Core Points - There are increasing signals indicating that China may restart the expansion of its National Immunization Program (NIP) to include more free vaccines after 18 years since the last adjustment [1][3] - Government officials and technical experts have revealed that research and discussions regarding the expansion of the immunization program have begun, with a focus on optimizing vaccine types based on disease burden and cost-effectiveness [1][2] - The NIP has not included new vaccines for 18 years, and there is a need to align with international standards and recommendations from the World Health Organization (WHO) [3][4] Group 1: Policy and Strategy - The National Health Commission's deputy director mentioned plans to dynamically adjust and optimize the NIP, focusing on adding vaccines that are widely recognized, cost-effective, and meet demand [1][2] - The NIP aims to gradually reduce the gap between domestic immunization practices and international standards, with a five-year plan in place [2][3] - The expansion of the NIP is expected to consider various factors, including disease prevention needs, vaccine characteristics, economic benefits, and funding levels [2][3] Group 2: Current Vaccination Landscape - Four vaccines recommended by WHO (Hib, PCV, HPV, RV) are currently not included in China's NIP, which has led to a focus on these vaccines in discussions about future expansions [3][4] - The current NIP primarily covers children under six, lacking vaccines suitable for adults and vulnerable populations [3][4] - The incidence of several infectious diseases has significantly decreased in China due to previous expansions of the NIP, highlighting the importance of including new vaccines [3][4] Group 3: Vaccine-Specific Insights - Hib vaccine targets a common respiratory pathogen and is crucial for preventing severe outcomes in children under five [4][5] - PCV vaccine is essential for preventing pneumonia-related diseases, particularly in vulnerable populations [4][5] - HPV vaccine is vital for preventing cervical cancer, which is a significant health issue in China, with a high incidence rate among women [4][5] - RV vaccine is critical for preventing severe gastroenteritis in young children, with significant hospitalization rates due to infections [5] Group 4: Equity and Accessibility - The principle of equity in vaccine access is emphasized, with a focus on ensuring that all children, regardless of socioeconomic status, can receive vaccinations [6][10] - Local policies providing free HPV vaccines have created disparities in access, highlighting the need for a national approach to ensure uniform coverage [6][9] - The sustainability of local vaccination programs is questioned, as they may not provide long-term stability compared to a national immunization strategy [9][10]

Core Viewpoint - The financial performance of Shenyuan Biological in 2024 shows a decline in net profit and a slight increase in revenue, indicating potential challenges ahead for the company. Financial Performance Summary - In 2024, the company achieved operating revenue of 30,341.47 million yuan, a year-on-year increase of 0.64% compared to 30,148.71 million yuan in 2023 [1][2] - The net profit attributable to shareholders was -4,474.01 million yuan, a significant decrease from the previous year's profit of 3,151.87 million yuan, representing a decline of 241.95% [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -4,837.65 million yuan, down from 2,506.98 million yuan in the prior year, marking a decrease of 292.97% [1][2] - The net cash flow from operating activities was 8,936.20 million yuan, a substantial increase from 352.55 million yuan in the previous year, reflecting a growth of 2,434.71% [1][2] Q1 2025 Performance Summary - In the first quarter of 2025, the company reported operating revenue of 7,874.11 million yuan, a year-on-year decrease of 10.58% from 8,805.82 million yuan [3][4] - The net profit attributable to shareholders was -301.99 million yuan, compared to -220.92 million yuan in the same period last year [3][4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -445.01 million yuan, down from -286.93 million yuan in the previous year [3][4] - The net cash flow from operating activities was -2,856.10 million yuan, compared to -2,440.44 million yuan in the same period last year [3][4] Company Background - Shenyuan Biological was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2019, with an initial issuance of 50 million shares at a price of 8.80 yuan per share [4][5] - The highest stock price recorded was 36.88 yuan on the first trading day, but the stock is currently in a state of decline [4]

Group 1: Company Performance - Baike Bio reported a revenue of approximately 1.229 billion RMB for 2024, a year-on-year decline of 32.64% [1] - The net profit attributable to shareholders was around 232 million RMB, down 53.67% year-on-year [1] - The decline in performance is primarily attributed to reduced sales of the shingles vaccine [1] Group 2: Green Bamboo Bio's Situation - Green Bamboo Bio's stock price fell by 9.09% on May 2, leading to significant sell-offs, with a trading volume of 1.8036 million shares, the highest since 2024 [2] - The company has experienced a drastic decline in liquidity, with 10 months in the past 17 months having a monthly trading volume of less than 200,000 shares [2] - Green Bamboo Bio's market capitalization is currently around 4.1 billion HKD, below the 7 billion HKD threshold required for inclusion in the Hang Seng Index [4] Group 3: Financials of Green Bamboo Bio - Green Bamboo Bio reported a net loss of 168 million RMB for the year, a reduction of 32.5% compared to the previous year's loss of 249 million RMB [4] - The company has not yet commercialized any products, with total revenue remaining at zero [4] - Research and development expenses decreased by 21.7% to 135 million RMB [4] Group 4: Product Development - Green Bamboo Bio's core product, the recombinant shingles vaccine LZ901, has completed Phase III clinical enrollment and submitted a Biologics License Application (BLA) [6] - LZ901 is expected to be the first shingles vaccine with a tetrameric molecular structure, targeting adults aged 50 and above [6] - The vaccine is positioned to compete with GSK's Shingrix, which has seen significant sales growth, reaching 3.446 billion GBP in 2023 [8] Group 5: Market Dynamics - The domestic vaccine industry is facing structural adjustment pressures, with a decline in consumer willingness to receive vaccinations and a significant drop in demand for self-paid vaccines [10] - The competition in the vaccine market is intense, with over 10 manufacturers competing in areas like rabies and influenza vaccines [10] - The market for shingles vaccines is currently less competitive, with only Baike Bio's Ganwei and GSK's Shingrix available, providing an opportunity for LZ901 if it commercializes as expected [10] Group 6: Challenges Ahead - Despite the potential of LZ901, the company may struggle to significantly improve its financial structure and fundamentals due to market education challenges and profit margin pressures [11] - The current vaccination rate for shingles in China is only 0.1%, significantly lower than in developed countries, indicating a need for market education [10]

