相关报告：智研咨询发布的《2026-2032年中国人用疫苗行业竞争现状及投资决策建议报告》 数据来源：中国海关，智研咨询整理 近一年中国人用疫苗出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国海关数据显示：2025年10月中国人用疫苗进口数量为9吨，同比下降85.9%，进口金额为0.22亿 美元，同比下降89.2%，2025年10月中国人用疫苗出口数量为37.97吨，同比增长1089.8%，出口金额为 0.24亿美元，同比增长195.7%。 近一年中国人用疫苗进口情况统计图 ...

为搭建全球资本与成都对接的桥梁，共话合作新机遇。2025 外资投资机构成都行·高新优质企业路演对接会活动12月9日下午在高新区菁蓉汇举行。沙特 Nesma 基础设施与技术公司、易达资本、北极光创投、纪源资本、亚马逊云科技初创生态、朝晖资本、春华资本、江远投资、思佰益、弘毅投资、鼎晖 投资、中信建投资本、国泰君安国际、渣打银行等40余家外资投资机构、行业组织及在蓉活跃创投机构，与40余家本地企业进行了深入对接。12家高新技 术企业开展路演，释放近10亿元的融资需求。 本次活动由中共成都市委金融委员会办公室主办，成都高新区财政国资局、成都金融梦工场投资管理有限公司承办，四川封面传媒科技有限责任公司、天 虎科技、盈创动力支持。 此次路演环节共计12家涉及生物医药、卫星通讯、人工智能、先进制造、新能源等众多领域的企业，同时所处阶段覆盖上市公司、拟上市公司、中期以及 早期项目，代表了当前成都科技型企业的成长状态。 成都国星宇航科技股份有限公司创立于2018年，是一家全球领先的太空AI公司，致力于构建赋能人工智能的太空算力基础设施，面向全球提供太空计 算、人工智能等技术产品和服务。 成都欧林生物科技股份有限公司是一家面向 ...

Group 1 - The core viewpoint of the news is that Hualan Biological Engineering Inc. has seen a stock price increase of 5.16%, reaching 24.26 CNY per share, with a trading volume of 139 million CNY and a turnover rate of 0.98%, resulting in a total market capitalization of 14.581 billion CNY [1] - Hualan Biological Engineering Inc. is located in Xinxiang City, Henan Province, and was established on November 9, 2005. The company went public on February 18, 2022. Its main business involves the research, production, and sales of human vaccines, with vaccine products accounting for 98.11% of its revenue [1] Group 2 - From the perspective of Hualan's top ten circulating shareholders, a fund under Southern Fund is among them. The Southern CSI 1000 ETF (512100) reduced its holdings by 8,700 shares in the third quarter, now holding 1.6522 million shares, which represents 0.28% of the circulating shares. The estimated floating profit today is approximately 1.9661 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY. Year-to-date returns are 24.61%, ranking 1928 out of 4206 in its category; the one-year return is 22.06%, ranking 2150 out of 4008; and since inception, the return is 10.27% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 7 years and 26 days. The total asset scale under management is 122.76 billion CNY, with the best fund return during the tenure being 172.91% and the worst being -15.93% [2]

以时迈药业为例，时迈药业聚焦下一代T细胞衔接器（TCE）疗法，目前公司尚无商业化产品，所有在研药物均处于临床阶段。截至最后实际可行日期，时 迈药业拥有4款自主研发的临床阶段的候选药物。因无产品上市销售，公司报告期内无营业收入，仅存在部分其他收入及收益。2023—2024年以及2025年上 半年，公司年度/期间亏损分别为7494.3万元、5989.9万元、2542万元。 医药企业赴港上市潮还在持续。 经北京商报记者统计，截至11月30日，整个11月，有15家医药企业递表港交所，延续10月密集递表的情形。 其中，Distinct Healthcare Holdings Limited（卓正医疗控股有限公司）系11月首家递表港交所的医药企业，是中国第三大私立中高端综合医疗服务机构，于 11月5日递表。已在A股上市的欧林生物则是最新递表港交所的医药企业，主要从事人用疫苗的研发、生产和销售，于11月25日递表。 | 25/11/2025 | 成都歐林生物科技股份有限公司 | | | --- | --- | --- | | | 25/11/2025 整體協調人公告 - 委任 歴 | | | | 25/11/2025 申請 ...

Core Viewpoint - Kangtai Biological announced a stock pledge by its controlling shareholder, Du Weimin, involving 3,050,000 shares, which represents 1.07% of his holdings and 0.27% of the company's total shares. The pledge is for industrial investment and does not pose risks to the company's control or operations [2]. Company Overview - Kangtai Biological was established on September 8, 1992, with a registered capital of 11,169.12463 million RMB. The company specializes in the research, production, and sales of human vaccines [2]. - The current chairman is Du Weimin, and the company employs 1,913 people [2]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first three quarters of 2025 were 3.157 billion RMB, 3.477 billion RMB, 2.652 billion RMB, and 2.063 billion RMB, reflecting year-on-year changes of -13.55%, 10.14%, -23.75%, and 2.24% respectively [3]. - The net profit attributable to the parent company for the same periods were -133 million RMB, 861 million RMB, 202 million RMB, and 49.157 million RMB, with year-on-year growth rates of -110.50%, 749.02%, -76.59%, and -86.00% respectively [3]. - The company's asset-liability ratios for the same periods were 34.82%, 36.75%, 33.66%, and 32.01% [3]. Risk Assessment - The company has a total of 142 risk items listed on Tianyancha, with 91,480 surrounding risks, 174 historical risks, and 94 warning risks [3].

