经济观察网康希诺生物近期在研发与财务方面取得重要进展。PCV24疫苗获批临床试验，2025年业绩预 计扭亏为盈，多项产品商业化持续推进。 公司项目推进 2026年1月6日，康希诺生物宣布其自主研发的24价肺炎球菌多糖结合疫苗(PCV24)获得国家药品监督管 理局批准开展临床试验。该产品是全球首个进入临床阶段的24价肺炎结合疫苗，采用双载体技术，覆盖 24种血清型，有望填补市场空白。临床试验的启动是公司技术平台升级的关键里程碑。 最近业绩情况 2026年1月27日，公司发布业绩预告，预计2025年年度实现营业收入10.40亿至10.80亿元，同比增长 22.88%至27.61%；归属于母公司所有者的净利润为2450万至2900万元，同比扭亏为盈。扭亏主要得益 于四价流脑结合疫苗曼海欣的持续放量、成本管控优化及非经常性收益。 业务与技术发展 百白破组分疫苗已完成三期临床，预计2026年上半年获批。曼海欣在印度尼西亚获得清真认证并实现出 口，公司正深化海外临床合作，聚焦东南亚、中东等新兴市场。13价肺炎结合疫苗优佩欣于2025年9月 上市，正加速市场准入；多项在研疫苗处于临床阶段。 以上内容基于公开资料整理，不构成 ...

Core Viewpoint - The company, CanSino Biologics, is expected to turn a profit in 2025, with significant advancements in vaccine development and ongoing expansion into international markets [1][2]. Financial Performance - The company forecasts revenue between 1.04 billion to 1.08 billion yuan for 2025, representing a year-on-year growth of 22.88% to 27.61%. Net profit attributable to shareholders is projected to be between 24.5 million to 29 million yuan, indicating a turnaround from previous losses. The audited annual report is scheduled for release in 2026 [2]. Product Development Progress - The self-developed DTPa vaccine has completed Phase III clinical trials and is expected to receive market approval in the first half of 2026, potentially replacing imported products and expanding into the high-end vaccine market. The 24-valent pneumococcal polysaccharide conjugate vaccine (PCV24) has been approved for clinical trials by the National Medical Products Administration of China, marking it as the first 24-valent pneumonia vaccine to enter clinical trials globally [3]. Business Expansion - The company is actively expanding into overseas markets in Southeast Asia, the Middle East, North Africa, and South America. For instance, the Manhaixin vaccine has received halal certification in Indonesia and has begun exports, with potential for deeper local partnerships and technology transfers [4]. Future Development - Other research pipeline updates include the prioritization of the DTPa vaccine for infants, acceptance of the application for the Tetanus vaccine, and international support for the recombinant poliovirus vaccine (VLP-Polio). The clinical and approval progress of these products may significantly impact the company's long-term development [5].

DUBAI, Feb. 9, 2026 /PRNewswire/ -- CanSino Biologics Inc. ("CanSinoBIO"; SSE: 688185, HKEX: 06185) has been invited to share the practices of innovative vaccine at the World Government Summit 2026 (WGS 2026) which convened from February 3 to 5 in Dubai, UAE under the theme of "Shaping Future Governments." CanSinoBIO stands the sole global vaccine maker invited to the World Government Summit for the second consecutive year. Continue Reading In 2022, it launched the world's first inhaled COVID-19 vaccine, wh ...

本月底法定/註冊股本總額： RMB 247,043,801 FF301 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688185 | 說明 | | A 股 (上海證券交易所科創版) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 114,372,901 | RMB | | 1 RMB | | 114,372,901 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 114,372,901 | RMB | | 1 RMB | | 114,372,901 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | ...

