康泰生物公告，预计2025年归母净利润在4900万元—7300万元之间，同比下降63.8%—75.7%。报告期 内，公司加强新产品冻干人用狂犬病疫苗、水痘减毒活疫苗的市场推广及招标准入工作，努力提升公司 核心产品的市场占有率。同时公司持续推进国际化战略，稳步拓展海外业务布局，报告期内公司营业收 入较上年同期略有增长，其中海外业务实现收入9883.53万元,同比增加859.4%，国际业务拓展略有成 效。 ...

"宁愿吃药也不愿接种疫苗"，这种疫苗犹豫情绪正从成人疫苗向儿童疫苗蔓延，从带状疱疹、HPV等热 门品类向全品类渗透，疫苗接种意愿跌至历史低位。这一行业困境，最终折射到了企业业绩层面。 华夏时报记者 王瑜 于娜 北京报道 2026年1月17日，国产带状疱疹疫苗龙头企业长春百克生物科技股份公司（SH:688276，下称"百克生 物"）披露2025年业绩预告，预计全年归母净利润亏损2.2亿元至2.8亿元，同比降幅达194.79%至 220.64%，这是其2021年登陆科创板以来首次遭遇年度亏损。无独有偶，疫苗龙头重庆智飞生物制品股 份有限公司（SZ:300122，下称"智飞生物"）此前披露的2025年业绩预告更显惨淡，预计全年亏损超百 亿元，而2021年其净利润刚突破百亿元关口，五年间业绩上演"过山车"式剧烈波动。 西南证券研报数据显示，2025年前三季度，11家疫苗板块样本公司合计实现营业收入174亿元，同比大 幅下降49.2%；归母净利润合计亏损9亿元，同比下滑121.6%。 和君咨询高级咨询师史天一在接受《华夏时报》记者采访时表示："疫苗犹豫加剧、产品价格大幅下 滑、供需严重失衡、同质化竞争白热化等多重压力叠 ...

Core Industry Issues - Vaccine hesitancy is spreading from adult vaccines to children's vaccines, leading to a historical low in vaccination willingness [2][11] - The overall demand in the vaccine industry is weak, with significant price declines and a deteriorating competitive landscape [16][18] - The industry is experiencing a severe price war, with many products seeing record price drops, including a nearly 70% reduction in the price of the shingles vaccine [7][16] Company-Specific Challenges - Changchun Baike Biotechnology Co., Ltd. (Baike Bio) expects a net profit loss of 220.64% to 194.79% for 2025, marking its first annual loss since going public in 2021 [4][12] - Baike Bio's shingles vaccine, once a strong revenue driver, has seen a significant decline in sales, with only 21 batches approved in 2025, of which Baike Bio accounted for just 7 [4][13] - The company is responding to declining vaccination rates by reducing the price of its shingles vaccine from 1369 yuan to 464 yuan, a nearly 70% decrease [6][15] Financial Performance - In the first three quarters of 2025, 11 vaccine companies reported a combined revenue of 17.4 billion yuan, a 49.2% decrease year-on-year, with a total net profit loss of 900 million yuan, down 121.6% [8][17] - Baike Bio's core children's vaccine products are also declining due to a halved newborn birth rate over the past decade, further exacerbating financial pressures [6][15] Industry Response and Future Outlook - The China Vaccine Industry Association has called for a halt to bidding below cost to curb the ongoing price war and promote rational competition [18] - Companies are diversifying their research and development pipelines, with Baike Bio focusing on children's and therapeutic vaccines to escape the price competition trap [9][19] - Industry experts emphasize the need for companies to abandon price war strategies and focus on differentiated competition and unmet clinical needs to drive sustainable growth [19]

