近日，北交所上市公司康乐卫士发布的一则公告，将其深陷的债务、诉讼与经营困境暴露于公众视野。 这家曾顶着"国产9价HPV疫苗"光环、一度受资本热捧的生物科技公司，如今正面临银行贷款违约、账 户冻结、员工离职、研发放缓等多重压力，其背后折射出Biotech企业在产品商业化前常见的资金枯竭 困局，以及HPV疫苗市场环境的急剧变化。 一、资金链断裂：贷款违约、账户冻结、诉讼缠身 公告显示，康乐卫士控股子公司昆明康乐未能按期偿还中信银行昆明分行的贷款本息，剩余未还金额达 1521.17万元。虽然数额不大，但违约行为已触发连锁风险——担保物涉及公司土地、设备、应收账 款、股权乃至实控人股票，一旦债务无法化解，可能导致资产被处置、股权变动，进一步损害公司信用 与融资能力。 康乐卫士的主打产品——三价及九价HPV疫苗，仍处于临床研究或资料补充阶段，尚未获批上市。然而 市场已今非昔比。 一度"一苗难求"的九价HPV疫苗，如今销售增速放缓。行业龙头智飞生物2024年营收与净利润双双大幅 下滑，存货飙升至222.69亿元，坦言"经营困难"。与此同时，二价HPV疫苗在集采与竞争加剧背景下， 价格从每支329元骤降至30元以下，显示H ...

Group 1 - Tesla's new car registrations in Europe fell to 22,801 units in November, a year-on-year decrease of 11.8%. For the first 11 months of the year, registrations dropped by 28% [2] - Samsung and SK Hynix have raised the prices of HBM3E memory chips by nearly 20% for next year, a rare occurrence as suppliers typically lower prices before launching new generations of products [3] - The movie "Avatar 3" has surpassed 10 million viewers in China within six days of its release [4] Group 2 - Sanofi has announced an agreement to acquire vaccine company Dynavax for approximately $2.2 billion, with a cash offer of $15.50 per share [5] - According to Ipsos, the global net trust level for Chinese brands has increased by 12 percentage points to 32% compared to 2024, with significant trust growth in developed markets [6][7] - JD.com has opened 30 stores of its "Seven Fresh" brand in Beijing, indicating intensified competition in the community fresh food market [8] Group 3 - Yu Minhong has appointed Sun Jin as the new CEO of Dongfang Zhenxuan, marking a stable transition within the company [9] - The Sichuan provincial government is implementing measures to boost consumption and expand domestic demand, aiming to create new growth points [10] - Sanya's duty-free shops reported sales exceeding 5.35 billion yuan over five days, reflecting a 50.3% year-on-year increase, driven by promotional activities [11] Group 4 - Rakuten Trade Research indicates that the Malaysian stock market presents selective opportunities as year-end approaches, supported by strong domestic liquidity and improved market sentiment [12] - A new robotics industry association in Beijing is set to be established, aimed at promoting industry research, data analysis, and collaboration [13] - Bilibili has denied rumors of a "full paywall" for its content, leading to the arrest of individuals spreading false information [14]

百克生物在11月5日的投资者交流活动中表示，今年前三季度，公司为增强公众对带状疱疹的预防意 识，助力提升老年人健康水平，开展惠民活动，采用折扣价（正常售价的3-8折），产品单价下降， 收入减少。 目前中国已上市的带状疱疹疫苗共有两款，一款是国产疫苗，厂家是百克生物；一款是进口疫苗，厂 家是葛兰素史克，这两款疫苗技术路线存在差别，百克生物的带状疱疹疫苗走的是减毒活疫苗技术路 线，全程打一支，面向的人群是40岁以上；而葛兰素史克的带状疱疹疫苗走的是重组技术疫苗，全 程要打两支，分为两次打，面向的人群是50岁以上群体，以及可用于18岁及以上因已知疾病或治疗 造成免疫缺陷或免疫抑制从而导致带状疱疹发病风险增加的成人群体。 这并非百克生物第一次对带状疱疹减毒活疫苗进行调价。 2025.12. 24 本文字数：1300，阅读时长大约2.5分钟 作者 | 第一财经 林志吟 正值年末，带状疱疹疫苗的价格战再度点燃。 近日，江西省疾病预防控制中心网站发布了百克生物（688276.SH）的带状疱疹减毒活疫苗（规 格：0.5ml）拟调价信息，采购价（含配送费）从原来的1375元/支降至464元/支，相当于价格打 三折。 在国产带状 ...

