资本整合节奏正在提速。 从事人用疫苗业务的康华生物，目前已取得药品注册证书的疫苗有冻干人用狂犬病疫苗(人二倍体细胞) 和ACYW135群脑膜炎球菌多糖疫苗。在研产品包括重组六价诺如病毒疫苗等，该产品已签署海外独家 许可协议。2021年以来，疫苗行业变化较大，康华生物利润表现逐年走低，但仍处于盈利区间，2024年 实现净利润约4亿元。 与康华生物相比，其实际控制人王振滔更为知名，享有"温州鞋王"的美誉。作为国内知名鞋业巨头奥康 集团的创始人，王振滔目前还拥有一家A股上市公司奥康国际（603001），不过该公司近两年经营已经 陷入亏损。 就本次交易目的，万可欣生物表示，这是基于对上市公司主营业务及内在价值的认可，以及看好所处行 业与上市公司未来发展前景，万可欣生物拟通过本次权益变动取得上市公司的控制权。 值得注意的是，本次入主公司的万可欣生物2025年7月8日成立，其中上海上实生物医药管理咨询有限公 司持有0.001%合伙份额，上海生物医药并购私募基金合伙企业(有限合伙)持有80.209%合伙份额，上海 医药(集团)有限公司持有19.790%合伙份额。 公告显示，本次股份转让对价18.51亿元，资金来源均为万可欣 ...

Core Viewpoint - Kanghua Biotech is undergoing a potential change in control as its major shareholder and actual controller, Wang Zhentao, is planning to transfer control, which may lead to a change in the company's major shareholder and actual controller [1][2][4] Company Performance - Kanghua Biotech's performance has declined in 2024, with revenue and net profit attributable to shareholders decreasing by 9.23% and 21.71% respectively [3] - In Q1 2024, revenue and net profit attributable to shareholders fell by 55.7% and 86.15% respectively [3] - The company's core product, the human diploid cell rabies vaccine, saw a dramatic drop in batch issuance by 43.83% in 2024 [6][8] Shareholder Situation - Wang Zhentao and his associated entity, Aokang Group, hold a combined 22.8% of Kanghua Biotech's shares, with 79.9% of their holdings pledged as collateral [3] - Wang Zhentao has also pledged 99.08% of his shares in Aokang International, indicating significant financial pressure [3] Market Competition - Kanghua Biotech's main product faces increasing competition, particularly from Kangtai Biotech, which launched a competing human diploid cell rabies vaccine in April 2024 [8] - The market for human rabies vaccines is becoming more competitive, with other companies like Chengda Biotech and Zhifei Biological also entering the market [9] Product Pipeline and Future Prospects - Kanghua Biotech is heavily reliant on its human diploid cell rabies vaccine, which accounted for over 97% of its revenue in 2024 [5] - The company has seven projects in its research pipeline, including vaccines for norovirus and meningococcal disease, but only one has received approval for clinical trials [10][11] - The company is exploring various strategies to enhance its product pipeline, including partnerships, investments, and acquisitions [11]

Core Viewpoint - The increasing aging population in China has heightened the focus on health issues among the elderly, with shingles being a significant concern that requires early prevention and management to achieve the "Healthy China 2030" goal [1][2]. Group 1: Health Risks and Demographics - Shingles, caused by the varicella-zoster virus, is particularly prevalent among individuals over 50 years old, with over 400 million people in China aged 50 and above [1]. - The risk of shingles increases with age due to declining immune function and skin defense capabilities, especially among those with chronic diseases like diabetes and cardiovascular issues [1][2]. Group 2: Prevention and Management - Vaccination is highlighted as an effective preventive measure against shingles, with recommendations for eligible elderly individuals to actively seek vaccination [2]. - Current treatment options for shingles are limited, primarily focusing on antiviral and symptomatic relief, which are often ineffective and costly for long-term complications [2]. Group 3: Policy and Implementation - Under the policy of integrating medical and preventive care, various regions in China are innovating practices to enhance the prevention and management of shingles and other chronic diseases among the elderly [3]. - An integrated outpatient model has been introduced in Beijing's Dongcheng District, where general practitioners are encouraged to recommend appropriate vaccination services during routine consultations to improve vaccination coverage [3].