Core Viewpoint - The company, Baike Bio, is expected to report its first annual net loss since its IPO in 2021, with a projected net profit loss of between -280 million to -220 million yuan for 2025, representing a year-on-year decline of 194.79% to 220.64% [1][3] Financial Performance - The projected net profit loss for 2025 is between -300 million to -240 million yuan after deducting non-recurring items, indicating a year-on-year decline of 204.43% to 230.54% [3] - The company has faced a decline in sales revenue from its main product, the herpes zoster live attenuated vaccine, due to factors such as public awareness of the disease and vaccination willingness [3][4] Market Challenges - The company attributes its performance challenges to intensified industry competition, decreased public willingness to vaccinate, and a declining birth rate [3][4] - The sales revenue of the herpes zoster vaccine has decreased, with confirmed revenue facing returns due to expiration before vaccination [3] Pricing Strategy - In response to market conditions, the company has actively adjusted the price of the herpes zoster vaccine, reducing it from 1375 yuan to 464 yuan, a decrease of over 66% [3][4] - The company has previously implemented discount pricing strategies to enhance public awareness and promote vaccination among the elderly [4] Inventory Management - The company has made provisions for inventory impairment based on the principle of prudence, reflecting a realistic financial status by accounting for products expected to have unsold inventory [4] Future Strategies - The company is focusing on multiple marketing initiatives to activate market potential, including optimizing pricing strategies and expanding product promotion channels [5][6] - R&D innovation is positioned as a strategic priority, with ongoing projects in various vaccine types, including pediatric and therapeutic vaccines, aiming to establish a solid foundation for future growth [6]

Core Viewpoint - Baike Bio (688276) is expected to report its first annual net loss since its listing in 2021, with a projected net profit of -220 million to -280 million yuan for 2025, representing a year-on-year decrease of 194.79% to 220.64% [1][4] Financial Performance - The company anticipates a non-net profit of -240 million to -300 million yuan for 2025, reflecting a year-on-year decline of 204.43% to 230.54% [4] Market Challenges - Baike Bio cites intensified industry competition, insufficient public vaccination willingness, and declining birth rates as key factors contributing to its challenging operating environment [4][5] - Sales revenue from the company's primary product, the herpes zoster live attenuated vaccine, has decreased year-on-year due to factors such as disease awareness and vaccination willingness among potential recipients [4][5] Pricing Strategy - In response to market conditions, Baike Bio has significantly reduced the price of its herpes zoster vaccine from 1,375 yuan to 464 yuan, a reduction of over 66% [4][5] - The company has previously implemented discount pricing strategies to enhance public awareness and increase vaccination rates among the elderly [5] Inventory Management - To accurately reflect its financial status, Baike Bio has made provisions for inventory impairment on products expected to be unsellable, where the net realizable value is below cost [5] Future Strategies - The company is focusing on innovative vaccine development, aiming to enhance product quality and market presence through collaborations with healthcare institutions and promotional activities [6] - Baike Bio is advancing a diversified research pipeline, including projects for pediatric vaccines, adult vaccines, multi-valent vaccines, therapeutic vaccines, and monoclonal antibodies, with several projects expected to achieve production and clinical approvals in 2025 [6]

Group 1 - The company expects a net profit loss for the year 2025, estimated between -220 million to -280 million yuan, representing a decrease of 194.79% to 220.64% compared to the previous year [3] - The net profit after deducting non-recurring gains and losses is projected to be between -240 million to -300 million yuan, a decrease of 204.43% to 230.54% year-on-year [3] - The previous year's net profit was 232.09 million yuan, with a total profit of 255.77 million yuan [5] Group 2 - The decline in revenue is attributed to intensified industry competition, insufficient public vaccination willingness, and a decrease in newborn birth rates [7] - Sales revenue from the company's main product, the herpes zoster vaccine, has significantly declined due to various factors affecting consumer awareness and willingness to vaccinate [7] - The company is implementing multiple marketing initiatives to activate market potential, including price adjustments and expanding product promotion channels [7][8] Group 3 - The company has recognized asset impairment losses to reflect its financial status accurately, based on the prudence principle [9] - Investment losses were confirmed due to capital increases in associated companies, accounted for using the equity method [9]

