截至2025年8月26日15时0分，康泰生物股价报19.58元，较前一交易日下跌0.42元，跌幅2.10%。当日开 盘价为20.01元，最高触及20.42元，最低下探至19.51元，成交量为38.49万手，成交额达7.63亿元。 康泰生物主营业务为疫苗研发、生产和销售，产品涵盖乙肝疫苗、Hib疫苗、肺炎疫苗等。公司所属行 业为生物制品，同时涉及创新药、痘病毒防治等概念。 数据显示，8月26日主力资金净流出4330.53万元，占流通市值的0.25%。近五个交易日，主力资金累计 净流出7596.75万元，占流通市值的0.43%。 风险提示：股市有风险，投资需谨慎。 ...

Investment Rating - The report does not explicitly state an investment rating for the vaccine industry Core Insights - The overall trend in the vaccine industry shows a decline in batch approvals for most vaccine types in Q1 2025, with some exceptions showing recovery or growth in demand [7][29][46] Summary by Category Multi-Component Vaccines - In Q1 2025, multi-component vaccines saw a total of 17 batch approvals, a decrease of 26% compared to the previous year [11][15] - The five-component vaccine maintained its batch approval at 17, while the four-component vaccine had no approvals [15][12] Pneumonia Vaccines - Total batch approvals for pneumonia vaccines in Q1 2025 were 23, down 30% year-on-year [19][21] - The 13-valent pneumonia vaccine had 19 approvals, remaining stable, while the 23-valent vaccine saw a significant drop to 4 approvals, down 71% [24][19] HPV Vaccines - HPV vaccine approvals increased to 57 batches in Q1 2025, a growth of 63% [29][27] - The two-valent HPV vaccine saw a remarkable increase of 367%, with all approvals coming from Wantai Biological Pharmacy [29][32] Influenza Vaccines - Influenza vaccine approvals totaled 29 batches, a significant increase of 263% year-on-year [34][38] - The three-valent influenza vaccine had 28 approvals, while the four-valent vaccine had only 1 approval, down 67% [38][41] Rabies Vaccines - Batch approvals for rabies vaccines increased to 223 in Q1 2025, a growth of 37% [46][48] - The freeze-dried rabies vaccine accounted for the majority of approvals, with Chengda Biological achieving 105 approvals, a 110% increase [48][46] Varicella Vaccines - Varicella vaccine approvals slightly decreased to 83 batches, down 2% [53][54] - The largest contributor was Baike Biological, with 33 approvals, marking a 38% increase [54][53] Hib Vaccines - Hib vaccine approvals fell to 7 batches, a decrease of 50% [59][58] EV71 Vaccines - EV71 vaccine approvals continued to decline, with only 4 batches approved, down 69% [64][63] Rotavirus Vaccines - Rotavirus vaccine approvals totaled 21 batches, a decrease of 46% [68][67] DTP Vaccines - DTP vaccine approvals increased to 18 batches, a growth of 167% [72][73] Meningitis Vaccines - Meningitis vaccine approvals totaled 85 batches, down 34% [78][79] - The AC polysaccharide vaccine accounted for 55 approvals, a decrease of 47% [84][79] Hepatitis B Vaccines - Hepatitis B vaccine approvals increased to 87 batches, a growth of 28% [91][90] IPV Vaccines - IPV vaccine approvals totaled 22 batches, a decrease of 33% [93][92]

