8月28日，中慧生物-B(02627)在尾盘表现活跃，股价迅速拉升。截至收盘，该股涨1.35%，报52.5港元。 当日盘后，中慧生物发布截至2025年6月30日止6个月中期业绩。报告显示，集团期内收入达7112.3万元 人民币，较去年同期大幅增长919.25%；毛利为6078.1万元人民币；研发投入持续加大，开支达9884.8 万元人民币。 中慧生物是一家总部位于中国的疫苗公司，致力于创新疫苗及采用新技术方法的传统疫苗的研发、制造 及商业化。公司产品管线涵盖四价流感病毒亚单位疫苗、在研冻乾人用狂犬病疫苗两大核心产品，还有 其他11种在研疫苗。公司所有的疫苗产品及在研产品目前或预计于中国被归类为第二类疫苗。 另外，中慧生物已建立三个全面的疫苗开发支持平台，即公司的基因工程及蛋白质表达与纯化平台、 mRNA疫苗研究平台及佐剂开发与生产平台。截至2025年6月30日，公司已成功从国家药监局获得九项 在研疫苗的IND批准。 ...

Core Viewpoint - Zhonghui Biotech-B (02627) reported a significant increase in revenue for the six months ending June 30, 2025, with total revenue reaching RMB 71.123 million, representing a year-on-year growth of 919.25% [1] Financial Performance - The company's gross profit for the same period was RMB 60.781 million [1] - Research and development expenses amounted to RMB 98.848 million [1] Company Overview - Established in 2015, the company is a vaccine manufacturer based in China, focusing on innovative vaccines and traditional vaccines using new technological methods [1] - The vaccine pipeline includes products that meet domestic needs and comply with global standards, featuring two core products: a quadrivalent influenza virus subunit vaccine and an investigational freeze-dried human rabies vaccine [1] - The company has an additional 11 investigational vaccines targeting various diseases with high vaccination demand [1] Research and Development Capabilities - The company has established three comprehensive vaccine development support platforms: a gene engineering and protein expression and purification platform, an mRNA vaccine research platform, and an adjuvant development and production platform [1] - Unique proprietary technology platforms, including large-scale amplification, polysaccharide conjugation, and microbiology and immunology research platforms, enhance the company's R&D capabilities [1] - As of June 30, 2025, the company successfully obtained IND approvals for nine investigational vaccines from the National Medical Products Administration [1]

智通财经APP获悉，中慧生物-B(02627)发布截至2025年6月30日止6个月中期业绩，集团收入人民币 7112.3万元，同比增长919.25%;毛利6078.1万元；研发开支9884.8万元。 公司成立于2015年，是一家总部位于中国的疫苗公司，致力于创新疫苗及采用新技术方法的传统疫苗的 研发、制造及商业化。公司的疫苗管线既包括能够满足国内需求及符合全球标准的创新产品，亦包括采 用新技术方法的传统疫苗。截至本公告日期，公司有两种核心产品，即四价流感病毒亚单位疫苗及在研 冻乾人用狂犬病疫苗。公司还有其他11种在研疫苗，涵盖对疫苗接种有庞大需求的多个疾病领域。公司 所有的疫苗产品及在研产品目前或预计于中国被归类为第二类疫苗。 公司已建立三个全面的疫苗开发支持平台，即公司的基因工程及蛋白质表达与纯化平台、mRNA疫苗研 究平台及佐剂开发与生产平台，能够发现和开发各种类别的新疫苗。公司亦辅之以独特的专有技术平台 (包括公司的大规模扩增平台、多糖结合技术平台及微生物与免疫学研究平台)，以进一步提升公司的研 发能力。因此，截至2025年6月30日，公司已成功从国家药监局获得九项在研疫苗的IND批准。 ...

智通财经APP获悉，8月28日，中慧生物-B(02627)发布截至2025年6月30日止6个月中期业绩，集团收入 人民币7112.3万元，同比增长919.25%;毛利6078.1万元;研发开支9884.8万元。 公司成立于2015年，是一家总部位于中国的疫苗公司，致力于创新疫苗及采用新技术方法的传统疫苗的 研发、制造及商业化。公司的疫苗管线既包括能够满足国内需求及符合全球标准的创新产品，包括采用 新技术方法的传统疫苗。公司有两种核心产品，即四价流感病毒亚单位疫苗及在研冻乾人用狂犬病疫 苗。公司还有其他11种在研疫苗，涵盖对疫苗接种有庞大需求的多个疾病领域。公司所有的疫苗产品及 在研产品目前或预计于中国被归类为第二类疫苗。 公司已建立三个全面的疫苗开发支持平台，即公司的基因工程及蛋白质表达与纯化平台、mRNA疫苗研 究平台及佐剂开发与生产平台，能够发现和开发各种类别的新疫苗。公司亦辅之以独特的专有技术平台 (包括公司的大规模扩增平台、多糖结合技术平台及微生物与免疫学研究平台)，以进一步提升公司的研 发能力。 ...

