Core Viewpoint - Fosun Pharma announced a plan to spin off its subsidiary Fosun Antigen for a listing on the Hong Kong Stock Exchange, aiming to enhance financing channels and market competitiveness, despite the current downturn in the domestic vaccine industry and Fosun Antigen's poor financial performance [1][3]. Financial Performance - Fosun Antigen's revenue is projected to decline significantly from 461 million yuan in 2022 to 97.42 million yuan in 2024, with a net profit turning from a profit of 86.64 million yuan to a loss of 123.38 million yuan [3]. - The company's total assets as of December 31, 2024, are reported at 345.86 billion yuan, with a debt-to-asset ratio of 33.87% [3]. - The net cash flow from operating activities is negative at -105.29 million yuan for 2024, indicating financial strain [3]. Market Context - The domestic vaccine industry is currently facing challenges, with significant price competition among established products, leading to revenue declines for major players [6][9]. - The market for flu vaccines and rabies vaccines is particularly competitive, with price cuts from leading companies impacting overall sales [6][9]. Product Pipeline - Fosun Antigen has a limited product lineup, with four vaccines currently on the market, including rabies and flu vaccines, which are in a crowded market [5][6]. - The company is developing several vaccines, including the 13-valent and 24-valent pneumococcal conjugate vaccines, but lacks progress compared to competitors [7][10]. Competitive Landscape - The pneumococcal vaccine market is becoming increasingly competitive, with multiple players entering the space, leading to declining sales for existing products [9][12]. - Fosun Antigen's 24-valent pneumococcal vaccine is still in the early clinical trial phase, while competitors have advanced further in their development [10][12].

Core Viewpoint - Fosun Pharma is seeking new growth opportunities in the vaccine sector through the spin-off and listing of its vaccine platform, Fosun Antigen, on the Hong Kong Stock Exchange, which is seen as a strategic move to support independent development and capitalize on the revaluation of quality assets in the market [2][10]. Group 1: Spin-off and Financials - The spin-off plan announced on January 22 involves an initial issuance not exceeding 25% of the expanded total share capital of Fosun Antigen, which will remain a subsidiary of Fosun Pharma, reflecting its financial status in the consolidated financial statements [2][3]. - Fosun Antigen's projected revenues for 2022, 2023, and 2024 are 460 million yuan, 340 million yuan, and 97.42 million yuan respectively, with net profits of 86.64 million yuan, 11.35 million yuan, and a loss of 123.39 million yuan in 2024 [3][4]. Group 2: Market Potential and Competition - The global vaccine market is experiencing rapid expansion, with a size of $77 billion in 2023 and a compound annual growth rate (CAGR) of 15% from 2019 to 2023. The Chinese vaccine market (excluding COVID-19 vaccines) is expected to reach approximately 101.77 billion yuan in 2024, growing to 300 billion yuan by 2035, with an annual growth rate of about 12% [4][5]. - The Chinese vaccine market has significant growth potential, particularly in rabies and influenza vaccines, where current vaccination rates are low, indicating room for increased demand [5][6]. Group 3: Competitive Advantages and Challenges - Fosun Antigen has established a diverse range of vaccine products, including rabies and influenza vaccines, and is developing high-end products like the 13-valent pneumococcal conjugate vaccine, which is currently in Phase III clinical trials [6][7]. - The domestic vaccine market is characterized by moderate competition compared to the pharmaceutical market, with over 40 vaccine manufacturers. The focus is on collaboration to enhance market size and vaccination rates rather than engaging in cutthroat competition [5][8]. Group 4: Future Outlook - The spin-off of Fosun Antigen is part of Fosun Pharma's broader strategy to optimize asset structure and unlock the value of its subsidiaries, with previous successful spin-offs providing a framework for this move [10][11]. - The future of the vaccine market is expected to be competitive, especially in the pneumococcal vaccine sector, where established players like Pfizer dominate. The rapid development of mRNA vaccine technology poses additional challenges for traditional vaccine companies [10][11].