2025.06. 17 本文字数：1364，阅读时长大约3分钟 作者 | 第一财经 林志吟 自费疫苗的降价潮，从国产疫苗席卷至进口明星疫苗。近期以来，一些疫苗接种点相继推出关于进口 HPV疫苗、进口重组带状疱疹疫苗的惠民项目。 进口四价以及九价HPV疫苗厂商默沙东日前决定自2025年2月起根据消费者需求的动态变化，阶段 性调整中国市场HPV疫苗发货节奏，预计将于年中逐步恢复常态。 作为进口四价以及九价HPV疫苗、进口带状疱疹疫苗的代理商，智飞生物（300122.SZ）在今年5月 份召开的2024年度网上业绩说明会上表示，从公司总体经营情况看，公司当前确实遇到了经营困 难。自2024年二季度开始，该公司业绩下降明显，HPV等核心产品销量大幅度下降，同时各项财务 指标出现较大波动。一方面，经济周期性及结构性变化、行业调整以及疫苗犹豫增加等因素对民众接 种意愿影响较大。另一方面，尽管公司在2023年已经开始积极寻找新的商业机会，主动寻找新的业 绩增长点推动公司实现业务转型。但是，公司对宏观情况变化、行业调整、新业务开拓进度等的研判 存在预判偏差，导致经营效益偏离预期目标。 具体看，针对9岁到14岁女性，进口二价HP ...

Core Viewpoint - The article discusses the challenges faced by Zhifei Biological Products Co., Ltd. (智飞生物) in the HPV vaccine market, particularly in light of competition from Wantai Biological Pharmacy Enterprise Co., Ltd. (万泰生物) and the company's efforts to address inventory and financial issues through promotional activities and government collaboration [2][3][11]. Group 1: Company Performance - Zhifei Biological reported a significant decline in performance, with revenue dropping to 26 billion yuan, a 50% decrease year-on-year, and net profit falling to 2 billion yuan, a 75% decline [3]. - The company has experienced three consecutive quarters of losses, with the scale of accounts receivable decreasing from 16.3 billion yuan at the beginning of the year to 14.6 billion yuan by the end of Q1 2025 [7]. - The market value of Zhifei Biological has plummeted from a peak of 360 billion yuan to below 50 billion yuan, reflecting a substantial loss in the founder's wealth [3]. Group 2: Market Strategy - In response to market challenges, Zhifei Biological has initiated a "free one shot" promotional campaign for the nine-valent HPV vaccine, aiming to boost vaccination rates and reduce inventory [1][4]. - The company has identified two main factors affecting its performance: economic changes impacting public vaccination willingness and misjudgments regarding market conditions and new business opportunities [3]. - The company plans to strengthen communication with partners, adjust promotional policies, and enhance risk control measures to recover from financial difficulties [4][5]. Group 3: Competitive Landscape - The entry of Wantai Biological's nine-valent HPV vaccine poses a direct challenge to Zhifei Biological, which has been preparing for this competition by increasing promotional efforts [2][11]. - The pricing strategy for the new domestic vaccine is expected to be significantly lower than imported options, potentially ranging from 700 to 800 yuan [11]. - Despite promotional efforts, there are concerns about the overall market demand for HPV vaccines, as many potential recipients have already completed their vaccinations [12][13].