中慧生物-B(02627)发布截至2025年6月30日止6个月中期业绩，集团收入人民币7112.3万元，同比增长 919.25%;毛利6078.1万元;研发开支9884.8万元。 公司成立于2015年，是一家总部位于中国的疫苗公司，致力于创新疫苗及采用新技术方法的传统疫苗的 研发、制造及商业化。公司的疫苗管线既包括能够满足国内需求及符合全球标准的创新产品，亦包括采 用新技术方法的传统疫苗。截至本公告日期，公司有两种核心产品，即四价流感病毒亚单位疫苗及在研 冻乾人用狂犬病疫苗。公司还有其他11种在研疫苗，涵盖对疫苗接种有庞大需求的多个疾病领域。公司 所有的疫苗产品及在研产品目前或预计于中国被归类为第二类疫苗。 公司已建立三个全面的疫苗开发支持平台，即公司的基因工程及蛋白质表达与纯化平台、mRNA疫苗研 究平台及佐剂开发与生产平台，能够发现和开发各种类别的新疫苗。公司亦辅之以独特的专有技术平台 (包括公司的大规模扩增平台、多糖结合技术平台及微生物与免疫学研究平台)，以进一步提升公司的研 发能力。因此，截至2025年6月30日，公司已成功从国家药监局获得九项在研疫苗的IND批准。 ...

智通财经APP讯，中慧生物-B(02627)发布截至2025年6月30日止6个月中期业绩，集团收入人民币7112.3 万元，同比增长919.25%;毛利6078.1万元;研发开支9884.8万元。 公司成立于2015年，是一家总部位于中国的疫苗公司，致力于创新疫苗及采用新技术方法的传统疫苗的 研发、制造及商业化。公司的疫苗管线既包括能够满足国内需求及符合全球标准的创新产品，亦包括采 用新技术方法的传统疫苗。截至本公告日期，公司有两种核心产品，即四价流感病毒亚单位疫苗及在研 冻乾人用狂犬病疫苗。公司还有其他11种在研疫苗，涵盖对疫苗接种有庞大需求的多个疾病领域。公司 所有的疫苗产品及在研产品目前或预计于中国被归类为第二类疫苗。 公司已建立三个全面的疫苗开发支持平台，即公司的基因工程及蛋白质表达与纯化平台、mRNA疫苗研 究平台及佐剂开发与生产平台，能够发现和开发各种类别的新疫苗。公司亦辅之以独特的专有技术平台 (包括公司的大规模扩增平台、多糖结合技术平台及微生物与免疫学研究平台)，以进一步提升公司的研 发能力。因此，截至2025年6月30日，公司已成功从国家药监局获得九项在研疫苗的IND批准。 ...

中慧生物-B(02627.HK)上半年亏损1.22亿元 营收同比增长919.25% 中慧生物-B(02627.HK)：重组呼吸道 合胞病毒疫苗(CHO细胞)(佐剂)的IND获中国CDE及美国FDA批准 格隆汇8月28日丨中慧生物-B(02627.HK)公布中期业绩，截至2025年6月30日止六个月，公司收益为人民 币7112.3万元，同比增长919.25%；期内亏损为人民币1.22亿元，去年同期亏损1.56亿元，基本每股亏损 0.34元。 营收增长原因为四价流感病毒亚单位疫苗的销售逐步增加及公司对收入作出调整以校准2024年销售的估 计退货。 相关事件 ...

