Investment Rating - The report recommends investment in the shingles vaccine industry, highlighting its growth potential driven by aging population and chronic disease burden [1]. Core Insights - The shingles vaccine market in China is entering an accelerated cultivation phase due to the expansion of the elderly population, increased awareness of pain and complications, and improvements in adult immunization services [4]. - The market is transitioning from a single high-end supply model to a layered supply and multi-scenario penetration approach, with a focus on commercial capabilities such as channel coverage and service efficiency [4]. - The industry is expected to grow significantly, with the market size projected to reach 56.68 billion yuan by 2030, growing at a compound annual growth rate (CAGR) of 29.08% from 2024 [9]. Market Background - The shingles vaccine industry is defined as encompassing the development of antigens and adjuvants, production quality management, cold chain logistics, vaccination services, and public health education [5]. - The industry has evolved from the initial development of live attenuated vaccines to the emergence of recombinant subunit vaccines, leading to a diversified and upgraded market structure [6][7]. Market Status - The market size for shingles vaccines in China was 3.998 billion yuan in 2024, with a significant increase in demand driven by the aging population and chronic disease burden [9][10]. - The introduction of high-efficacy vaccines like GSK's Shingrix has created a new consumption category, while domestic vaccines like Changchun Baku's live attenuated vaccine have entered the market, marking a dual-product competition era [9]. Market Competition - The competitive landscape features a tiered structure, with leading companies including Baike Biological, Jifei Biological, and Jiachen Xihai, while others like Lvzhu Biological and Ruike Biological follow [17][21]. - The report emphasizes the importance of product and technology platform positioning, supply chain certainty, and commercialization capabilities in determining competitive advantages [13][14][15]. Development Trends - The aging trend and immune decline are expected to drive sustained demand for adult vaccinations, with the elderly population projected to exceed 400 million by 2035 [32]. - The self-paid nature of shingles vaccines influences market penetration, with domestic vaccines offering more accessible pricing compared to imported options [33]. - The evolution of vaccination channels and service systems, including integrated vaccination networks and digital follow-ups, is crucial for improving vaccination completion rates [34]. - The internationalization of vaccine manufacturing and supply chain capabilities will play a significant role in the future development of the industry [35].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The vaccine industry is experiencing steady growth, with 68 preventive vaccines approved for clinical trials in 2025, an increase of 13 from 2024 [3] - The industry is transitioning from scale expansion to innovation-driven growth, facing short-term challenges due to supply-demand imbalances and homogenized competition, but the long-term outlook remains positive [9][24] - Key drivers for the industry's development include policy support, increasing demand due to aging populations, and technological innovation [9][26] Summary by Sections Industry Dynamics - The approval of new vaccines is on the rise, with significant advancements in innovative vaccines and multi-valent products [3] - The market is characterized by a high proportion of Me-too products, leading to intense competition and price declines [8] Market Performance - The vaccine sector has seen a cumulative decline of 12.35% since the beginning of 2025, with a recent weekly drop of 2.52% [4][14] - Companies such as Olin Bio, Hualan Biological, and CanSino have shown better performance, while companies like Gendik and Wantai Biologics have lagged [5] Valuation Metrics - The vaccine sector's PE (ttm) is 90.01X, down 2.34X from the previous period, while the PB (lf) stands at 1.74X, reflecting a slight decrease [6] Investment Recommendations - The industry is advised to focus on companies with strong R&D capabilities and differentiated product lines, particularly those with high technical barriers [9][26] - Companies like CanSino and Kanghua Biological are recommended due to their innovative strengths and market demand resilience [9][26]

Core Viewpoint - The company has received formal acceptance from the National Medical Products Administration for the new drug application of its adjuvanted recombinant shingles vaccine REC610, indicating progress in its development and potential market entry [1]. Group 1: Vaccine Development - REC610's new drug application has been officially accepted with acceptance number CXSS2500145 [1]. - The vaccine targets shingles, a common disease caused by latent viral infection, which affects approximately 6 million people annually in China, with a trend of younger patients [1]. - REC610 utilizes the company's proprietary adjuvant BFA01, which enhances the immune response by promoting high levels of VZV glycoprotein E (gE) specific CD4+ T cells and antibodies [1]. Group 2: Clinical Trials - REC610 received approval for clinical trials in October 2023, with the completion of all participant enrollments for Phase III trials expected by December 2024 [2]. - The clinical study is designed as randomized, double-blind, and placebo-controlled, focusing on the vaccine's efficacy, safety, and immunogenicity in healthy participants aged 40 and above [2]. - Previous exploratory clinical studies in the Philippines and China, using Shingrix® as a positive control, showed that REC610 has good overall safety and induces strong gE-specific immune responses comparable to Shingrix® [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Jiangsu Recbio Technology Co., Ltd. 江蘇瑞科生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2179） 自願公告 承董事會命 江蘇瑞科生物技術股份有限公司 主席 徐浩宇先生 中國江蘇省，2025年12月29日 帶狀疱疹是一種常見的由潛伏感染的病毒引起的疾病，患者可能併發帶狀疱疹後 神經痛，這種劇烈的神經疼痛嚴重損害患者健康，影響患者生活質量。據統計， 中國每年約有600萬人罹患帶狀疱疹，且近年來其發病有逐步年輕化的趨勢。根 據全球已上市的帶狀疱疹疫苗研究數據，相比減毒活疫苗，新佐劑重組帶狀疱疹 疫苗能提供更強的細胞免疫、更高的保護效力和更長的保護時間。REC610搭載由 本公司自主研發的BFA01新型佐劑，可促進機體產生高水平的VZV糖蛋白E(gE) 特異性CD4+T細胞和抗體。目前，全球範圍內新佐劑重組帶狀疱疹疫苗僅有葛蘭 素史克Shi ...

