编者按：必须看到，疫苗行业当前正在经历市场需求不振、公众接种意愿下降、价格竞争加剧与政策调 整的多重挑战，国内外多数疫苗企业业绩普遍承压。生物疫苗行业正从疫情后的调整期进入结构性增长 阶段，技术突破、管线进展与国际化构成核心驱动力。 智飞生物（300122）（300122）披露中报显示，公司今年上半年营收同比大幅下滑，当期净亏损5.97亿 元，同比由盈转亏。 必须看到，疫苗行业当前正在经历市场需求不振、公众接种意愿下降、价格竞争加剧与政策调整的多重 挑战，国内外多数疫苗企业业绩普遍承压。 特别地，处于热门品种赛道的头部企业竞争尤为激烈，以万泰生物（603392）、沃森生物（300142）等 为代表的国产替代疫苗正在逐渐改变细分市场的版图——以万泰生物国产九价HPV疫苗"馨可宁 9"为 例，其最终定价为499元，仅为智飞生物代理默沙东原研九价HPV疫苗价格的40%，智飞原有"爆款"品 种面临的市场压力可见一斑。 因循没有出路，创新赢得未来。面对暂时性的"寒冬"，智飞生物坚定选择依赖技术创新把握未来竞争的 主动权，公司近五年累计研发投入突破51亿元，而仅今年上半年研发支出就达到了6.35亿元，同比不降 反升，十余 ...

在整体触底的行业背景中，智飞生物业绩承压。然而，在看似黯淡的财务数据背后，智飞生物正通过一 系列战略性布局展现其作为行业龙头的韧性——研发投入逆势增长11.47%至6.35亿元，这一金额甚至超 过了其自主产品的营业收入。这种"逆周期"加码研发的策略正在构建公司未来的核心竞争力。目前智飞 生物拥有34项自主研发项目，其中21项已进入临床试验或申请注册阶段，形成了业内少见的多层次产品 梯队。 这一布局恰逢其时。2025年上半年，司美格鲁肽登顶全球"药王"宝座，而宸安生物的产品线已蓄势待 发。 疫苗行业身处结构性困境 智飞生物逆势加码研发投入 2025年上半年，疫苗行业的集体困境达到了阶段性高峰。 从已经披露的2025年第一季度各家疫苗企业的业绩来看，国内主要疫苗企业的业绩均出现20%以上的大 幅下滑，整个行业都面临着"需求断层"的严峻挑战——这种市场萎缩源于多重因素叠加：后疫情时代民 众对常规疫苗接种的忽视、"疫苗犹豫"现象在社会层面的扩散，以及此前数年HPV疫苗市场过度透支后 的自然回调。 可以说，疫苗行业的困境是结构性、多因素交织的结果，短期内难以依靠单一政策或市场调整实现逆 转。 今年上半年，中国疫苗行业经 ...

北京经济技术开发区（简称"北京经开区"，也称"北京亦庄"）2025年上半年经济数据已"出炉"，多项指 标表现亮眼：地区生产总值（GDP）同比增长12.3%；工业总产值突破3400亿元，同比增长15.6%，高 于全市平均增速9.8个百分点；大中型企业研发费用同比增长25.3%，高于全市平均增速21.2个百分点； 信息服务业营业收入、批零业销售额、金融业两项净收入增速均超20%。数据显示，北京亦庄正以科技 创新为核心引擎，加速培育和壮大新质生产力，推动经济"含新量"持续攀升，高质量发展取得新突破。 新产业加速增长，工业增加值占全市比重近四成 上半年，北京亦庄作为北京先进制造业"压舱石"作用愈发凸显，实现产值3478.7亿元，同比增长 15.6%，增速大幅领先全市平均水平9.8个百分点，工业增加值占全市比重37.7％。尤为突出的是，以集 成电路、新能源汽车、新一代信息技术等为代表的新兴产业和以人形机器人、商业航天为代表的未来产 业加速增长，成为驱动区域经济高质量发展的核心引擎。 今年以来，北京亦庄新兴产业和未来产业领域捷报频传，小米汽车累计交付量已突破30万辆；京东方第 6代新型半导体显示器件生产线全面量产；优必选 ...

Group 1 - Changan Automobile's indirect controlling shareholder will change to a newly established central enterprise after the separation of its automotive business from the Equipment Group, with no significant impact on the company's operations [1] - Zhifei Biological's 15-valent pneumococcal conjugate vaccine application for production registration has been accepted, which could enhance the company's market position and competitiveness [2] - Wanda Film is launching a shareholder return activity, allowing eligible shareholders to purchase movie ticket packages at a significantly reduced price [3] Group 2 - InSail Group plans to acquire 80% of the equity of Zhizhe Brand through a combination of issuing shares and cash payment [4] - Muyuan Foods reported May sales of 6.406 million pigs, with a revenue of 12.258 billion yuan, reflecting a year-on-year increase of 26.93% [6] - Shenzhou Cell plans to raise up to 900 million yuan through a private placement to supplement working capital [7] Group 3 - China Oil Engineering's subsidiary received a contract worth approximately 2.94 billion USD for a gas pipeline project in Iraq [8] - Dongfeng Motor reported a 31.26% year-on-year decrease in May sales of new energy vehicles, totaling 1,270 units [14] - Huazhong Pharmaceutical's subsidiary received a drug registration certificate for a new antidepressant, which has been in development since 2021 [24] Group 4 - Juhua Technology won a bid for a 197 million yuan project from the State Grid [27] - Zhaojin Mining announced plans to acquire a controlling stake in Zhixue Cloud, which may constitute a significant asset restructuring [26] - Mypo Medical intends to acquire 100% of Yijie Medical's equity, expanding its capabilities in the interventional field [13]

