登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688739 证券简称：成大生物 公告编号：2026-002 辽宁成大生物股份有限公司 关于子公司开立募集资金专户 并签订募集资金专户存储三方监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会于2021年9月14日出具的《关于同意辽宁成大生物股份有限公司首次公开 发行股票注册的批复》（证监许可〔2021〕3019号），公司首次公开发行人民币普通股（A）股 41,650,000.00股，每股发行价格为110.00元，募集资金总额为人民币4,581,500,000.00元；扣除发行费用 240,120,566.26元，实际募集资金净额为人民币4,341,379,433.74元。上述募集资金已于2021年10月25日 全部到账，经容诚会计师事务所（特殊普通合伙）审验，于2021年10月25日出具了《验资报告》（容诚 验字[2021]110Z0015号）。辽宁成大生物股份有限公司（以下简称"公司"）依照规定对募 ...

Core Viewpoint - Liaoning Chengda Biological Co., Ltd. has announced the termination of its "Hib vaccine" development, marking the sixth vaccine project termination this month, amidst increasing competition in the domestic vaccine market and challenges including declining core product revenues, a shrinking R&D pipeline, and three consecutive years of declining performance [1][7]. Strategic Shift - Chengda Biological has terminated six projects in January, shifting its R&D focus towards combination vaccines. The company raised net funds of 4.341 billion yuan during its 2021 IPO, planning to cover 20 sub-projects under "human vaccine R&D." However, as of October 31, 2025, only 482 million yuan has been invested, with recent terminations attributed to intense market competition, insufficient product differentiation, and unclear commercialization prospects for some projects [2][8]. - The company is reallocating resources towards high-value projects such as the "high-dose influenza virus split vaccine" and "high-priced pneumococcal polysaccharide conjugate vaccine," indicating a strategic shift from broad coverage to focused breakthroughs on products with higher market potential [2][8]. Core Product Pressure - Chengda Biological has heavily relied on its human rabies vaccine, which accounted for over 93% of total revenue from 2020 to 2023. However, its market share has plummeted from 73.08% in 2019 to 36.29% in 2024, while the product price has dropped significantly from 215.6 yuan per dose in 2020 to approximately 61.18 yuan in 2024 [3][9]. - The presence of 23 marketed human rabies vaccines and 19 in clinical stages has intensified competition, leading to widespread price-cutting strategies among companies. The risk of a single product structure, previously highlighted in the company's prospectus, is now materializing [3][9]. Financial Performance Decline - Chengda Biological's financial performance has deteriorated since 2022, with revenue dropping from 1.815 billion yuan in 2022 to 1.675 billion yuan in 2024, and net profit shrinking from 714 million yuan to 343 million yuan during the same period [4][10]. - In the first three quarters of 2025, the company reported a 15.88% year-on-year revenue decline and a significant 50.01% drop in net profit, attributing these changes to intensified competition in the domestic vaccine market [4][10]. Conclusion - Chengda Biological is currently facing pressures from stagnant growth of its flagship product, a strategic contraction in its R&D pipeline, and ongoing performance declines. The company's attempts to pivot towards combination vaccines and high-priced products in response to market challenges are fraught with uncertainty, making the success of new product development a key focus for investors [5][11].