Group 1 - Su Dawei Ge's wholly-owned subsidiary plans to invest in a fund focusing on semiconductor, new energy, AI, and aerospace sectors, contributing 20 million yuan for a 10.2302% stake [2] - Shimao Energy terminates plans for a change in control after failing to reach consensus on key terms, with stock resuming trading on January 19 [3] - Huatian Hotel's controlling shareholder is planning a merger and restructuring, potentially changing the actual controller to the Hunan Provincial State-owned Cultural Assets Supervision and Administration Commission [4] Group 2 - Jinpu Titanium's subsidiary Xuzhou Titanium will cease production due to intensified market competition, which is expected to significantly impact revenue in 2026 [5] - Dingxin Communications' deputy general manager is under investigation by the CSRC for suspected short-term trading of company stock, but it will not affect the company's operations [6] - Xinhang New Materials plans to acquire 51% of Hairete for 12.8826 million yuan to explore new growth points [7] Group 3 - Hualan Co.'s controlling shareholder raises the upper limit of its share buyback plan from 58.08 yuan to 86.66 yuan per share [8] - Wanhua Chemical's MDI Phase II facility has resumed normal production after maintenance [9] - Junsheng Electronics introduces a strategic investor, with a 1 billion yuan investment aimed at reducing overall debt [10] Group 4 - Jiangbolong announces five shareholders plan to transfer 3% of the company's shares through a pricing inquiry [11] - Haitai Technology expects a net profit increase of 226.86% to 323.97% in 2025, driven by high industry demand and increased orders [13] - Northern Rare Earth anticipates a net profit increase of 116.67% to 134.6% in 2025 due to successful market expansion [14] Group 5 - Lanke Technology forecasts a net profit increase of 52.29% to 66.46% in 2025, benefiting from the AI industry trend [15] - Keda expects a net profit increase of 52.21% to 67.43% in 2025, driven by growth in data center and new energy sectors [16] - Cambridge Technology predicts a net profit increase of 51% to 67% in 2025, supported by strong demand in core business areas [17] Group 6 - China Electric Research anticipates a net profit of 533 million yuan in 2025, a 14.04% increase year-on-year [18] - China Automotive Research expects a net profit of 1.06 billion yuan in 2025, a 17.85% increase year-on-year [19] - Zhongcheng Co. forecasts a net profit of 276 million to 414 million yuan in 2025, recovering from a previous loss [20] Group 7 - Junda Co. expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, worsening from a previous loss of 591 million yuan [21] - Guangdian Network anticipates a net loss of 1.29 billion to 1.55 billion yuan in 2025, attributed to declining traditional business revenue [22] - Jiugang Hongxing predicts a net loss of approximately 1.879 billion yuan in 2025, an improvement from a previous loss of 2.617 billion yuan [23] Group 8 - Jinbo Co. expects a net loss of around 1.4 billion yuan in 2025, worsening from a previous loss of 815 million yuan [24] - Dongjiang Environmental anticipates a net loss of 1.05 billion to 1.35 billion yuan in 2025, due to ongoing industry adjustments [25] - Daqing Energy forecasts a net loss of 1 billion to 1.3 billion yuan in 2025, despite improvements in production costs [26] Group 9 - Dongzhu Ecology expects a net loss of 935 million to 1.135 billion yuan in 2025, impacted by macroeconomic factors [27] - Weiyuan Co. anticipates a net loss of 950 million to 1.05 billion yuan in 2025, turning from profit to loss [28] - Huanghe Xuanfeng predicts a net loss of 850 million yuan in 2025, an improvement from a previous loss of 983 million yuan [29] Group 10 - Fushun Special Steel expects a net loss of 770 million to 870 million yuan in 2025, turning from profit to loss [30] - China First Heavy Industries anticipates a net loss of 310 million to 460 million yuan in 2025, significantly reducing losses compared to the previous year [31] - Jishi Media forecasts a net loss of 364 million to 455 million yuan in 2025, with overall revenue expected to remain stable [33] Group 11 - Guangxi Energy expects a net loss of 170 million to 220 million yuan in 2025, turning from profit to loss [34] - Baike Bio anticipates a net loss of 220 million to 280 million yuan in 2025, turning from profit to loss due to declining vaccine sales [35] - Zhongtai Auto expects to remain in a loss position for 2025, with a projected positive net asset value by year-end [36] Group 12 - Nasda anticipates a loss for 2025 due to significant asset sales and industry policy adjustments [37] - Rongsheng Development expects to report a loss for 2025, with the amount not exceeding the previous year's audited net assets [38] Group 13 - China National Materials signs a contract worth 299 million Canadian dollars for engineering services in Canada [40] - Dayu Water-saving's subsidiary wins a project worth 133 million yuan for water source guarantee engineering [41] - Hailu Heavy Industry reports new orders totaling 1.941 billion yuan for 2025 [42]

