证券日报网1月6日讯 ，康希诺在接受调研者提问时表示，公司在脑膜炎疫苗、肺炎疫苗、婴幼儿疫 苗、创新接种方案、全生命周期及成人疫苗等主要核心领域已深耕多年，未来也将通过领先的技术平台 赋能，持续丰富现有管线。对于创新领域及赛道扩展，包括肿瘤疫苗及治疗型等方向，公司将会持续探 索，并利用已搭建的技术平台的优势，以开发具备差异化竞争产品为目标推进。在做好主营业务的基础 之上，公司会进一步拓展相应赛道的候选产品。mRNA是公司的领先技术平台之一，具有较高的平台价 值及广阔的发展前景。公司已积累了多年mRNA疫苗的开发及生产经验，包括对传染病的深层认识和抗 原的筛选，目前在预防型和治疗型的疫苗领域均具备管线布局。治疗领域方面，公司正在推进mRNA疫 苗用于治疗胶质母细胞瘤以及横纹肌肉瘤等适应症的研发，以期扩大该领先技术平台的应用范围。公司 具有自主产权的新型三组分脂质纳米颗粒递送系统（ISL-3C-LNP）也在近期实现了对外技术授权。 （编辑 丛可心） ...

（编辑 楚丽君） 证券日报网讯 1月6日，康希诺在互动平台回答投资者提问时表示，公司将在专注做好主营业务的基础 上，利用搭建的mRNA技术平台在治疗领域持续探索更多适应症，如有阶段性进展，将会及时公布。 ...

2025年12月29日，悦康药业（688658）正式向香港联交所递交H股上市申请。这是继2020年登陆科创板后，悦康药业在资本市场的又 一重大动作。 在宏观医药政策调整与核心产品放量的双重背景下，此次"A+H"布局不仅是融资渠道的拓宽，更是公司在核心业务面临政策性降 价、业绩承压关键时点做出的财务与战略选择。 核心产品银杏叶降价，业绩持续承压 成也银杏叶，困也银杏叶。《财中社》注意到，悦康药业的业务高度依赖于中药及化药制剂。在过去数年中，银杏叶提取物注射液 （悦康通）是公司的核心业绩支撑。根据招股书披露，该产品曾占据中国银杏叶提取物注射液市场约94.1%的份额。然而，这种高度 集中的产品结构在监管政策调整下显现出显著的脆弱性。 2024年，国家医保局针对"一药两价"现象开展专项治理，悦康通因底价与实际挂网价差异过大被点名，详见《财中社》此前的文 章：。随后，悦康药业主动调整产品价格，降价幅度在38%至53%。这一合规性治理也体现在财务报表的营收端：2025年第三季度报 告显示，公司1-9月实现营业收入17.59亿元，较上年同期的29.92亿元同比下降41.20%。由于核心产品悦康通的毛利率曾长期维持在 高位， ...

即使在科学上取得奠基性成就后，考里科对科学本身的态度依然纯粹得近乎异类。"推动知识进步的始 终是科学，"她说。她批评一些同行将职业晋升置于科学发现之上，并告诫学生："他们不是在为上级工 作，而是在为推动科学进步而工作。" 如今，mRNA技术已从无人问津的角落跃升为生物医学的革命性平台，应用于从疫苗到癌症治疗、蛋白 质替代疗法的广阔领域。回顾这段旅程，考里科对成功的定义，与外界追逐的认可截然不同。她和Edu 指南分享道，"成功其实是，我还是60年前或50年前的那个自己，诚实、自然，仅此而已。" 文 | Edu指南 当整个世界将目光聚焦于mRNA疫苗，并将其誉为抗击新冠疫情的救星时，那位在幕后为其奠定科学基 石的女性，早已在一条人迹罕至、备受质疑的道路上孤独行走了四十年。 卡塔林·考里科（Katalin Karikó），这位2023年诺贝尔生理学或医学奖得主，她的故事并非一个典型 的、直线上升的天才叙事。它始于匈牙利一个没有自来水和稳定电力的小村庄。但"真正塑造我的，是 那种与自然紧密相连的简单家庭生活，"考里科在Edu指南访问中回顾道。观察小鸡破壳而出的童年好 奇心，成了她科学直觉的最初萌芽。 她的科研生涯，是 ...

