泰州中国医药城 ◎记者 仲茜 严曦梦 梅郎故里、溱湖水乡，江苏泰州作为长江中下游重要内河港口，自古是鱼米之乡、江淮经济重镇，如今 更是长三角中轴城市、大上海都市圈重要成员。2009年5月，泰州医药高新技术产业开发区（又称"中国 医药城"）挂牌成立，是我国唯一的国家级医药高新区。 建在泰州的医药城，为何叫"中国医药城"？企业家为什么选择在中国医药城创业？近日，上海证券报记 者走进泰州，走进中国医药城，探寻企业成长之路，感知产业发展脉搏。 先发优势： 建科技"底座"，育研发"新苗" 2009年3月，国务院批复泰州医药高新技术产业开发区升级为国家级高新区，成为当时全国第一个以医 药健康产业定位命名的高新区。 "2008年，依托扬子江药业、济川药业等老牌药厂，泰州锚定生物医药产业，下先手棋，将该产业定为 全市的主导产业，快速开建医药产业园。"泰州生物医药产业园管理办党工委委员、副主任赵荣林向上 海证券报记者回忆说。 与上海、苏州主攻生物医药研发方向不同，泰州中国医药城以研发疫苗、抗体和体外诊断试剂及医疗器 械产业为突破口。成立之初，中国医药城便围绕主攻方向，设立园区公共试验平台、中试平台，构建科 技研发底座，花费五年 ...

Core Viewpoint - The demand for Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd.'s core product "Hui Er Kang Xin," a quadrivalent influenza subunit vaccine, has surged with the arrival of the flu season, indicating strong market recognition for high-end innovative vaccines [2][3]. Group 1: Product Performance - "Hui Er Kang Xin" achieved sales revenue exceeding 50 million yuan in its first quarter after being approved for sale last year, with total revenue reaching 260 million yuan for the year [2]. - In the first half of this year, sales revenue surpassed 70 million yuan, with expectations for significant growth over last year's high baseline [2]. Group 2: Market Strategy - The company has adopted a differentiated and innovative product strategy to break through low-price competition, focusing on higher purity and safety of subunit vaccines compared to traditional split vaccines [2][3]. - The pricing of "Hui Er Kang Xin" is over 300 yuan, approximately 3.7 times that of traditional split vaccines, reflecting its premium positioning in the market [2]. Group 3: R&D and Innovation - The company has invested around 2 billion yuan since its establishment in 2015, developing nearly 200,000 square meters of production and supporting facilities [3]. - The upcoming product, a freeze-dried human rabies vaccine, utilizes human diploid cell technology, offering higher safety advantages compared to Vero cell technology [3]. Group 4: Future Outlook - The company plans to continue its innovation-driven strategy, focusing on the industrialization of the freeze-dried human rabies vaccine while accelerating internationalization efforts [4]. - The integration with the pharmaceutical park has provided comprehensive support, enhancing the company's ability to transition products from the lab to production [4].

Group 1 - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. and its subsidiary Yihui Biotechnology (Shanghai) Co., Ltd. have successfully initiated Phase I clinical trials for two new influenza vaccines: "Influenza Virus Subunit Vaccine (Adjuvant)" and "Quadrivalent Influenza Virus Subunit Vaccine (Adjuvant)" in Hubei province [1] - The World Health Organization (WHO) reports that there are approximately 3 to 5 million severe cases of influenza globally each year, with an average of about 88,000 excess deaths due to respiratory diseases caused by influenza in China from 2010 to 2015 [3] - The overall vaccination rate for influenza in China remains low, with only 3.84% during the 2022-2023 flu season, indicating a significant challenge in establishing an effective immune barrier against influenza [3] Group 2 - The "Adjuvanted Influenza Virus Subunit Vaccine" is designed to meet the vaccination needs of different populations, particularly targeting individuals aged 65 and older, utilizing the company's established platform technology and new adjuvants [4] - The vaccine is administered via intramuscular injection in the deltoid muscle, with low-dose and high-dose groups receiving 0.25ml and 0.5ml per dose, respectively, over a total of one dose on day 0 [4] - Preclinical studies indicate that the adjuvanted influenza virus subunit vaccine significantly enhances antibody levels and neutralizing antibody titers, providing a superior option for the elderly population to combat influenza [4] Group 3 - Zhonghui Biotechnology is focused on the research, development, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technologies, with a continuous increase in R&D investment [5] - The company has received clinical approval for several products, including recombinant zoster vaccine, adjuvanted influenza virus subunit vaccine, and lyophilized human rabies vaccine, with multiple innovative vaccine pipelines under development [6] - The company has established large-scale production capabilities, with a first-phase facility covering approximately 68 acres and equipped with international-level GMP production lines for influenza raw materials and formulations [6]

