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]

智通财经APP讯，瑞科生物-B(02179)发布公告，公司新佐剂重组带状疱疹疫苗REC610 (REC610)的新药 上市申请已于近日获国家药品监督管理局药品审评中心正式受理，受理号：CXSS2500145。 带状疱疹是一种常见的由潜伏感染的病毒引起的疾病，患者可能并发带状疱疹后神经痛，这种剧烈的神 经疼痛严重损害患者健康，影响患者生活质量。据统计，中国每年约有600万人罹患带状疱疹，且近年 来其发病有逐步年轻化的趋势。根据全球已上市的带状疱疹疫苗研究数据，相比减毒活疫苗，新佐剂重 组带状疱疹疫苗能提供更强的细胞免疫、更高的保护效力和更长的保护时间。REC610搭载由公司自主 研发的BFA01新型佐剂，可促进机体产生高水平的VZV糖蛋白E(gE) 特异性CD4+T细胞和抗体。目前， 全球范围内新佐剂重组带状疱疹疫苗仅有葛兰素史克Shingrix®上市销售。 REC610于2023年10月获得国家药品监督管理局签发的药物临床试验批准通知书(通知书编号： 2023LP02151)， 于2024年12月完成III期临床全部受试者的入组，目前正遵循临床方案进行后续访视观 察工作。该项临床研究采用随机、双盲、安慰剂对照 ...

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]