证券代码：688739 证券简称：成大生物 公告编号：2026-015 辽宁成大生物股份有限公司2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为辽宁成大生物股份有限公司（以下简称"公司"）初步核算数据，未 经会计师事务所审计，具体数据以公司2025年年度报告中披露的数据为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币 万元 ■ 注：1、本报告期初数同法定披露的上年年末数；2、以上财务数据和指标以合并报表数据填制，但未经 审计，最终结果以公司2025年年度报告为准；3、上表中数据若存在尾差系四舍五入所致。 二、经营业绩和财务状况情况说明 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素 本报告期，公司实现营业收入139,028.74万元，同比下降17.06%；实现归属于母公司所有者的净利润 13,761.67万元，同比下降59.86%；实现归属于母公司所有者的扣除非经常性损益的净利润4,599.98万 元，同比下降85.79 ...

智通财经APP讯，成大生物(688739.SH)发布2025年度业绩快报，报告期，公司实现营业收入13.9亿元， 同比下降17.06%;实现归属于母公司所有者的净利润1.38亿元，同比下降59.86%。 报告期内，影响经营业绩的主要因素如下：(1)营业收入下降主要受国内人用狂犬病疫苗市场环境变化 影响。一方面受行业监管政策变化及市场竞争加剧影响，市场需求有所收缩，另一方面受终端渠道阶段 性去库存及采购节奏调整影响，产品销售节奏放缓，导致国内销售收入同比下降;(2)资产减值损失增加 主要系公司基于研发战略调整，终止hib疫苗项目研发，对该项目资本化的研发投入全额计提资产减值 准备所致;(3)公允价值变动收益增加主要系公司投资的私募基金中创新药行业投资估值修复，资产公允 价值回升所致;(4)公司境外销售收入实现增长，同时通过持续强化内部管理，有效控制销售费用及管理 费用，在一定程度上缓解了业绩的下行压力。 ...

报告期内，影响经营业绩的主要因素如下：(1)营业收入下降主要受国内人用狂犬病疫苗市场环境变化 影响。一方面受行业监管政策变化及市场竞争加剧影响，市场需求有所收缩，另一方面受终端渠道阶段 性去库存及采购节奏调整影响，产品销售节奏放缓，导致国内销售收入同比下降;(2)资产减值损失增加 主要系公司基于研发战略调整，终止hib疫苗项目研发，对该项目资本化的研发投入全额计提资产减值 准备所致;(3)公允价值变动收益增加主要系公司投资的私募基金中创新药行业投资估值修复，资产公允 价值回升所致;(4)公司境外销售收入实现增长，同时通过持续强化内部管理，有效控制销售费用及管理 费用，在一定程度上缓解了业绩的下行压力。 智通财经APP讯，成大生物(688739.SH)发布2025年度业绩快报，报告期，公司实现营业收入13.9亿元， 同比下降17.06%;实现归属于母公司所有者的净利润1.38亿元，同比下降59.86%。 ...

成大生物发布业绩快报，2025年度公司实现营业总收入13.9亿元，同比下降17.06%；净利润1.38亿元， 同比下降59.86%。报告期内，影响经营业绩的主要因素如下：（1）营业收入下降主要受国内人用狂犬 病疫苗市场环境变化影响。一方面受行业监管政策变化及市场竞争加剧影响，市场需求有所收缩，另一 方面受终端渠道阶段性去库存及采购节奏调整影响，产品销售节奏放缓，导致国内销售收入同比下降； （2）资产减值损失增加主要系公司基于研发战略调整，终止hib疫苗项目研发，对该项目资本化的研发 投入全额计提资产减值准备所致；（3）公允价值变动收益增加主要系公司投资的私募基金中创新药行 业投资估值修复，资产公允价值回升所致；（4）公司境外销售收入实现增长，同时通过持续强化内部 管理，有效控制销售费用及管理费用，在一定程度上缓解了业绩的下行压力。 ...

