每经记者｜许立波 每经编辑｜陈俊杰 丨 2025年8月21日 星期四 丨 NO.1 康希诺上半年亏损同比收窄94% 8月20日，疫苗股康希诺披露2025年半年报，公司上半年实现营业收入3.82亿元，同比增长26%，归母 净利润为亏损1348.54万元，上年同期亏损2.25亿元，同比收窄94.02%。报告期内，随着流脑疫苗产品 的推广和市场终端选择，两款流脑结合疫苗实现销售收入约3.64亿元，同比增长38.43%。 NO.4 ST诺泰：上半年度净利润同比增长36.49% 8月20日，ST诺泰披露2025年半年报，公司上半年实现营业收入约10.48亿元，同比增加26.07%，归属于 上市公司股东的净利润约3.1亿元，同比增加36.49%，基本每股收益0.99元，同比增加30.26%。公司表 示，营收增长主要系报告期内多肽原料药等销售收入同比有较大增长。 点评：由于多肽原料药特别是GLP-1相关品种的需求旺盛，ST诺泰的业绩在今年上半年依然保持增长。 公司在保持常规业务健康发展的同时，也需加强公司内部治理。 8月20日，疫苗股万泰生物披露2025年半年报，公司上半年实现营业收入8.44亿元，同比下降38.25%， ...

Group 1 - The core point of the article is that Wantai Biological's nine-valent HPV vaccine has received approval for market release in China, making it the first domestic company to achieve this milestone after Merck [1] - The vaccine is priced at 499 yuan per dose, which is approximately 40% of the price of imported nine-valent HPV vaccines, indicating a significant cost advantage for consumers [1] - The approval is expected to enhance the company's product portfolio, create new revenue and profit growth opportunities, and strengthen its market position [1] Group 2 - According to a study by the Chinese Center for Disease Control and Prevention, the HPV vaccine coverage rate among women aged 9-45 in China is only 27.43%, compared to about 67% in Western countries, suggesting substantial room for growth in the market [2] - The rapid development of domestic HPV vaccines is supported by national policies, including the "Cervical Cancer Elimination Action Plan (2023-2030)" which aims to promote HPV vaccination [2] - Wantai Biological has initiated clinical trials for the nine-valent HPV vaccine in males, and market forecasts suggest that the HPV vaccine market in China could reach 62.54 billion yuan by 2031 as awareness and vaccination rates improve [2]