这一跨越式发展的背后，是过去十年药监改革、创新创业生态培育与资本通道畅通的多重共振，更依托 于中国庞大的人口基数、高效的产业制造能力与突出的成本效益优势。 亮眼成绩之下，行业发展的挑战亦不容忽视。一方面，中国上市的生物科技企业（Biotech）总市值不 足美国同类企业的15%，授权预付款通常比全球同类交易低2/3，交易总金额约为全球平均水平的1/2； 另一方面，部分药企商业化能力薄弱，已成为制约其价值释放的重要因素。 2025年，中国创新药行业的成绩单已跃然纸上：生物医药市场规模居全球第二，在研创新药约占全球比 重达30%；创新资产的全球吸引力持续攀升，截至11月18日，国产创新药对外授权总金额突破千亿美 元，较2024年实现翻倍式增长。 权威期刊《经济学人》直言，中国创新药正处于全球化的临界点，"从中国临床试验到对外授权许可， 中国药企的全球占比都显著上升，过去一年中国生物科技企业的股价涨幅甚至远超美国同类企业，这都 说明过去一个世纪中全球生物医药创新的'西方主导'格局已经生变。" 在此背景下，价值重塑的序曲已然奏响，一批头部创新药企已率先蹚出进阶之路，向着全球价值链顶端 全速迈进。今年上半年迎来商业化进程 ...

21世纪经济报道记者 韩利明 2025年，中国创新药行业的成绩单已跃然纸上：生物医药市场规模居全球第二，在研创新药约占全球比 重达30%；创新资产的全球吸引力持续攀升，截至11月18日，国产创新药对外授权总金额突破千亿美 元，较2024年实现翻倍式增长。 权威期刊《经济学人》直言，中国创新药正处于全球化的临界点，"从中国临床试验到对外授权许可， 中国药企的全球占比都显著上升，过去一年中国生物科技企业的股价涨幅甚至远超美国同类企业，这都 说明过去一个世纪中全球生物医药创新的'西方主导'格局已经生变。" 这一跨越式发展的背后，是过去十年药监改革、创新创业生态培育与资本通道畅通的多重共振，更依托 于中国庞大的人口基数、高效的产业制造能力与突出的成本效益优势。 亮眼成绩之下，行业发展的挑战亦不容忽视。一方面，中国上市的生物科技企业（Biotech）总市值不 足美国同类企业的15%，授权预付款通常比全球同类交易低2/3，交易总金额约为全球平均水平的1/2； 另一方面，部分药企商业化能力薄弱，已成为制约其价值释放的重要因素。 在此背景下，价值重塑的序曲已然奏响，一批头部创新药企已率先蹚出进阶之路，向着全球价值链顶端 全速 ...

Core Viewpoint - BioNTech has successfully completed the acquisition of CureVac, enhancing its mRNA technology capabilities and supporting its oncology strategy [1][6]. Group 1: Acquisition Details - The acquisition of CureVac was finalized on December 18, 2025, with the subsequent offering period for CureVac shares expiring at 12:01 a.m. Eastern Time on the same day [1]. - A total of 195,341,219 CureVac shares, representing approximately 86.75% of the outstanding shares, were tendered in the exchange offer [3][6]. - BioNTech plans to complete the compulsory acquisition of the remaining CureVac shares in January 2026 as part of a post-offer reorganization [3][6]. Group 2: Strategic Implications - The acquisition aims to complement BioNTech's proprietary technologies in mRNA design, delivery formulations, and manufacturing, thereby strengthening its position in the global mRNA industry [1][6]. - BioNTech's oncology strategy focuses on mRNA-based cancer immunotherapy candidates and a bispecific antibody candidate, pumitamig (BNT327/BMS986545), developed in collaboration with Bristol Myers Squibb [1][6]. - The merger is seen as a synergy of two pioneering German mRNA firms, contributing to the country's innovation agenda [2]. Group 3: Management and Operations - Following the acquisition, the Management Board of CureVac SE will consist of BioNTech executives, while former CureVac board members have resigned [2]. - CureVac will continue its existing organizational processes to ensure business continuity, while BioNTech will conduct strategic and operational analyses for future organizational setup [2][6].