Core Insights - Zhonghui Biotech-B (02627) has made significant progress with its core product, a quadrivalent influenza virus subunit vaccine, which has been included in the latest vaccination guidelines by the Chinese CDC [1][5] - The company is actively advancing a clinical study for pregnant women to expand the vaccine's applicability to this demographic and infants aged 0-6 months, indicating a potential breakthrough in product development [1][2] Group 1: Clinical Research and Market Opportunity - Pregnant women are identified as a high-risk group for influenza and related complications, with increased susceptibility and risks during pregnancy [2] - The lack of local clinical safety and efficacy data for influenza vaccines in pregnant women has resulted in low vaccination rates in China compared to Western countries [2][3] - If successful, Zhonghui Biotech's vaccine could become the first influenza vaccine specifically for pregnant women in China, filling a significant gap in local clinical data and enhancing influenza prevention for this group [3] Group 2: Product Innovation and Industry Position - Zhonghui Biotech's quadrivalent influenza virus subunit vaccine utilizes a unique process that extracts key effective antigens, achieving a purity of over 85%, which results in a milder immune response and lower incidence of adverse reactions [4] - The vaccine has been recommended for individuals aged 6 months and older in the latest Chinese CDC guidelines, establishing the company as a new industry benchmark [5] - The vaccine is the only one to pass preliminary review for inclusion in the national basic medical insurance directory, which may alleviate payment pressures for innovative vaccines and enhance market accessibility [6]

Core Viewpoint - 中慧生物 successfully listed on the Hong Kong Stock Exchange, achieving a remarkable first-day increase of 157.98% from its opening price, reflecting strong investor interest in innovative biotech companies [1][2] Company Overview - 中慧生物 was established in 2015, focusing on the research, manufacturing, and commercialization of innovative vaccines, including two core products and 11 other vaccines in development [2] - The core product "慧尔康欣" is China's first and only approved quadrivalent influenza virus subunit vaccine, while another core product, a freeze-dried human rabies vaccine, is expected to enter phase III clinical trials in Q3 2023 [2][3] Market Performance - The company attracted significant investment prior to its listing, with over 19,000 investors participating in the public offering, resulting in an oversubscription of over 4000 times and a total subscription amount exceeding 200 billion HKD [2][3] - 中慧生物's dark market performance also set a record, with a rise of approximately 160%, making it the top-performing new stock of the year [3] Financial Performance - For the years 2023, 2024, and Q1 2025, 中慧生物 reported revenues of 52.168 million, 260 million, and 4.13 million CNY respectively, with R&D expenditures of 283 million, 206 million, and 46.514 million CNY, resulting in losses of 425 million, 259 million, and 87.317 million CNY [4] - The company explained that its revenue is seasonally concentrated from July to September, leading to lower first-quarter revenues [4] Industry Context - The pricing of "慧尔康欣" is set at 319 CNY per dose, which is higher than the industry average, as the average bidding price for influenza vaccines in China has decreased from 126 CNY in 2022 to 125 CNY in 2023, and is projected to drop to 93 CNY in 2024 [5] - Despite challenges such as low vaccination rates and price competition, 中慧生物 sees significant growth potential, with the Chinese influenza vaccine market projected to grow from 2 billion CNY in 2019 to 7 billion CNY in 2024, reflecting a compound annual growth rate of 28.7% [5]

Company Overview - 中慧生物-B successfully listed on the Hong Kong Stock Exchange on August 11, with an opening price of 33.0 HKD per share, marking a significant increase of 157.98% by the end of the trading day [2][3] - The company focuses on the research, manufacturing, and commercialization of innovative vaccines, including its core products: the first approved quadrivalent influenza vaccine in China and a freeze-dried rabies vaccine currently in clinical trials [3][5] Financial Performance - 中慧生物 reported revenues of 52.168 million HKD, 260 million HKD, and 4.13 million HKD for the years 2023, 2024, and the first quarter of 2025, respectively, with corresponding R&D expenditures of 283 million HKD, 206 million HKD, and 46.514 million HKD [5] - The company experienced losses of 425 million HKD, 259 million HKD, and 87.317 million HKD during the same periods [5] Market Dynamics - The company’s core product, the慧尔康欣 vaccine, is priced at 319 HKD per dose, which is above the industry average, while the average bidding price for influenza vaccines in China has decreased from 126 HKD in 2022 to 125 HKD in 2023, and is projected to drop to 93 HKD in 2024 [5] - Despite challenges such as price competition and low vaccination rates, 中慧生物 sees significant growth potential, with the Chinese influenza vaccine market projected to grow from 2 billion HKD in 2019 to 7 billion HKD by 2024, reflecting a compound annual growth rate of 28.7% [6] Investor Interest - The company attracted substantial investor interest during its IPO, with over 19,000 participants and an oversubscription rate exceeding 4000 times, leading to a total subscription amount exceeding 200 billion HKD [4] - The dark market performance prior to the official listing also set a record, with a rise of approximately 160%, making it the top-performing new stock of the year [4]