| 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688185 | 說明 | | A 股 (上海證券交易所科創版) | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 114,372,901 | RMB | | 1 RMB | | 114,372,901 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 114,372,901 | RMB | | 1 RMB | | 114,372,901 | FF301 本月底法定/註冊股本總額： RMB 247,043,801 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Sinopec Oilfield Services leading in premium rates, while CATL, China Merchants Bank, and WuXi AppTec are at the bottom of the list [1][2]. Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 815.25% - Zhejiang Shibao (01057) with a premium rate of 351.07% - Sinopec Oilfield Services (01033) with a premium rate of 303.37% [2] - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -12.99% - China Merchants Bank (03968) with a premium rate of -1.83% - WuXi AppTec (02359) with a premium rate of 3.29% [2] Deviation Values - The top three shares by deviation value are: - Guoen Technology (02768) with a deviation value of 64.57% - Goldwind Technology (02208) with a deviation value of 30.74% - Sinopec Oilfield Services (01033) with a deviation value of 27.72% [1][2] - The bottom three shares by deviation value are: - Junda Co., Ltd. (02865) with a deviation value of -49.44% - Zhejiang Shibao (01057) with a deviation value of -46.76% - Yangtze Optical Fibre and Cable (06869) with a deviation value of -34.58% [1][3].

2025年A股疫苗企业业绩预告悉数出炉，行业调整的阵痛全面显现。 智飞生物、万泰生物、百克生物等头部企业出现亏损，而康希诺、沃森生物凭借创新产品放量与海外市场拓展实现业绩突围，行业马太效应 进一步加剧。 华南某券商分析师向21世纪经济报道记者表示，从全行业来看，集采降价、需求萎缩、产品同质化等多重压力叠加，倒逼疫苗企业加速从渠 道驱动向创新驱动转型，而HPV疫苗纳入免疫规划、创新疫苗出海等新变量，也正在重构行业竞争格局。 根据目前业绩预告显示，行业盈利面大幅收窄。智飞生物迎来上市以来首次年度亏损，2025年归母净利润预计亏损106.98亿元至137.26亿元， 同比大幅下滑630%~780%。 万泰生物、百克生物同样由盈转亏，前者因二价HPV疫苗受九价扩龄、集采降价冲击，叠加近效期产品库存积压，计提5亿~6亿元减值准备， 归母净利润预计亏损3.3亿元至4.1亿元；后者则受带状疱疹疫苗退货降价、水痘疫苗需求随新生儿出生率下降而萎缩影响，归母净利润亏损2.2 亿元至2.8亿元。 康泰生物虽保持盈利，但业绩大幅预减，归母净利润预计0.49亿元至0.73亿元，同比下滑63.8%~75.7%，四联苗受免疫程序调整与成本 ...

Core Insights - The performance forecasts for A-share vaccine companies in 2025 reveal significant industry adjustments, with major players like Zhifei Biological, Wantai Biological, and Baike Biological reporting losses, while companies like CanSino and Watson Biologics achieve growth through innovative products and overseas market expansion [1][2][5] Industry Overview - The vaccine industry is facing multiple pressures, including price wars and shrinking demand, leading to a significant contraction in profitability [5][6] - The continuous price competition has compressed profit margins, with HPV vaccines and flu vaccines reaching historical lows in pricing, impacting overall industry profitability [5][6] - The decline in birth rates has reduced the core vaccination population for children's vaccines, while adult vaccine uptake remains low due to vaccine hesitancy [5][6] Company Performance - Zhifei Biological is expected to report its first annual loss since its listing, with a projected net loss of 10.698 billion to 13.726 billion yuan, a year-on-year decline of 630% to 780% [1] - Wantai Biological and Baike Biological also shift from profit to loss, with projected net losses of 330 million to 410 million yuan and 220 million to 280 million yuan, respectively [1] - CanSino is projected to turn a profit with a net income of 24.5 million to 29 million yuan, benefiting from the strong sales of its quadrivalent meningococcal vaccine [2] - Watson Biologics expects a net profit of 160 million to 190 million yuan, driven by a 35% increase in overseas vaccine exports [2] Market Dynamics - The industry is experiencing severe product homogeneity, leading to intensified competition among companies in popular vaccine segments like HPV and shingles [6] - Companies overly reliant on agency models are facing challenges, as seen with Zhifei Biological, which has a high dependency on agency products [6] - Inventory and cash flow pressures are evident, with companies like Zhifei Biological and Wantai Biological facing significant inventory write-downs [6] Innovation and Opportunities - Companies with unique innovative products are achieving performance rebounds, with CanSino's quadrivalent vaccine capturing over 90% market share [7] - The overseas market is becoming a crucial growth point, with Watson Biologics exporting to 24 countries and CanSino's inhaled vaccine gaining market share in Southeast Asia and Latin America [8] - The inclusion of the bivalent HPV vaccine in the national immunization program is expected to stabilize market demand while also compressing profit margins for companies [9] Future Outlook - 2025 is seen as a pivotal year for the vaccine industry to transition towards high-quality development, with a focus on innovation and overseas market expansion [10] - The industry is expected to gradually emerge from the adjustment period as innovative products are launched and vaccination awareness increases among residents [10] - The China Vaccine Industry Association has initiated measures to curb irrational price competition, aiming for a more rational pricing environment in the future [10]

Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 831.03%, Zhejiang Shibao (01057) at 349.11%, and Sinopec Oilfield Service (01033) at 287.64% [1] - The bottom three AH premium rates are recorded by CATL (03750) at -13.68%, China Merchants Bank (03968) at -2.20%, and WuXi AppTec (02359) at 2.64% [1] - The highest deviation values are seen in Andeli Juice (02218) at 23.04%, Dongpeng Beverage (09980) at 20.81%, and Goldwind Technology (02208) at 14.41% [1] Group 2 - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) at 270.81% and Beijing Mechanical and Electrical (00187) at 255.83% [1] - The bottom ten AH stocks by premium rate include companies like Hengrui Medicine (01276) at 2.75% and Weichai Power (02338) at 7.14% [1] - The top ten AH stocks by deviation value also feature Qingdao Bank (03866) at 13.73% and CanSino Biologics (06185) at 13.21% [1]

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The vaccine industry is currently facing short-term performance pressure due to weak demand and structural oversupply, with many companies experiencing declines or losses in performance [1][7][8] - Despite the challenges, innovation and international expansion are ongoing, providing potential for medium to long-term growth [1][8] - The industry is transitioning from scale expansion to innovation-driven growth, with policy, demand, and technology as the three main driving factors for development [8][24][26] Summary by Sections Domestic and International Vaccine Dynamics - Kanghua Biotech has initiated Phase I clinical trials for its six-valent norovirus vaccine, which theoretically can prevent over 90% of norovirus infections [1] - Wantai Biopharma's bivalent HPV vaccine has successfully passed the WHO PQ periodic review [1] - Zhifei Biological's application for clinical trials of a freeze-dried inactivated vaccine for Japanese encephalitis has been accepted [1] Performance Forecasts - Chengda Bio expects a 59.34%-63.98% decrease in net profit for 2025 compared to the previous year [1] - CanSino anticipates a revenue increase of 22.88%-27.61% for 2025, with a turnaround in net profit [1] - Watson Bio forecasts a revenue of 2.4-2.43 billion yuan for 2025, a decline of approximately 14.9%-13.9% [1] - Other companies like Kangtai Bio and Wantai Bio also expect significant declines in net profit for 2025 [1] Market Performance - The vaccine sector saw a decline of 1.65% last week, with the overall pharmaceutical industry down 3.31% [2][5] - The vaccine sector has experienced a cumulative decline of 10.08% since the beginning of 2025 [5][13] Valuation Metrics - The vaccine sector's PE (ttm) is 92.01X, down 1.88X from the previous week, while the PB (lf) is 1.78X, down 0.04X [6] - The PE is at the 55.99% percentile since 2013, and the PB is at the 1.28% percentile since 2013 [6] Investment Recommendations - The vaccine industry is still under pressure, but companies are actively adjusting their pipeline strategies, focusing on technological innovation and multi-valent products [7][8] - Long-term prospects remain positive due to innovation and international market expansion, with a recommendation to focus on companies with strong R&D capabilities and differentiated product offerings, such as CanSino [8][26]