Core Viewpoint - The company has successfully developed and marketed a freeze-dried human rabies vaccine using human diploid cells, which is recognized as a gold standard for rabies prevention and has received various national honors [3][4]. Company Overview - The company specializes in the development and sale of vaccines, with its core product being the freeze-dried human rabies vaccine, the first of its kind in China [3]. - The rabies vaccine is produced using advanced technology that eliminates animal cell residues, ensuring high safety and immunogenicity [3][4]. Industry Development - The global vaccine market is projected to reach approximately $83.1 billion by 2025 and $131 billion by 2030, driven by increasing health awareness and demand for infectious disease prevention [4]. - The Chinese vaccine industry is transitioning from scale expansion to innovation-driven growth, with a focus on advanced technologies such as mRNA and recombinant protein vaccines [5]. - There is a significant global demand for vaccines, with 68 countries reporting vaccine shortages in 2023, creating opportunities for Chinese vaccine companies to expand internationally [5]. Competitive Landscape - The vaccine industry is characterized by high capital investment, high research and development risks, and long product development cycles, which create substantial barriers to entry [6][7]. - The Chinese vaccine market is currently fragmented, with a mix of state-owned, multinational, and private enterprises competing for market share [8]. - Regulatory changes and the implementation of new laws are expected to increase industry consolidation, leading to a higher concentration of vaccine producers in the market [8].

Core Viewpoint - WanTai Biologics, once a leader in the domestic HPV vaccine market, is facing a significant downturn, with its 2024 annual report revealing a first-ever loss in net profit excluding non-recurring items, alongside a dramatic decline in revenue and net profit, raising concerns about its future under the dual pressures of policy changes and price competition [1][2]. Financial Performance - In 2024, WanTai Biologics reported revenue of 2.245 billion yuan, a staggering decline of 59.25% year-on-year, with net profit attributable to shareholders dropping to 106 million yuan, a decrease of over 90% compared to the previous year [1]. - The company's net profit excluding non-recurring items turned negative for the first time, reaching -186 million yuan, indicating a critical issue with its core business operations [1]. - The vaccine segment, which is the core business, generated only 606 million yuan in revenue, a year-on-year decrease of 84.69%, significantly impacted by the expansion of the nine-valent HPV vaccine age range and price pressures from centralized procurement [1]. Accounts Receivable and Cash Flow - As of the end of 2024, the company's accounts receivable stood at 2.041 billion yuan, more than 19 times its net profit, highlighting a potential cash flow crisis [2]. - The lengthening collection period, exacerbated by local fiscal pressures, poses a risk of bad debts, further straining the already tight cash flow situation [2]. Strategic Challenges and Future Outlook - The company plans to implement a dual-driven strategy of "technology + market" through strategic acquisitions, focusing on innovative technologies in the vaccine and diagnostics sectors [3]. - WanTai Biologics faces several immediate challenges, including a lack of product diversification, as HPV vaccine revenue previously accounted for over 70% of total income, and the need to develop a second growth curve [3]. - The company is also lagging in the clinical trial progress of its nine-valent HPV vaccine compared to competitors, complicating its path to recovery [3]. - The difficulties in international expansion, despite some success in overseas government procurement, indicate that these orders cannot quickly compensate for domestic market losses [3]. Conclusion - From a peak revenue of 2.354 billion yuan in its first year of listing in 2020 to 2.245 billion yuan in 2024, WanTai Biologics has experienced a full cycle of growth, peak, and decline within five years [4]. - The company is now at a critical juncture, facing intense market competition and the withdrawal of policy benefits, raising questions about its survival strategy and potential for recovery [4].