Macro Strategy - In July, non-bank deposits increased by 2.14 trillion yuan, the highest level for the same period since 2015, indicating a potential shift of funds into the stock market [2][3] - By 2024, the number of data enterprises in China is expected to exceed 400,000, with the data industry scale reaching 5.86 trillion yuan, a 117% increase compared to the end of the 13th Five-Year Plan [2] - The micro-short drama market in China reached a scale of 50.5 billion yuan in 2024, surpassing annual box office revenue for films for the first time [2][3] Innovative Drug Industry - The global biotech sector saw significant gains, with the Hang Seng Biotech Index rising by 6.87%, driven by upcoming events like the World Conference on Lung Cancer [5] - The domestic innovative drug industry is entering a pivotal phase where innovation results are expected to translate into performance, with a focus on the upcoming National Medical Insurance Directory negotiations for 2025 [5][7] - The 2025 World Conference on Lung Cancer will feature key presentations from companies like Kangfang Biotech and Fuhong Hanlin, showcasing their innovative products and clinical trial results [6] Vaccine Industry - The domestic vaccine sector is experiencing a significant shift, with the approval of a new vaccine for clinical trials and the first vaccine product passing the commercial insurance innovation drug directory review [12][13] - The vaccine market saw a 1.3% increase last week, with a cumulative increase of 2.28% in 2025 [14] - The vaccine industry is currently facing challenges due to supply-demand imbalances, but long-term prospects remain positive with a focus on innovation and international expansion [17][19] Electronic Industry - The electronic sector experienced a 7.02% increase last week, with notable gains in semiconductor and consumer electronics segments [20] - Huawei's launch of the UCM technology is expected to enhance domestic computing power demand, optimizing AI inference experiences [23][24] - Investment opportunities are seen in AI infrastructure and supply chains for consumer electronics, with a recommendation to maintain an "overweight" rating for the electronic industry [24] Securities Industry - The securities sector outperformed the market, with the broker index rising by 8.2%, indicating a recovery in valuation levels [26] - Daily trading volume in the stock market exceeded 20 trillion yuan, suggesting a positive trend for brokerage performance in the upcoming quarter [27][28] - The recommendation for the securities industry remains "overweight," with a focus on internet brokers that exhibit strong beta characteristics [29]

Core Viewpoint - The surge of pharmaceutical companies listing on the Hong Kong Stock Exchange (HKEX) reflects a growing interest in the biotech sector, driven by innovative drug development and supportive regulatory frameworks [1][2][3]. Group 1: Market Activity - In 2023, 14 biopharmaceutical and medical device companies have listed on HKEX, raising a total of 182.25 billion HKD, with 36 more companies in the pipeline [2]. - The rapid development of innovative drugs is closely linked to the increase in listings, with 43 innovative drugs approved in the first half of the year, a 59% year-on-year increase [2]. - The Hang Seng Biotechnology Index has doubled in value this year, indicating strong market performance in the biotech sector [2]. Group 2: Regulatory and Capital Support - The introduction of the "Science and Technology Enterprises Special Line" and the 18A listing rule has facilitated early and customized listing guidance for innovative drug companies [3]. - Since the implementation of the 18A rule, 77 biotech companies have gone public, demonstrating the positive impact of regulatory reforms on the industry [3]. - Increased liquidity and capital inflow, particularly from foreign investments, have significantly improved the valuation and liquidity of the biotech sector [3]. Group 3: Company Performance and Evaluation Criteria - Companies with strong clinical data and rapid pipeline advancement, particularly in oncology, autoimmune diseases, and metabolic disorders, are attracting high valuations [6]. - The focus of investors is shifting from the quantity of drug pipelines to the quality and clinical value of the research outcomes [5][6]. - Successful recent listings, such as Zhonghui Biotech-B and Weilizhibo-B, highlight the market's preference for companies with innovative therapies and strong clinical trial results [6].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The first vaccine product has passed the commercial insurance innovative drug directory review, potentially opening new payment channels for innovative vaccines [3] - The vaccine industry is currently facing performance pressure due to supply-demand imbalances, but long-term prospects remain positive driven by innovation and international expansion [7][29] Summary by Sections Domestic and International Vaccine Dynamics - Hualan Vaccine has received approval for clinical trials of a freeze-dried type B Haemophilus influenzae conjugate vaccine, which is expected to provide protection against infections caused by this pathogen [3] - The "Quadrivalent Influenza Virus Subunit Vaccine" has become the only vaccine to pass the preliminary review for the commercial insurance innovative drug directory, marking a significant step in integrating vaccines into the insurance payment system [3] Market Review - The vaccine sector saw a 1.3% increase last week, with a cumulative increase of 2.28% in 2025 [4][5] - The overall pharmaceutical sector reported a 3.08% increase, with various sub-sectors showing mixed performance [4][10] Valuation - The vaccine sector's PE (ttm) is 81.82X, with a PB (lf) of 1.99X, indicating a slight increase from the previous week [6] Investment Recommendations - The vaccine industry is experiencing performance pressure in 2024 and Q1 2025, but companies are focusing on pipeline adjustments and innovation to improve competitiveness [7][26] - Long-term investment focus should be on companies with strong R&D capabilities and differentiated products, with recommendations for Kangxino and Kanghua Biotech [29]