（原标题：HPV疫苗纳入免疫规划，重塑百亿市场与公共健康格局） 21世纪经济报道记者季媛媛 中国HPV疫苗免费接种政策在经历了从地方试点到省级推广后，如今已经进入到了国家免疫规划。 9月11日，国新办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期卫生健康工作 发展成就。据介绍，今年国家将推出面向适龄女生的HPV疫苗接种服务，并且将HPV疫苗纳入国家免疫 规划，保护女性的健康。 这场始于地方试点的健康行动终于升级为国家战略，标志着中国宫颈癌防控进入新阶段。 HPV（人乳头瘤病毒）感染可引发多种疾病，高危型HPV与宫颈癌、外阴癌、阴道癌、肛门癌、口咽癌 等多种恶性肿瘤的发生密切相关，低危型HPV则是引发尖锐湿疣的主要原因。部分男性亦存在HPV感染 及相关疾病风险。接种HPV疫苗是当前公认安全、有效的一级预防手段，可显著降低HPV感染及其相关 疾病的发病率。 为了提高HPV疫苗接种率，全国多地陆续启动了适龄人群HPV疫苗接种惠民活动，以进口九价HPV疫苗 为例，可以减免最后一剂次接种费用。眼下， 我国HPV疫苗接种以二价、四价、九价为主，在推进 HPV进免规的过程中，是否会优先考虑覆盖特定价 ...

申联生物于2019年10月28日在上海证券交易所科创板上市，发行数量5,000万股，发行价格8.80元/股， 保荐机构（主承销商）为国信证券股份有限公司，保荐代表人为吴风来、王攀。 上市首日，申联生物盘中最高价报36.88元，为该股上市以来最高价。 中国经济网北京9月11日讯 申联生物(688098.SH)近日发布2025年半年度报告。报告期内，该公司实现营 业收入1.22亿元，同比下降3.68%；实现归属于上市公司股东的净利润-1286.97万元，上年同期 为-3450.80万元；实现归属于上市公司股东的扣除非经常性损益的净利润-1679.62万元，上年同期 为-3544.40万元；经营活动产生的现金流量净额为-3938.91万元，上年同期为-80.56万元。 2024年，申联生物实现营业收入30,341.47万元，同比增长0.64%；实现归属于上市公司股东的净利 润-4,474.01万元，上年同期为3,151.87万元；实现归属于上市公司股东的扣除非经常性损益的净利 润-4,837.65万元，上年同期为2,506.98万元；经营活动产生的现金流量净额为8,936.20万元，上年同期为 352.55万元。 ...

Group 1 - Beijing will launch free HPV vaccination for first-year female students starting in September to enhance health protection for young women [1] - The HPV vaccine is currently the most economical and effective method for preventing cervical cancer, with high protective efficacy against pre-cancerous lesions and cancers caused by HPV types 16 and 18 [1] - Eligible first-year female students, aged 9 and above, can receive the domestically procured bivalent HPV vaccine for free, following a two-dose immunization schedule [1] Group 2 - District CDCs will coordinate with local education departments to designate vaccination clinics for each school, with vaccinations primarily conducted at the school’s designated clinic [2] - Parents or guardians must accompany students to the vaccination site, and a 30-minute observation period is required post-vaccination [2] - Students wishing to self-pay for the quadrivalent or nonavalent HPV vaccines can make appointments through various platforms, provided they meet the vaccination criteria [2]

Group 1: Financial Performance - The company's operating revenue for the first half of 2025 was ¥59,961,774.27, representing a year-on-year increase of 68.77% [3] - The net profit attributable to shareholders decreased by 17.71% to ¥20,797,156.80 [3] - The net profit after deducting non-recurring gains and losses was -¥12,784,853.85, showing a year-on-year increase of 40.04% [3] - As of the end of the reporting period, total assets amounted to ¥6,912,395,737.39, with net assets attributable to shareholders at ¥5,918,534,037.40 [3] Group 2: Dividend Policy - The 2024 dividend plan is to distribute ¥2 per 10 shares, with a total cash dividend of ¥8 per 10 shares for 2025 [4] - The average annual net profit attributable to shareholders over the past three years was ¥5.284 billion, with cumulative cash dividends of ¥706.4 million, resulting in a payout ratio of 133.69% [4] - The company aims to enhance the stability and predictability of cash dividends while increasing the average payout ratio [4] Group 3: Vaccine Industry Insights - The global human vaccine market grew from $27.7 billion in 2017 to $46 billion in 2021, with a compound annual growth rate (CAGR) of 13.5%, projected to reach $83.1 billion by 2025 and exceed $131 billion by 2030 [4] - In China, the overall vaccination rate for influenza vaccines is approximately 3%, significantly lower than the rates in developed countries [5] - The CDC reported that the vaccination rates for the 2023-2024 flu season in the U.S. were 55.4% for ages 6 months to 17 years, 44.9% for adults, and 69.7% for seniors aged 65 and above [5] Group 4: Market Strategy and Future Growth - The company has established a sales network covering over 2,500 disease control centers across more than 30 provinces, achieving over 70% coverage [5] - To improve accessibility and market competitiveness, the company adjusted the price of its quadrivalent influenza vaccine starting June 5, 2024 [6] - Future growth points include the development of rabies and tetanus vaccines, with the company also advancing clinical trials for new products like mRNA vaccines [6]

