1月28日晚间，云南沃森生物技术股份有限公司（以下简称"沃森生物"）发布2025年度业绩预告。公司 预计2025年实现营收24亿元至24.3亿元；归属于上市公司股东的净利润1.6亿元至1.9亿元，同比增长 13%至34%。 对于净利润的增长，沃森生物表示，公司国内疫苗产品收入降幅收窄，趋于平稳，国外疫苗产品收入持 续增长，出口疫苗产品收入较上年同期增长约35%；同时，公司不断强化降本增效等系列管控措施，运 营管理能力持续提升，报告期内归属于上市公司股东的净利润较上年同期增长。 国际化布局的深入推进，为沃森生物海外疫苗业务的增长注入了动力。截至2025年末，沃森生物疫苗产 品已累计出口至24个国家和地区，海外市场覆盖范围持续扩大。其中，公司核心产品23价肺炎疫苗成功 打入拉美市场，填补了公司在该区域市场的空白，为公司带来了稳定的出口增量。 目前，沃森生物的海外业务版图仍在扩张，公司正同步推进30余个国际产品注册项目，覆盖全球约20个 国家，涵盖肺炎疫苗、HPV疫苗等多款核心产品，为后续海外收入持续增长筑牢基底。 海南博鳌医疗科技有限公司总经理邓之东对《证券日报》记者表示："当前全球疫苗市场正处于结构优 化期，发 ...

Macro Strategy - The macro short cycle shows slight signs of turning, but it is still uncertain whether the current cycle has completed its bottoming process. December PPI year-on-year was -1.90%, showing improvement from November's -2.20%, while CPI was 0.80%, remaining in positive territory for the third consecutive month. However, the absolute value is low, keeping the annual CPI growth at 0% [2][3] - The macro short cycle composite index, derived from PMI, PPI, CPI, and 10-year government bond yields, indicates a slight turning point in December, but further observation is needed to confirm the bottoming of the current cycle [2] Stock Market - A-shares achieved a "good start" in the first week of 2026, with major indices showing gains: Shanghai Composite Index up 3.82%, Shenzhen Component Index up 4.40%, and ChiNext Index up 3.89%. The market's positive performance is attributed to early policy support in the "two new" sectors and improving macro indicators [3][4] - The primary industry sectors saw more gains than losses, with aerospace equipment II and wind power equipment leading the way with increases of 24.49% and 20.01%, respectively. The banking sector was the only one to decline, down 1.90% [5] Investment Recommendations - For the long term, 2026 is the starting year of the "14th Five-Year Plan," with a supportive policy environment for industrial upgrades. The market is expected to maintain a "slow bull" trend, with a focus on sectors related to "anti-involution," insurance, securities, and aerospace as guided by the "14th Five-Year Plan" [6] - The new cycle in 2026 is anticipated to benefit upstream cyclical industries, with a positive outlook for sectors such as artificial intelligence and aerospace [6] Vaccine Industry - Recent developments in the vaccine industry include significant progress in multiple pipelines. Notable advancements include the approval of a 24-valent pneumococcal polysaccharide conjugate vaccine by CanSino and the initiation of clinical trials for various vaccines by other companies [9] - The vaccine sector is actively pursuing product iteration and technological advancements, with a focus on filling market gaps and expanding mRNA technology pipelines. This innovation trend supports the long-term construction of product lineups [9] - The vaccine industry is currently facing performance pressures, with a high proportion of Me-too pipelines leading to intense competition and price declines. Companies are adjusting their pipeline strategies to focus on innovative vaccines and multi-valent products [13][14]