Market Overview - On August 21, the A-share market experienced fluctuations, with the Shanghai Composite Index rising by 0.13% to 3771.1 points, while the Shenzhen Component Index fell by 0.06% to 11919.76 points, and the ChiNext Index decreased by 0.47% to 2595.47 points. The total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, an increase of 158 billion yuan compared to the previous trading day, marking the seventh consecutive day of trading volume exceeding 2 trillion yuan [1][2] - The market showed mixed performance with over 3000 stocks declining. Notable sectors included digital currency stocks, which surged, and oil and gas stocks, which performed actively. Conversely, high-priced stocks collectively fell, with sectors such as rare earth permanent magnets and liquid cooling servers experiencing significant declines [1] International Market - The U.S. stock market saw declines on August 21, with the Dow Jones Industrial Average dropping by 152.81 points (0.34%) to 44785.50 points, the S&P 500 falling by 25.61 points (0.40%) to 6370.17 points, and the Nasdaq Composite decreasing by 72.55 points (0.34%) to 21100.31 points [2][4] - In Europe, the FTSE 100 index rose by 0.23% to 9309.20 points, while the CAC 40 index in France fell by 0.44% to 7938.29 points, and the DAX index in Germany increased by 0.07% to 24293.34 points [2] Commodity Prices - International oil prices increased on August 21, with light crude oil futures for October delivery rising by $0.81 (1.29%) to $63.52 per barrel, and Brent crude oil futures for October delivery increasing by $0.83 (1.24%) to $67.67 per barrel [3][4] Trade Agreements - The U.S. and EU have reached a framework agreement on a trade deal, which includes 19 key points covering various sectors such as agriculture, automobiles, aircraft, semiconductors, energy, and digital trade barriers. The U.S. will apply a maximum tariff rate of 15% on most EU goods, while the EU will eliminate tariffs on all U.S. industrial products and provide preferential market access for U.S. agricultural products [5] Electricity Consumption - China's total electricity consumption reached a historic milestone of over 1 trillion kilowatt-hours in July, marking the first time globally. This represents a year-on-year increase of 8.6%, doubling the consumption from ten years ago. The increase is attributed to high temperatures and stable industrial production [6] Industry Developments - The first partner conference of Zhiyuan Robotics was held on August 21, where it was announced that the company expects to ship thousands of units this year and tens of thousands next year, aiming for hundreds of thousands in the coming years [7] - Over 20 titanium dioxide production companies have announced price increases, with Dragon White Group raising prices by 500 yuan per ton for domestic customers and $70 per ton for international customers starting August 18, 2025 [7] - A new policy financial tool worth 500 billion yuan will be introduced to support emerging industries and infrastructure, focusing on areas such as digital economy, artificial intelligence, and green low-carbon initiatives [8] Financial Market Insights - Huatai Securities reported that the A-share market's trading volume exceeded 2 trillion yuan, indicating high trading activity without significant signs of overcrowding. The number of private equity product registrations increased by 6% in early August compared to July [10][11] - The AI sector is rapidly penetrating the chemical industry, with applications in high-risk inspections, automated experiments, and product formulation upgrades [11] Company Announcements - Sinopec plans to repurchase 500 million to 1 billion yuan of its A-shares [12] - Wan Tai Biological's nine-valent HPV vaccine has received its first batch release certificate [12] - Jinbei Electric has signed a factory purchase agreement, marking substantial progress in its European base construction [12]

大家早上壕！ 先看海外要闻： 鲍威尔重磅讲话前，三大美股指本周首度集体收跌，标普五连跌，和纳指齐创两周新低。最终标普500指数跌0.40%，道指跌0.34%，纳指跌 0.34%。 PMI和美联储官员讲话打压9月降息预期，美债价格回落。美联储官员称9月可能不降息后，两年期美债收益率接近三周来高位。美元指数加速反 弹、创逾一周新高。 原油涨超1%，两连涨至逾两周新高。黄金回落，盘中创近三周新低。 自动驾驶技术公司Nuro完成超2亿美元融资Uber、英伟达参投。 印度对涉华液态环氧树脂作出反倾销终裁。 国内重大事件汇总： 4、水利部党组书记、部长李国英主持召开部务会议，研究《中共中央办公厅 国务院办公厅关于健全资源环境要素市场化配置体系的意见》：聚 焦用水权交易全链条、各环节 健全交易平台体系、水资源监测体系。 5、《海南自由贸易港跨境资产管理试点业务实施细则》正式启动，初期试点规模为100亿元人民币。 6、河南省人民政府办公厅近日印发《河南省培育壮大战略性新兴产业和前瞻布局未来产业行动计划》：推动战略性新兴产业融合、集群发展， 加快未来产业前瞻布局。 利润逊色的沃尔玛跌4.5%、领跌道指成分股；特斯拉、苹果、英伟 ...

早 报 精 选 | 4、超20家钛白粉生产企业宣布涨价。 | | --- | | 5、DeepSeek-V3.1正式发布。 | 宏 观 新 闻 1、 外交部发言人毛宁昨日主持例行记者会，有记者称，美国军舰在加勒比海岸巡逻，并且可能以打击毒品为借口动用武力。毛宁表 示，中方反对在国际关系中使用或威胁使用武力，反对外部势力以任何借口干涉委内瑞拉内政，希望美方多做有利于拉美和加勒比地 区和平与安全的事情。 2、美国白宫发表与欧盟的联合声明称，美国与欧盟已就一项贸易协定的框架达成一致。欧盟方面随后也发表了联合声明。声明明 确，欧盟采购美国能源产品，包括液化天然气、石油与核能产品，预计2028年承购额将达到7500亿美元。此外，欧盟承诺采购至少 价值400亿美元的美国人工智能芯片用于欧洲数据中心的建设。声明预计，在2028年前，欧洲企业将在美国战略性领域额外投资 6000亿美元。此外，欧盟还计划大幅增加从美国采购军事和国防装备。 3、从地方透露信息来看，新型政策性金融工具的资金规模为5000亿元，重点投向新兴产业、基础设施等领域，具体包括数字经济、 人工智能、低空经济、消费领域、绿色低碳、农业农村、交通物流、城市基础设 ...