一、当周（4.28-4.30）回顾与周专题： 当周（4.28-4.30）申万医药指数环比+0.49%，跑赢创业板指数，跑赢沪深 300 指数。 本周周报，我们对医药年报&一季报进行了总结。 证券研究报告 | 行业周报 gszqdatemark 2025 05 05 年 月 日 医药生物 【周专题&周观点】【总第 395 期】医药年报&一季报总结 二、近期复盘： 1、当周表现：本周市场（交易三天）整体震荡下行，A 股医药指数强于市场，活跃度 很好，表现比较好的包括：部分创新药、部分减肥条线、一季报超预期、药店、外骨骼 机器人等。港股医药在周一受到冲击下跌后，后续持续走强，重心还是在创新药，中小 市值表现更好一些。 2、原因分析：虽然本周只交易了 3 天，但医药的反应是超大家预期的，体现在两个方 面：第一是创新药，上周末康方出数据之后，市场整体反应给我们的感觉是市场对于创 新药的认知和交易更为成熟，信心和热度更为超预期（错杀的快速修复并创新高），此 外新诺威和科伦的走势，也是强化了市场对于创新药的信心，第二是一季报低于预期后 的反应，一季报整体是不好的，但有一些公司走出了强势利空出尽的感觉，比如华大智 造、科伦药 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 05 年 月 日 医药生物 【周专题&周观点】【总第 395 期】医药年报&一季报总结 一、当周（4.28-4.30）回顾与周专题： 当周（4.28-4.30）申万医药指数环比+0.49%，跑赢创业板指数，跑赢沪深 300 指数。 本周周报，我们对医药年报&一季报进行了总结。 二、近期复盘： 1、当周表现：本周市场（交易三天）整体震荡下行，A 股医药指数强于市场，活跃度 很好，表现比较好的包括：部分创新药、部分减肥条线、一季报超预期、药店、外骨骼 机器人等。港股医药在周一受到冲击下跌后，后续持续走强，重心还是在创新药，中小 市值表现更好一些。 2、原因分析：虽然本周只交易了 3 天，但医药的反应是超大家预期的，体现在两个方 面：第一是创新药，上周末康方出数据之后，市场整体反应给我们的感觉是市场对于创 新药的认知和交易更为成熟，信心和热度更为超预期（错杀的快速修复并创新高），此 外新诺威和科伦的走势，也是强化了市场对于创新药的信心，第二是一季报低于预期后 的反应，一季报整体是不好的，但有一些公司走出了强势利空出尽的感觉，比如华大智 造、科伦药 ...

智通财经APP获悉，周四，疫苗板块逆市走低，截至发稿，葛兰素史克(GSK.US)跌超1.9%，赛诺菲 (SNY.US)跌近1%，默沙东(MRK.US)跌超1.2%，阿斯利康(AZN.US)跌1.7%，辉瑞(PFE.US)跌超1.5%， BioNTech(BNTX.US)跌超2.5%，Moderna(MRNA.US)跌超3.7%，诺瓦瓦克斯医药(NVAX.US)跌超3%。 消息面上，据多家美国媒体周三晚间援引卫生与公众服务部(HHS)消息报道，美国食品药品监督管理局 (FDA)正计划要求所有新疫苗在获批前必须进行安慰剂对照临床试验。这项新政策标志着美国疫苗审批 机制的一次重大转变。 目前对于"新疫苗"的定义仍存在不确定性。根据报道，这项政策预计不会适用于流感疫苗。HHS指出， 流感疫苗已被使用和验证超过80年，其成分每年调整以应对变异的病毒株，具有成熟的安全记录，因此 可能不在本次政策覆盖范围内。 在被问及是否会对已完成安全性研究的疫苗重新审查时，HHS的回应主要集中在新冠疫苗上，对其他类 型疫苗则未予置评。 根据外媒最早披露的消息，该新规意味着未来新疫苗在进行安全性测试并申请上市许可前，必须在临床 试验中引入 ...