Core Viewpoint - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. (referred to as "Zhonghui Biotech") has achieved a significant milestone in its research and development by obtaining IND approval for its recombinant respiratory syncytial virus (RSV) vaccine from the National Medical Products Administration (NMPA) in China, which has also received clinical approval from the FDA in the United States, marking the first dual approval for the company [1][5]. Group 1: Company Developments - The RSV vaccine developed by Zhonghui Biotech and its subsidiary, Yihui Biotechnology (Shanghai) Co., Ltd., is designed to prevent lower respiratory tract infections caused by RSV [1][6]. - The vaccine utilizes innovative technology with fully independent intellectual property rights and employs a pre-F antigen sequence that exhibits high stability, allowing for long-term storage at 2-8°C without freeze-drying [7][8]. - The company has established a comprehensive commercial product and R&D pipeline, with its core product, a quadrivalent influenza virus subunit vaccine, already approved and used in over 30 provinces in China [8]. Group 2: Market Potential - The global RSV drug market, including treatment and prevention, is projected to grow from $1.8 billion in 2020 to $12.8 billion by 2030, with a compound annual growth rate (CAGR) of 21.4% [6]. - The high incidence of RSV infections globally is creating a significant market opportunity, especially as there are currently no approved RSV vaccines in the domestic market [6][7]. - The successful IND approval for Zhonghui Biotech's RSV vaccine positions the company to fill a gap in the domestic RSV prevention market, potentially leading to substantial growth and market returns [7][8].

Core Insights - The IPO market this week highlighted the acceptance of unprofitable companies, with Xi'an Yicai being the first unprofitable firm to pass the review for the Sci-Tech Innovation Board [2][4] - Various companies, including Wanjing Technology and Junsheng Electronics, are planning to list in Hong Kong, indicating a trend of seeking international capital to expand their businesses [2][3] Group 1: Approval Status - Zhejiang Kema Materials Co., Ltd. received approval for its IPO on the Beijing Stock Exchange, focusing on the development and production of friction materials [4] - Xi'an Yicai successfully passed the review for its IPO on the Sci-Tech Innovation Board, marking a significant step for unprofitable companies in the capital market [4][5] - Dapeng Industrial's IPO was approved despite its net profit being below the commonly accepted threshold of 40 million yuan [6] Group 2: Newly Listed Companies - Jiangsu Zhonghui Biotechnology Co., Ltd. debuted on the Hong Kong Stock Exchange with a share price of 12.9 HKD, achieving a remarkable opening increase of 155.81% [7][8] - Guangdong Construction Science Research Institute Group Co., Ltd. successfully listed on the Growth Enterprise Market, raising approximately 6.87 billion yuan with a first-day closing price reflecting a 418.45% increase [10] - Zhejiang Zhigao Machinery Co., Ltd. listed on the Beijing Stock Exchange, with a closing price of 57.66 yuan per share, marking a 231.19% increase [11] - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. listed on the Hong Kong Stock Exchange, raising 6.35 billion HKD, with a first-day peak increase of 296.15% [12] Group 3: Companies Filing for IPO - Wanjing Technology announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international business footprint [13] - Junsheng Electronics submitted its application for an IPO on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed [14] - Hunan Junxin Environmental Protection Co., Ltd. aims to expand its financing channels through an IPO, focusing on sustainable development in the environmental sector [15] - Shenzhen Yuntianlfei Technology Co., Ltd. filed for an IPO, targeting the AI sector with a focus on computer vision and algorithm development [16] - Leshushi Ltd. is seeking to capitalize on the home comfort system market by filing for an IPO, aiming to integrate resources in the smart home sector [17] - Xinnengda submitted its IPO application, focusing on lithium battery solutions for consumer electronics and automotive sectors [18] Group 4: Market Dynamics - Wendo Li Sunshade Materials Co., Ltd. withdrew its IPO application after a lengthy review process, highlighting challenges in the market despite its accolades [20][21]