Core Viewpoint - Watson Bio achieved a revenue of 2.821 billion yuan and a net profit of 142 million yuan in 2024, despite a challenging vaccine industry environment [1] Group 1: Financial Performance - The company reported a revenue of 2.821 billion yuan for 2024, with a net profit of 142 million yuan [1] - The overseas business generated a revenue of 570 million yuan, showing a year-on-year growth of approximately 98% [1] - The compound annual growth rate (CAGR) of Watson Bio's overseas business over the past three years reached 105% [1] Group 2: Product Development and Market Position - Watson Bio's subsidiary, Shanghai Zerun Biotechnology Co., successfully developed a bivalent HPV vaccine that passed WHO pre-certification, gaining procurement qualifications from UNICEF and other UN agencies [1] - The company’s main product, the 13-valent pneumococcal polysaccharide conjugate vaccine, continues to hold the largest market share in the domestic market [1] - The focus is on innovative heavy-duty products, aligning with the industry's trend towards leading products [2]

Core Viewpoint - The company is a leading biopharmaceutical enterprise in China, specializing in the research, development, production, and sales of human vaccines, with a mission to create accessible and high-quality innovative vaccine products for global health [2][3]. Company Overview - The company has developed a comprehensive portfolio of vaccines, including the 13-valent pneumococcal conjugate vaccine and the HPV vaccine, maintaining a leading market share in China since their launch [3][4]. - The company has exported its vaccine products to 22 countries and regions, contributing significantly to public health both domestically and internationally [2]. Product Sales - In 2024, the company achieved sales revenue of 2.54 billion yuan from its self-developed vaccines, accounting for 90.10% of total revenue, despite increasing competition in the global vaccine market [7]. - The 13-valent pneumococcal conjugate vaccine continues to hold the top market share in China, while the dual-valent HPV vaccine focuses on government procurement projects to enhance accessibility for young girls [7]. Product Production and Approval - The company successfully produced and approved 24,639,153 doses of its vaccines in 2024, ensuring a stable market supply while balancing inventory and sales [8]. New Product Development and Registration - The company invested 24.82% of its revenue in R&D in 2024, focusing on innovative vaccine development through collaboration with academic institutions and research organizations [9]. - The company is advancing several vaccine candidates, including the mRNA vaccine for COVID-19 variants, which has completed necessary clinical trials and is in the process of registration [10][11]. Export and International Cooperation - The company achieved overseas business revenue of 570 million yuan in 2024, marking a 98% year-on-year increase, with significant exports to new markets such as Afghanistan and Burkina Faso [12]. - The company’s dual-valent HPV vaccine received WHO prequalification, enhancing its procurement eligibility for international organizations [13]. Industrialization and Management Improvement - The company completed the construction of its production expansion project and implemented a digital management system for its entire product line, enhancing operational efficiency [16]. - The company is optimizing its governance structure and internal controls to support sustainable development and risk management [18][19]. Financial Data and Shareholder Information - The company has completed share buybacks and capital reductions, enhancing shareholder returns without significantly impacting its operational capabilities [30][27].

Core Viewpoint - The domestic largest influenza vaccine manufacturer, Hualan Biological Engineering, has reported significant declines in revenue and net profit due to price wars and low vaccination rates, marking the lowest figures in five years [1] Group 1: Financial Performance - In 2024, Hualan Biological achieved an operating income of 1.128 billion yuan, a year-on-year decrease of 53.21% [1] - The net profit for the same year was 206 million yuan, down 76.10% year-on-year [1] - The gross profit margin for influenza vaccines was 81.84%, reflecting a decline of 6.45% compared to the previous year [2] - The net cash flow from operating activities was 468 million yuan, a decrease of 47.29% year-on-year, indicating weakened cash flow due to reduced sales collections [2] Group 2: Market Dynamics - The influenza vaccine market is experiencing intense price competition, with Hualan's main product prices reduced by approximately 30%, directly impacting revenue and gross margins [1][2] - The vaccination rate in China remains low at around 3%, significantly below global levels, with only about 60% of the total approved vaccine quantity actually administered [2] - The market demand for influenza vaccines has shown increased volatility, with a reported waste rate of approximately 40% in 2024, doubling from 20% in 2018 [2] Group 3: Production and Sales Trends - In 2024, the number of batches for the trivalent influenza vaccine increased from 6 to 11, a year-on-year growth of 83.33%, while the quadrivalent vaccine batches decreased from 88 to 67, a decline of 23.86% [3] - The sales volume of vaccines was 14.2419 million doses, down 26.58% year-on-year, and the production volume was 21.1131 million doses, down 16.74% year-on-year [3] - The HPV vaccine market has also shifted from a previous shortage to a more balanced supply-demand situation, with significant increases in production capacity [3][4] Group 4: Future Outlook - Despite current market pressures, Hualan Biological remains optimistic about the domestic influenza vaccine market, anticipating growth potential driven by government policies and increased public awareness of vaccination [4] - The company faces the challenge of navigating through the dual pressures of price wars and low vaccination rates to achieve market breakthroughs [4]

