昔日“疫苗之王”科兴控股大消息：美股上市地位保住了！年收入曾超千亿元 陷10年内斗困局 停牌超6年 曾宣布分红530亿元

Core Viewpoint - The recent decision by the Nasdaq Hearing Committee allows SVA (Sinovac Biotech Ltd.) to maintain its listing status on the Nasdaq Global Market, contingent upon the timely submission of financial reports by May 11, 2026 [1][4]. Financial Reporting Requirements - Sinovac must complete the submission of its annual financial report for the fiscal year ending December 31, 2024, and the interim financial report for the second quarter of 2025 by May 11, 2026 [5][6]. - The company has engaged Zhonghua Certified Public Accountants to conduct independent audits and is working collaboratively to meet these reporting requirements [1][6]. Historical Context and Challenges - The delisting crisis began over two months ago when Sinovac received a delisting notice from Nasdaq due to its failure to submit the 20-F annual report by the extended deadline of November 11, 2025 [5][6]. - The company attributed the delay to the resignation of its previous independent auditor [5]. Financial Performance - Sinovac's revenue and profit have significantly declined since the peak of the COVID-19 vaccine demand, with revenues dropping by 92.30% in 2022 and 69.97% in 2023, and net profits decreasing by 98.66% and 187.75% respectively [7]. - In 2021, the company reported a record revenue of 135.49 billion yuan, a 3694.36% increase year-on-year, and a net profit of 59.21 billion yuan, a 7571.97% increase [7]. Product Pipeline and Market Opportunities - Sinovac has a diverse product pipeline beyond COVID-19 vaccines, including vaccines for hepatitis A, influenza, varicella, and inactivated polio vaccine [7]. - Recent approvals for new products, such as the 23-valent pneumococcal polysaccharide vaccine, and successful bids for international contracts, such as the exclusive influenza vaccine order in Chile, indicate potential growth in international markets [7]. Governance Issues - Sinovac has faced ongoing internal governance challenges, stemming from a power struggle between co-founders since 2016, which has led to significant operational disruptions [8][9]. - The company has been under scrutiny for governance failures, resulting in its stock being suspended by Nasdaq in 2019 [10].