Group 1: Industry Developments - Shanghai has initiated the online listing for the first batch of traditional Chinese medicine centralized procurement expansion, with the application period from August 12 to August 29, 2025 [1] - The Shanghai Market Supervision Administration reported a significant decline in the illegal rate of medical advertisements over the past five years, dropping from 3.89% in 2020 to 1.57% in 2024, a decrease of approximately 60% [2] - The first FDA-approved treatment for non-cystic fibrosis bronchiectasis (NCFB), Brinsupri, has been announced by Insmed, marking a significant milestone in the treatment options available for this condition [3] - The National Medical Products Administration has received a market application for the intraocular injection of Bevacizumab, indicating progress in ophthalmic drug development [4] - Heng Rui Medicine has received approval for clinical trials of its innovative drug SHR-A2102 for the treatment of recurrent/metastatic head and neck squamous cell carcinoma [5] Group 2: Capital Market Activities - Inokang Medical Technology has started the listing guidance process with Huatai Securities, indicating its intention to go public [6] - Rejuvenation Bio announced a capital increase of 100 million yuan for its subsidiary, Shun Jing Biomedical Technology, with a share price set at 25 yuan per registered capital [7] - Innovation Medical holds a 40% stake in Bole Brain Machine, which focuses on core technology research and product design in the medical rehabilitation field [8] Group 3: Vaccine and Pharmaceutical Developments - Zhifei Biological has completed the first nationwide vaccination for its quadrivalent influenza vaccine, showcasing advancements in vaccine distribution [9] - Zhonghui Bio's quadrivalent influenza vaccine has passed the preliminary review for inclusion in the national commercial health insurance innovative drug directory [10] - BeiGene anticipates that its drug Sotukimab will receive its first global approval by the end of 2026, with multiple clinical trials underway [11] Group 4: Regulatory and Market Challenges - The re-registration application for Green Valley Pharmaceutical's mannitol sodium capsules has not been approved, posing challenges for this controversial Alzheimer's drug [12] - There have been reports of supply shortages and rising prices for the mannitol sodium capsules, indicating market pressures and patient access issues [13] - Zhaoyan New Drug's former vice chairman plans to reduce his holdings by up to 352,450 shares, reflecting personal financial needs [14]

Group 1 - Zhonghui Biotech has become the most notable new stock in the Hong Kong market since its listing, with a first-day closing increase of 157.98%, the highest since 2025 [3] - The stock continued to perform strongly in the following days, with increases of 31.31% and 19.45% on August 12 and 13, respectively, reaching a price of 52.20 HKD per share, over three times its initial offering price of 12.90 HKD [3] - The total market capitalization of Zhonghui Biotech has exceeded 20 billion HKD within three days of its listing [3] Group 2 - The biopharmaceutical sector is one of the best-performing segments in the Hong Kong market this year, with the Wind Hong Kong Pharmaceutical and Biotech Index rising by 4.62% on August 13 and over 100% year-to-date [5] - Zhonghui Biotech, established in 2015, focuses on the research, development, manufacturing, and commercialization of innovative vaccines, with two core products: a quadrivalent influenza subunit vaccine and a rabies vaccine under development [8] - The quadrivalent influenza subunit vaccine, approved by the National Medical Products Administration (NMPA) in May 2023, is the first and only one of its kind approved in China and is expected to generate revenues of 52.2 million RMB in 2023 and 260 million RMB in 2024 [8][9] Group 3 - On August 13, Zhonghui Biotech announced that its quadrivalent influenza subunit vaccine was included in the preliminary review list of the National Commercial Health Insurance Innovative Drug Directory, which could help address pricing issues [10][12] - The company is also developing a quadrivalent influenza subunit vaccine for children aged 6 to 35 months, with clinical trials completed and an NDA submitted, expected to be approved in Q3 2025 [13] Group 4 - The Hong Kong market has seen a significant rise in biopharmaceutical companies, with 49 companies experiencing over 100% stock price increases since 2025, indicating a bullish trend in innovative drugs [15] - Chinese pharmaceutical companies have transitioned from imitation to innovation, with a notable increase in first-in-class (FIC) drugs from 9 in 2015 to 120 in 2024, reflecting a significant shift in the industry [17] - The domestic market for innovative drugs has seen substantial growth, with over 57.5 billion RMB in license-out transactions in 2025 alone, indicating a robust pipeline for future developments [19]