Group 1: Pharmaceutical Sector - The pharmaceutical sector experienced a comprehensive rebound, with CRO (Contract Research Organization) concepts surging by 6.71% and other related sectors like innovative drugs and antibiotics also showing significant gains of 5.94% and 5.32% respectively [2] - The overall market saw over 4,500 stocks rising, with the ChiNext Index increasing by over 1%, the Shanghai Composite Index rising by 0.64%, and the Shenzhen Component Index up by 0.74% [2] - The domestic innovative drug payment mechanism is progressing, with expectations for a pivotal policy year in 2025, including the introduction of the first version of the Class B medical insurance catalog within the year [3] Group 2: Medical Technology - A breakthrough in brain-computer interface (BCI) technology was reported, allowing real-time conversion of language thoughts into speech, which has implications for patients with speech impairments [5] - Following this news, stocks in the BCI sector saw rapid increases, with Innovative Medical (002173) hitting the daily limit up and other companies like Aipeng Medical (300753) rising nearly 12% [5][6] Group 3: Solar Energy Sector - The solar energy sector experienced a significant rebound, with companies like Yijing Photovoltaic (600537) hitting the daily limit up and others like Jinlang Technology (300763) rising over 11% [7] - According to TrendForce, Chinese policies are stimulating overall demand in the solar industry, leading to a tight supply of components and an anticipated demand peak in March and April 2025, which may drive up prices in the second quarter [7]

二、完善公司治理，确保规范运作 曼海欣®目前作为中国唯一的四价流脑结合疫苗，随着公众对疫苗的了解加深， 对安全性更佳、保护性更全面的疫苗的需求上升，公司将持续进行专业化学术推 广工作，以带动终端选择以及产品的市场占有率。同时，2024 年 11 月，公司提交 了 MCV4 的适用人群年龄扩大至 3 月龄至 6 周岁儿童的补充申请，获批后可覆盖 国家免疫规划的脑膜炎疫苗全程免疫程序。公司也正在积极拓展该产品在其他国 家和地区的准入工作，以期进一步扩大公司优质产品在海外区域的影响力，受惠 更广阔的人群。 对于下一款商业化产品 PCV13i，现阶段已完成临床现场检查及生产现场检查 相关工作，将继续与药监保持积极沟通，保障审评审批工作的顺利进行，同时， 公司已对该产品进行了详细的竞争优势和市场定位分析，目前正积极推动商业化 前期准备工作，旨在产品获批后能够迅速推向市场，快速形成终端需求。 公司基于搭建的五大技术平台形成了技术优势，同时结合市场需求，形成当 前丰富且有竞争力的产品管线，且针对不同的疾病领域形成覆盖更广年龄的产品 组合。公司将继续聚焦重点产品管线的推进，同时拓展成人疫苗、多价多联疫苗 等产品的开发，深化研 ...

