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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential relative price increase of over 15% in the next six months [4][16]. Core Views - On March 21, the company invested CNY 593 million in Chen'an Bio, acquiring a 51% stake, which allows the company to control Chen'an Bio. This investment is seen as a strategic move to expand into the therapeutic biopharmaceutical sector, particularly in metabolic diseases [2][3][8]. - Chen'an Bio has developed multiple products targeting diabetes and obesity, with several pipelines in late clinical stages or awaiting market approval. The investment is expected to create a new revenue stream for the company as these products move towards commercialization [3][8][10]. Financial Overview - The company forecasts revenues of CNY 274.39 billion, CNY 300.20 billion, and CNY 324.13 billion for 2024, 2025, and 2026, respectively. The net profit is projected to be CNY 23.49 billion in 2024, with a significant decline of 70.9% year-on-year, followed by growth in the subsequent years [3][16]. - Key financial metrics for the company include: - Revenue (CNY million): 38,264.01 in 2022, projected 52,917.77 in 2023, and 27,438.55 in 2024 - Net Profit (CNY million): 7,539.00 in 2022, projected 8,069.87 in 2023, and 2,348.74 in 2024 - EPS (CNY): 3.15 in 2022, projected 3.37 in 2023, and 0.98 in 2024 [3][16]. Strategic Developments - The investment in Chen'an Bio is part of the company's strategy to diversify its business from vaccines to therapeutic biopharmaceuticals, which is expected to be a significant growth driver in the future [3][10][15]. - The report highlights that Chen'an Bio's pipelines, including GLP-1 analogs and insulin products, are positioned well in the market, with some products nearing commercialization [8][9][10].

Core Viewpoint - The company has developed a "Quality Improvement and Efficiency Enhancement Return to Shareholders" action plan for 2025, aiming to enhance operational efficiency, strengthen market competitiveness, and improve its image in the capital market [1] Group 1: Business Focus and Innovation - The company focuses on its core business of developing, producing, and commercializing innovative vaccines that meet both Chinese and international standards, achieving a revenue of approximately 793.79 million yuan, a 41.31% increase year-on-year [1] - The company plans to continue promoting its unique quadrivalent meningococcal vaccine, MCV4, and has submitted an application to expand its age coverage, which, once approved, will enhance its market presence [1] - The company is also preparing for the commercialization of its product PCV13i, having completed clinical site inspections and is actively engaging with regulatory authorities to ensure smooth approval processes [2] Group 2: International Strategy and Market Expansion - The company's international strategy is based on a "full value chain layout," establishing local production bases in countries like Pakistan, Mexico, and Malaysia to meet public health needs [3] - The company aims to explore the feasibility of product procurement by international organizations and is preparing for WHO PQ certification to enhance its global market access [3] Group 3: Corporate Governance and Shareholder Returns - The company is committed to improving corporate governance and internal control systems to ensure compliance and protect shareholder rights [4] - A three-year shareholder dividend plan has been established, with cash dividends amounting to approximately 198 million yuan since its listing, and a share buyback of 683,748 shares, representing about 0.2763% of total shares [5] Group 4: Investor Relations and Communication - The company actively engages with investors through various channels, including performance briefings and investor open days, to communicate its operational and financial status [6] - The first investor open day was held in November 2024, where management shared insights on vaccine development and future strategies [6] Group 5: ESG Commitment - The company plans to enhance its ESG performance and reporting in line with regulatory requirements, aiming to address stakeholder expectations regarding sustainability [6] Group 6: Responsibility and Compliance - The company emphasizes the importance of compliance among its key personnel and has organized training to enhance their understanding of regulations and responsibilities [7] - Continuous evaluation of the action plan will be conducted to ensure focus on core competencies and risk management [7]

Group 1 - The company has received FDA approval for clinical trials of its mRNA shingles vaccine, marking a significant milestone in its international strategy [1] - The mRNA shingles vaccine demonstrates significantly higher specific T-cell immunity, specific IgG antibody titers, and membrane antigen fluorescent antibody (FAMA) titers compared to internationally marketed recombinant subunit vaccines [1] - The company is one of the earliest developers of mRNA vaccine products in China and has established a mature mRNA vaccine research and development system [3] Group 2 - The global incidence of shingles is increasing, with an annual incidence rate of 3‰ to 5‰ per person, and a projected market size for shingles vaccines in China reaching approximately 20 billion RMB by 2030 [2] - Currently, there are no approved mRNA shingles vaccines in the international market, and the vaccination rate among target populations is only about 0.1%, indicating significant growth potential [2] - The company has a comprehensive mRNA vaccine quality management system and a commercial-scale production facility that meets GMP standards, allowing for rapid industrialization of mRNA vaccine products after clinical completion [3]

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]

辽宁成大生物股份有限公司要约收购报告书 辽宁成大生物股份有限公司 要约收购报告书 | 收购人： | 韶关市高腾企业管理有限公司 | | --- | --- | | 住所： | 乳源县乳城镇鹰峰西路 号 栋 1 A 205D | | 通讯地址： | 广东省广州市天河区珠江东路 30 号广州银行大厦 | | | 楼 58-59 | 签署日期：二零二五年二月 上市公司： 辽宁成大生物股份有限公司 上市地点： 上海证券交易所 股票简称： 成大生物 股票代码： 688739.SH 辽宁成大生物股份有限公司要约收购报告书 特别提示 本部分所述的词语或简称与本报告书释义部分所定义的词语或简称具有相 同的含义。 一、本次要约收购的收购人为韶关高腾。截至本报告书签署日，韶关高腾为 辽宁成大的第一大股东，持股比例为 15.30%。 辽宁成大于 2025 年 2 月 12 日召开第十届董事会第三十三次（临时）会议， 审议董事会换届选举相关议案。根据本次董事会决议公告，辽宁成大新一届董事 会由 9 名董事构成，包括 6 名非独立董事与 3 名独立董事，其中韶关高腾提名 4 名非独立董事，并通过第十届董事会提名委员会资格审查。 辽宁成 ...

证券研究报告 | 行业周报 gszqdatemark 2025 03 01 年 月 日 医药生物 【周专题&周观点】【总第 386 期】2024 快报高增长公司梳理— —前三季度高增长公司列举 一、当周（2.24-2.28）回顾与周专题： 当周（2.24-2.28）申万医药指数环比-2.72%，跑赢创业板指数，跑输沪深 300 指数。 当周周专题，我们梳理了 2024 快报高增长的医药公司，并列举了前三季度高增长公司， 供投资者寻找 2024 年业绩超预期的潜在标的。 （二）【AI 医疗应用】国际医学、九安医疗、晶泰控股、美年健康、华大智造、华大基 因、金域医学、固生堂、医脉通等。 （三）【两会政策】生育如华特达因；体检如美年健康。 （四）【其他标的】健友股份、福瑞股份、药明康德、浩欧博、哈药股份等。 2、思路二【医药产业逻辑】 2、原因分析：主要系相关标的涨幅较大且海外映射偏弱，从科技主线演绎到两会。我 们认为：（1）AI 医疗此次调整和去年短期行情不太一样，市场慢慢认识到了 AI 之于医 药医疗未来行业演变的意义，但经过一轮演绎后，医疗 AI 会快速去伪存真，第二波应 该会更聚焦，围绕【场景/入口、数据】 ...