根据最新的改革方案，未来新上市的未盈利企业将被纳入科创成长层，待满足"最近两年净利润均为正 且累计净利润不低于5000万元"或"最近一年净利润为正且营业收入不低于1亿元"，才会调出科创成长 层。 在盈亏"分层"的背后，不仅是为了保护投资者，更体现出科创板对于未盈利企业不一般的"情愫"。 在大部分投资人眼中，相比于已经盈利的企业，未盈利的企业往往面临更高的投资风险。 21世纪经济报道记者 杨坪 深圳报道 随着新一轮科创板改革规则出炉，未盈利企业审核明显加速。 连日来，多家未盈利企业审核迎来突破：以第五套标准申报的禾元生物，在7月1日顺利过会，北芯生命 公布了第二轮问询函的回复公告；摩尔线程、沐曦集成等未盈利的明星半导体企业，科创板上市申请获 得受理。 而过去六年时间，科创板合计有54家未盈利企业上市，截至目前22家企业已实现盈利，摘U率约40%。 这些摘U企业，有不少实现了股价大幅上涨，为投资者带来了丰厚的投资回报。 企业盈利与否，是否会影响投资者的决策？不同的上市标准下，企业的投资风险是否存在较大差异？什 么类型的企业能更快实现商业化落地？ "标准五"不等于没有希望 众所周知，科创板注重企业科技创新能力，允许 ...

赛富阵营宣布，投票通过罢免李嘉强董事会，选举尹卫东、阎焱（赛富）、付山（维梧）等10人为新董 事。 强新资本实控人、现任董事长李嘉强阵营则反击道：会议已被法院叫停，所谓新董事会"不合法"，并强 调将继续推进分红。 具体来看，强新资本主导的原董事会于7月9日股东大会前突击支付首笔每股55美元分红（总额33亿美 元），并明示"反对议案者将丧失后续股息"，直接以现金胁迫股东支持。 而科兴生物的困局始于私有化分歧。 被资本市场称为"疫苗行业世纪对决"的博弈，在7月9日加勒比海岛国安提瓜和巴布达的特别股东大会上 达到高潮。 7月7日，6年前购入科兴生物（NASDAQ: SVA）股票的股东收到了一张每股55美元的股息支票——这 笔钱相当于他当初买入股价（6.47美元）的8.5倍。然而，如此"慷慨"的分红却被中小股东视为内斗副产 品。 一边是现任董事会以"75亿美元"分红为筹码争夺支持，另一边是赛富基金联合创始人尹卫东派系发 动"政变"，最终宣布罢免现任董事会并任命新董事。而双方均宣称自己合法，将分红承诺当作权斗武 器。 三阶段分红总额达每股124美元，以停牌价6.47美元计算，股息率超1900%。被冻结6年的股东面临"拿 ...

疫苗ETF跟踪的是疫苗生科指数，该指数由中证指数有限公司编制，从沪深市场中选取涉及疫苗研发、 生产、销售及生物科技领域的上市公司证券作为指数样本，覆盖疫苗产业链各环节。该指数旨在反映中 国疫苗及生物科技行业上市公司证券的整体表现，具有突出的专业性和成长性特征。 （文章来源：每日经济新闻） 消息面上，7月8日国家医保局联合卫健委发布《支持创新药高质量发展的若干措施》（以下简称《措 施》），提出16条全链条支持政策，同步推进商保目录制定以完善多元支付体系。 上海证券指出，高层高度重视医药创新发展，2025年政府工作报告提出建立商业健康保险创新药目录， 支持创新药发展。《措施》明确医保数据可用于创新药研发，探索为研发提供医保数据服务，推动真创 新和差异化创新。医保准入综合考虑基金承受能力、临床需求等因素，形成符合药品临床价值的支付标 准。商业健康保险与基本医保错位发展，探索同步结算。创新药进医保时间显著缩短，从获批到纳入医 保已降至1年左右，约80%的创新药可在上市2年内纳入医保。2024年简易续约药品平均降幅仅为1.2%， 近80%以原价续约。商业健康保险市场快速增长，2024年原保险保费收入达9773亿元，同比 ...