股票代码：002141 股票简称：*ST 贤丰 贤丰控股股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 （） | | 参与单位名称 | 线上参与贤丰控股 2024 年度网上业绩说明会的投资者 | | 及人员姓名 | | | 时间 | 2025 年 04 月 30 日（星期三）15:00-17:00 | | 地点 | "约调研"小程序 | | 上市公司接待 | 董事长：韩桃子女士 | | 人员姓名 | 董事、总经理：丁晨先生 | | | 独立董事：肖世练、邓延昌、梁融 | | | 董事会秘书、副总经理：梁丹妮女士 | | | 董事、财务总监：谢文彬先生 | | | 公司于 2025 年 4 月 30 日 15:00-17:00 在"约调研"小程序 | | | 举行 2024 年度业绩说明会。本次业绩说明会采用网络远程的 | | | 方式举行，公司与会高管在问答环节对投资者提出的共计 18 | | | 条问题均 ...

新京报讯（记者王卡拉）4月29日晚间，康乐卫士发布2024年年报。因尚未有产品商业化上市，康乐卫 士目前还处于亏损状态，2024年实现营收88.56万元，同比减少50.24%，归母净利润为-3.57亿元，同比 下降18.51%。在运营资金承压的情况下，研发费用2.54亿元，较去年同比增加7.46%。 康乐卫士正在向商业化制药企业转型，已在昆明建设了符合中国、欧盟及世卫组织GMP标准的HPV疫 苗生产基地，设计年产能为1000万剂三价HPV疫苗和3000万剂九价HPV疫苗，并已取得药品生产许可 证。 在2024年年报中，康乐卫士新增"营运资金不足"风险提示。年报显示，在核心疫苗产品上市前，康乐卫 士仍需持续投入研发及市场推广，经营活动现金流净额为-1.25亿元，营运资金高度依赖外部融资。对 此康乐卫士提出系统性应对方案：加速HPV疫苗研发与上市，提升现金流；优化流动资产运用效率；积 极融资，优化资本结构；加强内部管理，降本增效。 校对 陈荻雁 康乐卫士是一家以基于结构的抗原设计为核心技术的生物医药企业，主要从事人用疫苗的研究、开发和 产业化，拥有丰富的HPV疫苗产品组合和多个针对存在未满足医疗需求或迫切需要疫苗 ...

4月28日晚，天康生物(002100)公布2024年年报，相比2023年的颓势，公司2024年业绩迎来反转，归母 净利润扭亏为盈，生猪养殖产业链保持稳定增长趋势。在保持盈利的背景下，公司稳定分红，积极回报 投资者。 在经营业务方面，公司持续推进全产业链的发展，包括饲料、动物疫苗、生猪养殖等多个环节，形成了 较为完整的业务模式。特别是在动物疫苗领域，公司推出了多款新产品，进一步巩固了其市场地位。公 司持续加大研发投入，提高科技创新能力，形成了丰富的产品和技术储备；公司研发中心是"国家级企 业技术中心"，2023年至2024年，公司研发投入均超过2亿元。 展望2025年，公司在2024年年报中表示，公司将坚定地依据自身的专业能力和核心竞争能力，紧紧围绕 养殖业的关键环节，包括饲料饲养、良种繁育、动保以及养殖服务体系和金融服务体系支持，为养殖户 提供全面解决方案，提升养殖效益，实现公司和客户的共赢发展，努力把公司打造成中国一流的"健康 养殖服务商"和"安全食品供应商"。 2024年扭亏为盈 根据年报，公司2024年营业收入为171.76亿元，虽然较上一年略有下降，但该营收规模创下过去20年的 次高水平，仅次于202 ...

2025年4月28日，上海合作组织（以下简称"上合组织"）成员国第八次卫生部长会议在西安举行。 与会各方围绕会议主题"共促健康可持续发展、共享健康未来"开展讨论，同意进一步深化在应急医学、 初级卫生保健、数字健康、传统医药等领域的合作。 在上合组织国家合作机制下，以科兴为代表的中国疫苗企业与多国合作伙伴共同构建起覆盖研发、 供应和产业化的多元合作体系。 目前，科兴已与上合组织成员国度卫生机构建立紧密合作关系，共同构建"免疫长城"。科兴甲肝疫 苗、流感疫苗和水痘疫苗等常规疫苗已累计向中国以外的上合组织国家供应超3300万剂。其中，科兴甲 肝疫苗是多个上合组织国家免疫规划首选，已向乌兹别克斯坦、哈萨克斯坦、印度、巴基斯坦等上合组 织成员国供应超1000万剂，为人民健康保驾护航。 科兴水痘疫苗获得世界卫生组织预认证。2023年底，科兴水痘疫苗在白俄罗斯实现首次供应，及时 缓解了白俄罗斯水痘疫苗紧缺的状况。 科兴流感疫苗2024年在巴基斯坦上市，上市后迅速成为当地主流流感疫苗品牌。2022年在巴基斯坦 遭遇严重洪涝灾害之时，科兴向巴基斯坦捐赠了10万剂甲肝灭活疫苗。巴基斯坦联邦免疫总局局长感谢 公司的贡献。 除了商业 ...