Core Viewpoint - The company is experiencing a significant decline in net profit for 2025, projected to drop nearly 60% year-on-year, with the fourth quarter potentially recording its first quarterly loss since 2021. This reflects a broader structural shift in the Chinese vaccine industry, moving away from previous high growth to a new phase characterized by "structural differentiation" [1][2]. Financial Performance - The expected net profit for 2025 is between 123 million to 139 million yuan, representing a year-on-year decline of 59.34% to 63.98%. The fourth quarter is anticipated to incur a loss of 25.8 million to 41.8 million yuan, marking the first quarterly loss since 2021 [2]. - The primary driver of this loss is a significant non-recurring decision to terminate the Hib vaccine project, leading to a one-time asset impairment loss of 80.67 million yuan. Excluding this impairment, the operational profit for Q4 2025 would range from 38.87 million to 54.87 million yuan, indicating resilience in the core vaccine business [2][3]. Market Dynamics - The decline in revenue is attributed to profound changes in the domestic rabies vaccine market, driven by regulatory adjustments and intensified competition, resulting in reduced demand and inventory destocking [2]. - Despite these challenges, the company's international expansion strategy is proving effective, with growth in overseas sales and a presence in over 30 countries, including successful entry into the Indonesian market [3]. Strategic Adjustments - The company is undergoing a strategic realignment by terminating several projects, including the Hib vaccine, to focus resources on more promising areas. This reflects a pragmatic shift from pursuing technical success to prioritizing commercial viability [5][6]. - Key products nearing commercialization include a human diploid rabies vaccine and various flu vaccines, while new candidates like the 15-valent HPV vaccine are in early clinical stages [6]. Governance and Future Outlook - The company is at a pivotal transition point, marked by a change in its controlling shareholder and a new governance structure aimed at enhancing decision-making and operational efficiency [7]. - A dual-driven strategy of "vaccines + innovative drugs" has been established, with plans to invest 1 billion yuan in a wholly-owned subsidiary focused on immunotherapy and autoimmune diseases [7][10]. - The company is also setting up a 1 billion yuan investment fund to support the broader health industry, indicating a commitment to long-term growth and diversification [10]. Investment Perspective - The current market sentiment may be overly focused on short-term performance fluctuations, potentially undervaluing the company's strategic transformation and asset quality [12]. - With a strong cash position of 4.012 billion yuan and low debt levels, the company is well-positioned to support its innovative drug development and strategic expansions [3][12].

Core Viewpoint - The performance of human rabies vaccine companies is declining despite an increase in rabies cases in China, with major manufacturers like Chengda Biological and Kanghua Biological forecasting significant drops in net profits for 2025 [1][2]. Company Performance - Chengda Biological expects a net profit of 123 million to 139 million yuan for 2025, representing a year-on-year decrease of 59.34% to 63.98% [1]. - Kanghua Biological anticipates a net profit decline of 41.55% to 52.09% for the same period [1]. Industry Context - Rabies is a highly fatal disease with a near 100% mortality rate once symptoms appear, making vaccination crucial for control [2]. - The human rabies vaccine market in China is experiencing a contraction due to regulatory changes and intensified market competition [2][4]. - The number of manufacturers in the human rabies vaccine sector has increased, leading to heightened competition and market share erosion for established players like Chengda Biological [4][5]. Regulatory Changes - The Chinese CDC's 2023 guidelines have revised vaccination protocols, reducing the number of doses required for certain populations, which is expected to decrease overall vaccine usage [5][6]. - The new guidelines state that individuals exposed to rabies after three months of full vaccination only need two doses of the vaccine, compared to previous requirements that could involve more doses [6]. Market Dynamics - The domestic market for human rabies vaccines has entered a phase of oversupply since 2021, with 12 companies receiving approval for rabies vaccines by 2024 [5]. - Approximately 40 million people in China are exposed to rabies annually, but the vaccination rate for this group is only about 35%, indicating potential for market growth despite current challenges [2].

Group 1 - The company, Liaoning Chengda Biological Co., Ltd., has announced a profit forecast for the year 2025, expecting a net profit attributable to shareholders of the parent company to be between 123.47 million yuan and 139.39 million yuan, representing a decrease of 59.34% to 63.98% compared to the previous year [9][10] - The company reported that the net profit for the same period last year was 403.02 million yuan, with a net profit attributable to shareholders of the parent company of 342.82 million yuan [6][9] - The decline in profit is attributed to a decrease in operating income and an increase in asset impairment losses, primarily due to changes in the domestic rabies vaccine market environment and intensified market competition [10][11] Group 2 - The company has decided to terminate the research and development project for the Hib vaccine and will fully impair the capitalized research and development costs amounting to 80.67 million yuan [36][41] - The cumulative investment in the Hib vaccine project was 161.26 million yuan, with 80.67 million yuan capitalized [38][41] - The company is in the process of establishing a biomedical investment fund with its controlling shareholder, aiming to enhance its competitiveness and capitalize on opportunities in the biopharmaceutical industry [42][48] Group 3 - The investment fund will have a total scale of no more than 1 billion yuan, with an initial scale of 502 million yuan, focusing on the life and health sector [42][48] - The fund will be jointly established by the company, its controlling shareholder, and its wholly-owned subsidiaries, with the company planning to contribute 400 million yuan as a limited partner [42][48] - The fund's investment strategy will include direct investments in high-quality projects and potential collaborations with professional management institutions [60][62]

