据证券之星公开数据整理，近期康希诺(688185)发布2025年中报。截至本报告期末，公司营业总收入 3.82亿元，同比上升26.0%，归母净利润-1348.54万元，同比上升94.02%。按单季度数据看，第二季度营 业总收入2.45亿元，同比上升29.62%，第二季度归母净利润-194.0万元，同比上升96.49%。本报告期康 希诺盈利能力上升，毛利率同比增幅18.15%，净利率同比增幅95.35%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率82.54%，同比增18.15%，净利率-3.53%，同比 增95.35%，销售费用、管理费用、财务费用总计2.46亿元，三费占营收比64.28%，同比增11.64%，每股 净资产19.82元，同比减3.09%，每股经营性现金流0.05元，同比增105.26%，每股收益-0.05元，同比增 94.51% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.03亿 | 3.82 Z | 26.00% | | 归母净利润(元) | -2.25 Z | -1348.54万 ...

事件： 公司发布2025 年半年度报告。根据2025 半年报，公司2025H1 实现营业收入3.82 亿元，同比增长26%； 归母净亏损1348.54 万元，同比收窄94%；毛利率为82.54%，同比提高12.68pct；期间费用率为 102.94%，同比下降15.91pct。 风险提示 公司的13 价肺炎球菌疫苗优佩欣已于2025 年6 月获得药品注册证书，该产品为公司肺炎产品矩阵中的 首个获批上市产品，拥有双载体、国内流行血清型表现更优、无动物源等三重优势。优佩欣?与曼海欣 目标人群重合，渠道可共享，在市场推广上具有一定协同效应。目前优佩欣?处于批签发送检及市场导 入阶段，预计四季度有望上市销售。 公司管线布局差异化优势明显，重磅产品有望构建新增长曲线 公司前瞻布局领先的研发技术平台和差异化管线，研发创新能力较强。根据2025 年半年报及康希诺官 网，公司目前在研产品中，有3 个（曼海欣4-6岁扩龄、婴幼儿组分百白破疫苗、吸附破伤风疫苗）处 于上市申请阶段，2个（曼海欣7-59 岁扩龄、青少年及成人组分百白破疫苗）处于Ⅲ期临床阶段，6 个 （重组脊灰疫苗、PBPV、重组带疱疫苗、冻干B 型流感嗜血杆菌结合 ...

Financial Data and Key Metrics Changes - Total revenues for the first half of 2025 reached approximately €100 million, marking a significant year-over-year growth [4] - Cash position exceeded €160 million, indicating a strong cash influx and reduced operating cash burn [4][29] - Product sales increased to €91 million from €68.3 million in 2024, representing a growth of 33.3% [23] - Total revenues rose to €97.6 million from €70.8 million in 2024, an increase of 37.8% [25] - Adjusted EBITDA for 2025 was reported at minus €6.8 million, compared to a positive EBITDA of €66.2 million in the previous year [29] Business Line Data and Key Metrics Changes - IXIARO sales reached €54.7 million, increasing by 30.6% year-over-year [23] - DUKORAL sales grew by 16.4% to €17.4 million, supported by a sale to combat a cholera outbreak [24] - XGIC sales surged to €7.5 million from €1 million in 2024, benefiting from a supply to address a chikungunya outbreak [25] Market Data and Key Metrics Changes - The company secured additional marketing authorizations for XGIC in the UK, Brazil, and label extensions in Europe [6] - The company responded to public health needs by supplying vaccines during outbreaks in La Réunion and Mayotte [5][6] Company Strategy and Development Direction - The company aims to address unmet medical needs and expand its vaccine portfolio, particularly focusing on Lyme disease, chikungunya, and Shigella [5][19] - The partnership with CSL for vaccine distribution in Germany is expected to enhance market access and sales potential [56] - The company is focused on strategic investments in R&D and anticipates continuous growth in product sales [30][32] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of the Lyme disease vaccine program as a major catalyst for future growth [32] - The company expects a significantly lower cash burn in operations, targeting a reduction of over 50% year-over-year [30] - Management expressed confidence in the ongoing clinical trials and the potential for successful vaccine approvals [32] Other Important Information - The company reported a gross margin improvement on commercial products, with IXIARO achieving a gross margin of 65.5% [26] - R&D expenses increased to €32.4 million, driven by costs related to the Shigella vaccine candidate [27] Q&A Session Summary Question: Will there be additional revenue recognition for the 40,000 doses sold to the French government in Q3? - Management confirmed that all doses were shipped in the first half of the year, and revenue will be recognized in that period [40] Question: Can you provide insight on the demand scenarios for XGIC considering the chikungunya outbreak? - Management acknowledged the critical epidemiological situation and emphasized the company's readiness to respond to outbreaks [38] Question: What is the expected timeline for the Lyme vaccine data readouts? - Management indicated that top-line data is expected by the end of the first quarter of 2026, with detailed results to follow [47][66] Question: What are the expectations for sales uptake in the traveler market for XGIC? - Management noted that the recent lifting of restrictions should lead to increased market uptake and ongoing discussions for stockpiling in the U.S. [56] Question: What is the bar for success for the Lyme vaccine trial? - Management stated that while direct comparisons to previous vaccines are challenging, they expect a different efficacy profile based on their current study design [62]