Core Insights - Hualan Vaccine's stock price decreased by 2.02% on November 20, trading at 22.34 CNY per share with a market capitalization of 13.43 billion CNY [1] - The company has seen a year-to-date stock price increase of 33.63%, but a recent decline of 5.62% over the past five trading days [1] Financial Performance - For the period from January to September 2025, Hualan Vaccine reported a revenue of 806 million CNY, a year-on-year decrease of 15.81%, and a net profit attributable to shareholders of 132 million CNY, down 50.51% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.037 billion CNY, with 957 million CNY distributed over the past three years [3] Shareholder Structure - As of October 20, 2025, the number of shareholders for Hualan Vaccine stands at 17,000, with an average of 35,332 circulating shares per person [2] - The top ten circulating shareholders include notable entities such as the China Southern Asset Management Co., which has reduced its holdings by 43,990 shares [3]

Core Insights - Hualan Biological Engineering experienced a 5% drop in stock price, trading at 24.11 CNY per share with a total market capitalization of 14.491 billion CNY as of November 17 [1] Company Overview - Hualan Biological Engineering Co., Ltd. is located in Xinxiang, Henan Province, established on November 9, 2005, and listed on February 18, 2022. The company primarily focuses on the research, production, and sales of human vaccines, with 98.11% of its revenue derived from vaccine products and 1.89% from other sources [1] Shareholder Analysis - Among the top ten circulating shareholders of Hualan Biological, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 8,700 shares in the third quarter, now holding 1.6522 million shares, which represents 0.28% of the circulating shares. The estimated floating loss today is approximately 2.0983 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 76.63 billion CNY. Year-to-date returns are 27.45%, ranking 1919 out of 4216 in its category, while the one-year return is 21.12%, ranking 2025 out of 3956. Since inception, the fund has returned 12.79% [2] - The fund manager, Cui Lei, has been in the position for 7 years and 12 days, managing assets totaling 122.76 billion CNY, with the best fund return during the tenure being 181.49% and the worst being -15.93% [2]

Core Insights - The report by Zhiyan Consulting highlights the competitive landscape and investment recommendations for the human vaccine industry in China from 2026 to 2032 [1] Import and Export Analysis - In September 2025, China's human vaccine imports totaled 48 tons, representing a year-on-year decrease of 4% [1] - The import value for the same period was $17.5 million, showing a year-on-year decline of 14.6% [1] - Conversely, in September 2025, China's human vaccine exports reached 84.97 tons, marking a significant year-on-year increase of 238.8% [1] - The export value during this period was $7.3 million, reflecting a remarkable year-on-year growth of 418% [1] Data Sources - The data presented is sourced from China Customs and organized by Zhiyan Consulting, a leading industry consulting firm in China [1]

Core Viewpoint - Hualan Biological Engineering Inc. experienced a stock price increase of 6.54%, reaching 22.48 CNY per share, with a trading volume of 299 million CNY and a turnover rate of 2.35%, resulting in a total market capitalization of 13.511 billion CNY [1] Company Overview - Hualan Biological Engineering Inc. is located at No. 1 Jia, Hualan Avenue, Xinxiang City, Henan Province, and was established on November 9, 2005. The company went public on February 18, 2022. Its main business involves the research, production, and sales of human vaccines [1] - The revenue composition of the company is primarily from vaccine products, accounting for 98.11%, while other sources contribute 1.89% [1] Shareholder Information - Among the top ten circulating shareholders of Hualan Vaccine, a fund under Southern Fund ranks first. The Southern CSI 1000 ETF (512100) reduced its holdings by 8,700 shares in the third quarter, now holding 1.6522 million shares, which represents 0.28% of the circulating shares. The estimated floating profit today is approximately 2.28 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 76.63 billion CNY. Year-to-date returns are 28.02%, ranking 2029 out of 4216 in its category; over the past year, returns are 28.69%, ranking 1809 out of 3896; and since inception, returns are 13.29% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 364 days. The total asset scale under management is 122.76 billion CNY, with the best fund return during the tenure being 179.04% and the worst being -15.93% [2]

Core Viewpoint - Jindike, a biopharmaceutical company focused on human vaccines, has shown strong R&D capabilities but faces challenges in revenue and profit compared to industry leaders [1][2]. Group 1: Business Performance - In Q3 2025, Jindike reported revenue of 74.66 million yuan, ranking 13th among 14 companies in the industry, significantly lower than the top competitor, Liaoning Chengda, which had 8.11 billion yuan [2]. - The company's net profit was -86.47 million yuan, placing it 10th in the industry, with the leading company, Liaoning Chengda, achieving a net profit of 1.45 billion yuan [2]. Group 2: Financial Ratios - Jindike's debt-to-asset ratio was 17.75% in Q3 2025, an increase from 15.44% year-on-year, but still below the industry average of 27.82%, indicating good solvency [3]. - The gross profit margin for Jindike was 65.31% in Q3 2025, slightly down from 65.36% year-on-year, yet higher than the industry average of 63.72%, reflecting strong profitability [3]. Group 3: Management and Shareholder Information - Chairman Yu Jun's compensation for 2024 was 1.24 million yuan, a decrease of 50,900 yuan from 2023 [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 4.55% to 4,319, while the average number of circulating A-shares held per account increased by 4.77% to 28,500 [5].