Core Viewpoint - The approval of Wantai Biological's nine-valent HPV vaccine marks a significant development in the domestic HPV vaccine market, but the company faces challenges in sales due to increased competition and market saturation [2][5]. Group 1: Market Dynamics - The nine-valent HPV vaccine has become widely available, with sales pressure on Merck and its domestic distributor Zhifei Biological, raising questions about Wantai Biological's ability to sell its product [2][7]. - The market for HPV vaccines has seen a dramatic increase in supply, with the number of approved doses rising from 3.32 million in 2019 to 36.55 million in 2023, leading to a decrease in demand and sales pressure for existing products [7][8]. Group 2: Financial Performance - Wantai Biological's revenue from its two-valent HPV vaccine peaked at over 8.49 billion yuan in 2022 but fell to 5.51 billion yuan in 2023, with projections for further decline in 2024 [5]. - Analysts predict that the nine-valent HPV vaccine could become a core driver of Wantai Biological's performance, with potential peak sales reaching 22.8 billion yuan if penetration among eligible women exceeds 50% [5][8]. Group 3: Competitive Landscape - Wantai Biological's nine-valent HPV vaccine is the first domestically produced version and the second globally, but it will face stiff competition from Merck's Gardasil 9 and other emerging products from companies like Shanghai Bowei and Beijing Kanglaweishi [2][9]. - The market for HPV vaccines is expected to become increasingly competitive, with several companies developing higher-valent vaccines, which may further challenge Wantai Biological's market position [9].

作 者丨尹华禄 季媛媛 闫硕 编 辑丨曾静娇 张伟贤 刘雪莹 首个国产九价HPV疫苗，获批上市！ 售价多少？工作人员：没办法透露 万泰生物（603392.SH）于今日盘后发布公告称，全资子公司厦门万泰沧海生物技术有限公司 申报的九价人乳头瘤病毒疫苗（大肠埃希菌）（商品名称：馨可宁9）获批上市。 据了解，宫颈癌是女性最常见的恶性肿瘤之一，由高危型HPV持续感染引起。宫颈癌也是目 前唯一可有效预防的癌症，最有效和经济的预防方式就是接种HPV疫苗。 据招股书披露，万泰生物系全球第二个、中国首个申请临床试验的国产九价宫颈癌疫苗的公 司。 据悉，该公司于2015年申请临床试验，2017年获得临床试验批件，2019年完成I期临床试验， 并开展二期临床试验，2024年4月发布III期临床试验揭盲结果。从申请到获批历时约10年。 | | 4、核心发明专利获中国、美国、欧洲、印度授权。 | | --- | --- | | | 1、全球第二个、中国首个申请临床试验的国产九价宫颈癌疫苗 | | | ● 2015年申请临床试验,2017年获得临床试验批件,2019 | | | 年完成Ⅰ期临床试验,并开展二期临床试验。 | | | . ...

Group 1 - The company has received clinical trial approval for its mRNA shingles vaccine from the National Medical Products Administration, following FDA approval for clinical trials in March 2025, demonstrating the strength of its mRNA technology platform [1] - The mRNA shingles vaccine shows significantly higher specific T cell immunity, specific IgG antibody titers, and fluorescent antibody titers compared to international recombinant subunit vaccine controls in preclinical trials [1] Group 2 - Shingles is caused by the reactivation of the varicella-zoster virus, with an infection rate of over 90% in adults, and the incidence rate is increasing by 2.5% to 5.0% annually [2] - Vaccination against shingles is an effective measure to prevent the disease and its complications, with a target to inhibit the reactivation of the virus [2] Group 3 - Currently, there are no approved mRNA shingles vaccines globally, and the vaccination rate in the target population in China is less than 1%, indicating significant growth potential [3] - The global sales of GSK's shingles vaccine are projected to be approximately $4.31 billion in 2024, with the market size in China expected to reach around RMB 20 billion by 2030 [3] - The company is one of the earliest developers of mRNA vaccines in China, with a mature mRNA vaccine R&D system and a complete industrialization process, enabling rapid commercialization post-clinical trials [3] - The company aims to focus on key technologies of the mRNA platform and accelerate the development and registration of new products to enhance its innovation capability and competitiveness [3]