Core Viewpoint - Chengda Biological has announced its annual performance forecast, expecting a significant decline in net profit for 2025, primarily due to reduced operating income and increased asset impairment losses [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 123.47 million to 139.39 million yuan for 2025, representing a year-on-year decrease of 59.34% to 63.98% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 31.85 million and 47.77 million yuan, reflecting a year-on-year decline of 85.25% to 90.16% [1] Group 2: Business Impact - The decline in net profit is attributed to a decrease in operating income and an increase in asset impairment losses, primarily influenced by changes in the domestic rabies vaccine market environment [1] - Factors contributing to reduced operating income include regulatory changes, intensified market competition, and a slowdown in product sales due to inventory adjustments and procurement rhythm changes [1] Group 3: Asset Impairment and Management - The increase in asset impairment losses is mainly due to the company's strategic decision to terminate the development of the Hib vaccine project, leading to a full impairment of capitalized R&D investments [1] - Despite the challenges, the company experienced growth in overseas sales and has effectively controlled selling and administrative expenses through enhanced internal management, which has somewhat mitigated the downward pressure on performance [1] Group 4: Non-Operating Gains - The company reported an increase in non-operating gains, primarily due to the recovery in asset valuations from investments in private equity funds within the innovative drug sector, resulting in increased income [1]

Group 1 - The core point of the article is that Shanghai Fosun Pharmaceutical (Group) Co., Ltd. has approved the spin-off of its subsidiary Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd. for a listing on the Hong Kong Stock Exchange [1] - The proposed initial issuance of H-shares will not exceed 25% of the total share capital after issuance, with an option for an additional 15% through an over-allotment [1] - The board believes that the spin-off aligns with regulatory requirements and will help the company focus on its core business, enhance independence, and unlock the valuation potential of its vaccine business segment [1] Group 2 - After the spin-off, Shanghai Fosun Pharmaceutical is expected to maintain control over Fosun Antigen [1] - Fosun Antigen serves as the vaccine business platform for Shanghai Fosun Pharmaceutical, engaging in the research, production, and sales of vaccines [1] - Currently, Fosun Antigen has launched products including human rabies vaccine and influenza virus split vaccine [1]

Core Viewpoint - Liaoning Chengda Biological Co., Ltd. has announced the termination of its "Hib vaccine" development, marking the sixth vaccine project termination this month, amidst increasing competition in the domestic vaccine market and challenges including declining core product revenues, a shrinking R&D pipeline, and three consecutive years of declining performance [1][7]. Strategic Shift - Chengda Biological has terminated six projects in January, shifting its R&D focus towards combination vaccines. The company raised net funds of 4.341 billion yuan during its 2021 IPO, planning to cover 20 sub-projects under "human vaccine R&D." However, as of October 31, 2025, only 482 million yuan has been invested, with recent terminations attributed to intense market competition, insufficient product differentiation, and unclear commercialization prospects for some projects [2][8]. - The company is reallocating resources towards high-value projects such as the "high-dose influenza virus split vaccine" and "high-priced pneumococcal polysaccharide conjugate vaccine," indicating a strategic shift from broad coverage to focused breakthroughs on products with higher market potential [2][8]. Core Product Pressure - Chengda Biological has heavily relied on its human rabies vaccine, which accounted for over 93% of total revenue from 2020 to 2023. However, its market share has plummeted from 73.08% in 2019 to 36.29% in 2024, while the product price has dropped significantly from 215.6 yuan per dose in 2020 to approximately 61.18 yuan in 2024 [3][9]. - The presence of 23 marketed human rabies vaccines and 19 in clinical stages has intensified competition, leading to widespread price-cutting strategies among companies. The risk of a single product structure, previously highlighted in the company's prospectus, is now materializing [3][9]. Financial Performance Decline - Chengda Biological's financial performance has deteriorated since 2022, with revenue dropping from 1.815 billion yuan in 2022 to 1.675 billion yuan in 2024, and net profit shrinking from 714 million yuan to 343 million yuan during the same period [4][10]. - In the first three quarters of 2025, the company reported a 15.88% year-on-year revenue decline and a significant 50.01% drop in net profit, attributing these changes to intensified competition in the domestic vaccine market [4][10]. Conclusion - Chengda Biological is currently facing pressures from stagnant growth of its flagship product, a strategic contraction in its R&D pipeline, and ongoing performance declines. The company's attempts to pivot towards combination vaccines and high-priced products in response to market challenges are fraught with uncertainty, making the success of new product development a key focus for investors [5][11].