正值年末，带状疱疹疫苗的价格战再度点燃。 近日，江西省疾病预防控制中心网站发布了百克生物（688276.SH）的带状疱疹减毒活疫苗（规格： 0.5ml）拟调价信息，采购价（含配送费）从原来的1375元/支降至464元/支，相当于价格打三折。 这并非百克生物第一次对带状疱疹减毒活疫苗进行调价。 百克生物在11月5日的投资者交流活动中表示，今年前三季度，公司为增强公众对带状疱疹的预防意 识，助力提升老年人健康水平，开展惠民活动，采用折扣价（正常售价的3-8折），产品单价下降，收 入减少。 目前中国已上市的带状疱疹疫苗共有两款，一款是国产疫苗，厂家是百克生物；一款是进口疫苗，厂家 是葛兰素史克，这两款疫苗技术路线存在差别，百克生物的带状疱疹疫苗走的是减毒活疫苗技术路线， 全程打一支，面向的人群是40岁以上；而葛兰素史克的带状疱疹疫苗走的是重组技术疫苗，全程要打两 支，分为两次打，面向的人群是50岁以上群体，以及可用于18岁及以上因已知疾病或治疗造成免疫缺陷 或免疫抑制从而导致带状疱疹发病风险增加的成人群体。 在国产带状疱疹疫苗进行价格促销的同时，进口带状疱疹疫苗也不甘示弱。 进口带状疱疹疫苗接种两支的价格，需要32 ...

记者从多个独立信源了解到，中芯国际已向下游客户发布涨价通知，且此次涨价主要集中于8英寸BCD 工艺平台，涨价幅度在10%左右。中芯国际方面向《科创板日报》记者回应称："公司对媒体新闻不做 回复和评价。"另有芯片公司人士透露，世界先进（VIS）同样通知BCD平台涨价10%。据其分析称，AI 服务器等产品电源芯片的大量需求占用BCD产能，是此次涨价主要行业因素，"暂不清楚未来其他晶圆 厂是否会跟进涨价"。（科创板日报） 消息称三星电子放缓DDR4停产进程 将与客户签署不得取消或更改的长期协议 三星电子今年四季度放缓了关停部分DDR4内存生产线的计划，计划明年一季度与特定服务器领域客户 签署不可取消、更改的DDR4长期供货合约。确保三星产能调度获得最大利润，主要应用于服务器等级 订单，也反映出2026年DDR4需求持续增温。（科创板日报） 中芯国际通知客户8英寸BCD工艺平台涨价10% 今日，在第三届商业航天发展大会上，商业航天产业联盟科创基金正式启动。该基金由盈达资本、清盈 科创等机构联合发起，中关村领创商业航天产业联盟参与合作。基金首次发行规模10-20亿，远期拟扩 至100亿，存续期10年，将分阶段完成资金投 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2]. Core Insights - The pathology business is entering a fast track with the National Healthcare Security Administration issuing guidelines for pricing projects in pathology services, focusing on biopsy sampling, sample processing, and digitalization of pathology data, which is expected to enhance the application of AI in the field [3][11]. - The influenza activity has peaked across the board, with reported cases in southern provinces at 9.7%, down from 11.2% the previous week, but higher than the same period in previous years [3][11]. Market Weekly Review - The pharmaceutical and biotechnology sector fell by 0.14% from December 15 to December 19, outperforming the Wind All A index (-0.15%) and the CSI 300 index (-0.28%). The rebound was weak, with segments like pharmaceutical distribution (5.59%), offline pharmacies (4.69%), and hospitals (4.15%) leading gains, while chemical preparations (-2.1%), vaccines (-0.87%), and medical R&D outsourcing (-0.87%) lagged [3][8]. - Notable stock performances included Huaren Health (55.9%), Luyuan Pharmaceutical (36.8%), and Shuyupingmin (35.7%) with significant gains, while *ST Changyao (-24%), Yipinhong (-23.7%), and Rejing Biology (-16.5%) faced substantial declines [3][11]. Industry News and Key Company Announcements - The National Healthcare Security Administration's guidelines for pathology services are expected to drive high-quality development in the sector and create new scenarios for AI-assisted technology applications [11]. - Significant collaborations and approvals were reported, including Shanghai Jinmante's partnership with Jiangsu Kangning Jerey for a breakthrough therapy designation from the FDA for JSKN003, and Novo Nordisk's submission of a marketing application for CagriSema, which showed a weight loss of 22.7% over 68 weeks in clinical trials [12][13]. - Fosun Pharma's subsidiary received FDA approval to initiate a Phase I clinical trial for HLX18, a biosimilar to Nivolumab, targeting various cancers [13][14].

12月22日，康希诺盘中上涨2.05%，截至14:09，报64.70元/股，成交5875.80万元，换手率0.80%，总市 值159.84亿元。 资金流向方面，主力资金净流入124.63万元，特大单买入160.52万元，占比2.73%，卖出292.34万元，占 比4.98%；大单买入1130.92万元，占比19.25%，卖出874.47万元，占比14.88%。 截至9月30日，康希诺股东户数1.77万，较上期增加1.07%；人均流通股0股，较上期增加0.00%。2025年 1月-9月，康希诺实现营业收入6.93亿元，同比增长22.13%；归母净利润1444.01万元，同比增长 106.49%。 分红方面，康希诺A股上市后累计派现1.98亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，康希诺十大流通股东中，香港中央结算有限公司位居第十大流通 股东，持股135.66万股，为新进股东。 责任编辑：小浪快报 康希诺今年以来股价涨5.98%，近5个交易日涨0.33%，近20日跌6.15%，近60日跌18.96%。 资料显示，康希诺生物股份公司位于天津经济技术开发区西区南大街185号西区生物医 ...

