曾经的"东北药茅"长春高新，股价曾突破500元，市值高达2000亿元，如今却经历了三年惨烈的滑坡，市值蒸发了1600亿元，股价暴跌84%，2024年净利润 更是腰斩43%，遭遇近二十年来首次业绩"塌方"。然而，7月，一针名为"金蓓欣"的痛风新药获批，并宣布赴港IPO，为这家老牌药企点燃了绝地反击的希 望，市场罕见涨停。这背后，是"生长激素神话"的破灭，以及公司在研发创新和多元化发展道路上的艰难探索。 一、研发黑洞与赴港求生 长春高新近三年研发投入超过60亿元，2024年研发费用率飙升至近20%。金赛药业员工一年新增2518人，大部分是研发人员和自免药物推广团队。然而，生 长激素收入占比仍高达87%，利润却已腰斩。巨大的资金压力下，赴港IPO成为长春高新争取资金的救命稻草。7月1日，公司宣布启动H股上市筹备，意图 开辟境外融资渠道。尽管港股流动性相对较低，但允许未盈利创新药企上市的政策，为长春高新60亿研发"黑洞"提供了喘息之机。2024年，金赛药业海外收 入猛增454%，阿尔及利亚等新兴市场贡献了主要增量，国际化战略成为其在港股募资的关键筹码。 长春高新：从"东北药茅"到绝地反击 然而，金蓓欣的市场之路并非坦 ...

研 行 行业周报 业 半年报预告密集披露，关注业绩表现 ——医药生物行业周报 究 分析师： 侯雅楠 SAC NO： S1150524120001 2025 年 07 月 11 日 医药生物 投资要点： 证券分析师 行业要闻 侯雅楠 022-23839211 houyn@bhzq.com （1）国家医疗保障局公布《2025 年国家基本医疗保险、生育保险和工伤保 险药品目录及商业健康保险创新药品目录调整工作方案》等相关文件； 研究助理 近三月行业指数走势图 （2）默沙东 100 亿美元收购 Verona，获得慢性阻塞性肺病（COPD）重磅 新药； （3）7.2mg 司美格鲁肽申报上市。 证 公司公告 券 研 （1）亚盛医药-B：自愿公告新型 Bcl-2 抑制剂利沙托克拉（利生妥®）正式 获中国国家药品监督管理局批准，用于治疗成人慢性淋巴细胞白血病/小淋巴 细胞淋巴瘤患者； 究 （2）药明康德：2025 年半年度业绩预增公告； 报 相关研究报告 （3）甘李药业：2025 年半年度业绩预增公告； 告 录有望出台——医药生物行 （4）艾力斯：自愿披露关于甲磺酸伏美替尼片 EGFR 20 外显子插入突变 NSCLC 二线 ...

智飞生物（300122）公告，公司全资子公司智飞龙科马研发的重组带状疱疹疫苗(CHO细胞)获得国家药 品监督管理局药物临床试验批准通知书，同意在40岁及以上人群中开展用于预防带状疱疹的临床试验。 ...

Core Viewpoint - Zhifei Biological plans to issue up to 6 billion yuan in corporate bonds to support investments in technological innovation, replace interest-bearing liabilities, and replenish working capital [1] Group 1: Financial Performance - In 2024, Zhifei Biological reported a significant decline in performance, with total revenue of 26.07 billion yuan, a year-on-year decrease of 50.7%, and a net profit attributable to shareholders of 2.02 billion yuan, down 75.0% [1] - The revenue from agency products, which has historically contributed over 70% to the company's performance, saw a drastic reduction, leading to the overall decline in revenue [1][2] - The company's cash flow turned negative in 2024, with an operating cash flow of -4.414 billion yuan, a decline of 149.6% compared to the previous year [3] Group 2: Product Performance - Revenue from Zhifei Biological's self-developed products increased by 14.9% to 1.18 billion yuan, while revenue from agency products fell by 52.5% to 24.67 billion yuan [2] - The core product, the HPV vaccine, experienced a significant drop in sales, with the issuance of four-valent HPV vaccines down by 95.5% and nine-valent HPV vaccines down by 14.8% [2] Group 3: Strategic Initiatives - The company aims to focus on "de-stocking, collecting payments, and reducing liabilities" as its core strategy for 2025 to mitigate operational risks [3] - The issuance of 6 billion yuan in corporate bonds is seen as a crucial step in reducing liabilities and addressing financial risks [3]

