Core Viewpoint - Fosun Pharma plans to spin off its subsidiary Fosun Antigen for a listing on the Hong Kong Stock Exchange, aiming to enhance its financing channels and market competitiveness in the vaccine sector [1] Group 1: Company Overview - Fosun Antigen is a vaccine business platform under Fosun Pharma, currently holding a limited product line including human rabies vaccine and influenza virus split vaccine [6][7] - As of October 29, 2023, Fosun Pharma's A-share closed at 28.91 CNY per share, with a total market capitalization of 77.202 billion CNY [1] Group 2: Market Context - The vaccine industry has faced challenges, with a general trend of price reductions observed over the past two years, impacting profitability [3][4] - The procurement price for the bivalent HPV vaccine is set at 27.5 CNY per dose, which is relatively high compared to government procurement prices for other vaccines [3] Group 3: Financial Performance - Fosun Antigen's projected revenue and net profit for 2024 are 97.42 million CNY and -123 million CNY, respectively, indicating ongoing losses despite some improvement in operations [5][6] - Other vaccine companies have reported significant declines in net profits, with companies like Kangtai Biologics and Watson Bio experiencing over 90% and 60% declines, respectively [4] Group 4: Competitive Landscape - Fosun Antigen lacks a strong competitive edge in the four-valent influenza vaccine market, where other companies have established advantages [6][7] - The company’s market share in the human rabies vaccine sector is limited, ranking third with an 8.86% market share [7] Group 5: Future Prospects - The approval of the freeze-dried human rabies vaccine in March 2024 may help Fosun Antigen expand its market presence [7] - The spin-off is seen as a strategy to achieve faster operational decisions and potentially attract innovation premiums in the Hong Kong market [8]