每日经济新闻 疫苗ETF（159643）跟踪的是疫苗生科指数（980015），该指数从市场中选取涉及生物制品、医疗 研发等业务的上市公司证券作为指数样本，重点关注疫苗及相关生物科技领域。该指数旨在反映生物制 药行业特别是疫苗研发生产相关上市公司证券的整体表现，具有显著的行业集中度和成长性特征。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 疫苗ETF（159643）近五日资金净流入超5000万元，呼吸疾病与核酸药物领域现技术突破。 华鑫证券指出，在呼吸疾病领域，吸入制剂与新靶点组合正取得积极治疗效果，如Insmed公布的 PAH新药TPIP临床数据显示显著疗效，且冻干粉制剂设计提升用药便利性。国内吸入制剂以改良型新药 或仿制药为主，技术迭代下中国企业逐步掌握粉雾剂和药械结合产品，并具备出海潜力。小核酸领域， Arrowhead的TRiM平台在肝外 ...

Core Viewpoint - The company, Olin Bio (688319.SH), is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international presence and optimize its capital structure [1] Group 1: H-Share Listing Plans - Olin Bio is in discussions with relevant intermediaries regarding the H-share listing, with specific details yet to be determined [1] - The H-share listing will require approval from the company's board, shareholders, and various regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] Group 2: Previous A-Share Issuance Attempt - On August 31, Olin Bio announced the termination of its plan to issue A-shares through a simplified procedure due to current market conditions and company strategy [2] - The previous A-share issuance aimed to raise up to 300 million RMB, with a proposed subscription amount of 12,529.29 million RMB for specific investors [2] Group 3: Shareholder Changes - The controlling shareholder, Shanghai Wushan Biotechnology Co., Ltd., reduced its stake by 4.4028 million shares, realizing approximately 119.98 million RMB from the sale [4] - Following the reduction, the shareholding of Shanghai Wushan and its concerted parties decreased from 29.00% to 27.92% of the total shares [4] Group 4: Financial Performance - Olin Bio's revenue from 2021 to 2024 was reported as 487 million RMB, 548 million RMB, 496 million RMB, and 589 million RMB respectively, with net profits of 108 million RMB, 26.58 million RMB, 17.56 million RMB, and 20.76 million RMB [6]

Core Viewpoint - Chengdu Olin Biological Technology Co., Ltd. has decided to terminate its plan for a simplified procedure to issue shares to specific targets due to current market conditions and company circumstances, stating that this decision will not adversely affect its daily operations or shareholder interests [1][2]. Company Overview - Olin Biological primarily engages in the research, production, and sales of human vaccines, with key products including adsorbed tetanus vaccine, Hib conjugate vaccine, and AC conjugate vaccine, which are the main sources of revenue and cash flow [3]. Financial Performance - In the first half of 2025, Olin Biological achieved operating revenue of 306 million yuan, a year-on-year increase of 35.17%, and net profit attributable to shareholders of 13.2 million yuan, marking a turnaround from losses [3]. - As of June 30, 2025, the company reported total assets of 1.836 billion yuan, a 1.62% increase from the beginning of the year, with total liabilities of 902 million yuan, reflecting a 3.24% increase [3]. Fundraising and Investment Plans - The initial plan for the share issuance aimed to raise 175 million yuan to invest in the vaccine research and production base renovation project, which has a total investment of 290 million yuan [2]. - The project was intended to upgrade production facilities for various vaccine products, thereby optimizing production processes and expanding product lines [2].

Core Viewpoint - Chengdu Olin Biological Technology Co., Ltd. is adjusting its fundraising plan to raise a total of 125.29 million yuan for a vaccine research and production base technology transformation project, down from 175.29 million yuan [1][2][4] Group 1: Trading Information - On August 19, 2025, Olin Biological's stock closed at 31.21 yuan, up 12.71%, with a turnover rate of 6.8% and a trading volume of 275,600 shares, amounting to a total transaction value of 831 million yuan [1] - The fund flow on August 19 showed a net outflow of 5.9961 million yuan from main funds, a net inflow of 24.9017 million yuan from speculative funds, and a net outflow of 18.9056 million yuan from retail investors [1][3] Group 2: Fundraising Plan - The company plans to issue A-shares through a simplified procedure, with the total investment for the vaccine research and production base technology transformation project set at 290 million yuan, of which 125.29 million yuan will be raised through this issuance [3][4] - The number of shares to be issued has been adjusted from 12,785,769 shares to 9,138,795 shares, with the issue price set at 13.71 yuan per share [2][5] Group 3: Project Impact - The project aims to enhance the automation level and production efficiency of the production line, ensuring product quality and safety, and meeting market demand to strengthen the company's competitive advantage [3][4] - The company has committed to measures to mitigate the dilution of immediate returns from this issuance, including increasing R&D investment and accelerating the construction of the funded projects [5]

Core Viewpoint - Chengdu Olin Biological Technology Co., Ltd. plans to issue A-shares to specific investors, which may dilute immediate returns, and has proposed measures to compensate for this dilution [1][5]. Financial Impact of the Issuance - The issuance is expected to impact key financial metrics, with three scenarios analyzed for the net profit attributable to shareholders in 2025 compared to 2024: a 10% increase, no change, and a 10% decrease [2][3][4]. - In the first scenario, the net profit would rise to CNY 22.83 million, with basic and diluted earnings per share (EPS) at CNY 0.0559 [3]. - In the second scenario, the net profit remains at CNY 20.76 million, with basic and diluted EPS at CNY 0.0508 [4]. - In the third scenario, the net profit would drop to CNY 18.68 million, with basic and diluted EPS at CNY 0.0458 [4]. Necessity and Reasonableness of the Issuance - The funds raised will be used for a vaccine R&D production base technology renovation project, which aligns with the company's core business and development strategy [5][6]. - The project aims to enhance production capabilities and ensure stable revenue generation, supporting long-term R&D and market promotion [5][6]. Company’s Preparedness in Talent, Technology, and Market - The company has a stable management team with extensive experience in the biopharmaceutical industry, ensuring ongoing support for sustainable development [6][7]. - The R&D team has over ten years of experience in vaccine development, focusing on both traditional and innovative vaccine projects [7][8]. - The company has established multiple vaccine R&D platforms and holds several patents, enhancing its competitive edge in the market [8]. Measures to Mitigate Dilution of Immediate Returns - The company commits to maintaining stable and rapid growth in its core business and accelerating the investment progress of the fundraising projects to enhance profitability [9][12]. - It will manage the raised funds strictly according to legal regulations to ensure compliance and effective use [11][12]. - The company plans to improve its profit distribution policy to ensure reasonable returns for investors, particularly small shareholders [12][13]. Commitments from Major Stakeholders - The controlling shareholder and actual controller have made commitments to uphold the company's independence and ensure the fulfillment of compensation measures for diluted returns [14][15]. - The board of directors and senior management have also pledged to avoid actions that could harm the company's interests and to adhere to the commitments made regarding return compensation [15][17].