Core Viewpoint - The A-share and Hong Kong stock pharmaceutical sectors have shown significant structural differentiation in 2023, with the innovative drug sector recovering in valuation due to policy relaxation and global collaboration, while the vaccine sub-sector lags behind due to price wars and a shrinking infant vaccination population [1][2]. Industry Analysis - The vaccine industry is at a critical juncture of "pain and opportunity," facing traditional price competition that squeezes profit margins, while high-end products and new market segments (like adult and overseas markets) are emerging as potential growth paths for companies with technological barriers [1][3]. - The vaccine sector is undergoing a "pressure test" in 2024, with a significant decline in revenue and profit due to homogenized competition, but signs of recovery are emerging as the sector shows a 20% quarter-on-quarter revenue growth in Q2 2025 [4][5]. Company Analysis - CanSino Biologics, a company with both innovative and commercial capabilities in the domestic vaccine sector, has been undervalued by the market, which still perceives it as a "single-product biotech" despite its comprehensive breakthroughs in commercialization, finance, pipeline, and globalization [1][10]. - CanSino's Q3 2025 financial report shows a revenue of approximately 693 million yuan, a year-on-year increase of 22.13%, and a net profit of approximately 14.44 million yuan, indicating a successful turnaround and enhanced profitability [11][12]. - The company has developed a unique four-valent meningococcal vaccine, which is the only one approved in China, and is expanding its market reach by increasing the age range for vaccination, thus raising its market ceiling [11]. - CanSino's cash flow from operating activities reached 33.49 million yuan, indicating strengthened self-sustaining capabilities that provide funding for pipeline advancement [12]. - The company has built five major technology platforms that create core barriers, supporting a diverse pipeline of innovative vaccines targeting various diseases, including a recently approved 13-valent pneumococcal polysaccharide conjugate vaccine [13][14]. - CanSino's internationalization strategy, which includes local production and technology output, is expected to unlock significant overseas market potential, particularly in regions like Southeast Asia and the Middle East [16][17].

今年以来，A股及港股医药板块呈现显著结构性分化。创新药领域借政策松绑与全球合作实现估值修 复，与之形成对比的是，同为核心赛道的疫苗子板块，却因前期同质化价格战、婴幼儿接种人群收缩等 因素表现滞后，成为板块中尚未充分兑现价值的"洼地"。 当前疫苗行业正处"阵痛与机遇交织"的关键期。一方面，传统疫苗价格竞争仍在挤压盈利空间；另一方 面，产品高端化（如多联多价疫苗）与增量市场（如成人及海外市场）逐步显现，已为具备技术壁垒的 企业开辟突围路径。 在这样的行业变局中，康希诺生物作为国内疫苗领域兼具创新属性与商业化能力的企业，近日发布2025 年第三季度财报，在业绩延续此前改善态势、跑出一条独立增长的逆周期曲线时，却仍被市场贴上"依 赖单一产品的Biotech"标签，未充分认可其商业化、财务、管线及全球化的全面突破。这种"行业洼 地"与"公司价值错配"的矛盾，恰是理解疫苗股"追落后"的一个机会。 那么，在医药板块结构性行情下，疫苗股的"追落后"逻辑具体源于哪些支撑因素？康希诺生物身上又存 在哪些未被市场定价的核心预期差？下文将从行业逻辑与公司价值两个维度展开深度分析。 "吃药行情"下，疫苗股"追落后"逻辑何在？ 站在行业 ...