记者丨韩利明 编辑丨季媛媛 公开资料显示，科兴生物的前身可追溯至2001年，彼时尹卫东与潘爱华共同成立北京科兴生物制品有限 公司（下称"北京科兴"），主营业务是人用疫苗及其相关产品的研究、开发、生产和销售。2003年，北 京科兴通过科兴控股生物技术有限公司，以反向收购的方式于2003年在美国纳斯达克OTCBB挂牌。 2004年，该公司转板美国证券交易所（AMEX）。2009年11月，科兴生物成功从AMEX转板至纳斯达克 全球市场。 控制权之争的序幕始于2016年。彼时科兴生物计划私有化并回归内地上市，创始人尹卫东与潘爱华分别 组建资本阵营提出私有化要约，尹卫东联合赛富基金、维梧资本等主张维持现有管理团队，潘爱华则联 合未名医药、强新资本（1Globe Capital LLC）等要求更换管理层，双方由此展开长期拉锯。 11月19日，科兴生物（Sinovac Biotech Ltd.,纳斯达克股票代码：SVA）发布公告称，公司已于11月12日 收到纳斯达克上市资格部门发出的退市决定函。核心原因是公司未能在延期截止日（2025年11月11日） 前提交2024年年度报告。根据函件内容，若未及时向纳斯达克听证委员会申请 ...

Core Viewpoint - Sinovac Biotech Ltd. faces delisting from NASDAQ due to failure to submit its 2024 annual report by the extended deadline of November 11, 2025, with plans to appeal the decision [1][2] Group 1: Company Background - Sinovac Biotech was founded in 2001 by Yin Weidong and Pan Aihua, focusing on the research, development, production, and sales of human vaccines [2] - The company went public in the U.S. through a reverse acquisition in 2003 and has since transitioned to NASDAQ [2] Group 2: Control Struggles - The control struggle began in 2016 when the company planned to privatize and return to mainland China, leading to a split between Yin Weidong and Pan Aihua over management [3] - The conflict escalated with extreme actions, including seizing company seals and production facilities, resulting in temporary vaccine production halts [3] - In 2025, the UK Privy Council's ruling led to the replacement of four board members, intensifying the control dispute [3][4] Group 3: Financial Implications - Sinovac announced significant dividend payouts in 2025, including $55 per share and additional special dividends, which are seen as attempts to stabilize shareholder confidence amid ongoing disputes [4] - High dividend payments may limit funds available for R&D and operational expansion, potentially affecting the company's long-term growth [5] - The company's sales peaked at $19.4 billion in 2021 due to the approval of its COVID-19 vaccine, but recent reports indicate a decline in sales to $121.3 million in the first half of 2024, a 13.6% decrease year-over-year [5]

21世纪经济报道记者 韩利明 11月19日，科兴生物（Sinovac Biotech Ltd.,纳斯达克股票代码：SVA）发布公告称，公司已于11月12日 收到纳斯达克上市资格部门发出的退市决定函。核心原因是公司未能在延期截止日（2025年11月11日） 前提交2024年年度报告。根据函件内容，若未及时向纳斯达克听证委员会申请听证，其证券将于11月21 日开盘时被暂停交易并摘牌。 对此，科兴生物明确表示，拟按程序提交听证申请以暂缓退市进程。按照纳斯达克规则，科兴生物需在 11月19日或之前向听证委员会提交申请，该申请将自动触发退市程序暂停，暂停期为提交之日起15天。 科兴生物同时表示，拟在听证过程中进一步申请暂停退市的相关措施。 此次年报逾期提交的诱因是审计机构变更。公告显示，致同会计师事务所（特殊普通合伙）于2025年4 月15日辞去科兴生物独立注册公共会计师事务所职务，导致年报无法按时提交。目前已聘请UHY LLP （优华扬会计师事务所）接任，双方正通力合作推进审计及年报编制工作。 而审计机构辞任背后，是科兴生物已持续近十年的公司控制权之争。 公开资料显示，科兴生物的前身可追溯至2001年，彼时尹卫东与潘 ...

