证券日报网讯沃森生物9月25日在互动平台回答投资者提问时表示，面对行业竞争加剧和创新难度提 升，公司将不断优化核心自主产品的生产和销售工作，坚持产品质量不松懈，深耕国内市场，拓展国际 市场。国内市场方面，采取科普宣传、学术交流、品牌营销等多种方式拓展市场，深入挖掘以13价肺炎 结合疫苗为代表的公司自主生产疫苗产品的市场潜力，持续提升公司疫苗产品渗透率；国际市场方面， 加强与全球健康组织和海外生物药企的交流与合作，采取多元化合作模式，加快推进产品在海外市场的 注册和出口，为公司和股东创造价值。 （文章来源：证券日报） ...

证券日报网讯沃森生物（300142）9月16日在互动平台回答投资者提问时表示，目前，公司共有8个自主 疫苗产品(14个品规)正式上市销售，包括：13价肺炎结合疫苗(西林瓶型和预灌封型)、双价HPV疫苗(西 林瓶型和预灌封型)、23价肺炎多糖疫苗(西林瓶型和预灌封型)、b型流感嗜血杆菌结合疫苗(西林瓶型和 预灌封型)、A群C群脑膜炎球菌多糖结合疫苗(西林瓶型和预灌封型)、ACYW135群脑膜炎球菌多糖疫苗 (西林瓶型和预灌封型)、A群C群脑膜炎球菌多糖疫苗(西林瓶型)和吸附无细胞百白破联合疫苗(西林瓶 型)。上述疫苗产品主要用于预防由特定病原微生物感染所引起的相关疾病。公司20价肺炎球菌多糖结 合疫苗于2025年4月获得《药物临床试验批准通知书》，正在开展Ⅰ期临床研究的准备工作。公司在研 疫苗产品的研发若有实质性和阶段性进展公司会及时披露，后续进展情况请关注公司披露的相关信息。 ...

Core Viewpoint - The company has a total of 8 self-developed vaccine products officially on the market, with various specifications, and is actively engaged in the development of new vaccines [2]. Group 1: Current Vaccine Products - The company has 8 self-developed vaccine products (14 specifications) officially available for sale, including: - 13-valent pneumococcal conjugate vaccine (vial and pre-filled syringe types) - Bivalent HPV vaccine (vial and pre-filled syringe types) - 23-valent pneumococcal polysaccharide vaccine (vial and pre-filled syringe types) - Haemophilus influenzae type b conjugate vaccine (vial and pre-filled syringe types) - Meningococcal polysaccharide conjugate vaccines for groups A and C (vial and pre-filled syringe types) - Meningococcal polysaccharide vaccine for groups ACYW135 (vial and pre-filled syringe types) - Meningococcal polysaccharide vaccine for groups A and C (vial type) - Adsorbed acellular DTP combined vaccine (vial type) [2]. Group 2: Future Developments - The company’s 20-valent pneumococcal polysaccharide conjugate vaccine is expected to receive the "Drug Clinical Trial Approval Notification" in April 2025 and is currently preparing for Phase I clinical research [2]. - The company will disclose any substantial and phase-related progress in the development of its vaccine products in a timely manner [2].

Core Viewpoint - The biotechnology sector in Hong Kong is experiencing a surge, with companies like Ai Mei Vaccine gaining significant attention due to their stable performance and innovative technologies [1] Group 1: Company Performance - Ai Mei Vaccine reported steady revenue growth for the first half of 2025, with key innovative products nearing market launch, leading to expectations of improved performance and valuation [1][2] - The company has four major innovative products entering the market, including the 13-valent pneumococcal conjugate vaccine, which has a significant market potential in China, projected to exceed RMB 20 billion by 2030 [2][3] Group 2: Product Development - Ai Mei Vaccine is advancing in the rabies vaccine sector with multiple products, including a serum-free rabies vaccine and an mRNA rabies vaccine, positioning itself as a leader in a market expected to reach RMB 20 billion by 2030 [3] - The company holds 20 vaccine candidates in development across 12 disease areas, with 23 clinical approvals and 24 clinical trials ongoing, including seven innovative vaccines [3] Group 3: Market Potential and Valuation - The 13-valent pneumococcal conjugate vaccine is anticipated to capture a significant market share, with a penetration rate in China estimated at 25.9%, compared to over 80% in the U.S., indicating substantial growth opportunities [2] - DBS Bank's report suggests that Ai Mei Vaccine's current stock price is at the lower end of its peers' valuation range, with a projected fair target price of HKD 8.3 per share by 2026, indicating a potential upside of nearly 600% [4]