Core Viewpoint - The announcement indicates that Zhifei Biological's subsidiary has received a production registration acceptance notice for a 15-valent pneumococcal conjugate vaccine, which is significant as it is the first of its kind approved for market in China [1] Group 1: Vaccine Development - The 15-valent pneumococcal conjugate vaccine targets the 15 most prevalent serotypes in Asia, aimed at preventing diseases caused by these serotypes [1] - The acceptance of the production registration aligns with the trend of developing multi-valent vaccines, enhancing the company's product portfolio in the pneumococcal vaccine sector [1] Group 2: Market Position and Synergy - If the project progresses smoothly, it will complement the existing 23-valent pneumococcal polysaccharide vaccine and the 26-valent pneumococcal conjugate vaccine currently in I/II clinical trials [1] - This development is expected to strengthen the company's market position and enhance its competitive edge in the vaccine market [1]

Core Viewpoint - The vaccine industry is undergoing significant adjustments, and the company is focusing on high R&D investment, risk mitigation, and diversified business layout to navigate through the industry volatility and share in the market recovery benefits [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 26.07 billion yuan and a net profit attributable to shareholders of 2.018 billion yuan; in Q1 2025, the operating revenue was 2.374 billion yuan [2]. - The company's self-developed product revenue reached 1.182 billion yuan in 2024, a year-on-year increase of 14.98%; the net cash flow from operating activities in Q1 2025 was 304 million yuan, up 107.12% year-on-year [3]. - The accounts receivable balance decreased from 27.059 billion yuan at the beginning of 2024 to 14.645 billion yuan in Q1 2025, addressing a common industry issue [3]. R&D Investment and Product Pipeline - The company invested 1.391 billion yuan in R&D in 2024, with the number of R&D personnel increasing to 1,072, and cumulative R&D investment exceeding 5.1 billion yuan over the past five years [3]. - Significant progress has been made in self-developed pipelines, including the approval of the quadrivalent influenza virus split vaccine and the acceptance of production registration applications for the freeze-dried human rabies vaccine and trivalent influenza virus split vaccine [3][4]. Market Strategy and Risk Mitigation - The company has optimized its strategic cooperation with GlaxoSmithKline (GSK) to enhance flexibility in procurement and supply of the shingles vaccine, extending exclusive rights until the end of 2034 [5][6]. - Adjustments in collaboration with Merck have been made to phase the delivery schedule based on consumer demand, improving supply chain efficiency and risk resilience [6]. - The company has taken significant steps to gain control over Chanan Bio, expanding its pipeline in GLP-1 and insulin analogs to mitigate single-business risks [6][7]. Global Expansion - The company is actively pursuing overseas clinical trials and registrations, with products like the tuberculosis diagnostic reagent "Yika" approved in Indonesia and the 23-valent pneumonia vaccine receiving GMP certification in the Philippines [7].

Core Insights - In 2024, Zhifei Biological achieved a revenue of 26.07 billion yuan and a net profit of 2.018 billion yuan despite industry challenges, showcasing its resilience and long-term development potential [1][2][3] Financial Performance - The company reported a 14.98% year-on-year increase in revenue from self-developed products, totaling 1.182 billion yuan, while agency products faced significant demand fluctuations, with a 95.49% drop in the issuance of Merck's quadrivalent HPV vaccine [2][3] - Accounts receivable decreased from 27.059 billion yuan at the beginning of 2024 to 14.645 billion yuan in Q1 2025, indicating effective financial risk management [3] - The net cash flow from operating activities in Q1 2025 was 304 million yuan, a 107.12% increase year-on-year, reflecting a shift from expansion to refined operations [3] Strategic Initiatives - Zhifei Biological restructured core partnerships to enhance market resilience, extending the exclusive distribution rights for the shingles vaccine with GSK until 2035 and exploring a 10-year collaboration for RSV vaccines [2][3] - The company is adjusting the delivery schedule for Merck's products to optimize inventory management while meeting consumer demand [2][3] Research and Development - In 2024, R&D investment reached 1.391 billion yuan, with cumulative investment exceeding 5.1 billion yuan over five years, leading to significant advancements in its innovation pipeline [4][5] - The company has 34 self-developed projects, with 19 in clinical and registration stages, indicating a potential peak in product launches in the next 3-5 years [7] International Expansion - Zhifei Biological's overseas operations are gaining traction, with its tuberculosis diagnostic reagent "Yika" approved for use in Indonesia and other markets, and the 23-valent pneumonia vaccine receiving GMP certification in the Philippines [6][7] - The company is positioned to benefit from the approval of male indications for Merck's quadrivalent and nine-valent HPV vaccines, expanding its market reach [6][7] Future Outlook - The company aims to continue its commitment to social benefits while pursuing technological innovation and market promotion, positioning itself to play a significant role in public health and the vaccine industry [7][8]