截至9月30日，百克生物股东户数1.08万，较上期增加7.23%；人均流通股38216股，较上期减少6.74%。 2025年1月-9月，百克生物实现营业收入4.74亿元，同比减少53.76%；归母净利润-1.58亿元，同比减少 164.76%。 分红方面，百克生物A股上市后累计派现2.35亿元。近三年，累计派现1.94亿元。 11月14日，百克生物涨1.93%，成交额2.35亿元。两融数据显示，当日百克生物获融资买入额4197.35万 元，融资偿还3150.43万元，融资净买入1046.92万元。截至11月14日，百克生物融资融券余额合计2.37 亿元。 融资方面，百克生物当日融资买入4197.35万元。当前融资余额2.36亿元，占流通市值的2.40%，融资余 额超过近一年50%分位水平，处于较高位。 融券方面，百克生物11月14日融券偿还6500.00股，融券卖出1800.00股，按当日收盘价计算，卖出金额 4.28万元；融券余量2.70万股，融券余额64.20万元，低于近一年30%分位水平，处于低位。 资料显示，长春百克生物科技股份公司位于吉林省长春市朝阳区卓越大街138号，成立日期2004年3月4 日， ...

Core Viewpoint - 百克生物 is committed to innovation-driven development in the booming global biopharmaceutical industry, with a well-structured and diverse research pipeline that enhances its competitive edge [1][2]. R&D Strategy - The company has established a tiered R&D strategy focusing on "upgrading, filling gaps, and innovative breakthroughs," creating a product matrix that addresses health needs across all demographics [1][3]. - The R&D model includes a "production generation, R&D generation, and reserve generation" approach, ensuring a comprehensive layout from mature product production to cutting-edge technology reserves [2]. Key Products and Pipeline - Core products in the "production generation" include varicella vaccine, nasal spray influenza vaccine (both freeze-dried and liquid forms), and attenuated live vaccine for herpes zoster, which support the company's growth [2]. - "R&D generation" products, such as acellular DTP vaccine and adjuvanted influenza vaccines, are currently in clinical stages, while "reserve generation" products like HSV-2 mRNA vaccine and Alzheimer's therapeutic vaccine lay the foundation for long-term development [2]. Technological Platforms - The company has developed five core technology platforms: virus large-scale culture, formulation and adjuvant technology, genetic engineering, bacterial vaccine technology, and mRNA vaccine technology, supporting 13 vaccine projects and 3 monoclonal antibodies for infectious disease prevention [3]. - The company has achieved breakthroughs in mRNA vaccines and recombinant protein vaccines, with proprietary adjuvants already applied in various vaccine formulations [3]. Recent Achievements - In the first ten months of the year, the company received one production license for liquid nasal spray influenza vaccine and submitted five clinical trial applications for adjuvanted influenza vaccines, with four already approved [3][4]. - The company is developing a multi-component HSV-2 mRNA vaccine that enhances immune response and has initiated Phase I clinical trials, which could significantly enrich its product pipeline [4]. - The Alzheimer's therapeutic vaccine is in preclinical research, showing promising safety and immunogenicity, with potential applications for early treatment and prevention in at-risk populations [4].

Core Insights - The company reported a significant decline in revenue and profit for the first three quarters of 2025, with total revenue at 474 million yuan, down 53.76% year-on-year, and a net loss of 158 million yuan, a decrease of 164.76% compared to the previous year [1][2] Financial Performance - The basic earnings per share for the reporting period was -0.38 yuan, with a weighted average return on equity of -3.86% [2] - The company's gross margin for the first three quarters was 75.40%, down 10.09 percentage points year-on-year, while the net margin was -33.36%, a decline of 57.17 percentage points from the same period last year [2] - In Q3 2025, the gross margin was 70.94%, a year-on-year decrease of 10.89 percentage points but an increase of 1.69 percentage points from the previous quarter; the net margin was -44.67%, down 70.87% year-on-year but up 16.20 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 507 million yuan, a decrease of 67.43 million yuan year-on-year, with an expense ratio of 106.88%, up 50.88 percentage points from the previous year [2] - Sales expenses decreased by 24.96% year-on-year, while management expenses increased by 1.28%, R&D expenses rose by 18.92%, and financial expenses surged by 137.29% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 10,800, an increase of 730 (7.23%) from the end of the previous half-year, while the average market value per shareholder decreased by 2.66% to 837,700 yuan [3] Company Overview - Changchun Baike Biotechnology Co., Ltd. is located in Changchun, Jilin Province, and was established on March 4, 2004, with its listing date on June 25, 2021; the company focuses on the research, production, and sales of human vaccines [3] - The main business revenue is derived from varicella vaccine (116.82%) and influenza vaccine (6.07%) [3] - The company belongs to the pharmaceutical and biological industry, specifically in the vaccine sector, and is associated with concepts such as monkeypox, vaccines, biopharmaceuticals, small-cap stocks, and margin financing [3]