Group 1 - The Hong Kong stock market's innovative pharmaceutical sector has significantly outperformed the market since 2025, with 49 biopharmaceutical companies seeing stock price increases exceeding 100% [1] - Among the top 10 companies with the highest stock price increases, all have seen their prices multiply several times [1] - The recent listing of Zhonghui Biotech has catalyzed a bullish trend in multiple biopharmaceutical stocks, including vaccine stocks [1] Group 2 - Aimei Vaccine (06660) reported steady revenue in its half-year report for 2025, with major products entering the market and reduced R&D expenses [2] - The company has 20 vaccine products in development across 12 disease areas, with a pipeline covering the top ten global vaccine products [2] - Aimei's mRNA technology platform has received international recognition, with two major vaccine products approved for clinical trials in both China and the U.S. [2] Group 3 - Aimei is advancing several key vaccine products towards market launch, including the 13-valent pneumococcal conjugate vaccine and a serum-free rabies vaccine [3] - The 13-valent pneumococcal conjugate vaccine has a significant market potential, with a global shortfall of 180 million doses [3] - The serum-free rabies vaccine represents a major technological upgrade, enhancing safety and reducing adverse reactions [3] Group 4 - DBS Bank maintains an optimistic outlook for Aimei, projecting a 39% reduction in R&D expenses following the completion of major clinical trials in 2025 [4] - The company is expected to achieve profitability in 2026, with a projected annual sales growth rate of 45% from 2025 to 2027 [4] - Aimei's vaccines demonstrate superior efficacy compared to competitors, reinforcing the company's R&D capabilities and market position [4]

Group 1 - The Hong Kong innovative drug sector has significantly outperformed the market since 2025, with 49 pharmaceutical companies seeing stock price increases exceeding 100% [1] - The recent listing of Zhonghui Biotech has catalyzed a bullish trend in multiple biopharmaceutical stocks, including vaccine companies [1] - Chinese innovative drug companies are actively developing original innovative drugs, which are expected to create sustainable overseas opportunities [1] Group 2 - Aimee Vaccine (06660) reported stable revenue in its semi-annual report for the first half of 2025, with reduced R&D expenses and optimized operating costs [1] - The company has 20 vaccine products in development across 12 disease areas, with a pipeline covering the top ten global vaccine products [1] - Aimee has received clinical approval for two mRNA vaccines in both China and the U.S., validating its innovative capabilities and global market strategy [2] Group 3 - Aimee Vaccine is leading in the mRNA technology field, with its platform validated through extensive clinical trials, ensuring safety and efficacy [2] - The company has several key vaccine products nearing market launch, indicating an upcoming performance improvement [2] - The 13-valent pneumococcal conjugate vaccine is one of the broadest vaccines available, with a significant global market gap of 180 million doses [3] Group 4 - The innovative drug sector in Hong Kong is experiencing a new wave of development opportunities, with Aimee Vaccine positioned for rapid performance improvement due to its innovative vaccine R&D capabilities [4] - The company's stock price has strong upward momentum driven by industry growth and its improving fundamentals [4]

Core Viewpoint - The company, Ai Mei Vaccine, is poised for significant growth with the upcoming commercialization of key vaccine products and a reduction in R&D expenses, leading to a strong financial outlook for 2025 and beyond [1][2] Group 1: Financial Performance - Ai Mei Vaccine reported stable revenue for the first half of 2025, supported by the impending launch of four major vaccine products [1] - The company is expected to achieve profitability by 2026, with sales projected to grow at a compound annual growth rate (CAGR) of 45% from 2025 to 2027 [2] Group 2: Product Development - Four major vaccine products are nearing commercialization: - The registration application for the updated rabies vaccine has been accepted - The 13-valent pneumonia conjugate vaccine has applied for registration and completed on-site verification - The 23-valent pneumonia polysaccharide vaccine has completed Phase III clinical serum testing and is entering the statistical unblinding phase - The updated high-efficiency diploid rabies vaccine is in Phase III clinical trials, with a registration application expected in 2026 [1] - The company has 20 vaccine products in development across 12 disease areas, with 23 clinical approvals and 24 ongoing clinical trials, including 7 innovative Class 1 vaccines [1] Group 3: Market Expansion - Ai Mei Vaccine has successfully entered the African market with its quadrivalent meningococcal polysaccharide vaccine and is registering in Central Asia - The rabies vaccine has made its debut in the Central American market - The hepatitis B vaccine is actively undergoing registration processes in Southeast Asia, while the hepatitis A vaccine is progressing in South Asia [1]