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9] Core Insights - Recent advancements in vaccine research pipelines indicate that leading domestic companies are actively pursuing product iteration, technological platforms, and market gaps. This includes upgrades in pneumococcal conjugate vaccines and the development of combination vaccines to fill domestic product shortages [4][9] - The vaccine industry is transitioning from scale expansion to innovation-driven growth, facing short-term challenges due to supply-demand imbalances and homogenized competition. However, the long-term outlook remains positive, driven by policy, demand, and technology [9][29] Summary by Sections Industry Performance - The vaccine sector has shown a cumulative decline of 5.78% since 2025, with a recent weekly increase of 7.49% [5][11] - The relative performance compared to the CSI 300 index shows a decline of 26% over the past 12 months [4] Company Developments - Companies like CanSino and Kangtai Biotech have made significant progress with new vaccine approvals and clinical trials, including a 24-valent pneumococcal polysaccharide conjugate vaccine and a combined acellular pertussis vaccine [4][9] - The recent clinical trial for a freeze-dried herpes zoster mRNA vaccine by Sinovac has commenced, targeting individuals aged 40 and above [4] Market Review - The vaccine sector's price-to-earnings (PE) ratio is reported at 96.78X, with a price-to-book (PB) ratio of 1.88X, indicating a recent increase in valuation metrics [7][22] - The vaccine industry is characterized by a high proportion of Me-too pipelines, leading to intense competition and price reductions for certain products [8][9] Investment Recommendations - The report suggests focusing on companies with strong innovation capabilities and differentiated product lines, recommending CanSino and highlighting the potential for demand in rabies vaccines due to increased incidence [9][29]

Core Insights - By 2025, China's innovative pharmaceutical industry is projected to be the second largest globally, with approximately 30% of new drugs in development being from China, and the total amount of licensing agreements for domestic innovative drugs exceeding $100 billion, doubling from 2024 [1] - The Economist highlights that Chinese innovative drugs are at a critical point of globalization, with significant increases in global market share for Chinese pharmaceutical companies, and stock prices of Chinese biotech firms outperforming their US counterparts [1] - The rapid development is attributed to a decade of regulatory reforms, an ecosystem fostering innovation, and the advantages of China's large population and manufacturing capabilities [1] Industry Challenges - Despite impressive growth, the total market capitalization of Chinese biotech companies is only 15% of their US counterparts, with upfront licensing fees typically two-thirds lower than global averages [1] - Some pharmaceutical companies struggle with commercialization capabilities, which limits their potential value realization [1] Value Restructuring - Leading innovative pharmaceutical companies are advancing towards the top of the global value chain, with firms like Kangfang Biotech transitioning from licensing revenue to self-driven commercialization [2] - Companies are focusing on both global product development and building scalable commercialization platforms, which is becoming a core strategy for Chinese biotech firms to evolve into biopharma [2] Global Innovation Landscape - Chinese pharmaceutical companies are shifting from being fast followers to first movers, evidenced by significant business development deals with major international firms [3] - The mRNA technology sector is also seeing growth, with multiple companies advancing clinical trials and product development [3] mRNA Technology Potential - The value of mRNA technology is becoming increasingly evident, with major collaborations and acquisitions highlighting its potential [4] - Companies are pursuing dual strategies of in-licensing and out-licensing innovative assets to establish a strong global presence [4] Commercialization Challenges - The approval rate for new drugs is low, with only about 5% of drugs entering clinical trials successfully reaching the market, and only 20% of those achieving profitability [6] - Successful commercialization is critical for innovative drug companies, as it provides funding for future research and development [7] Market Dynamics - The traditional division of labor in the biopharmaceutical industry is evolving, with biotech companies gaining more negotiating power and opportunities for commercialization [9] - The market is expected to consolidate around platform companies with revenues between $5 billion and $10 billion, with a focus on integrating commercial strategies for innovative drugs [9] Commercialization Strategies - Companies like Cloudtop New Horizon are establishing integrated commercialization systems to enhance product growth and are actively pursuing partnerships to expand their market reach [10] - The company plans to introduce 3-5 significant products annually and aims to achieve substantial revenue growth by 2030 [10] Industry Evolution - The Chinese innovative pharmaceutical industry is undergoing a comprehensive upgrade, reshaping its value structure and positioning itself as a key player in the global biopharmaceutical landscape [11] - This transformation is moving China from a follower to a significant contributor and standard-setter in global biopharmaceutical innovation [11]

Core Viewpoint - Watson Bio has received approval for a clinical trial of a freeze-dried mRNA vaccine for herpes zoster, developed in collaboration with several partners [2] Company Summary - Watson Bio's subsidiary, Beijing Watson Innovation Biotechnology Co., Ltd., along with Yunnan Vaccine Laboratory Co., Ltd. and Yuxi Watson Biotechnology Co., Ltd., is involved in the development of the mRNA vaccine [2] - The vaccine development is a joint effort with Fudan University and Shanghai Blue Magpie Biomedical Co., Ltd. [2] Industry Summary - The approval from the National Medical Products Administration marks a significant step in the advancement of mRNA vaccine technology in the field of infectious diseases [2]

