Group 1: Company Performance - Baike Bio reported a revenue of approximately 1.229 billion RMB for 2024, a year-on-year decline of 32.64% [1] - The net profit attributable to shareholders was around 232 million RMB, down 53.67% year-on-year [1] - The decline in performance is primarily attributed to reduced sales of the shingles vaccine [1] Group 2: Green Bamboo Bio's Situation - Green Bamboo Bio's stock price fell by 9.09% on May 2, leading to significant sell-offs, with a trading volume of 1.8036 million shares, the highest since 2024 [2] - The company has experienced a drastic decline in liquidity, with 10 months in the past 17 months having a monthly trading volume of less than 200,000 shares [2] - Green Bamboo Bio's market capitalization is currently around 4.1 billion HKD, below the 7 billion HKD threshold required for inclusion in the Hang Seng Index [4] Group 3: Financials of Green Bamboo Bio - Green Bamboo Bio reported a net loss of 168 million RMB for the year, a reduction of 32.5% compared to the previous year's loss of 249 million RMB [4] - The company has not yet commercialized any products, with total revenue remaining at zero [4] - Research and development expenses decreased by 21.7% to 135 million RMB [4] Group 4: Product Development - Green Bamboo Bio's core product, the recombinant shingles vaccine LZ901, has completed Phase III clinical enrollment and submitted a Biologics License Application (BLA) [6] - LZ901 is expected to be the first shingles vaccine with a tetrameric molecular structure, targeting adults aged 50 and above [6] - The vaccine is positioned to compete with GSK's Shingrix, which has seen significant sales growth, reaching 3.446 billion GBP in 2023 [8] Group 5: Market Dynamics - The domestic vaccine industry is facing structural adjustment pressures, with a decline in consumer willingness to receive vaccinations and a significant drop in demand for self-paid vaccines [10] - The competition in the vaccine market is intense, with over 10 manufacturers competing in areas like rabies and influenza vaccines [10] - The market for shingles vaccines is currently less competitive, with only Baike Bio's Ganwei and GSK's Shingrix available, providing an opportunity for LZ901 if it commercializes as expected [10] Group 6: Challenges Ahead - Despite the potential of LZ901, the company may struggle to significantly improve its financial structure and fundamentals due to market education challenges and profit margin pressures [11] - The current vaccination rate for shingles in China is only 0.1%, significantly lower than in developed countries, indicating a need for market education [10]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月20日，长春高新披露2024年年报，公司2024年营收同比下滑7.55%，净利润暴跌43.01%；2025年一 季度，公司业绩颓势延续，净利润跌幅扩大至44.95%。这家曾被称为"东北药茅"的医药巨头，在生长激 素业务受集采重创、带状疱疹疫苗增长乏力的双重打击下，正经历上市28年来的至暗时刻。 营收、利润双双大幅下降 一季度仍未见企稳信号 长春高新2024年财报显示，公司全年营收134.66亿元，同比下降7.55%；归母净利润25.83亿元，同比暴 跌43.01%。结合往期业绩表现看，这是自2004年以来首次年度营收负增长，净利润则倒退至2019年水 平。更严峻的是，2025年一季度营收继续下降5.66%，净利润跌幅扩大至44.95%。 将业绩拆分至各个子公司来看，长春高新旗下主要有金赛药业、百克生物、华康药业、高新地产等子公 司。具体而言，四家公司分别从事基因工程生物药品、人用疫苗、中成药和化药的研发生产和销售以及 房地产的开发销售。其中，金赛药业、百克生物为核心子公司，为长春高新贡献了主要的营收及利润。 2024年，金赛药业实现 ...

进一步拓展成人疫苗市场，成为百克生物的重要战略布局。除了升级换代现有上市产品外，百克生物还 布局了阿尔茨海默病治疗性疫苗、破伤风单抗、HSV-2（单纯疱疹病毒2型）疫苗等产品的研发。2024 年研发投入1.56亿元，占营收比达到12.7%。 4月20日晚间，百克生物发布2024年年报及2025年第一季度报告，上述报告期内业绩均出现两位数下 滑。其中，2024年百克生物营收、归母净利润分别为12.29亿元、2.32亿元，降幅分别为32.64%、 53.67%；今年一季度营收、归母净利润分别为1.62亿元、106.43万元，降幅分别下滑39.96%、98.24%。 带状疱疹减毒活疫苗（简称"带状疱疹疫苗"）销量下滑，成为百克生物业绩下滑的关键因素。 带状疱疹疫苗销量下滑影响业绩 百克生物目前拥有水痘疫苗、鼻喷流感疫苗、带状疱疹疫苗等上市产品，其中水痘疫苗市占率多年处于 领先地位；鼻喷流感疫苗为世界卫生组织全球流感行动计划项目，是国内独家经鼻喷方式接种的流感减 毒活疫苗。带状疱疹疫苗是其自主研发的国内首个用于40岁及以上人群的带状疱疹疫苗，也是让百克生 物从儿童疫苗拓展至成人疫苗的重要产品。 2024年年报数据显示 ...