Core Viewpoint - The recent surge in the stock prices of CanSino Biologics (6185.HK) is attributed to a warning from the World Health Organization regarding mosquito-borne diseases, particularly Chikungunya fever, which has heightened market sentiment towards the vaccine sector [1]. Group 1: Stock Performance - CanSino Biologics experienced a significant stock increase, rising over 16.8% to a peak of 55.7 HKD, marking a new high since March 2023 [1]. - The A-share market also saw a rise of over 11%, reaching a maximum of 92.7 CNY, the highest since August 2023 [1]. Group 2: Disease Outbreak - The Guangdong Provincial Center for Disease Control reported 2,892 new local cases of Chikungunya fever from July 27 to August 2 [1]. Group 3: Product Development - CanSino has made important advancements in the research and commercialization of multiple products in the second half of this year [1]. - The company announced that its trivalent inactivated poliovirus vaccine (Sf-RVN cells) has received approval from the National Medical Products Administration of China to commence clinical trials [1]. - On June 20, CanSino disclosed that its 13-valent pneumococcal polysaccharide conjugate vaccine (CRM197/tetanus toxin) has been approved for new drug listing by the National Medical Products Administration [1].

随着7月27日顺利过聆讯，中慧生物-B(02627)——这家专注于人用创新型疫苗研发与商业化的生物科技 企业的港股IPO进程也来到了招股阶段。 中慧生物将在7月31日至8月5日招股，公司拟全球发售3344.26万股H股，其中香港发售占10%，国际发 售占90%。每股发售股份12.9港元-15.5港元。每手200股，预期H股将于8月8日(星期五)上午九时正，在 联交所开始买卖。 智通财经APP了解到，此次中慧生物IPO获得了市场不少投资者关注，主要原因之一在于IPO保荐机构 是以高胜率著称的中信证券以及近期保荐成绩亮眼的招银国际。然而，虽有保荐人光环，依旧难掩中慧 生物短期的基本面短板，投资者还是难以"闭眼打新"。 IPO定价谨慎，缺乏明星基石背书 一般来说，新股发行过程中会设定发行价下限和发行价上限，发行价下限和上限的价格区间一般在 0%-30%不等。数据显示，2024年港股IPO新股招股价上限与下限的平均价差区间为15.22%，但同比减 少了5.84个百分点，整体呈收窄趋势。 相较之下，中慧生物此次的发行价区间在12.9港元-15.5港元，上下限价差区间达到20.16%，明显高于上 述平均价差水平，而价格区 ...

随着7月27日顺利过聆讯，中慧生物-B(02627)——这家专注于人用创新型疫苗研发与商业化的生物科技 企业的港股IPO进程也来到了招股阶段。 中慧生物将在7月31日至8月5日招股，公司拟全球发售3344.26万股H股，其中香港发售占10%，国际发 售占90%。每股发售股份12.9港元-15.5港元。每手200股，预期H股将于8月8日(星期五)上午九时正，在 联交所开始买卖。 智通财经了解到，此次中慧生物IPO获得了市场不少投资者关注，主要原因之一在于IPO保荐机构是以 高胜率著称的中信证券以及近期保荐成绩亮眼的招银国际。然而，虽有保荐人光环，依旧难掩中慧生物 短期的基本面短板，投资者还是难以"闭眼打新"。 招股书显示，公司研发管线共有13款产品，包括1款商业化疫苗产品、1款处于NDA(新药上市申请)阶段 的在研疫苗和11款处于临床及临床前开发阶段的在研疫苗。 其中，四价流感病毒亚单位疫苗(慧尔康欣®)是中慧生物唯一一款实现商业化的产品。中慧生物之所以 能在手握商业化孤品情况下依旧立足于趋于内卷的国内疫苗市场，一大关键在于其具备差异化技术优势 的高端疫苗产品路线。 中慧生物的核心品种慧尔康欣®属于四价流感病毒 ...

公司2023年度、2024年度、2025年一季度截至3月31日止，净利润分别为-4.25亿元、-2.59亿 元、-8731.70万元。（数据宝） （文章来源：证券时报网） 中慧生物-B预计于2025年8月8日在主板上市，中信证券（香港）有限公司、招银国际融资有限公司为联 席保荐人。 公司是一家总部位于中国的疫苗公司，致力于创新疫苗及采用新技术方法的传统疫苗的研发、制造及商 业化。公司密切追踪传染病的全球发病及疫苗研发的趋势来确定公司的产品管线，并专注于优质疫苗， 以在中国取代传统疫苗和进口疫苗，并将公司的竞争优势扩展至国际市场。截至最后实际可行日期，公 司的产品管线包括两种核心产品，即四价流感病毒亚单位疫苗及在研冻乾人用狂犬病疫苗，以及其他11 种在研疫苗。 中慧生物-B(02627.HK)发布公告，公司拟全球发售3344.26万股股份，其中香港发售股份334.44万股，国 际发售股份3009.82万股。招股日期为7月31日至8月5日，最高发售价15.50港元，每手买卖单位200股， 入场费约3131.26港元。 全球发售预计募资总额为4.75亿港元，募资净额4.21亿港元，募资用途为用于分配至公司的核心产品 ...

