Core Viewpoint - The China Vaccine Industry Association has issued an initiative to oppose "involution-style" competition and promote high-quality development in the vaccine and related biological products industry, emphasizing the need for self-discipline and innovation to create a healthy and orderly competitive environment [1][2]. Group 1: Regulatory Compliance - All members of the China Vaccine Industry Association must strictly adhere to the Vaccine Administration Law and the Price Law of the People's Republic of China, as well as industry self-discipline conventions [2]. - Members are required to base pricing on production costs and market supply-demand conditions, ensuring fair and legal pricing practices [2]. Group 2: Competition and Pricing - The initiative calls for a firm resistance against disorderly low-price competition, prohibiting bids below cost throughout the tendering process to ensure product and service quality standards [1][2]. - Members are encouraged to maintain market price stability and foster a fair and orderly competitive environment [1]. Group 3: Innovation and Development - The association emphasizes the importance of innovation-driven development, urging members to focus on key core technology breakthroughs and the research and application of innovative products [2]. - The initiative aims to promote high-quality development in the vaccine and related biological products industry through a healthy and fair competitive environment [2].

（文章来源：第一财经） 11月19日下午，中国疫苗行业协会发布了《关于反对"内卷式"竞争促进疫苗及其相关生物制品行业高质 量发展的倡议》，提出坚决抵制无序低价竞争，在招投标全流程中，严禁以低于成本的报价参与竞标， 切实保障产品与服务的质量标准。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或依 賴該等內容而引致的任何損失承擔任何責任。 Mirxes Holding Company Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司 ） 自願性公告 與沃森的諒解備忘錄 本公告乃由Mirxes Holding Company Limited（「本公司」，連同其附屬公司統稱「本 集團」）自願刊發，旨在知會本公司股東及潛在投資者有關本集團的最新業務 發展。 – 1 – 諒解備忘錄 進行諒解備忘錄項下合作的理由及裨益 本公司董事（「董事」）會（「董事會」）宣佈，本公司近期與雲南沃森生物技術股 份有限公司（「沃森」）訂立了一份諒解備忘錄（「諒解備忘錄」），據此，訂約方已 同意發揮各自的互補優勢，就創建以RNA為中心的預防及精準醫療平台建立戰 略合作夥伴關係，並涵蓋共同開發、臨床試驗及註冊以及銷售及分銷。諒解備 忘錄的期限自簽署日期（包括該日）起為期兩年。 有關沃森的資料 沃森成立於2001年，是中國領先的高科技生物製藥 ...

Core Viewpoint - Watson Bio's stock has experienced fluctuations, with a recent decline of 2.07% and a total market capitalization of 19.72 billion yuan, reflecting ongoing challenges in revenue and profit margins [1][2]. Financial Performance - For the period from January to September 2025, Watson Bio reported a revenue of 1.719 billion yuan, a year-on-year decrease of 19.73%, and a net profit attributable to shareholders of 163 million yuan, down 36.24% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 403 million yuan, with 47.98 million yuan distributed over the past three years [2]. Stock Market Activity - As of November 18, Watson Bio's stock price was 12.33 yuan per share, with a trading volume of 385 million yuan and a turnover rate of 1.99% [1]. - The stock has seen a year-to-date increase of 2.15%, but a decline of 3.82% over the last five trading days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 2.75% to 114,000, while the average number of circulating shares per person increased by 2.83% to 13,643 shares [2]. - The largest circulating shareholder is E Fund's ChiNext ETF, holding 34.47 million shares, a decrease of 5.80 million shares from the previous period [2].

Industry Overview - The vaccine industry is experiencing a structural opportunity due to the rising trend of influenza, with a focus on flu vaccine developments [2][4] - Recent approvals for clinical trials include various vaccines from companies like Zhifei Biological, including a pertussis-diphtheria-tetanus vaccine and an mRNA shingles vaccine [2][4] - The National Influenza Center reported an increase in flu activity, with a total of 621 reported influenza-like illness outbreaks across the country [4] Market Performance - The vaccine sector saw a 3% increase, with the overall pharmaceutical and biological sector rising by 3.29% during the week of November 9-15, 2025 [5] - Notable companies in the vaccine sector that performed well include Jindike, Hualan Biological, and Baike Biological, while companies like Wantai Biological and Zhifei Biological lagged [6] Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio (ttm) was 101.87X, reflecting a 2.8X increase week-over-week, while the price-to-book (PB) ratio was 1.99X, up by 0.05X [7][8] Investment Insights - The vaccine industry is under pressure, with a notable structural differentiation among companies. The focus is on innovation and international expansion as key strategies for long-term growth [9] - The industry is transitioning from scale expansion to innovation-driven growth, with supply-demand imbalances and homogenized competition causing short-term challenges [9] - Key drivers for the industry's long-term growth include policy support, demand increase due to an aging population, and technological advancements [10] Recommendations - Companies with strong research and development capabilities and differentiated product offerings, such as CanSino and Kanghua Biological, are recommended for investment [10] - Short-term focus should be on companies involved in flu vaccines due to the seasonal increase in demand [10]