Core Viewpoint - The price of the domestic varicella-zoster vaccine is being gradually reduced, with a significant price drop of over 66% from 1375 yuan to 464 yuan per dose, which may impact the company's revenue and market dynamics [1][2]. Group 1: Vaccine Pricing and Market Dynamics - Changchun Baike Biological Technology Co., Ltd. has adjusted the price of its varicella-zoster vaccine, reflecting a broader trend of price reductions in the industry to enhance public awareness and accessibility [1]. - The company has previously implemented discount pricing strategies, leading to reduced revenue and increased pressure on its financial performance [1][2]. - The global market features four varicella-zoster vaccines, with only two available in China, indicating a competitive landscape that may influence pricing strategies [1][9]. Group 2: Industry Challenges and Opportunities - The vaccine industry faces challenges such as competition, vaccine hesitancy, and consumer confidence, but long-term growth potential remains due to the low market penetration compared to developed countries [2]. - Public awareness of varicella-zoster disease is low, with a significant portion of the population unaware of the disease, which affects vaccination rates [4][5]. - A study indicated that the vaccination rate among adults aged 40 and older in China is only 0.79%, highlighting a significant opportunity for growth in the market [5]. Group 3: Financial Performance and Sales Trends - In 2023, the company produced 1.3512 million doses of the varicella-zoster vaccine, generating 880 million yuan in revenue, which was a key driver for a 70.3% increase in overall revenue [5]. - However, in 2024, revenue from the vaccine is projected to decline by 71.54% to 251 million yuan, with a significant drop in sales volume and an increase in inventory [5][6]. - The company's financial performance has shown a downward trend, with a 32.64% decrease in revenue and a 53.67% drop in net profit in 2024 compared to the previous year [6][7]. Group 4: Competitive Landscape and Future Strategies - The varicella-zoster vaccine market is becoming increasingly competitive, with GSK's vaccine still holding a significant market share despite a decrease in production [9][10]. - The company plans to enhance vaccine accessibility by integrating vaccination services with clinical medical systems and correcting public misconceptions about the disease [10]. - Baike Biological is also focusing on other vaccine projects, with ongoing clinical trials and new product developments aimed at diversifying its portfolio and improving market position [10].

Core Viewpoint - Green Bamboo Bio-B (02480) announced that its core product LZ901 demonstrated superior cellular immunogenicity and safety compared to GSK's Shingrix® in a head-to-head clinical trial for adults aged 50 and above [1] Market Reaction - Following the announcement, Green Bamboo Bio's stock rose over 8% on August 18 and 19, reaching a peak price of 28 HKD, the highest in 15 months [1] - Despite the positive news, trading volume remains low, with 11 months in the past 21 recording less than 200,000 shares traded [1] Financial Performance - For the first half of 2025, the company reported zero revenue from product commercialization, with other income at 4.85 million RMB, a 50.2% decrease from the previous year [2][3] - The net loss narrowed to 77.57 million RMB, a 29.4% reduction year-on-year, while R&D expenses decreased by 37.5% to 5.03 million RMB [2][4] Clinical Data and Product Potential - LZ901 showed a CD4⁺ T cell response rate of 83.0% and a CD8⁺ T cell response rate of 46.8%, significantly outperforming Shingrix® [4] - The adverse reaction rate for LZ901 was 41.1%, much lower than Shingrix®'s 87.9%, indicating a strong safety profile [4][5] Market Challenges - The market for shingles vaccines is expected to grow to 12.6 billion USD by 2030, driven by an aging population and increasing awareness [8] - However, the penetration rate of shingles vaccines in China remains low due to weak public awareness and high prices [8][9] Competitive Landscape - Currently, the shingles vaccine market is dominated by GSK's Shingrix, with a significant drop in domestic approvals for shingles vaccines [9] - Green Bamboo Bio plans to price LZ901 between 500 to 800 RMB per dose, potentially impacting initial commercialization profits [9]