Group 1 - Foreign institutions are accelerating their entry into the A-share market, with foreign holdings reaching approximately 2.5 trillion yuan, an 8% increase from the end of 2024 [2] - The total electricity consumption in July surpassed 1 trillion kilowatt-hours for the first time globally, with a year-on-year growth of 8.6% [2] Group 2 - A new policy financial tool worth 500 billion yuan will focus on emerging industries and infrastructure, including digital economy and green low-carbon projects [4] - The State Council has approved a plan for the Jiangsu Free Trade Zone to promote innovation in the biopharmaceutical industry [4] - A pilot program for green foreign debt business will be launched in 16 provinces and cities to encourage cross-border financing for green projects [4] Group 3 - The A-share market saw fluctuations, with the Shanghai Composite Index closing at 3,771.1 points, a slight increase of 0.13% [5] - The Hong Kong Hang Seng Index fell by 0.24%, with net buying from southbound funds amounting to 7.461 billion HKD [6] - Goldman Sachs noted that the current rally in the Chinese stock market is primarily driven by retail investors, with significant room for growth in small-cap stocks [6] Group 4 - As of August 21, 171 A-share companies have announced dividend plans for the first half of 2025, with a total proposed distribution of 124.584 billion yuan [7] - South Korean investors have increasingly turned to Chinese assets, with net purchases of approximately 499 million USD in Chinese stocks this year [7] Group 5 - Recent announcements indicate a significant number of companies are planning to reduce their holdings, with over 70 reduction announcements made between August 18 and 20 [8] - Kuaishou reported a 13.1% year-on-year revenue growth for Q2, reaching 35 billion yuan, with a net profit margin of 16% [8] - Bilibili's Q2 revenue grew by 20% to 7.34 billion yuan, driven by advertising and gaming business [8] Group 6 - Alibaba announced plans to spin off Zhibo Zhixing and list it independently on the Hong Kong Stock Exchange, retaining over 30% ownership post-spin-off [9] Group 7 - The average pig-to-grain price ratio in China has fallen below 6:1, prompting the National Development and Reform Commission to initiate central frozen pork reserves [12] - The Financial Regulatory Bureau is drafting guidelines to enhance health insurance services and regulatory frameworks [13] Group 8 - The U.S. manufacturing PMI for August reached 53.3, the highest since May 2022, indicating strong economic activity [18] - The S&P 500 index fell by 0.4%, marking five consecutive declines, while the Dow Jones and Nasdaq also experienced slight decreases [20] Group 9 - Oil prices rose due to a significant drop in U.S. crude oil inventories, with West Texas Intermediate closing at 63.48 USD per barrel [23] - The yield on U.S. Treasury bonds increased across the board, reflecting market reactions to economic data and Federal Reserve policy [22]

