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。 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，自费疫苗市场空间受到压缩，加之渠道端前期囤货消化缓慢，终端实际销量因此 低于预期。另一方面，智飞自主产品，如重组蛋白新冠疫苗等，需求断崖式下跌，进一步拖累整体收 入。 智飞生物当前的境况，也映照出整个国产疫苗行业在经历高速增长 ...

Core Viewpoint - The article discusses the recent capital increase and strategic partnership of Jinbo Biological, a leader in recombinant collagen, with Yangshengtang, highlighting the financial implications and future growth potential in the collagen market [1][2]. Group 1: Capital Increase and Shareholder Changes - Jinbo Biological plans to issue up to 7.1756 million shares at a price of 278.72 yuan per share, raising a total of no more than 2 billion yuan, with 1.15 billion yuan allocated for the development of a humanized collagen FAST database and product development platform [1]. - Following the issuance, Yangshengtang will hold 5.87% of Jinbo Biological, making it the second-largest shareholder, while Yang Xia's stake will decrease to 50.73% [2][3]. - Yang Xia transferred 575.33 million shares (5% of total shares) to Hangzhou Jiushi at a price of 243.84 yuan per share, totaling 1.403 billion yuan [1][2]. Group 2: Strategic Cooperation and Market Position - Jinbo Biological and Yangshengtang signed a strategic cooperation agreement to enhance research and development collaboration, focusing on the application of collagen bio-materials in skincare, food, and pharmaceuticals [4][5]. - The partnership aims to leverage Yangshengtang's resources for brand promotion, channel management, and international expansion, aligning with Jinbo Biological's product offerings in anti-aging and medical aesthetics [5]. - Analysts note that the recombinant collagen industry is experiencing technological advancements and increasing consumer awareness, leading to accelerated commercialization [5].

Core Viewpoint - Jinbo Biological, known as the "first stock of recombinant collagen," has seen its stock price surge significantly, reaching a new high of 577.5 yuan, with a cumulative increase of 140% over two months, reflecting strong market sentiment and investor interest in the North Exchange [2][6]. Company Performance - Jinbo Biological's stock price rose from 240 yuan in early March to 577.5 yuan by May 21, 2025, marking a 140% increase [6]. - The company reported a revenue of 1.443 billion yuan for 2024, a year-on-year increase of 84.92%, and a net profit of 732 million yuan, up 144.3% [6]. - In Q1 2025, Jinbo achieved a revenue of 366 million yuan, a 62.51% increase year-on-year, with a net profit of 169 million yuan, reflecting a 66.25% growth [6]. Market Dynamics - The North Exchange market has been buoyed by Jinbo Biological's performance, contributing to the North 50 Index reaching historical highs [5][9]. - The North Exchange has seen a significant increase in market activity, with nearly 90% of stocks rising and several stocks experiencing over 10% gains [4][5]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) has expressed strong support for the reform of the North Exchange, aiming to enhance its role in serving innovative small and medium-sized enterprises [5][9]. - Recent regulatory changes have introduced mechanisms for expedited reviews of mergers and acquisitions, aimed at optimizing resource allocation and supporting high-quality development [10]. Future Outlook - Analysts believe that the North Exchange has further upward potential, with strong performance from quality stocks and ongoing market interest [11]. - Jinbo Biological plans to maintain its focus on innovation and core business development, aiming to enhance shareholder value and improve communication with investors [8].