Core Viewpoint - Changchun High-tech has received approval for its innovative drug Jinbeixin, marking a significant milestone in its transformation efforts after facing declining revenues and profits due to market pressures and reliance on a single product [1][2][3] Group 1: Company Performance - Changchun High-tech's stock price has dropped from a peak of 515.9 yuan per share in 2021 to 98.8 yuan per share currently, resulting in a total market capitalization of 40.3 billion yuan [1] - The company is experiencing its first dual decline in revenue and net profit in nearly 20 years, with significant pressure from the market environment and competition [1] - Revenue from its subsidiary Baike Biotech, which launched a shingles vaccine, peaked at over 1.8 billion yuan in 2023 but fell to 1.23 billion yuan in 2024, with net profit decreasing to 230 million yuan [1] Group 2: Research and Development - Under the leadership of General Manager Jin Lei, Changchun High-tech has increased its R&D investment from 1.66 billion yuan to nearly 2.7 billion yuan over the past three years [3] - The company has developed 23 research pipelines, with 6 classified as Class 1 new drugs, including Jinbeixin, which is seen as a key product for the company's transition [3] - Jinbeixin is the first Class 1 new drug in China for the treatment of acute gouty arthritis, with market potential estimated to reach 1 to 2 billion yuan, although it may not match the performance of its flagship growth hormone product [3]

北京医院老年医学科副主任李晶教授强调，50岁后随着免疫力自然下降，带状疱疹的发病率会显著升 高，而合并高血压、糖尿病等慢性病的老人风险更高——这些疾病会进一步削弱免疫屏障，让病毒"有 机可乘"。带状疱疹的疼痛可能持续数月甚至数年，严重影响生活质量。因此，预防是守护晚年健康的 关键，而接种疫苗是预防带状疱疹的有效手段。建议符合条件的中老年人主动预防，同时通过均衡饮 食、适度运动和规律作息增强免疫力，保护自身健康。 新京报讯（记者王卡拉）随着中国老龄化进程加速，中老年群体的健康问题日益受到关注。6月23日-29 日为2025年全国老年健康宣传周，呼吁提升老年人健康素养和健康水平。在此背景下，带状疱疹作为中 老年人高发的感染性疾病之一，积极对其进行及早预防和主动管理，已成为助力实现"健康中国2030"目 标及推动"健康老龄化"的关键行动之一。 带状疱疹俗称"蛇缠腰""生蛇"，是由水痘-带状疱疹病毒引发的感染性疾病，而年龄是带状疱疹最重要 的危险因素，50岁以上为带状疱疹易发人群。当前，我国50岁以上人群已超4亿，伴随年龄增长，老年 人免疫功能逐年下降，皮肤防御能力减弱，感染性疾病（如带状疱疹）风险增加，慢性病（糖尿 ...

Core Viewpoint - The Chinese vaccine industry is transitioning from scale expansion to value creation, driven by national immunization strategies and WHO vaccine prioritization policies, with local companies leveraging technological innovation to enhance multi-valent vaccines and lifecycle protection strategies [1] Group 1: Product Development and Innovation - CanSino Biologics' 13-valent pneumonia vaccine PCV13i has been approved for market launch, representing a significant step in the globalization of domestic vaccines [2] - The core value of PCV13i is based on three pillars: technological breakthroughs, clinical validation, and application optimization [2] - The vaccine employs a unique dual carrier technology using a non-toxic mutant of diphtheria toxin (CRM197) and tetanus toxin (TT), enhancing immunogenicity and reducing interference with other vaccines [3] Group 2: Clinical Data and Efficacy - Clinical data shows that PCV13i significantly outperforms control groups in inducing high levels of specific antibodies against key serotypes that are prevalent in China, confirming its regional adaptability [4] - The safety profile of PCV13i is comparable to that of control vaccines, with adverse reactions primarily being mild, facilitating its commercial application [4] Group 3: Market Demand and Commercialization - The urgency for pneumonia vaccines is underscored by the high mortality rates associated with pneumonia in children under five, particularly in China, where vaccination rates are below 18% [6][8] - The global market for pneumonia vaccines is robust, with the 13-valent pneumonia vaccine consistently ranking among the top-selling vaccines, indicating significant market potential [9] Group 4: Strategic Market Positioning - PCV13i is positioned to leverage existing distribution networks and cold chain logistics established by CanSino's previous vaccine, enhancing market penetration efficiency [10] - The vaccine's production process meets EU GMP standards and is suitable for halal certification, providing a competitive edge in Southeast Asian markets [10] Group 5: Long-term Value Creation - CanSino's vaccine matrix, including products for polio and DTP, is establishing a comprehensive defense against bacterial diseases in children, aligning with international quality standards [11] - The launch of PCV13i is expected to catalyze short-term performance while the ongoing innovation in the product matrix builds long-term value, suggesting potential for re-evaluation in market valuation [12]

