市场人士分析，在医药板块的整体上涨中，疫苗板块表现尤为突出，主要得益于多重利好因素：世界卫 生组织针对蚊媒传播疾病基孔肯雅热发出预警信号，直接刺激了疫苗板块的市场情绪。疫苗板块此前经 历了一段时间的沉寂，市场筹码结构相对健康。疫苗板块是上一轮医药行情中最早按照创新药逻辑进行 估值的板块之一，许多公司的管线价值尚未充分体现在估值中，存在修复潜力。 值得关注的是，其中艾美疫苗已成功商业化8款疫苗，包括市场领先的狂犬病疫苗和乙肝疫苗，销售网 络覆盖全国并已拓展至海外。更重要的是，公司拥有涵盖21款在研疫苗的丰富管线，覆盖五大技术平 台，其中三大单品：PCV13、迭代无血清狂犬、PPSV23已进入上市冲刺阶段，未来1-2年将陆续上市， 驱动公司业绩实现跨越式增长和价值重估。 中信建投（601066）证券表示，看好具有严格质量体系、具有规模成本优势、获得临床认可和广泛使用 的产品在集采中维持甚至扩大市场份额。 另外，近期不断迎来重磅利好刺激的创新药板块成为了全市场最被关注的焦点，多只个股开启短期翻倍 式飙涨，持续引爆全市场的热情。 7月24日，国家医保局召开发布会表示，药品集采"反内卷"，不再简单以最低报价作为参考。受 ...

Core Viewpoint - The company’s PCV13 vaccine recently received GMP certification from the Turkish drug regulatory authority, indicating that the product meets the necessary conditions for entry into the Turkish market, which is expected to further open up the Turkish market and lay a solid foundation for expansion into surrounding markets in the Middle East and Africa [1][2][3] Event - On July 1, the company announced that its wholly-owned subsidiary, Minhai Biotech, received GMP certification for its 13-valent pneumococcal conjugate vaccine (PCV13) from the Turkish drug regulatory authority, confirming that the production facilities, processes, quality control, and quality management systems comply with Turkey's stringent drug production quality management standards [2] Company Expansion - The company has been continuously advancing its overseas business expansion, having reached cooperation agreements with over ten countries regarding the registration, promotion, commercialization, and technology transfer of products such as PCV13, PPSV23, varicella live attenuated vaccine, and quadrivalent vaccine [3] - The first batch of PCV13 finished products is expected to be successfully exported to Indonesia by August 2024. The recent GMP certification from Turkey signifies that the product is now eligible for entry into the Turkish market, which may further open up the international market for PCV13 and contribute to the company's overseas revenue growth [3] Sales Performance - In Q1 2025, the company achieved operating revenue of 645 million yuan, a year-on-year increase of 42.85%. The net profit attributable to the parent company was 22 million yuan, a year-on-year decrease of 58.51%. The net profit excluding non-recurring gains and losses was 17 million yuan, a year-on-year increase of 17.56%. The revenue and net profit excluding non-recurring items increased mainly due to steady sales of PCV13 and hepatitis B vaccines, along with contributions from new products such as human diploid rabies vaccine and varicella vaccine [4] - The decline in net profit attributable to the parent company was primarily due to a decrease in non-recurring gains such as government subsidies [4] Future Outlook - The company is optimistic about maintaining steady growth in performance driven by the sales of conventional vaccine products in the second half of the year, as it actively strengthens terminal sales and optimizes channel inventory while promoting the market entry of new products [4] - The company forecasts operating revenues of 2.963 billion yuan, 3.446 billion yuan, and 3.816 billion yuan for 2025 to 2027, representing year-on-year growth rates of 11.8%, 16.3%, and 10.8%, respectively. The net profit attributable to the parent company is expected to be 209 million yuan, 381 million yuan, and 526 million yuan, with corresponding year-on-year growth rates of 3.4%, 82.6%, and 38.3% [5]