Group 1 - The company, Zhonghui Biotech-B, plans to conduct an IPO from July 31 to August 5, 2025, aiming to globally offer 33.4426 million H-shares at a price range of HKD 12.9 to HKD 15.5 per share [1] - Zhonghui Biotech is a Chinese vaccine company focused on the research, development, manufacturing, and commercialization of innovative and traditional vaccines, with a product pipeline that includes a quadrivalent influenza virus subunit vaccine and a lyophilized human rabies vaccine [1] - The company has signed cornerstone investment agreements with Jiaxing Xinyang and Huatai Capital Investment, with cornerstone investors set to subscribe for shares worth USD 13 million [1] Group 2 - The net proceeds from the offering are expected to be HKD 421 million, which will primarily be used for core product development, development of other vaccines in the pipeline, enhancement of production and commercialization capabilities, and development of technology platforms [1]

中慧生物-B(02627)于2025年7月31日至2025年8月5日招股，该公司拟全球发售3344.26万股H股，其中香 港发售占10%，国际发售占90%。每股发售股份12.9港元-15.5港元。每手200股，预期H股将于2025年8 月8日(星期五)上午九时正在联交所开始买卖。 假设发售价为每股发售股份14.20港元及假设发售量调整权未获行使，扣除集团于全球发售中应付的包 销费用及开支后，集团估计将获得所得款项净额约4.21亿港元。 集团计划将全球发售所得款项净额用于以下用途：约63.6%将分配至集团的核心产品的开发及国内外注 册，其中：约32.4%将用于集团的四价流感病毒亚单位疫苗的持续研发及海外市场注册;约31.2%将用于 集团的在研冻干人用狂犬病疫苗的III期临床试验及注册。约18.1%将用于集团的其他在研疫苗的开发和 注册。约8.4%将分配至提升集团的生产及商业化能力。约4.9%将分配至集团的技术平台(包括集团的基 因工程及蛋白质表达与纯化平台、mRNA疫苗研究平台及佐剂开发与生产平台、大规模扩增平台、多糖 结合技术平台及微生物与免疫学研究平台)的开发、升级及运营。约5.0%将分配至营运资金及其他一 ...

Core Viewpoint - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. (referred to as "Zhonghui Yuantong") is making a second attempt to list on the Hong Kong Stock Exchange after an unsuccessful application in January 2025 and a withdrawal from the Shanghai Stock Exchange's Sci-Tech Innovation Board in September 2023 [1][3] Company Overview - Zhonghui Yuantong, established in 2015, focuses on the research, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technologies [3] - The company has two core products: a quadrivalent influenza virus subunit vaccine and an in-development lyophilized rabies vaccine [3] - The quadrivalent influenza virus subunit vaccine was approved by the National Medical Products Administration in May 2023 for individuals aged three and above, making it the first and only quadrivalent influenza virus subunit vaccine approved in China as of the last feasible date [3] Financial Performance - For the reporting periods of 2023-2024 and the first three months of 2025, Zhonghui Yuantong reported revenues of 52.168 million yuan, 260 million yuan, and 4.1 million yuan, with net losses of -425 million yuan, -259 million yuan, and -87.32 million yuan, respectively, accumulating losses of 771 million yuan over two years [3][4] - In the first three months of 2024, the company reported revenues of 306,000 yuan and a net loss of -6.333 million yuan, indicating a year-on-year revenue increase but an expanded net loss [4] Inventory and Cost Management - The company has made significant inventory impairment provisions, with a gross loss rate of 39% in 2023 due to high sales costs and significant idle costs from seasonal sales of the influenza vaccine [5] - In 2023 and 2024, Zhonghui Yuantong recorded inventory impairment provisions of 45.69 million yuan and 28.72 million yuan, respectively, due to the late start of sales and overproduction for sales purposes [5] Funding and Debt Situation - Zhonghui Yuantong has raised a total of 999.5 million yuan through three rounds of financing but has accumulated debts of 938 million yuan, with 896 million yuan in loans as of March 31, 2025 [6] - The company’s valuation has increased significantly over the years, from 746 million yuan post-A round financing in April 2019 to 4.189 billion yuan post-B round financing in July 2021 [6] Market Comparison - The leading vaccine company in the A-share market, Zhifei Biological Products Co., Ltd., reported a revenue of 2.374 billion yuan in the first quarter of 2025, a year-on-year decline of 79.16%, with a net loss of -305 million yuan [7] - Another competitor, Hualan Biological Engineering, reported a revenue of 24.2825 million yuan in the same period, a year-on-year decline of 29.05%, with a net profit of 32.7771 million yuan [7] Shareholding Structure - Prior to the IPO, the company’s executive director, chairman, and general manager, along with Jiangsu Qianyu, collectively hold approximately 35.84% of the shares, with Jiangsu Qianyu being viewed as holding about 9.72% of the shares through employee stock ownership platforms [7]