在全球生物医药产业蓬勃发展的浪潮中，百克生物(688276)始终坚守以产品的创新研发为发展源动力， 凭借二十多年的技术深耕，布局了层次分明、领域多元的梯队化研发管线。2025年以来，百克生物重点 项目捷报频传，通过持续高比例的研发投入，以其创新活力书写中国疫苗产业的突围之路。 百克生物始终将研发创新置于战略核心地位，公司构建了以"升级换代、填补空白、创新突破"为方向的 梯队式研发策略，旨在形成覆盖全人群健康需求的产品矩阵。在升级换代方面，公司聚焦成熟产品的迭 代优化，通过工艺革新提升产品安全性与适用性，如吸附无细胞百白破(三组分)联合疫苗相比传统疫苗 组分含量明确，进一步降低不良反应风险；在填补空白方面，针对国内未被满足的临床需求精准发力， 自主研发的"感维"带状疱疹减毒活疫苗打破进口垄断。目前，国内带状疱疹疫苗接种率仍有较大提升空 间，公司将持续创新营销渠道，积极探索医防融合新模式，以提升产品认可度、市场占有率及品牌知名 度。在创新突破方面，瞄准全球前沿技术，布局HSV-2mRNA疫苗、阿尔茨海默病治疗性疫苗等创新产 品，满足市场需求的同时，践行"健康中国"的国家战略。 见成果：打造"多平台、多领域"的多元 ...

Core Viewpoint - Baike Bio (688276.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its business operations and financial health [1][2]. Financial Performance - The company achieved a revenue of 285 million yuan in the first half of 2025, a decrease of 53.93% compared to the same period last year [2]. - The net profit attributable to shareholders was -73.57 million yuan, down from 138 million yuan in the previous year, reflecting a decline of 153.47% [2]. - The net profit after deducting non-recurring gains and losses was -82.23 million yuan, compared to 135 million yuan in the same period last year, marking a decrease of 160.78% [2]. - The net cash flow from operating activities was 9.32 million yuan, a drop of 88.97% from 84.50 million yuan in the previous year [2]. Asset and Equity Position - As of the end of the reporting period, the net assets attributable to shareholders were 4.07 billion yuan, down 3.47% from 4.22 billion yuan at the end of the previous year [2]. - The total assets amounted to 5.26 billion yuan, showing a slight increase of 1.15% from 5.20 billion yuan at the end of the previous year [2]. Fundraising and Use of Proceeds - Baike Bio raised a total of 1.50 billion yuan, with a net amount of 1.40 billion yuan after deducting issuance costs, which was 285 million yuan less than originally planned [3]. - The company intended to use the raised funds for various vaccine production projects and research and development, including 182 million yuan for a varicella vaccine project and 865 million yuan for R&D of in-progress products [3]. Stock Performance - The stock price of Baike Bio is currently below its initial offering price, indicating a state of underperformance in the market [1].