with multiple players entering the space, leading to declining sales for existing products [9][12]. - Fosun Antigen's 24-valent pneumococcal vaccine is still in the early clinical trial phase, while competitors have advanced further in their development [10][12].