Core Viewpoint - Vaccination is the most economical and effective measure to prevent respiratory infectious diseases, and individuals should choose vaccines based on their health status and contraindications [3][4] Group 1: Vaccination Recommendations - Various vaccines are available to prevent respiratory infectious diseases, including influenza, varicella, and pneumococcal vaccines, and should be selected based on health status, age, and exposure risk [3] - For children and adolescents, it is recommended to complete the national immunization program vaccines and receive the influenza vaccine annually starting from 6 months of age, along with other vaccines like pneumococcal and Hib vaccines [3] - Adults, especially healthcare workers, teachers, and those with underlying health conditions, are advised to receive the influenza vaccine annually and pneumococcal vaccine based on their health status [3] Group 2: High-Risk Groups - Chronic disease patients, such as those with diabetes, COPD, and cardiovascular diseases, should prioritize vaccination due to a higher risk of severe illness from respiratory infections [4] - The elderly population, who often have weakened immune systems and underlying conditions, are at high risk for severe illness and death from influenza and pneumonia, and it is recommended they receive both the influenza and pneumococcal vaccines annually [4]

Core Viewpoint - The National Health Commission emphasizes the importance of vaccination against respiratory infectious diseases, providing tailored recommendations for different age groups to enhance public health and prevent severe illness [1][2]. Group 1: Vaccination Recommendations for Children and Adolescents - Children and adolescents are at high risk for respiratory diseases due to their underdeveloped immune systems. It is recommended that children over 6 months of age receive the flu vaccine annually, along with completing vaccinations for pneumonia, Hib, and varicella [1]. Group 2: Vaccination Recommendations for Adults - Adults, especially healthcare workers, teachers, and those with underlying health conditions, should receive the flu vaccine annually and consider the pneumonia vaccine based on their health status. Chronic disease patients are prioritized for vaccination due to their higher risk of severe illness from respiratory infections [2]. Group 3: Vaccination Recommendations for the Elderly - The elderly population, who often have weakened immune systems and underlying health conditions, are at high risk for severe respiratory diseases. It is advised that they receive the flu vaccine annually and also consider the pneumonia vaccine to reduce the risk of pneumonia and hospitalization [2]. Group 4: Overall Vaccination Strategy - Vaccination is highlighted as the most economical and effective measure for preventing respiratory infectious diseases. The public is encouraged to consider their health status and any contraindications when deciding on vaccinations [2].

Core Viewpoint - The article emphasizes the importance of scientifically selecting vaccines for respiratory infectious diseases based on individual health status, age characteristics, and exposure risks, advocating for a targeted vaccination strategy [1][2]. Group 1: Vaccination Recommendations for Different Age Groups - For children and adolescents, it is crucial to complete the national immunization program vaccines and receive annual flu vaccinations starting from 6 months of age, along with other recommended vaccines like pneumococcal and varicella vaccines [1]. - Adults, especially healthcare workers, teachers, and those with underlying health conditions, are advised to receive annual flu vaccinations and pneumococcal vaccines based on their health status [1]. - The elderly, due to decreased immunity and the presence of chronic diseases, are at high risk for severe infections and should receive annual flu and pneumococcal vaccinations to reduce the risk of pneumonia and hospitalization [2]. Group 2: Economic and Effective Prevention - Vaccines are highlighted as the most economical and effective measure for preventing respiratory infectious diseases, and the public is encouraged to get vaccinated based on personal health conditions and contraindications [2].

Group 1 - The core viewpoint emphasizes the importance of vaccination in preventing respiratory infectious diseases, with various vaccines available such as influenza, varicella, and pneumococcal vaccines [1][2] - It is recommended that children and adolescents, who are at high risk for respiratory infections, receive annual influenza vaccinations and complete other vaccinations according to the national immunization program [1] - For adults, especially healthcare workers, teachers, and those with underlying health conditions, annual influenza vaccination is advised, along with pneumococcal vaccination based on health status [1] Group 2 - The elderly population is identified as a high-risk group for severe illness and death from respiratory diseases due to decreased immunity and underlying conditions, with annual influenza and pneumococcal vaccinations recommended [2] - Overall, vaccines are highlighted as the most economical and effective measure for preventing respiratory infectious diseases, with the public encouraged to consider personal health status and vaccination contraindications [2]