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 特朗普呼吁伊朗无条件投降 当地时间6月17日，美国总统特朗普在社交媒体发文，呼吁"无条件投降"。特朗普称，"美国确切知道伊 朗最高领袖哈梅内伊身处何处，目前美国不会刺杀他，但美国不希望导弹袭击平民或美军。"特朗普 称，"我们的耐心正在耗尽。 以军称已摧毁伊朗铀浓缩设施 当地时间6月17日，以色列战略事务部长罗恩·德尔默发表声明称，以方已摧毁伊朗铀浓缩设施，以方将 继续行动。声明未明确提及核设施的数量和地点。德尔默强调，以方将消除伊朗发射弹道导弹的能力。 伊朗方面暂无回应。 外交部：中方正迅速组织撤离在伊朗和以色列的中国公民 6月17日，外交部发言人郭嘉昆主持例行记者会。有记者提问，近日以色列袭击伊朗并导致军事冲突升 级，当地人员面临严重的安全威胁，请问中方是否有计划撤离在伊朗和以色列的中国公民？郭嘉昆介 绍，目前已有部分中国公民安全撤离至周边国家，外交部及有关使领馆正会同相关部门，全力做好在伊 朗和以色列的中国公民安全保护工作，迅速组织撤离中国公民。请在伊朗、以色列的中国公民联系使领 馆，也可拨打12308领事保护热线。 【观国内】 国务 ...

2025.06. 17 本文字数：1364，阅读时长大约3分钟 作者 | 第一财经 林志吟 自费疫苗的降价潮，从国产疫苗席卷至进口明星疫苗。近期以来，一些疫苗接种点相继推出关于进口 HPV疫苗、进口重组带状疱疹疫苗的惠民项目。 进口四价以及九价HPV疫苗厂商默沙东日前决定自2025年2月起根据消费者需求的动态变化，阶段 性调整中国市场HPV疫苗发货节奏，预计将于年中逐步恢复常态。 作为进口四价以及九价HPV疫苗、进口带状疱疹疫苗的代理商，智飞生物（300122.SZ）在今年5月 份召开的2024年度网上业绩说明会上表示，从公司总体经营情况看，公司当前确实遇到了经营困 难。自2024年二季度开始，该公司业绩下降明显，HPV等核心产品销量大幅度下降，同时各项财务 指标出现较大波动。一方面，经济周期性及结构性变化、行业调整以及疫苗犹豫增加等因素对民众接 种意愿影响较大。另一方面，尽管公司在2023年已经开始积极寻找新的商业机会，主动寻找新的业 绩增长点推动公司实现业务转型。但是，公司对宏观情况变化、行业调整、新业务开拓进度等的研判 存在预判偏差，导致经营效益偏离预期目标。 具体看，针对9岁到14岁女性，进口二价HP ...

在进口HPV疫苗、进口带状疱疹疫苗此起彼伏降价背景下，相关疫苗厂商业绩并不乐观。 自费疫苗的降价潮，从国产疫苗席卷至进口明星疫苗。近期以来，一些疫苗接种点相继推出关于进口 HPV疫苗、进口重组带状疱疹疫苗的惠民项目。 如6月16日，郑州大学医院官方公众号推出了HPV疫苗接种惠民项目，涉及的疫苗有进口二价HPV疫 苗、进口九价HPV疫苗。 具体看，针对9岁到14岁女性，进口二价HPV疫苗、九价HPV疫苗全程需要接种两剂次，这两款疫苗都 推出第二针免费优惠，即打一送一（不包括接种服务费用，下同）。 针对15岁至45岁女性，这两款疫苗全程需要接种三剂次，进口二价HPV疫苗的优惠力度更大，只收一针 的费用，即打三送二；九价HPV疫苗则收两针费用，即打三送一。 彼时，智飞生物表示，该公司要直面问题、解决问题、化解风险，2025年的核心工作是"去库存、收回 款、降负债"，化解经营风险。2025年以来，公司已通过优化销售政策、积极参加各地疾控中心开展的 惠民项目、加强HPV疫苗男性适应症的科普宣传等方式方法，进一步激发团队积极性，促进产品销售推 广。同时，截至2025年一季度末，公司应收账款规模降至146亿元，公司将持续关 ...