| 流感系列疫苗 科兴流感类疫苗产品线丰富，为全球流感防控提供有力保障 安尔来福 ：中国第一支不含防腐剂的三价流感疫苗，6月龄及以上全年龄段适用 盼尔来福 ：中国第一支大流行流感疫苗（H5N1） 内控质量标准检测项数是中国药典的2倍[3] 盼尔来福.1 ：全球第一支甲型H1N1流感疫苗，并在全球率先开展大规模接种 四价流感病毒裂解疫苗：6月龄及以上全年龄段适用，守护更广泛人群健康 l 全球领航 科兴流感类疫苗在全球近20个国家和地区累计接种超过1亿剂次[1] 科兴流感类疫苗产品线丰富，获国内外广泛认可，助力全球流感防控保障 l 国际品质 不含防腐剂，内毒素、甲醛、卵清蛋白等质量标准优于中国药典及欧洲药典[2] 国家专利纯化工艺，产品纯度更有保障[4] l 强效安全 国际多中心临床研究：四价流感病毒裂解疫苗免疫原性显著高于国际同类产品[5] 中国III期临床研究：四价流感病毒裂解疫苗的血清保护率最高达99.4%[6] 大量研究证据表明四价（三价）流感病毒裂解疫苗的安全性良好，接种更放心[7][8] l 便捷高效 统一规格，提高库存管理效率 灵活调配，提升接种服务和管理效率，满足流感防控应急需求 | 流感疾病知识 ...

Core Viewpoint - The company, Sinovac Biotech Ltd., is facing delisting from NASDAQ due to failure to submit its 2024 annual report on time, following the resignation of its auditing firm [2][6]. Group 1: Delisting and Financial Reporting Issues - Sinovac received a delisting notice from NASDAQ on November 12, 2025, and must request a hearing by November 19 to avoid suspension of its securities on November 21 [1][2]. - The company failed to submit its 2024 annual report by the extended deadline of November 11, 2025, after its auditor Grant Thornton resigned on April 15, 2025 [2][10]. - The company has hired a new auditing firm, UHY LLP, and plans to appeal the delisting decision [2][10]. Group 2: Historical Context and Governance Issues - Sinovac's stock has been suspended since February 22, 2019, due to "chaotic corporate governance" [3][6]. - The governance issues trace back to a significant disagreement between the company's founders in 2016, leading to a prolonged power struggle that included various disruptive actions [5][6]. - The internal conflict has resulted in operational disruptions, including a power cut in 2018 that led to the destruction of vaccines worth 15.4 million yuan [5][6]. Group 3: Financial Performance and Business Developments - In 2021, Sinovac achieved a record revenue of $19.375 billion and a net profit of $8.467 billion, significantly higher than the total profit of the previous six years [6][7]. - However, the company's revenue plummeted to $448 million in 2023, a decline of 97.7% as global demand for COVID-19 vaccines decreased [7][9]. - Despite the financial downturn, the company has made some progress in its vaccine business, including approvals for flu vaccines and a polio vaccine [9][10]. Group 4: Dividend Controversy and Shareholder Impact - In June 2025, Sinovac announced a substantial dividend of $55 per share, totaling over $7.5 billion, which was perceived as a "liquidation-style dividend" amid declining business performance [8][9]. - Major shareholders have benefited from significant dividends, while small shareholders have been unable to trade their shares due to the prolonged suspension [9][10]. Group 5: Future Plans and Market Strategy - The company is pursuing a secondary listing on the Hong Kong Stock Exchange to restore liquidity and address shareholder losses [10]. - The board approved plans for an H-share issuance, aiming to raise funds for drug development and operational needs, with the application submitted to the Hong Kong Stock Exchange on November 6, 2025 [10].