艾美疫苗mRNA带状疱疹疫苗获美国FDA批准开展 临床 其体液免疫、细胞免疫显著高于国际市售重组 亚单位疫苗产品 艾美疫苗mRNA带状疱疹疫苗已于近日获得美国食品和药品监督管理局 (FDA)临床试验许可，这是继 mRNA RSV疫苗后，本集团第二款获得美国FDA批准进入临床试验的创新疫苗产品，标志着本集团国 际化战略取得新的里程碑。 临床前试验中，第三方检测单位的检测结果显示：本集团mRNA带状疱疹疫苗特异性T细胞免疫、特异 性IgG抗体滴度、膜抗原荧光抗体(FAMA) 滴度，均显著高于国际市售重组亚单位对照疫苗。 带状疱疹（herpes zoster）是由长期潜伏在人体内的水痘-带状疱疹病毒（varicella-zoster virus，VZV） 经再激活引起的感染性皮肤病。人群对VZV普遍易感，血清学证据显示，成人VZV感染率高达90%以 上。带状疱疹的发病率为3‰~5‰ 人/年，亚太地区为3‰~10‰ 人/年，并逐年递增2.5% ~ 5.0%。VZV再 活化的危险因素包括：高龄、创伤、全身性疾病（如糖尿病、肾病、发热、高血压等）、人类免疫缺陷 病毒（HIV）感染、恶性肿瘤等导致的免疫抑制等。50岁后随年 ...

证券研究报告 2025 年 03 月 11 日 湘财证券研究所 行业研究 疫苗行业周报 AI 赋能疫苗研发，云顶新耀 mRNA 个性化肿瘤治疗性疫苗完成首例给药 核心要点： ❑ 市场表现：上周疫苗上涨 0.67%，涨幅相对较小 1. 《多款疫苗获新进展，关注强 研发力企业》20250218 2. 《两款多联多价苗获批临床， 企业积极聚焦差异化竞争》 20250225 行业评级：增持（维持） -60 -40 -20 0 20 24/03 24/06 24/09 24/12 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -1 | -10 | -40 | | 绝对收益 | 0 | -10 | -30 | 注：相对收益与沪深 300 相比 敬请阅读末页之重要声明 相关研究： 近十二个月行业表现 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 上周（2025.03.03- ...

Core Insights - The report recommends the composition of influenza virus vaccines for the Northern Hemisphere for the 2025-2026 season, based on the WHO's technical consultation meetings held in February and September each year [1][28] - The recommended vaccine components include strains similar to A/Victoria/4897/2022 (H1N1)pdm09, A/Croatia/10136RV/2023 (H3N2), and B/Austria/1359417/2021 (B/Victoria lineage) for trivalent vaccines [30][31] - The report highlights the ongoing global circulation of A(H1N1)pdm09 and A(H3N2) viruses, with specific genetic lineages identified, indicating the need for continuous monitoring and adaptation of vaccine formulations [25][26] Seasonal Influenza Activity - Influenza activity from September 2024 to January 2025 showed a decrease in overall activity compared to the previous season, with variations in dominant viruses across different regions [3][4] - In Africa, influenza activity peaked in December, primarily driven by A(H3N2) detections, while in Asia, A(H1N1)pdm09 was the dominant strain during the reporting period [3][6] - The Americas experienced increased influenza activity starting in November, with A(H1N1)pdm09 and A(H3N2) viruses circulating at similar levels [8] Virus Characteristics and Antigenic Properties - The A(H1N1)pdm09 virus has been identified in various regions, with genetic analysis revealing the presence of lineages 5a.2a and 5a.2a.1, which continue to diversify [14][25] - A(H3N2) viruses predominantly belong to the 2a.3a.1 lineage, with significant mutations observed, particularly in the J.2 subclade [18][26] - The report indicates that B/Victoria lineage viruses are the only circulating B viruses, with all identified strains belonging to the 3a.2 lineage [22][27] Recommendations for Vaccine Composition - For the 2025-2026 Northern Hemisphere season, the WHO recommends specific strains for both egg-based and cell culture-based vaccines, emphasizing the need to exclude B/Yamagata lineage components due to the absence of circulating strains [30][31] - The report underscores the importance of using updated vaccine strains to enhance effectiveness against circulating viruses, as evidenced by serological studies showing good recognition of recent strains by vaccine-induced antibodies [25][27]