Core Viewpoint - 百克生物预计2025年度将实现净利润亏损，显示出公司面临显著的财务挑战，主要由于疫苗销售收入下降和市场竞争加剧 [1][2] Financial Performance - 预计2025年度归属于母公司所有者的净利润为-2.2亿元到-2.8亿元，同比减少4.52亿元到5.12亿元，降幅为194.79%到220.64% [1] - 扣除非经常性损益后的净利润预计为-2.4亿元到-3亿元，同比减少4.7亿元到5.3亿元，降幅为204.43%到230.54% [1] - 上年同期，归属于母公司所有者的净利润为2.32亿元，扣除非经常性损益的净利润为2.3亿元 [1] Product Overview - 百克生物专注于人用疫苗的研发、生产和销售，拥有水痘疫苗、鼻喷流感疫苗、带状疱疹疫苗和液体鼻喷流感疫苗等产品 [1][2] - 水痘疫苗市场占有率领先，鼻喷流感疫苗为国内独家产品，带状疱疹疫苗为国内首个针对40岁及以上人群的疫苗 [2] Sales Challenges - 带状疱疹疫苗销售收入下降，受种者对疾病的认知和疫苗消费意愿影响，部分收入确认的疫苗因效期到期未能接种而退货 [2] - 水痘疫苗销量同比减少，原因包括新生儿出生率下降和市场竞争加剧 [2] Strategic Initiatives - 公司正在推进多项营销举措以激活市场潜力，包括优化带状疱疹疫苗的销售定价和拓宽产品推广渠道 [3] - 研发创新被置于战略核心，计划加速推进多元化研发管线，包括儿童疫苗、成人疫苗和治疗性疫苗等 [3] - 2025年，公司在研项目取得生产批件1项，临床批件5项，为未来成长奠定基础 [3] R&D Investment - 2025年上半年，公司的研发投入为9820.06万元，占营业收入的34.47%，较上年同期的8552.99万元和13.83%显著增加 [3] - 在研产品包括13种疫苗和3种传染病预防相关的单克隆抗体，涵盖升级换代、填补国内空白和科技突破等多个层次 [3] Financial Prudence - 公司基于谨慎性原则，对预计不能实现销售的产品计提减值准备，以真实反映财务状况 [4]

每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ （记者 曾健辉） 每经AI快讯，百克生物1月16日晚间发布业绩预告，长春百克生物科技股份公司预计2025年年度实现归 属于母公司所有者的净利润-2.2亿元到-2.8亿元，与上年同期相比，将出现亏损。业绩变动主要原因 是，主营业务影响。公司主要产品营业收入大幅下滑。报告期内，公司带状疱疹减毒活疫苗销售收入同 比下降，主要因受种者疾病认知程度、疫苗消费意愿等多方面因素影响，部分已确认收入的带状疱疹疫 苗到效期而未能实现接种发生退货；为增强公众对带状疱疹的预防意识，履行企业社会责任，提升疫苗 接种普及率，公司积极推进惠民项目、主动进行价格调整，带状疱疹疫苗单价下降。此外，因新生儿出 生率下降及市场竞争加剧，公司水痘减毒活疫苗销量同比减少。为积极应对挑战，公司正系统推进多项 营销举措以激活市场潜力。一方面基于产品特性与市场环境，对带状疱疹疫苗销售定价进行了主动、审 慎的优化调整，切实减轻受种者接种负担，从而推动疫苗更广泛地覆盖目标人群；同时在拓宽产品推广 渠道与提升终端覆盖率方面持续 ...

报告期内，公司带状疱疹减毒活疫苗销售收入同比下降，主要因受种者疾病认知程度、疫苗消费意愿等 多方面因素影响，部分已确认收入的带状疱疹疫苗到效期而未能实现接种发生退货；为增强公众对带状 疱疹的预防意识，履行企业社会责任，提升疫苗接种普及率，公司积极推进惠民项目、主动进行价格调 整，带状疱疹疫苗单价下降。此外，因新生儿出生率下降及市场竞争加剧，公司水痘减毒活疫苗销量同 比减少。 人民财讯1月16日电，百克生物(688276)1月16日公告，预计2025年度实现归属于母公司所有者的净利润 亏损2.2亿元到2.8亿元，同比转亏。 ...