摘要 育儿补贴政策通过直接降低生育成本，边际拉动婴幼儿用品市场需求， 尽管新生儿数量下降，但人均可支配收入增加和母婴家庭消费能力提升 推动市场规模增长。预计到 2025 年，母婴市场总规模将达到 4.68 万亿 元，同比增速超 7%。 乳制品、护理与耐用品、服装等母婴用品细分领域具有较大的发展潜力， 相关上市公司业绩相对稳定，但受前几年新生儿数量下降影响，估值处 于低位，存在投资机会。 2024 年学前教育法明确学前教育的重要性，国家推进普及学前教育， 构建覆盖城乡、公益普惠的学前教育公共服务体系。托育服务规范化水 平显著提升，托育机构管理制度进一步健全，备案率明显提高。 中国婴幼儿托育市场规模预计将从 2024 年的 1,500 亿元攀升至 2030 年的 2,300 多亿元，中央和地方政府对托育行业支持力度持续加大。 随着生育限制放开和公共服务完善，人们的生育意愿有所提升，带动辅 助生殖行业渗透率回暖。中美不孕不育率逐年提升，两国辅助生殖渗透 率也逐年增加，市场规模不断扩大，辅助生殖行业具有长期增长逻辑。 育儿补贴政策下的投资机会 20250710 Q&A 需求退坡，估值处于低位，有投资机会。 政策加码推 ...

Core Viewpoint - The company is focusing on its strengths in the vaccine and in vitro diagnostic fields, emphasizing its international strategic layout and future growth potential during a recent capital market research conference [2][3]. Group 1: Company Overview - The research conference attracted over 20 securities analysts from firms such as CITIC Securities and Guolian Minsheng Securities, highlighting significant interest in the company's developments [3]. - The general manager of the company, Jiang Zhiming, reviewed the company's 30-year development history and outlined its strategic layout, focusing on product advantages, innovative models, and international expansion [3]. Group 2: Market Opportunities - The HPV vaccine market in China shows significant potential, with a first-dose coverage rate of 27.43% among women aged 9-45, compared to 67% in Western countries, indicating a theoretical market of over 100 million people [4]. - The company plans to implement differentiated sales strategies based on regional demographics, consumer capabilities, and healthcare resource distribution to tap into this market [4]. Group 3: Innovation and Development - The company has established a comprehensive technical platform covering vaccines and in vitro diagnostics, focusing on products with broad market prospects and committing to increased innovation investment [5]. - The recent research conference served as an important opportunity for the company to enhance communication with the capital market, showcasing its core competitiveness and global strategy in the vaccine and in vitro diagnostic sectors [5].

Core Viewpoint - The approval and launch of the domestic nine-valent HPV vaccine "Xinkening®9" marks a significant milestone for China's biopharmaceutical industry, breaking the global monopoly of high-priced imported HPV vaccines and establishing China as the second country after the United States capable of independently supplying such vaccines [2][9]. Group 1: Vaccine Development and Approval - The nine-valent HPV vaccine was developed through a collaboration between Xiamen University, Xiang'an Innovation Laboratory, and Wantai Biological Pharmacy, taking 18 years from inception to approval [2]. - The vaccine covers nine HPV types (6, 11, 16, 18, 31, 33, 45, 52, 58) and utilizes an innovative E. coli expression platform, which has reduced production costs and validated safety and efficacy through key clinical trials [2][3]. Group 2: Clinical Trials and Efficacy - Since 2019, five clinical trials have been conducted across China, enrolling over 11,000 healthy volunteers aged 9 to 45, providing robust research data [2]. - The vaccine shows comparable protection rates against HPV16/18-related lesions to imported vaccines and over 98% protection against persistent infections from other high-risk types [3]. Group 3: Market Position and Pricing - The pricing of "Xinkening®9" is set at 499 yuan per dose, approximately 40% of the price of imported vaccines, which were previously monopolized by Merck & Co. at around 1300 yuan per dose [3][9]. - The vaccine has received WHO PQ certification and has gained market access in over 20 countries, being included in immunization programs in four countries, thus positioning it as a "Chinese solution" in global public health [3][9]. Group 4: Industry Context and Future Outlook - The global market for HPV vaccines is projected to grow at an annual rate of 8%, potentially reaching nearly $10 billion by 2027, driven by the increasing inclusion of vaccines in national immunization programs [8]. - The successful launch of "Xinkening®9" exemplifies China's capability in biopharmaceutical innovation and is expected to enhance the competitiveness of Chinese companies in the international market while contributing to global cervical cancer prevention efforts [9].