Core Viewpoint - Watson Bio (300142.SZ) announced that its subsidiary, Beijing Watson Innovation Biotechnology Co., Ltd., along with Yunnan Vaccine Laboratory Co., Ltd. and Yuxi Watson Biotechnology Co., Ltd., has jointly developed and applied for clinical trials of a lyophilized varicella-zoster virus mRNA vaccine in collaboration with Fudan University and Shanghai Blue Magpie Biopharmaceutical Co., Ltd. The vaccine has recently received the Clinical Trial Approval Notification from the National Medical Products Administration, allowing the commencement of clinical trials aimed at preventing shingles [1]. Group 1 - Watson Bio's subsidiary has received approval for clinical trials of a new mRNA vaccine targeting shingles [1] - The vaccine development involves collaboration with notable institutions including Fudan University and Shanghai Blue Magpie Biopharmaceutical Co., Ltd. [1] - The approval indicates that the vaccine meets the necessary requirements for drug registration as of September 18, 2025 [1]

Core Viewpoint - Watson Bio (300142) has recently received approval from the National Medical Products Administration for a clinical trial of a freeze-dried varicella-zoster virus mRNA vaccine, developed in collaboration with several partners [1] Group 1 - The clinical trial approval was granted for a vaccine developed by Watson Bio's subsidiary, Beijing Watson Innovation Biotechnology Co., Ltd., in partnership with Yunnan Vaccine Laboratory Co., Ltd., Yuxi Watson Biotechnology Co., Ltd., Fudan University, and Shanghai Blue Magpie Biomedical Co., Ltd. [1]

Core Viewpoint - Watson Bio's subsidiary has received approval for clinical trials of a freeze-dried mRNA vaccine for herpes zoster from the National Medical Products Administration of China [1] Group 1: Company Developments - Watson Bio, along with Fudan University and Shanghai Bluebird Biomedicine, has jointly developed and applied for clinical trials of the mRNA vaccine [1] - The vaccine aims to stimulate the immune system to produce immunity against the herpes zoster virus for prevention purposes [1] Group 2: Regulatory Approval - The clinical trial approval notice was issued under the registration categories of preventive biological products [1] - The approval was based on compliance with the relevant requirements of the Drug Administration Law and Vaccine Administration Law of the People's Republic of China [1]

（记者 贾运可） 截至发稿，沃森生物市值为181亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 每经AI快讯，沃森生物（SZ 300142，收盘价：11.31元）12月12日晚间发布公告称，公司子公司北京沃 森创新生物技术有限公司、云南疫苗实验室有限公司、玉溪沃森生物技术有限公司与复旦大学、上海蓝 鹊生物医药有限公司（以下简称"蓝鹊生物"）联合研发并共同申请临床试验的冻干带状疱疹病毒mRNA 疫苗，于近日获得国家药品监督管理局签发的《药物临床试验批准通知书》。通知书编号为： 2025LP03354；2025LP03355。注册分类：预防用生物制品。审批结论：根据《中华人民共和国药品管 理法》《中华人民共和国疫苗管理法》及有关规定，经审查，2025年9月18日受理的冻干带状疱疹病毒 mRNA疫苗符合药品注册的有关要求，同意开展预防带状疱疹的临床试验。 2025年1至6月份，沃森生物的营业收入构成为：自主疫苗占比94.82%，中间产品收入占比4.67%，其他 业务占比0.26%，服务收入占比0.24%。 ...

Core Viewpoint - Watson Bio (300142.SZ) announced that its subsidiaries have received approval from the National Medical Products Administration for a clinical trial of a freeze-dried mRNA vaccine for herpes zoster, developed in collaboration with Fudan University and Shanghai Blue Magpie Biopharmaceutical Co., Ltd [1] Group 1 - The clinical trial approval was granted for the freeze-dried herpes zoster virus mRNA vaccine, which is intended for the prevention of herpes zoster [1] - The vaccine application was reviewed and found to meet the requirements for drug registration, with the trial set to commence [1] - The approval notification was issued on September 18, 2025, indicating a timeline for the clinical trial process [1]