Core Points - There are increasing signals indicating that China may restart the expansion of its National Immunization Program (NIP) to include more free vaccines after 18 years since the last adjustment [1][3] - Government officials and technical experts have revealed that research and discussions regarding the expansion of the immunization program have begun, with a focus on optimizing vaccine types based on disease burden and cost-effectiveness [1][2] - The NIP has not included new vaccines for 18 years, and there is a need to align with international standards and recommendations from the World Health Organization (WHO) [3][4] Group 1: Policy and Strategy - The National Health Commission's deputy director mentioned plans to dynamically adjust and optimize the NIP, focusing on adding vaccines that are widely recognized, cost-effective, and meet demand [1][2] - The NIP aims to gradually reduce the gap between domestic immunization practices and international standards, with a five-year plan in place [2][3] - The expansion of the NIP is expected to consider various factors, including disease prevention needs, vaccine characteristics, economic benefits, and funding levels [2][3] Group 2: Current Vaccination Landscape - Four vaccines recommended by WHO (Hib, PCV, HPV, RV) are currently not included in China's NIP, which has led to a focus on these vaccines in discussions about future expansions [3][4] - The current NIP primarily covers children under six, lacking vaccines suitable for adults and vulnerable populations [3][4] - The incidence of several infectious diseases has significantly decreased in China due to previous expansions of the NIP, highlighting the importance of including new vaccines [3][4] Group 3: Vaccine-Specific Insights - Hib vaccine targets a common respiratory pathogen and is crucial for preventing severe outcomes in children under five [4][5] - PCV vaccine is essential for preventing pneumonia-related diseases, particularly in vulnerable populations [4][5] - HPV vaccine is vital for preventing cervical cancer, which is a significant health issue in China, with a high incidence rate among women [4][5] - RV vaccine is critical for preventing severe gastroenteritis in young children, with significant hospitalization rates due to infections [5] Group 4: Equity and Accessibility - The principle of equity in vaccine access is emphasized, with a focus on ensuring that all children, regardless of socioeconomic status, can receive vaccinations [6][10] - Local policies providing free HPV vaccines have created disparities in access, highlighting the need for a national approach to ensure uniform coverage [6][9] - The sustainability of local vaccination programs is questioned, as they may not provide long-term stability compared to a national immunization strategy [9][10]

Core Viewpoint - The financial performance of Shenyuan Biological in 2024 shows a decline in net profit and a slight increase in revenue, indicating potential challenges ahead for the company. Financial Performance Summary - In 2024, the company achieved operating revenue of 30,341.47 million yuan, a year-on-year increase of 0.64% compared to 30,148.71 million yuan in 2023 [1][2] - The net profit attributable to shareholders was -4,474.01 million yuan, a significant decrease from the previous year's profit of 3,151.87 million yuan, representing a decline of 241.95% [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -4,837.65 million yuan, down from 2,506.98 million yuan in the prior year, marking a decrease of 292.97% [1][2] - The net cash flow from operating activities was 8,936.20 million yuan, a substantial increase from 352.55 million yuan in the previous year, reflecting a growth of 2,434.71% [1][2] Q1 2025 Performance Summary - In the first quarter of 2025, the company reported operating revenue of 7,874.11 million yuan, a year-on-year decrease of 10.58% from 8,805.82 million yuan [3][4] - The net profit attributable to shareholders was -301.99 million yuan, compared to -220.92 million yuan in the same period last year [3][4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -445.01 million yuan, down from -286.93 million yuan in the previous year [3][4] - The net cash flow from operating activities was -2,856.10 million yuan, compared to -2,440.44 million yuan in the same period last year [3][4] Company Background - Shenyuan Biological was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 28, 2019, with an initial issuance of 50 million shares at a price of 8.80 yuan per share [4][5] - The highest stock price recorded was 36.88 yuan on the first trading day, but the stock is currently in a state of decline [4]