Core Viewpoint - The research published by the University of Pennsylvania reveals that the strong immune response triggered by mRNA vaccines is a result of the synergistic interaction between two core components: modified mRNA and lipid nanoparticles (LNP), which together guide the immune system to produce effective germinal center responses, leading to the generation of durable neutralizing antibodies and memory B cells [1][2][18]. Group 1: Mechanism of mRNA Vaccines - mRNA vaccines deliver mRNA encoding viral proteins to human cells, prompting them to produce viral antigens and train the immune system. Early studies indicated that unmodified mRNA could cause excessive inflammatory responses, which scientists mitigated through nucleotide modifications [5][6]. - The study challenges the traditional view that modified mRNA is "immune-silent," demonstrating that mRNA components can induce the production of type I interferons (IFN-α and IFN-β), which activate dendritic cells (DC) and enhance the differentiation of follicular helper T (Tfh) cells, crucial for germinal center responses [8][9]. Group 2: Role of Lipid Nanoparticles (LNP) - LNPs, typically seen as mere carriers for mRNA, possess significant adjuvant activity, directly regulating the transcriptional program of dendritic cells and promoting Tfh cell differentiation [10][11]. - LNPs induce dendritic cells to express soluble CD25, which neutralizes IL-2, a cytokine that inhibits Tfh cell differentiation, thereby facilitating Tfh cell development [11]. - The study shows that LNPs enhance immune signaling locally at the injection site, explaining their high efficiency and safety [11][12]. Group 3: Synergistic Effects of mRNA and LNP - The research indicates that both mRNA and LNP components are essential for optimal immune responses. Using LNP alone with recombinant proteins resulted in weaker immune reactions compared to the combination with modified mRNA [13][14]. - The presence of mRNA enhances the quality of Tfh cells, making them more likely to produce IFN-γ and IL-21, which are critical for B cell responses, ultimately leading to stronger neutralizing antibody titers [13][14]. Group 4: Implications for Future Vaccine Design - This study not only elucidates the mechanisms behind the success of mRNA vaccines but also provides a blueprint for the design of next-generation vaccines. Adjustments to mRNA modifications or LNP components could precisely regulate the type and intensity of immune responses [16][18]. - The principles derived from this research could extend to cancer vaccines or infectious disease vaccines, enabling more effective immunotherapies [16].

Financing Transactions - Hongxin Biotech completed Series A financing, attracting top venture capital firms such as IDG Capital, Jingwei Venture Capital, and Tencent Investment, indicating strong market confidence in China's original RNA platform technology [1] - Jita Semiconductor completed Series D financing with investments from CITIC Capital, China International Capital Corporation, and China Electronics, highlighting its strategic position in the national semiconductor industry chain [2] - Weilian Star completed Series C financing of 400 million RMB, with investors including Hongtai Fund and CICC, focusing on next-generation communication applications in the 5G-A/6G era [3] - Zongwei Technology completed Series C financing of several hundred million RMB, with investments from Innovation Works and BlueRun Ventures, recognized as a key player in industrial automation [4] - Yundongchu Technology completed Series C financing of 500 million RMB, with a strong lineup of investors, establishing itself as a leader in commercializing quadruped robots [5] - Beidou Zhili completed Series B financing of several hundred million RMB, with investments from GAC Group and Shangqi Capital, recognized for its integration of high-precision positioning and intelligent cockpit technologies [6] - Houmo Intelligent completed Series B financing, focusing on a disruptive "storage-computing integration" architecture to challenge traditional chip performance [7] - Unconventional AI raised $475 million in seed funding from top venture capital firms, exploring AI simulation computing based on semiconductor physical properties [8] - Castelion completed $350 million in Series B financing, with significant investment from Silicon Valley funds, focusing on hypersonic technology [9] - BlossomHill Therapeutics completed $48 million in B+ financing, addressing drug resistance in cancer and autoimmune diseases through innovative drug design [10]

Core Insights - Moderna's ambitious vision of becoming a leading pharmaceutical company has faced significant setbacks, with its market value plummeting by 90% from its peak of nearly $200 billion to under $10 billion [1][2] - The company's challenges stem from both internal strategic miscalculations and external political pressures, particularly following the COVID-19 pandemic [6][9] Group 1: Ambition and Market Dynamics - Moderna initially thrived due to the rapid development and approval of its mRNA COVID-19 vaccine, which generated $18.471 billion in revenue in 2021, propelling it into the top 20 global pharmaceutical companies [3][4] - The company aimed to leverage its mRNA technology to create a "respiratory vaccine empire" and tackle cancer with personalized vaccines, but overestimated the technology's immediate applicability beyond COVID-19 [4][5] - The failure of the CMV vaccine in Phase III trials, which had a potential market size of $2-5 billion, further eroded investor confidence and led to a significant drop in stock price [5][10] Group 2: Strategic Missteps and Financial Pressure - Moderna's aggressive expansion strategy post-COVID led to a fourfold increase in employee count from 1,500 to nearly 6,000 and substantial investments in global production facilities, resulting in over $1 billion in losses [6][7] - The company's R&D expenses surged from $496 million in 2019 to $4.845 billion in 2023, reflecting a reckless spending approach driven by overconfidence in mRNA technology [6][7] - Internal attempts to implement cost control measures were rejected, leading to a lack of accountability and vulnerability to external policy changes [7][8] Group 3: External Challenges and Regulatory Environment - Political and regulatory shifts, including the withdrawal of a dual COVID/flu vaccine application, have compounded Moderna's difficulties, as the FDA's new requirements necessitate additional clinical trials [8][9] - The political landscape has become increasingly hostile towards mRNA vaccines, with significant funding cuts and public scrutiny affecting the entire sector [9][12] - Despite holding over $4 billion in cash reserves and ongoing revenue from its COVID-19 vaccine, the uncertainty surrounding its pipeline and external pressures leaves Moderna's future precarious [11][12]