Core Points - 康希诺's stock closed at 72.92 yuan, with a decline of 2.88% [1] - The company went public on August 13, 2020, on the Shanghai Stock Exchange's Sci-Tech Innovation Board, issuing 24.8 million shares at a price of 209.71 yuan per share [1] - 康希诺 is currently in a state of share price decline, having broken its initial offering price [1] Fundraising and Financials - 康希诺 raised a total of 5.201 billion yuan, with a net amount of 4.979 billion yuan after deducting issuance costs [1] - The net fundraising amount exceeded the original plan by 3.979 billion yuan [1] - The initial fundraising plan was to raise 1 billion yuan for various projects, including the construction of a second production base and vaccine development [1] Issuance Costs - The total issuance costs for 康希诺 were 221 million yuan, with underwriting and sponsorship fees amounting to 205 million yuan [2] - 中信证券 received 496,000 shares, representing 2.00% of the total shares issued, with an investment amount of 104 million yuan [2]

Core Insights - The first academic conference of the China Vaccine Industry Association (CAV) was held in Xiamen, Fujian, from November 14 to 16, showcasing advancements in vaccine research and development [1] - Wantai Biological Pharmacy presented its newly launched domestic nine-valent HPV vaccine, Xinkening®9, highlighting its effectiveness and safety compared to imported products [1][2] - The conference featured a report by Zhang Jun, Dean of the School of Public Health at Xiamen University, discussing the technological development of HPV vaccines in China and the clinical trial results of Xinkening®9 [1][2] Summary by Sections Conference Overview - The conference gathered experts from various sectors, including CDCs, research institutions, universities, and vaccine manufacturers, to discuss advancements in the vaccine industry [1] - Wantai Biological showcased its commitment to vaccine R&D and global collaboration [1] Xinkening®9 Vaccine - Xinkening®9 is the first domestic and second global nine-valent HPV vaccine, with clinical data published in prestigious journals [2] - The vaccine demonstrated 100% efficacy against HPV types not covered by the previous two-valent vaccine, with good safety profiles observed during trials [2] - Vaccination appointments for Xinkening®9 have started in multiple provinces, with plans for further expansion [2] Other Products and Future Plans - Wantai Biological also presented its two-valent HPV vaccine, Xinkening®, and the recombinant hepatitis E vaccine, Yikening®, which have shown effective real-world performance [3] - The company aims to continue driving innovation and high-quality development in the vaccine industry, emphasizing collaboration across government, industry, academia, and research [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The report highlights a rising trend in influenza activity, suggesting a structural opportunity in the flu vaccine market. It emphasizes the importance of focusing on innovative vaccines and companies with differentiated pipelines to capture alpha opportunities in a competitive landscape [8][9][27]. Summary by Relevant Sections Industry Performance - Over the past twelve months, the vaccine sector has shown a relative performance of -25% compared to the CSI 300 index, with an absolute return of -5% [3][4]. - The vaccine sector's PE (ttm) is reported at 101.87X, with a PB (lf) of 1.99X, indicating a slight increase in valuation metrics [7][20]. Domestic and International Vaccine Dynamics - Recent approvals for clinical trials include various vaccines from companies like Zhifei Biological Products and CanSino, indicating ongoing innovation in the sector [4][8]. - The National Influenza Center reported an increase in flu cases, with 621 outbreaks reported, suggesting a potential uptick in demand for flu vaccines [4][8]. Market Review - The vaccine sector experienced a 3% increase in the last week, reflecting a moderate performance compared to other pharmaceutical segments [5][6]. - Companies such as Jindike and Hualan Biologicals showed strong performance, while others like Wantai and Zhifei Biologicals lagged behind [6][19]. Investment Recommendations - The report suggests that the vaccine industry is currently under pressure, with a need for companies to focus on innovation and international expansion. It recommends monitoring companies with high technical barriers and differentiated pipelines [8][9][27]. - Specific companies to watch include CanSino for its innovative capabilities and Kanghua Biologicals for its stable demand products [9][27].