Core Insights - The global vaccine market has been dominated by four major multinational pharmaceutical companies: Pfizer, MSD, GSK, and Sanofi, which have long led in sales and market share [2] - With the increasing global public health demand and rapid development of new technologies like mRNA vaccines, new opportunities and changes are emerging in the global vaccine market [2] - Chinese vaccine companies, represented by Watson Bio, are gradually emerging in the global market, leveraging advantages in R&D innovation, product quality, and cost control to challenge traditional giants [2] Globalization Strategy - In 2024, Watson Bio achieved remarkable results in overseas markets, with overseas revenue reaching approximately 570 million RMB, a significant year-on-year increase of 98.33%, accounting for about 20.21% of the company's total revenue [3] - The company has combined product sales with technology export, successfully seizing cooperation opportunities in countries along the "Belt and Road" initiative, and has established business cooperation discussions with over 80 clients in more than 30 countries [3][4] - Watson Bio's internationalization strategy has been a long-term effort, initiated over a decade ago, demonstrating deep market insights and strong execution [3][4] Challenges in Internationalization - Watson Bio faced challenges such as local material shortages, cultural differences, and regulatory discrepancies, which complicated the product registration process and increased the complexity of internationalization [4] - The company's successful international expansion provides valuable experience for other Chinese vaccine enterprises, proving that high-quality products can win reputation and that high cost-effectiveness and flexibility can meet diverse market needs [4] Transition from Product Export to Technology Export - Watson Bio is innovating its model by transitioning from simple product export to deeper technology transfer and localized production, which promotes mutual benefits and local vaccine industry upgrades [6] - Successful collaborations in Indonesia and Morocco for localized production of vaccines exemplify this model, indicating its replicability and adaptability to different countries [6] Role of Hong Kong as a Super Hub - Hong Kong plays a crucial role as a "super hub" in Watson Bio's globalization strategy, leveraging its unique advantages to facilitate international operations [7] - The city provides a robust international service system for technical certification, enhancing global trust in Chinese vaccines and facilitating market entry [7][8] - Hong Kong's financial and risk management advantages support Watson Bio's global operations, allowing for effective risk control and financial stability [7] Opportunities in Regulatory Innovation - Hong Kong is advancing the establishment of a "medicinal regulatory innovation cooperation demonstration zone," which aligns with the urgent needs of China's biopharmaceutical industry for internationalization [8] - The development of a "Hong Kong version of the FDA" aims to attract more innovative drug research and international clinical trials, integrating Chinese innovative medical technologies into the global industry chain [8]

Core Viewpoint - The domestic vaccine leader, Zhifei Biological, is facing unprecedented challenges, with a significant decline in revenue and profit due to market adjustments and product dependency [1][2][3] Company Summary - Zhifei Biological reported a revenue of 4.919 billion yuan in the first half of 2025, a year-on-year decline of 73.06%, and a net loss of 597 million yuan, marking its first half-year loss since its listing in 2010 [1] - The company’s nine-valent HPV vaccine issuance dropped by 76.8% from 18.2717 million doses to 4.2388 million doses, while the four-valent HPV vaccine issuance fell to zero [1][2] - Revenue from agency products, particularly Merck's products, plummeted from 17.59 billion yuan to 4.37 billion yuan, a decrease of 75.16% [1] - In 2024, Zhifei's revenue was 26.07 billion yuan, down 50.74% year-on-year, with a net profit of 2.018 billion yuan, down 74.99% [2] Industry Summary - The entire domestic vaccine industry is experiencing a collective downturn after a period of rapid growth, with companies like Watson Bio and Wantai Bio also facing significant challenges [4][5] - The industry has been heavily reliant on a few major products, leading to vulnerability when demand shifts or competition increases [5][6] - The market for vaccines is becoming increasingly competitive, with many companies focusing on traditional products, resulting in a lack of innovation and new growth drivers [5][6] Transformation Trends - In response to declining performance, vaccine companies are seeking to diversify their product lines, with Zhifei investing in Chongqing Chen'an Biological Pharmaceutical Co., focusing on GLP-1 drugs [6][7] - The GLP-1 market is projected to grow significantly, with sales expected to exceed $17 billion by 2031, indicating a potential new growth area for companies [6] - Wantai Bio is also diversifying into the collagen medical materials market, with significant revenue growth reported [7] - The shift into new markets presents high risks and challenges, as companies must navigate unfamiliar territories while managing financial pressures [8]

（原标题：智飞生物由盈转亏，国产疫苗转型突围成趋势） 21世纪经济报道记者季媛媛 曾经的疫苗行业领军者，现今正面临前所未有的挑战。 8月18日，国产疫苗龙头企业智飞生物发布的半年报显示，公司营收49.19亿元，同比暴跌73.06%；净利 润由上年同期的盈利22.34亿元急转直下至亏损5.97亿元。 从具体产品来看，2025年上半年，智飞生物的九价HPV疫苗批签发量同比大降76.8%，从1827.17万支跌 至423.88万支；四价HPV疫苗批签发量从去年同期的46.6万支跌至0；其代理默沙东产品的收入从去年同 期的175.9亿元跌至43.7亿元，跌幅达75.16%。 这是智飞生物2010年上市以来首次半年度亏损，也是2024年第三季度以来，连续四个季度单季亏损。 有券商医药行业分析师对21世纪经济报道记者指出，智飞生物业绩下滑的主要原因，在于其核心产品的 周期性波动与渠道库存压力的双重影响。 一方面，其过往业绩高度依赖HPV疫苗、流感疫苗等大单品，这些产品在特殊时期曾凭借"刚性需求 +渗透率提升"，实现爆发式增长。但自2024年起，由于前期接种需求的集中释放，以及部分二类疫苗 被纳入免费接种计划，自费疫苗市场 ...