Core Viewpoint - The company, Ai Mei Vaccine, is poised for significant growth with the upcoming commercialization of key vaccine products and a reduction in R&D expenses, leading to a strong financial outlook for 2025 and beyond [1][2] Group 1: Financial Performance - Ai Mei Vaccine reported stable revenue for the first half of 2025, supported by the impending launch of four major vaccine products [1] - The company is expected to achieve profitability by 2026, with sales projected to grow at a compound annual growth rate (CAGR) of 45% from 2025 to 2027 [2] Group 2: Product Development - Four major vaccine products are nearing commercialization: - The registration application for the updated rabies vaccine has been accepted - The 13-valent pneumonia conjugate vaccine has applied for registration and completed on-site verification - The 23-valent pneumonia polysaccharide vaccine has completed Phase III clinical serum testing and is entering the statistical unblinding phase - The updated high-efficiency diploid rabies vaccine is in Phase III clinical trials, with a registration application expected in 2026 [1] - The company has 20 vaccine products in development across 12 disease areas, with 23 clinical approvals and 24 ongoing clinical trials, including 7 innovative Class 1 vaccines [1] Group 3: Market Expansion - Ai Mei Vaccine has successfully entered the African market with its quadrivalent meningococcal polysaccharide vaccine and is registering in Central Asia - The rabies vaccine has made its debut in the Central American market - The hepatitis B vaccine is actively undergoing registration processes in Southeast Asia, while the hepatitis A vaccine is progressing in South Asia [1]

Group 1 - The stock price of CanSino (688185.SH) closed at 80.87 yuan, reflecting a decline of 4.66% [1] - CanSino was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 13, 2020, with an issuance of 24.8 million shares at a price of 209.71 yuan per share [1] - The company raised a total of 5.201 billion yuan, with a net amount of 4.979 billion yuan after deducting issuance costs, which was 3.979 billion yuan more than the original plan [1] Group 2 - The funds raised were intended for several projects, including the construction of the second phase of the production base, vaccine development, cold chain logistics system, and working capital [1] - The issuance costs for CanSino amounted to 221 million yuan, with underwriting fees accounting for 205 million yuan [2] - CITIC Securities, as the lead underwriter, received an allocation of 496,000 shares, representing 2.00% of the total shares issued, with an investment amount of 104 million yuan [2]

Group 1 - The core viewpoint of the news is that Beijing Kexing Holdings' subsidiary has developed an adsorbed tetanus vaccine, which has received approval from the National Medical Products Administration, providing more options for tetanus prevention [1] - The Kexing adsorbed tetanus vaccine utilizes nanometer-level adjuvant technology and purification process innovations, achieving breakthroughs in immunogenicity and safety, thus offering a superior solution for tetanus prevention [1] - The vaccine features an adjuvant with a particle size of only 300 nanometers, significantly enhancing the adsorption efficiency of the antigen and improving the stability of the formulation compared to traditional adjuvants [1] Group 2 - The phase III clinical study of the Kexing adsorbed tetanus vaccine shows that the geometric mean concentration (GMC) of antibodies is higher than that of the control vaccine, indicating good safety [1] - Tetanus remains a serious public health issue in countries and regions with inadequate immunization programs, with an estimated annual incidence of approximately 1 million cases and a death toll of 300,000 to 500,000 [1] - The vaccine is intended for post-exposure prevention of tetanus in cases of injury and for pre-exposure prevention in high-risk populations [1] Group 3 - Kexing Group is actively expanding its presence in the injury field, with the adsorbed tetanus vaccine being a key product in the company's "injury combination product" strategy [2] - In addition to the vaccine, the company is advancing clinical research on the anti-tetanus toxin monoclonal antibody SNA02-48 injection [2] - The company has also invested in Xingmeng Biotech, which developed the innovative drug Kexib, approved for passive immunotherapy for adult rabies virus exposure in 2024 [2]

