Industry Overview - The vaccine industry is experiencing a structural opportunity due to the rising trend of influenza, with a focus on flu vaccine developments [2][4] - Recent approvals for clinical trials include various vaccines from companies like Zhifei Biological, including a pertussis-diphtheria-tetanus vaccine and an mRNA shingles vaccine [2][4] - The National Influenza Center reported an increase in flu activity, with a total of 621 reported influenza-like illness outbreaks across the country [4] Market Performance - The vaccine sector saw a 3% increase, with the overall pharmaceutical and biological sector rising by 3.29% during the week of November 9-15, 2025 [5] - Notable companies in the vaccine sector that performed well include Jindike, Hualan Biological, and Baike Biological, while companies like Wantai Biological and Zhifei Biological lagged [6] Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio (ttm) was 101.87X, reflecting a 2.8X increase week-over-week, while the price-to-book (PB) ratio was 1.99X, up by 0.05X [7][8] Investment Insights - The vaccine industry is under pressure, with a notable structural differentiation among companies. The focus is on innovation and international expansion as key strategies for long-term growth [9] - The industry is transitioning from scale expansion to innovation-driven growth, with supply-demand imbalances and homogenized competition causing short-term challenges [9] - Key drivers for the industry's long-term growth include policy support, demand increase due to an aging population, and technological advancements [10] Recommendations - Companies with strong research and development capabilities and differentiated product offerings, such as CanSino and Kanghua Biological, are recommended for investment [10] - Short-term focus should be on companies involved in flu vaccines due to the seasonal increase in demand [10]

北京商报讯（记者 王寅浩 宋雨盈）11月11日，智飞生物发布公告称，公司全资子公司北京智飞绿竹生 物制药有限公司研发的吸附无细胞百白破（组分）联合疫苗（成人及青少年用）获得国家药品监督管理 局药物临床试验批准通知书（通知书编号：2025LP02971），同意开展预防白喉、破伤风、百日咳引起 的感染性疾病的临床试验。 ...

Core Viewpoint - The company announced that its wholly-owned subsidiary, Beijing Zhifei Lvzhu Biological Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of an acellular combined vaccine for adults and adolescents, aimed at preventing infections caused by diphtheria, tetanus, and whooping cough [1] Group 1 - The vaccine is designed to prevent infectious diseases caused by diphtheria, tetanus, and whooping cough [1] - The approval allows the company to initiate clinical trials for the vaccine [1]

每经AI快讯，智飞生物（SZ 300122，收盘价：21.77元）11月11日晚间发布公告称，公司于近日获悉， 由全资子公司北京智飞绿竹生物制药有限公司（简称"智飞绿竹"）研发的吸附无细胞百白破（组分）联 合疫苗（成人及青少年用）（以下简称"青少年及成人组分百白破疫苗"）获得国家药品监督管理局药物 临床试验批准通知书（通知书编号：2025LP02971），同意开展预防白喉、破伤风、百日咳引起的感染 性疾病的临床试验。公司将根据临床试验批准通知书的要求，尽快开展相关临床试验工作。 截至发稿，智飞生物市值为521亿元。 每经头条（nbdtoutiao）——北大医药董事长徐晰人被抓前，警方去集团厂区调查过！内部人士：集团 资产被其处置，巨额资金去向不明 （记者 王晓波） 2024年1至12月份，智飞生物的营业收入构成为：生物制品占比99.14%，其他业务占比0.86%。 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9][30] Core Views - The vaccine industry is currently facing performance pressure in 2024 and Q1 2025, with inventory turnover and accounts receivable turnover needing improvement. The industry is still in a bottoming process due to high competition and declining prices for some products. Demand is also affected by consumer fatigue and insufficient market education, leading to a supply-demand imbalance [9][30] - The industry is actively adjusting pipeline layouts, focusing on technological iteration and innovative vaccines, while increasing R&D efforts for multi-valent products. In the long term, product innovation remains the core of competitive strength, with a focus on innovation and international expansion [9][30] Summary by Sections Recent Developments - Six vaccine companies have released their semi-annual reports, with four companies showing positive revenue growth and three companies reporting positive net profit growth attributable to shareholders. The upcoming week will see a concentrated release of semi-annual reports from vaccine companies, warranting attention to their performance [4][10] Market Performance - The vaccine sector saw a 4.41% increase last week, ranking second among the pharmaceutical sub-sectors. Year-to-date, the cumulative increase in the vaccine sector has expanded to 6.79% [5][12] Company Performance - The top-performing companies in the vaccine industry last week included Olin Bio, Wantai Bio, and Kangtai Bio, while the underperformers included Kanghua Bio and Zhifei Bio [6][12] Valuation - The vaccine sector's PE (ttm) was 85.49X, up by 3.67X week-on-week, with a one-year maximum of 85.49X and a minimum of 19.57X. The PB (lf) was 2.09X, also showing a week-on-week increase [7][8] Investment Recommendations - The report emphasizes the importance of focusing on companies with strong R&D capabilities and technological advantages, recommending Kangxino for its innovation strength and Kanghua Bio for its demand stability. Attention is also drawn to the upcoming semi-annual reports and changes in inventory and accounts receivable [10][30]

人民财讯8月18日电，近日，智飞生物（300122）全资子公司北京智飞绿竹自主研发的吸附无细胞百白 破(组分)联合疫苗(成人及青少年用)获得国家药品监督管理局的药物临床试验申请受理通知书，标志着 智飞生物在多联疫苗研发领域取得重要突破，有望填补国内成人及青少年百白破加强免疫疫苗的市场空 白。 ...

Core Viewpoint - The announcement indicates that Zhifei Biological's subsidiary has received approval for clinical trials of a new acellular DTP vaccine for adults and adolescents, filling a gap in the market for this demographic in China [1] Group 1: Company Developments - Zhifei Biological's wholly-owned subsidiary, Beijing Zhifei Green Bamboo Biological Pharmaceutical Co., Ltd., has developed an acellular DTP (Diphtheria, Tetanus, Pertussis) combined vaccine [1] - The vaccine is intended for healthy individuals aged 7 and above to prevent whooping cough, diphtheria, and tetanus [1] - The National Medical Products Administration has accepted the drug clinical trial application, allowing clinical trials to commence if no objections are raised within 60 days [1] Group 2: Market Context - Currently, there are no approved acellular DTP vaccines available for adolescents and adults in the domestic market [1]