Core Viewpoint - The announcement by CanSino Biologics regarding the use of capital reserves to cover losses has sparked significant investor discussion, highlighting concerns over the treatment of minority shareholders and the company's financial management practices [1][2]. Financial Summary - CanSino plans to use approximately 1.18 billion yuan from surplus reserves and 13.32 billion yuan from capital reserves, totaling about 14.5 billion yuan, to offset cumulative losses, bringing its negative retained earnings to zero [1][3]. - As of December 31, 2024, CanSino's financial statements indicated a negative retained earnings of approximately -14.5 billion yuan, with surplus reserves of about 1.18 billion yuan and capital reserves of approximately 65.77 billion yuan [3]. - Following the implementation of this plan, the surplus reserves will be reduced to zero, capital reserves will decrease to about 52.45 billion yuan, and retained earnings will be adjusted to zero [3]. Historical Performance - CanSino has only issued one cash dividend since its IPO, amounting to approximately 198 million yuan, with a dividend yield of 0.27% [4]. - The company achieved profitability only in 2021, with a net profit of 1.914 billion yuan, but has faced losses in subsequent years due to declining demand for COVID-19 vaccines [4][5]. - In 2022, CanSino's revenue dropped by 75.94%, resulting in a net loss of approximately 909 million yuan, primarily due to a significant decrease in COVID-19 vaccine sales [5]. Recent Developments - In the third quarter of 2023, CanSino reported a net profit of approximately 27.93 million yuan, marking a significant turnaround from previous losses [1][6]. - The company's revenue for the first three quarters of 2023 was approximately 693 million yuan, a year-on-year increase of 22.13% [6]. - The growth in revenue was driven by the sales of its quadrivalent meningococcal vaccine, which achieved a market share increase and generated sales of approximately 662 million yuan, up 28% year-on-year [6]. Cost Management and Funding - CanSino's R&D expenses decreased by about 18% to 225 million yuan, attributed to the advancement of several projects to phase III clinical trials [7]. - The company received approximately 24.09 million yuan in government subsidies and 60.02 million yuan in international funding support during the first three quarters of 2023 [7]. - Despite the positive revenue growth, CanSino's net profit excluding non-recurring items was approximately -82.86 million yuan, indicating ongoing financial challenges [8].

Core Insights - The flu activity in southern China is on the rise, with experts predicting an earlier flu season this year compared to previous years [1] - The market for flu vaccines is currently dominated by quadrivalent vaccines, while trivalent vaccines are nearly absent from the self-paid market, leading to a price war among vaccine providers [1][5] Vaccine Availability and Pricing - In Chengdu, several community health centers offer quadrivalent vaccines at a price of 118 yuan per dose, while a specific quadrivalent vaccine from Zhonghui Biological is priced at 349 yuan per dose [2] - The production strategy of vaccine manufacturers has shifted towards quadrivalent vaccines due to higher profit margins, resulting in a significant decrease in the availability of trivalent vaccines in the self-paid market [5][6] Market Dynamics - In 2023, the total number of flu vaccine batches approved for release was 288, with quadrivalent vaccines accounting for 163 batches and trivalent vaccines for 101 batches [7] - The quadrivalent vaccine has become the dominant product in the flu vaccine market, reflecting a trend of increasing consumer preference for vaccines perceived to offer better protection [8] Price Trends - The price of quadrivalent vaccines has dropped significantly, with some prices falling from three-digit to two-digit figures, impacting the profit margins of vaccine manufacturers [10] - For instance, the price of a trivalent vaccine was recorded at 5.5 yuan per dose, marking a new low in the public flu vaccine market [9] Industry Challenges - The flu vaccine market faces challenges such as low vaccination rates and fluctuations in demand, which can lead to "big years" and "small years" in terms of vaccine uptake [11] - The current flu strains circulating, particularly the H3N2 strain, may lead to lower immunity levels in the population, emphasizing the importance of vaccination [12]