Core Points - There are increasing signals indicating that China may restart the expansion of its National Immunization Program (NIP) to include more free vaccines after 18 years since the last adjustment [1][3] - Government officials and technical experts have revealed that research and discussions regarding the expansion of the immunization program have begun, with a focus on optimizing vaccine types based on disease burden and cost-effectiveness [1][2] - The NIP has not included new vaccines for 18 years, and there is a need to align with international standards and recommendations from the World Health Organization (WHO) [3][4] Group 1: Policy and Strategy - The National Health Commission's deputy director mentioned plans to dynamically adjust and optimize the NIP, focusing on adding vaccines that are widely recognized, cost-effective, and meet demand [1][2] - The NIP aims to gradually reduce the gap between domestic immunization practices and international standards, with a five-year plan in place [2][3] - The expansion of the NIP is expected to consider various factors, including disease prevention needs, vaccine characteristics, economic benefits, and funding levels [2][3] Group 2: Current Vaccination Landscape - Four vaccines recommended by WHO (Hib, PCV, HPV, RV) are currently not included in China's NIP, which has led to a focus on these vaccines in discussions about future expansions [3][4] - The current NIP primarily covers children under six, lacking vaccines suitable for adults and vulnerable populations [3][4] - The incidence of several infectious diseases has significantly decreased in China due to previous expansions of the NIP, highlighting the importance of including new vaccines [3][4] Group 3: Vaccine-Specific Insights - Hib vaccine targets a common respiratory pathogen and is crucial for preventing severe outcomes in children under five [4][5] - PCV vaccine is essential for preventing pneumonia-related diseases, particularly in vulnerable populations [4][5] - HPV vaccine is vital for preventing cervical cancer, which is a significant health issue in China, with a high incidence rate among women [4][5] - RV vaccine is critical for preventing severe gastroenteritis in young children, with significant hospitalization rates due to infections [5] Group 4: Equity and Accessibility - The principle of equity in vaccine access is emphasized, with a focus on ensuring that all children, regardless of socioeconomic status, can receive vaccinations [6][10] - Local policies providing free HPV vaccines have created disparities in access, highlighting the need for a national approach to ensure uniform coverage [6][9] - The sustainability of local vaccination programs is questioned, as they may not provide long-term stability compared to a national immunization strategy [9][10]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 2.65 billion yuan, a year-on-year decrease of 23.7%, and a net profit attributable to shareholders of 200 million yuan, down 76.6% year-on-year [1] - For Q1 2025, the company reported operating revenue of 650 million yuan, an increase of 42.9% year-on-year, while the net profit attributable to shareholders was 20 million yuan, a decrease of 58.5% year-on-year [1] - The quarterly breakdown for 2024 shows operating revenues of 450 million yuan (Q1), 750 million yuan (Q2), 820 million yuan (Q3), and 630 million yuan (Q4), with corresponding net profits of 50 million yuan, 110 million yuan, 190 million yuan, and a loss of 150 million yuan [1] Group 2: Vaccine Production and Pipeline - The company experienced a mixed performance in vaccine batch approvals in 2024, with significant increases in several products, including a 3262.5% rise in human diploid rabies vaccine approvals, and a 49.9% increase in 13-valent pneumonia vaccine approvals [2] - The company has multiple products in the research pipeline, with progress reported on several vaccines, including the Sabin strain inactivated polio vaccine and the quadrivalent influenza virus split vaccine [2] - A collaboration agreement with AstraZeneca has been signed to establish a joint venture for the development of innovative vaccines [2] Group 3: Earnings Forecast - The expected earnings per share (EPS) for the company are projected to be 0.34 yuan in 2025, 0.43 yuan in 2026, and 0.52 yuan in 2027 [3]

无独有偶，国家卫健委副主任、国家疾控局局长沈洪兵在近期举办的2025年疫苗与健康大会上也透 露，国家疾控局准备做一个到2030年的五年规划，逐步缩小国内免疫规划与国际差距，逐步纳入需 要纳入的疫苗。 根据沈洪兵对未来动态调整国家免疫规划的设想：一是新增疫苗的种类。国际普遍共识的、疾病负担 重、成本效益高、疫苗产能满足需求、财政可负担的，要尽快纳入。二是优化现有疫苗免疫程序。根 据流行特点、防控目标变化、疫苗特性等进行优化。三是探索疫苗退出程序。不属于全人群普遍接种 的疫苗，现有疫苗不适应疾病防控需要等情况，也要考虑疫苗退出，或改为储备疫苗。 2025.04. 24 本文字数：2701，阅读时长大约4分钟 作者 | 第一财经 吴斯旻 我国国家免疫规划已有17年没有纳入新疫苗。时值"世界免疫周"，国家疾控局近日频频发声，释放 出国家免疫规划策略将"动态调整""提质扩容"的信号。多名受访业界人士认为，国家免疫规划疫苗扩 容优化已至关键节点。 国家疾控局卫生免疫司副司长李筱翠近日在国家疾控局召开的一场新闻发布会上介绍说，当前，传染 病仍然是全球面临的公共卫生风险，需要我们不断加强疫苗接种的普及和推广。为此，在当前和今 ...