Group 1: Artificial Intelligence - The Anhui Provincial Government has issued a policy document to promote the development of general artificial intelligence, outlining nine specific measures to lead the province into the AI era [1] - DeepSeek-V3.1 has been officially released, utilizing UE8M0 FP8 Scale parameter precision, designed for the upcoming generation of domestic chips [1] Group 2: Biopharmaceutical Industry - The State Council has approved the "China (Jiangsu) Free Trade Zone Biopharmaceutical Industry Chain Open Innovation Development Plan," aiming to create a world-class biopharmaceutical industry hub [2] Group 3: Pork Market - The National Development and Reform Commission will conduct central frozen pork reserve storage to stabilize the pork market due to increased supply and slight price declines [3] Group 4: Electricity Consumption - China's total electricity consumption surpassed 1 trillion kilowatt-hours in July, marking a historic first globally, with a year-on-year growth of 8.6% [4] Group 5: Stock Market and Foreign Investment - Foreign investment enthusiasm for China is rising, with Nomura reporting significant capital inflows into the A-share and H-share markets, and South Korean retail investors heavily investing in Hong Kong stocks [7] - Goldman Sachs noted that China has become the market with the highest net capital inflows globally, indicating strong resilience and attractiveness [7] Group 6: Trade and Economic Outlook - The Ministry of Commerce expressed confidence in continuing to promote stable and quality growth in foreign trade despite global uncertainties [8] Group 7: Titanium Dioxide Market - Over 20 titanium dioxide producers have announced price increases, with Dragon White Group raising prices by 500 RMB per ton domestically and 70 USD per ton internationally, indicating a potential market recovery [15] Group 8: Automotive and Artificial Intelligence Initiatives - Shenyang is launching a fall automotive consumption subsidy program for 2025, and Henan is advancing the "Artificial Intelligence +" initiative to enhance the AI industry [20]

Core Viewpoint - Wantai Biological's subsidiary, Xiamen Wantai Canghai Biotechnology Co., Ltd., has received the biological product batch release certificate for its nine-valent human papillomavirus (HPV) vaccine, marking its official market launch [1] Company Summary - Wantai Biological's nine-valent HPV vaccine has been approved for market release, indicating a significant milestone for the company [1]

Group 1 - The core point of the article is that Wantai Biological (603392) reported a significant decline in revenue and a net loss for the first half of 2025, primarily due to challenges in its vaccine segment [2] - The company achieved an operating revenue of 844 million yuan, representing a year-on-year decrease of 38.25% [2] - The net profit attributable to shareholders was -144 million yuan, indicating a shift from profit to loss compared to the previous year [2] Group 2 - The decline in revenue is attributed to market adjustments, government procurement policies, and the expansion of the age range for the nine-valent HPV vaccine, which led to lower-than-expected sales [2]

Core Viewpoint - The performance of Zhifei Biological (300122.SZ) has significantly declined in the first half of the year, primarily due to decreased public willingness to receive HPV vaccinations and changing market demands, leading to a substantial drop in revenue and increased losses [3][4]. Financial Performance - Zhifei Biological reported a revenue of 4.919 billion yuan, a year-on-year decrease of 73.06% [3]. - The net profit attributable to shareholders was a loss of 597 million yuan, a year-on-year decline of 126.72% [3]. - In the first quarter, the net profit loss was already 305 million yuan [4]. Revenue Breakdown - The company's revenue sources are divided into self-developed products and agency products, with agency products dominating the revenue stream [4]. - Agency product revenue accounted for approximately 88% of total revenue, amounting to 4.37 billion yuan, which represents a year-on-year decrease of 74.45% [4]. - Self-developed product revenue saw a smaller decline of 9.27% year-on-year [4]. Market Competition - The HPV vaccine market in China has become increasingly competitive, with signs of declining sales for HPV vaccines [7]. - Despite the expansion of eligible populations for Merck's four-valent and nine-valent HPV vaccines, short-term sales performance improvements for Zhifei Biological remain limited [7]. - The approval of a domestic nine-valent HPV vaccine by Wantai Biological has disrupted the market, with its pricing being less than half of Merck's nine-valent HPV vaccine [7]. Inventory and Receivables - As of the half-year report, accounts receivable stood at 13.518 billion yuan, accounting for 29.43% of total assets [8]. - Inventory was reported at 21.015 billion yuan, making up 45.75% of total assets [8]. - The company highlighted the risks associated with high accounts receivable and the importance of effective risk control measures to mitigate potential impacts on operations [8].