Core Viewpoint - The company has developed an upgraded 20-valent pneumococcal conjugate vaccine based on the existing 13-valent vaccine, which has received approval for clinical trials from the National Medical Products Administration [1][4]. Group 1: Vaccine Development - The new 20-valent pneumococcal conjugate vaccine includes 7 additional serotypes, covering a total of 20 serotypes that are currently prevalent, aimed at preventing invasive diseases such as pneumonia, meningitis, and bacteremia [3]. - The vaccine is intended for administration to individuals aged 2 months and older, targeting infections caused by the 20 serotypes included in the vaccine [3]. Group 2: Public Health Significance - Pneumococcal diseases are a significant global public health issue, being a major cause of morbidity and mortality among children and adults in China [2]. - The World Health Organization (WHO) classifies pneumococcal diseases as requiring "extremely high priority" for vaccine prevention, highlighting the urgent need for effective vaccination strategies [2]. Group 3: Market Position and Future Plans - The approval of the 20-valent vaccine for clinical trials enhances the company's pipeline in the pneumococcal vaccine sector, indicating a commitment to addressing unmet clinical needs in core disease areas [4]. - The company aims to continue advancing innovative vaccine development to improve its innovation capabilities, core competitiveness, and overall strength in the market [4].

Core Viewpoint - The company has developed an upgraded 20-valent pneumococcal conjugate vaccine based on the existing 13-valent vaccine, which has received approval for clinical trials from the National Medical Products Administration [1][4]. Group 1: Vaccine Development - The new 20-valent pneumococcal conjugate vaccine includes 7 additional serotypes, covering a total of 20 serotypes that are currently prevalent, aimed at preventing invasive diseases such as pneumonia, meningitis, and bacteremia [3]. - The vaccine is intended for administration to individuals aged 2 months and older, targeting infections caused by the 20 serotypes included in the vaccine [3]. Group 2: Public Health Significance - Pneumococcal diseases are a significant global public health issue, being a major cause of morbidity and mortality among children and adults in China [2]. - The World Health Organization (WHO) classifies pneumococcal diseases as requiring "extremely high priority" for vaccine prevention, highlighting the urgent need for effective vaccination strategies [2]. Group 3: Market Position and Future Plans - The approval of the 20-valent vaccine for clinical trials enhances the company's pipeline in the pneumococcal vaccine sector, indicating a commitment to addressing unmet clinical needs in core disease areas [4]. - The company aims to continue advancing innovative vaccine development to improve its innovation capabilities, core competitiveness, and overall strength in the market [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 – 1 – 全 部 位 於 非 洲 和 亞 洲，佔 全 球 總 病 例 數 的66%，而 中 國 位 列 第 二，佔 全 球 總病例數的12%。WHO對 可 用 疫 苗 預 防 的 疾 病 的 分 級 中，將 肺 炎 球 菌 性 疾 病 定 為 需「極 高 度 優 先」使 用 疫 苗 預 防 的 疾 病。 AIM Vaccine Co., Ltd. 艾美疫苗股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：06660） 自願性公告 20價肺炎球菌多糖結合疫苗 獲批開展臨床試驗 本 公 告 由 艾 美 疫 苗 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 本 集 團 ...

Core Viewpoint - Fosun Pharma (600196)(02196) announced the board's decision to plan for the spin-off listing of its subsidiary, Fosun Antigen (Chengdu) Biopharmaceutical Co., Ltd. on the Hong Kong Stock Exchange [1] Group 1: Company Overview - Fosun Antigen was established in July 2012 and is primarily focused on the research, production, and sales of human vaccines [1] - As of the announcement date, Shanghai Fosun Pharma Industry Development Co., Ltd. holds a 70.08% stake in Fosun Antigen, while 17 other shareholders own the remaining 29.92% [1] Group 2: Product Development - Fosun Antigen has developed a technical platform for both bacterial and viral vaccines [1] - The company has received approval for several self-developed human vaccines in mainland China, including rabies vaccines (Vero cell), lyophilized rabies vaccines (Vero cell), trivalent influenza virus split vaccine, and quadrivalent influenza virus split vaccine [1] - The 13-valent pneumococcal conjugate vaccine is currently in Phase III clinical trials, while the lyophilized rabies vaccine (human diploid cells) and 24-valent pneumococcal polysaccharide vaccine are in Phase I clinical trials [1] - The 23-valent pneumococcal polysaccharide vaccine has received approval for clinical trials [1]