证券研究报告 2025 年 12 月 21 日 湘财证券研究所 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 核心要点： 行业研究 疫苗行业周报 研发进展密集，特色预防与多联苗布局加速 相关研究： 1. 《继续关注流感需求与创新 进展》20251207 2. 《技术路线多元突破，国产创 新加速全球覆盖》20251214 行业评级：增持（维持） 近十二个月行业表现 -20 -10 0 10 20 24/12 25/03 25/06 25/09 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -7 | -6 | -28 | | 绝对收益 | -4 | -6 | -14 | 注：相对收益与沪深 300 相比 国内外疫苗动态 （1）智飞生物：改良型安卡拉痘苗病毒（MVA）猴痘减毒活疫苗临床试验申 请获受理。智飞生物全资子公司智飞龙科马研发的改良型安卡拉痘苗病毒 （MVA ...

此次临床补充申请获批的60微克乙肝疫苗，作用机理是通过诱导高水平乙肝表面抗体的产生，建立持久 免疫记忆，帮助已清除慢性乙肝表面抗原人群维持持续的功能性治愈状态，即"防复阳"。在管线定位 上，后续有望作为慢性乙肝功能性治愈患者停药后维持持续治愈的全球创新策略。 （编辑 张伟） 放眼全球市场，乙肝治疗赛道的价值潜力与临床需求缺口同样显著，世卫组织估计全球约有3亿慢性乙 肝感染者，预计2030年全球乙肝治疗市场规模将达1246亿元；其中中国慢性乙肝感染者7500万，2030年 国内乙肝治疗市场规模将突破700亿元。然而，当前乙肝治疗存在仍未满足的临床需求，缺乏可长期巩 固疗效、降低复阳风险的策略。该疫苗如能顺利扩大适应症人群，将显著提升治疗获益，填补国际市场 空白，有望带来数千万级新增患者需求。 本报讯 （记者刘晓一）日前，深圳康泰生物制品股份有限公司（以下简称"康泰生物"）研发的重组乙 型肝炎疫苗（酿酒酵母）（60μg）新增适用人群项目获得国家药品监督管理局出具的《药物临床试验 批准通知书》，批准本品在慢性乙型肝炎功能性（临床）治愈人群中开展预防HBsAg复阳的临床试验。 作为伴随中国疫苗产业成长的龙头企业，康泰 ...

Group 1: Resumption of Trading - Dongxing Securities and Xinda Securities have approved the merger with CICC, leading to the resumption of their stocks [1] - CICC plans to conduct a share swap merger with Dongxing Securities and Xinda Securities at a swap price of 36.91 yuan per share, resulting in stock resumption [1] - Meike Home intends to acquire control of Wande, leading to a suspension of its stock [1] - Fenglong Co., Ltd. is planning a change in control, resulting in a suspension of its stock [1] Group 2: Capital Increase and Mergers - Shenzhen Urban Transport is planning a capital increase of 1.8 billion yuan for the development of intelligent transportation models and global business expansion [2] - Tongye Technology intends to purchase 100% of Silin Technology's shares in cash, focusing on communication chip design [2] - Shengxing Co., Ltd. plans to raise no more than 1.157 billion yuan for new production bases in Vietnam and Sichuan [2] Group 3: Share Buybacks and Equity Transfers - China Metallurgical Group plans to repurchase shares worth between 1 billion and 2 billion yuan [3] - Jiayuan Technology's shareholders plan to transfer 3.24 million shares, accounting for 2.51% of the total share capital [4] - Jintian Titanium Industry is transferring 4.9% of its shares through an inquiry by the National Industrial Investment Fund [5] Group 4: External Investments and Daily Operations - Kangtai Biological has received clinical trial approval for its hepatitis B vaccine [6] - Zhifei Biological's application for a clinical trial of a modified smallpox vaccine has been accepted [7] - Hongbo New Materials' subsidiary is set to sign a technology licensing and business transfer agreement with the U.S. for a total price of 377 million yuan [7] - China CRRC has signed contracts totaling 53.31 billion yuan, including 16.65 billion yuan for wind power and energy storage equipment [8] - Xiechuang Data plans to invest in the development and production of optical chips and modules in Guangzhou [8] - Tongrentang clarified that it does not hold any equity or investment rights in Sichuan Health Pharmaceutical related to the reported Antarctic krill oil [9]