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]

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所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Jiangsu Recbio Technology Co., Ltd. 江蘇瑞科生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2179） 自願性公告 本公司取得重組帶狀疱疹疫苗《藥品生產許可證》增項 本公告由江蘇瑞科生物技術股份有限公司（「本公司」，連同其附屬公司，統稱為 「本集團」）自願作出。本公司董事會（「董事會」）欣然宣佈，近日本公司已獲得江 蘇省藥品監督管理局頒發的《藥品生產許可證》增項批准，新增重組帶狀疱疹疫苗 （CHO細胞）及相關佐劑成份的生產範圍（「本次增項」）。本次增項標誌着本集團在 預防用生物製品領域的研發與生產能力實現進一步拓展，為後續藥品上市註冊奠 定堅實基礎。 1 • 企業名稱：江蘇瑞科生物技術股份有限公司 • 許可證編號：蘇20210057 • 發證機關：江蘇省藥品監督管理局 • 生效日期：2025年11月05日 • 有效期至：2026年11月1 ...

Group 1 - Duopule plans to reduce its shareholding by no more than 1%, amounting to a maximum of 619,000 shares [1] - Lideman intends to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, focusing on tuberculosis screening and diagnosis [2] - Huahuan Group is planning a change in control, leading to a temporary suspension of its stock [3] Group 2 - Dongbai Group clarifies it does not engage in duty-free business, maintaining normal operations [4][5] - Changsheng Bearing's actual controller plans to reduce holdings by up to 1.99%, equating to 5.94 million shares [6][7] - Jidian plans to invest 5.698 billion yuan in the Baicheng Phase II coal power project, a key initiative under the national "14th Five-Year Plan" [9][10] Group 3 - Baoneng New Energy reports completion of land-based works for the expansion of the Lufeng Qiaohai Bay Power Plant [11][12] - Changshu Bank proposes to appoint Lu Dingchang as the new president and chief compliance officer [13][14] - Kangqiang Electronics plans to reduce its shareholding by no more than 1%, totaling up to 3.7526 million shares [14] Group 4 - Jilin Chemical Fiber intends to reduce its holdings by up to 2%, equating to 49.1774 million shares [15][16] - CanSino's inhaled tuberculosis vaccine has commenced Phase I clinical trials in Indonesia [17][18] - ST Dongyi's stock has been suspended for review due to significant price fluctuations [19] Group 5 - ST Yatai plans to reduce its holdings by up to 1.98%, totaling 6.4 million shares [20] - Huaren Pharmaceutical intends to reduce its holdings by up to 3%, equating to 35.4663 million shares [21] - Jianglong Shipbuilding's controlling shareholder plans to reduce holdings by up to 2%, amounting to 7.5534 million shares [22] Group 6 - Borui Pharmaceutical's BGM1812 injection has received approval for clinical trials targeting overweight or obesity [23][24] - ST Zhongzhu announces the transfer of 10.38% of its shares, totaling approximately 403 million yuan [25][26] - Shenzhou Digital plans to establish an employee stock ownership plan with a maximum fundraising of 360 million yuan [27][28] Group 7 - Kaichuang Electric plans to establish a joint research center with Tsinghua University, focusing on embodied intelligence [29] - Daming City intends to acquire 19.43% of Baicaibang for 694 million yuan, specializing in communication solutions [29]

Core Viewpoint - The article highlights the significant increase in influenza cases and the potential investment opportunities in related products such as vaccines, diagnostic tests, and medications due to the rising demand driven by the flu season [4][5][6]. Group 1: Influenza Situation - The incidence of influenza-like illness (ILI) has risen, with southern provinces reporting an ILI percentage of 4.6% in week 44 of 2025, up from 4.1% the previous week and higher than the same period in 2022 and 2024 [4]. - Northern provinces reported an ILI percentage of 5.1%, also showing an increase from 3.7% the previous week and higher than the same period in previous years [4]. - The flu season in 2025 is expected to be more severe than in previous years, with a notable change in circulating strains, particularly A(H3N2), which may increase the risk of breaking through herd immunity [4]. Group 2: Investment Opportunities - **Influenza Vaccines**: The low penetration rate of flu vaccines in China presents a significant growth opportunity as demand is expected to rise with the flu season approaching [5]. - **Virus Testing**: The demand for rapid and accurate diagnostic tests for respiratory viruses is anticipated to grow, benefiting companies that offer such testing products [6]. - **Cold and Specialty Medications**: The demand for cold medications is expected to increase in Q4 2025, with potential sales exceeding market expectations due to the rising flu cases and the clearing of social inventory formed during the COVID-19 pandemic [6].

Group 1 - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. and its subsidiary Yihui Biotechnology (Shanghai) Co., Ltd. have successfully initiated Phase I clinical trials for two new influenza vaccines: "Influenza Virus Subunit Vaccine (Adjuvant)" and "Quadrivalent Influenza Virus Subunit Vaccine (Adjuvant)" in Hubei province [1] - The World Health Organization (WHO) reports that there are approximately 3 to 5 million severe cases of influenza globally each year, with an average of about 88,000 excess deaths due to respiratory diseases caused by influenza in China from 2010 to 2015 [3] - The overall vaccination rate for influenza in China remains low, with only 3.84% during the 2022-2023 flu season, indicating a significant challenge in establishing an effective immune barrier against influenza [3] Group 2 - The "Adjuvanted Influenza Virus Subunit Vaccine" is designed to meet the vaccination needs of different populations, particularly targeting individuals aged 65 and older, utilizing the company's established platform technology and new adjuvants [4] - The vaccine is administered via intramuscular injection in the deltoid muscle, with low-dose and high-dose groups receiving 0.25ml and 0.5ml per dose, respectively, over a total of one dose on day 0 [4] - Preclinical studies indicate that the adjuvanted influenza virus subunit vaccine significantly enhances antibody levels and neutralizing antibody titers, providing a superior option for the elderly population to combat influenza [4] Group 3 - Zhonghui Biotechnology is focused on the research, development, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technologies, with a continuous increase in R&D investment [5] - The company has received clinical approval for several products, including recombinant zoster vaccine, adjuvanted influenza virus subunit vaccine, and lyophilized human rabies vaccine, with multiple innovative vaccine pipelines under development [6] - The company has established large-scale production capabilities, with a first-phase facility covering approximately 68 acres and equipped with international-level GMP production lines for influenza raw materials and formulations [6]

四價流感病毒亞單位疫苗（佐劑） 及三價流感病毒亞單位疫苗（佐劑） 的I期臨床試驗啟動 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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Ab&B Bio-Tech CO., LTD. JS 江蘇中慧元通生物科技股份有限公司 （於中華人民共和國成立的股份有限公司） （股份代號：2627） 自願性公告 本公告由江蘇中慧元通生物科技股份有限公司（「本公司」或「中慧生物」，連同其 附屬公司，統稱「本集團」）自願刊發，以告知本公司股東及潛在投資者有關本集 團最新業務發展的資料。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本集團近期啟動本集團四價流感 病毒亞單位疫苗（佐劑）及三價流感病毒亞單位疫苗（佐劑）的I期臨床試驗。我們 已於2024年7月就在研四價流感病毒亞單位疫苗（佐劑）及於2024年10月就在研三 價流感病毒亞單位疫苗（佐劑）取得中華人民共和國國家藥品監督管理局的新藥臨 床試驗申請批准。 由於隨著年齡的增長，免疫功能自然下降，流感對老年人，尤其是6 ...