Macro Strategy - In August, the LPR remained unchanged, with the 1-year loan market quoted rate at 3.00% and the 5-year rate at 3.50%, marking the third consecutive month of stability after a reduction in May [3][4] - Public fiscal expenditure in July showed a year-on-year growth of 3.04%, ending a decline seen in May and June, with a cumulative growth of 3.40% for the first seven months [4] Stock Market Overview - From August 18 to August 22, A-share indices experienced significant increases, with the Shanghai Composite Index rising by 3.49% and the ChiNext Index by 5.85%, among others [5][6] - All 31 first-level industries in the A-share market saw gains, with the communication and electronics sectors leading with weekly increases of 10.84% and 8.95% respectively [6][7] - The overall market is expected to maintain a "slow bull" trend, supported by new policies and investment strategies [7][8] North Exchange Market - As of August 22, 2025, the North Exchange had 273 listed stocks, with an average total market capitalization of 919.56 billion yuan, reflecting a 7.75% increase from the previous week [9][10] - Newly listed companies such as Hongyuan Co. and Nengzhiguang saw substantial weekly gains of 281.90% and 344.38% respectively [9][10] - The liquidity in the North Exchange improved significantly, with average trading volume increasing by 55.06% and average trading value by 62.92% [10] Pharmaceutical Industry - Kangxino's half-year report for 2025 showed a revenue of 382 million yuan, a 26% year-on-year increase, with a narrowed net loss of 13.49 million yuan [14][15] - The growth was primarily driven by the sales of its meningitis product, especially the Mankaixin, which achieved a revenue of 364 million yuan, up 38.43% year-on-year [15][16] - The company is expanding its market presence with plans for new product launches and international collaborations, particularly for its pneumonia vaccine [16][17] Chemical Industry - The "anti-involution" policy is expected to lead to the elimination of outdated production capacity in the soda ash sector, potentially improving industry conditions [21][22] - The soda ash market has been under pressure due to oversupply, but the removal of older production facilities could help stabilize prices [21][22]

格隆汇8月20日｜康希诺(688185.SH)公告，随着集团经营情况的持续向好以及整体经营效率的持续提 高，2025年上半年公司实现营收3.82亿元(人民币，下同)，同比增长26%；归属于上市公司股东的净亏 损1348.54万元，上年同期净亏损2.25亿元，同比大幅减亏。期内经营活动产生的现金流量净额为 1127.67万元，上年同期为-2.14亿元。 期内集团疫苗产量逐步提升，产能结构进一步优化，综合毛利率 达到82.54%，同比提升12.68个百分点，较上年同期剔除溢出成本后的毛利率增长5.14个百分点，主要 系报告期内毛利较高的疫苗收入占营业收入比例较高，集团持续推进的降本增效措施效果显著所致。集 团持续推行降本增效措施，报告期内多项费用实现节约。 同时，集团持续推进流脑结合疫苗的商业化 进程，流脑疫苗产品销售收入约3.64亿元，同比增长38.43%。曼海欣®作为中国市场上唯一的四价流脑 结合疫苗，市场占有率不断提升，其销售收入的攀升推动本报告期实现营业收入同比增长26%。 ...

格隆汇8月20日｜康希诺(688185.SH)公告，随着集团经营情况的持续向好以及整体经营效率的持续提 高，2025年上半年公司实现营收3.82亿元(人民币，下同)，同比增长26%；归属于上市公司股东的净亏 损1348.54万元，上年同期净亏损2.25亿元，同比大幅减亏。期内经营活动产生的现金流量净额为 1127.67万元，上年同期为-2.14亿元。 同时，集团持续推进流脑结合疫苗的商业化进程，流脑疫苗产品销售收入约3.64亿元，同比增长 38.43%。曼海欣®作为中国市场上唯一的四价流脑结合疫苗，市场占有率不断提升，其销售收入的攀升 推动本报告期实现营业收入同比增长26%。 期内集团疫苗产量逐步提升，产能结构进一步优化，综合毛利率达到82.54%，同比提升12.68个百分 点，较上年同期剔除溢出成本后的毛利率增长5.14个百分点，主要系报告期内毛利较高的疫苗收入占营 业收入比例较高，集团持续推进的降本增效措施效果显著所致。集团持续推行降本增效措施，报告期内 多项费用实现节约。 ...

二、完善公司治理，确保规范运作 曼海欣®目前作为中国唯一的四价流脑结合疫苗，随着公众对疫苗的了解加深， 对安全性更佳、保护性更全面的疫苗的需求上升，公司将持续进行专业化学术推 广工作，以带动终端选择以及产品的市场占有率。同时，2024 年 11 月，公司提交 了 MCV4 的适用人群年龄扩大至 3 月龄至 6 周岁儿童的补充申请，获批后可覆盖 国家免疫规划的脑膜炎疫苗全程免疫程序。公司也正在积极拓展该产品在其他国 家和地区的准入工作，以期进一步扩大公司优质产品在海外区域的影响力，受惠 更广阔的人群。 对于下一款商业化产品 PCV13i，现阶段已完成临床现场检查及生产现场检查 相关工作，将继续与药监保持积极沟通，保障审评审批工作的顺利进行，同时， 公司已对该产品进行了详细的竞争优势和市场定位分析，目前正积极推动商业化 前期准备工作，旨在产品获批后能够迅速推向市场，快速形成终端需求。 公司基于搭建的五大技术平台形成了技术优势，同时结合市场需求，形成当 前丰富且有竞争力的产品管线，且针对不同的疾病领域形成覆盖更广年龄的产品 组合。公司将继续聚焦重点产品管线的推进，同时拓展成人疫苗、多价多联疫苗 等产品的开发，深化研 ...