Core Insights - The HPV vaccine market has shifted from a high-demand phase to a significant downturn, with major companies like Zhifei Biological and Wantai Biological reporting substantial revenue declines and net losses [1][2][3] - The decline in demand is attributed to market saturation, with vaccination rates among eligible women nearing completion, leading to a structural adjustment in the industry [5][9] - The competitive landscape has intensified, with price reductions and increased marketing expenses squeezing profit margins for domestic vaccine manufacturers [2][3] Company Performance - Zhifei Biological reported a 73.06% year-on-year revenue decline to 4.919 billion yuan, with a net loss of 597 million yuan, marking a shift from profit to loss [1][3] - Wantai Biological, a leader in domestic bivalent vaccines, experienced its first loss since its 2020 IPO, with a revenue drop of 38.25% to 844 million yuan and a net loss of 144 million yuan [1][3] - Watson Biological's bivalent vaccine also faced challenges, with a 33.88% revenue decline and a 62.53% drop in net profit in the first half of 2024 [3] Market Dynamics - The HPV vaccine market is experiencing a "cold winter," driven by demand exhaustion and intensified competition, necessitating strategic adaptations such as expanding indications and internationalization [2][10] - The market is characterized by an imbalance in product structure, with a predominance of bivalent vaccines and a reliance on imported nine-valent vaccines, which limits growth potential for domestic products [5][11] - The introduction of male vaccination indications presents a significant opportunity, as the male HPV vaccine market remains largely untapped, with potential to double the target population [10][12] Future Outlook - Companies are focusing on expanding male vaccination indications and enhancing international market presence as key strategies for overcoming current challenges [10][12] - The global HPV vaccine market is evolving, with domestic companies like Wantai and Watson making strides in international approvals and market entry, particularly in low- and middle-income countries [13][14] - Collaborative efforts among policymakers, companies, and society are essential to promote HPV vaccination, improve accessibility, and enhance public awareness [15][16]

Core Viewpoint - The report outlines Wuhan Keqian Bio Co., Ltd.'s commitment to enhancing quality and efficiency while returning value to shareholders through innovation, operational optimization, governance, and investor communication. Group 1: Innovation and Business Development - The company is focusing on strengthening its core competitiveness by expanding into new business areas such as vaccines for ruminants and pets, diagnostic reagents, and insect protein development, achieving a revenue of 487.29 million yuan, a year-on-year increase of 21.67% [1] - Research and development expenses amounted to 45.50 million yuan, with six new veterinary drug certificates obtained and five clinical approvals applied for [2] Group 2: Operational Management and Efficiency - The company has implemented an integrated office approval system and is advancing a new ERP project to enhance operational efficiency and cost management [2] - Inventory strategies have been optimized to accelerate turnover and reduce capital occupation, while accounts receivable management has been strengthened to improve collection efficiency [2][3] Group 3: Governance and Management - The company emphasizes the importance of a sound governance structure and effective internal controls, holding three shareholder meetings and four board meetings in the first half of 2025 [3] - An employee stock ownership plan was implemented, involving 55 key personnel, to align interests between shareholders and employees [3] Group 4: Investor Returns and Communication - Since its listing, the company has maintained a cash dividend policy, distributing a total of 711.10 million yuan from 2020 to 2024, with an average cash dividend ratio of 32.23% [4] - The company has repurchased 2.21 million shares for a total of 35.84 million yuan, reinforcing its commitment to shareholder returns [5] - The company prioritizes timely and transparent information disclosure, having released two regular reports and 69 announcements in the first half of 2025 [5][6]

Core Insights - The HPV vaccine market in China is experiencing a significant downturn, transitioning from a previously high-demand environment to a competitive landscape with declining revenues for leading companies [1][3][6] - Major domestic vaccine manufacturers, such as Zhifei Biological and Wantai Biological, reported substantial revenue declines and net losses in their recent financial statements, indicating a structural adjustment in the industry [1][2][3] - The market's supply-demand dynamics have shifted, with oversupply and increased competition leading to price reductions and squeezed profit margins for domestic vaccine producers [2][4][5] Company Performance - Zhifei Biological's revenue for the first half of 2025 fell by 73.06% to 4.919 billion yuan, with a net loss of 597 million yuan, marking a significant decline from profitability [1][3] - Wantai Biological, a leader in the domestic bivalent HPV vaccine market, reported its first loss since its 2020 IPO, with a revenue drop of 38.25% to 844 million yuan and a net loss of 144 million yuan [1][2] - Watson Biological also faced challenges, with a 33.88% decline in revenue and a 62.53% drop in net profit for the first half of 2024 [3] Market Dynamics - The cumulative vaccination rate for HPV among women aged 9-45 in China is nearing 20%, indicating that the target population has largely completed vaccination, while remaining unvaccinated individuals are often constrained by economic factors [4][6] - The market is characterized by an imbalance in product offerings, with a predominance of bivalent vaccines and a reliance on imported nonavalent vaccines, which limits growth potential for domestic products [4][5] - The competitive landscape has intensified, with new entrants and promotional strategies from established players like Merck, which has introduced male vaccination indications, further complicating the market for domestic producers [8][9] Future Opportunities - There is a significant untapped market for male HPV vaccination, with potential to expand the target demographic from approximately 300 million eligible women to over 600 million eligible men [10][11] - Domestic companies are actively pursuing clinical trials for male indications and international market expansion, with some products already gaining approval in multiple countries [10][11] - The industry is encouraged to enhance public education on HPV vaccination, particularly among male populations, to drive demand and acceptance [10][12] Strategic Recommendations - Companies are advised to focus on high-value vaccine development, optimize production capacity, and improve supply chain efficiency to avoid inventory issues [13] - There is a need for collaborative efforts among policymakers, businesses, and society to enhance vaccine accessibility and integrate HPV vaccination into national immunization programs [13] - Strengthening brand recognition and targeted health education campaigns will be crucial for increasing public willingness to vaccinate, especially among male populations [13]