Core Viewpoint - The control battle over Sinovac Biotech (NASDAQ: SVA) has intensified, with a special shareholders' meeting held in Antigua and Barbuda to vote on the removal of the current board led by Chairman Li Jiaqi and the election of a new board proposed by the Yin Weidong camp, backed by the private equity firm Sequoia Capital [2][3]. Group 1: Company Background - Sinovac Biotech is the parent company of Beijing Sinovac Biotech, which is a major supplier of COVID-19 vaccines. From 2021 to 2022, Sinovac Biotech generated over 130 billion yuan in revenue and over 96 billion yuan in net profit [3]. Group 2: Shareholder Meeting Details - The special shareholders' meeting on July 9 was primarily to vote on two proposals: the dismissal of the current board and the election of ten new board members [3]. - The meeting was held in the capital of Antigua and Barbuda, where Sinovac Biotech is registered [3]. Group 3: Control Battle Dynamics - Li Jiaqi, who has been the actual largest shareholder since 2013, faces opposition from the original founder and former chairman, Yin Weidong, whose camp includes Sequoia Capital [3]. - Following the announcement of two court rulings from Antigua, Li Jiaqi decided to suspend the meeting, but board member Lu Yulin later reconvened it [4]. Group 4: Legal Proceedings and Claims - Sequoia Capital claimed that the proposals for the new board were approved during the meeting, indicating that Li Jiaqi's faction would lose control of Sinovac Biotech [3]. - Li Jiaqi's camp contended that the meeting was not valid due to ongoing litigation regarding the validity of shares held by Weiwu Capital and Shangcheng Capital, which are also part of Yin Weidong's faction [4][5]. Group 5: Future Plans and Governance - Li Jiaqi's faction asserted that they would continue to govern the company and execute a previously announced special cash dividend of $55 per share, with the distribution process already initiated [6]. - Plans to restore common stock trading on NASDAQ and explore a listing on the Hong Kong Stock Exchange to enhance liquidity and shareholder returns were also mentioned [6].

科前生物公告，公司拟与华中农大签订专利实施许可合同、研发及技术许可合同。公司就两个研发项目 一共需向华中农大支付335万元人民币。其中，"一株猪δ冠状病毒强毒株及其在疫苗制备中的应用"发明 专利的实施许可支付135万元，"吉氏巴贝斯虫传代致弱活疫苗"的研发及技术许可支付200万元。 ...

Core Viewpoint - The introduction of the domestic nine-valent HPV vaccine "Xinkening®9" at a price of 499 yuan per dose intensifies competition in the HPV vaccine market, prompting a potential price war among manufacturers [1][8]. Market Expansion - The global coverage rate for the first dose of the HPV vaccine among girls is projected to reach 27% by 2024, while the coverage rate for women aged 9 to 45 in China is only 10.15%, showing significant room for growth compared to the global average and the 67% coverage in Western countries [5][6]. Market Challenges - Expanding market space is a major challenge for all companies involved in HPV vaccine development. Companies are actively seeking to open up the market, with the approval of new indications for the "Jiadaxiu9" vaccine, which is now the first and only nine-valent HPV vaccine approved for both males and females in China [7][8]. Competitive Landscape - Domestic HPV vaccine manufacturers are shifting focus to price competition after missing the first-mover advantage. However, raising public awareness and vaccination rates is seen as a more effective strategy than price cuts [9][10]. Vaccine Efficacy Evidence - Real-world studies have shown significant reductions in HPV infection rates and cervical cancer cases due to vaccination, with a Scottish study indicating a 90% decrease in HPV infections since the vaccine's introduction in 2008 [11][12]. Conclusion - The competition in the HPV vaccine market is expected to evolve, with data on vaccine efficacy becoming a crucial factor in establishing trust and market presence for new entrants [12].

2020年，世界卫生组织正式提出"加速消除宫颈癌全球战略"，我国亦印发《加速消除宫颈癌行动计划 （2023-2030）》，并将"促进HPV疫苗接种"列为行动主要目标之一。截至目前，我国3亿9至45岁女性 中，未接种HPV疫苗的比例高达70%至80%。 根据不完全统计，厦门大学方面一共有包括院士在内的十多名疫苗科学家深入参与了研发项目。而万泰 生物则前后投入了约20名博士、150名硕士实现了产品的工程化。 资料显示，万泰生物成立于1991年，主营业务为体外诊断试剂、自动化检测设备、疫苗研发生产及销 售。公司的主要产品目前包括原料、质控品、诊断设备、免疫、生化、分子、疫苗在内的全产业链医防 融合产品，横跨七个不同的技术平台。该公司于2020年在上海证券交易所主板成功上市，其控股股东为 养生堂有限公司，实控人为农夫山泉创始人、董事长钟睒睒。 经过万泰生物和厦门大学长达18年的攻坚克难，馨可宁®9展现出了不输进口疫苗的试验数据。据2023 年7月刊发在《柳叶刀·感染病学》上的头对头临床试验结果表明，馨可宁®9与进口九价HPV疫苗具有 相似的免疫应答及安全性。此外，预防HPV持续感染是预防宫颈癌的第一道防线，已经被国际 ...