Group 1 - The company is progressing as planned with the development of mRNA vaccines for treating glioblastoma and rhabdomyosarcoma, with the current progress meeting expectations [1] - Investors are inquiring about the status of the tumor vaccine, indicating interest and anticipation regarding the company's developments [1]

FF301 本月底法定/註冊股本總額： RMB 247,449,899 | 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 | | | 114,778,999 | RMB | | 1 RMB | | 114,778,999 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 114,778,999 | RMB | | 1 RMB | | 114,778,999 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...

| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06185 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 132,670,900 | RMB | | 1 RMB | | 132,670,900 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 132,670,900 | RMB | | 1 RMB | | 132,670,900 | I. 法定/註冊股本變動 公司名稱: 康希諾生物股份公司 呈交日期: 2025年11月6日 本月底法定/註冊股本總額： RMB 247,449,899 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | ...

Core Viewpoint - CanSino's stock is currently trading at 74.99 yuan, reflecting a decline of 2.27% and is in a state of post-IPO price drop [1] Group 1: IPO Details - CanSino was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 13, 2020, with an issuance of 24.8 million shares at a price of 209.71 yuan per share [1] - The total funds raised by CanSino amounted to 5.201 billion yuan, with a net amount of 4.979 billion yuan after deducting issuance costs, which is 3.979 billion yuan more than the original plan [1] - The company initially aimed to raise 1 billion yuan for various projects including the construction of a second production base and vaccine development [1] Group 2: Underwriting and Fees - The total issuance costs for CanSino were 221 million yuan, with underwriting and sponsorship fees accounting for 205 million yuan [2] - CITIC Securities, as the lead underwriter, received an allocation of 496,000 shares, representing 2% of the total shares issued, with an investment amount of 104 million yuan [2]

Group 1 - The core viewpoint of the news highlights the recent decline in the stock price of CanSino Biologics, which has dropped 2.27% to 74.99 CNY per share, with a total market capitalization of 18.556 billion CNY and a cumulative decline of 5.27% over three consecutive days [1] - CanSino Biologics, established on January 13, 2009, and listed on August 13, 2020, specializes in the research, production, and commercialization of innovative vaccines that meet both Chinese and international standards, with 97.84% of its revenue coming from vaccine sales [1] Group 2 - Longxin Fund has a significant holding in CanSino, with its Longxin Healthcare Mixed Fund (LOF) A holding 35,200 shares, representing 2.07% of the fund's net value, ranking as the tenth largest holding [2] - The Longxin Healthcare Mixed Fund (LOF) A has experienced a year-to-date return of 22.89% and a one-year return of 18.56%, with a total fund size of 128 million CNY [2] - The fund manager, Yuan Jie, has been in position for 211 days, with the best fund return during this period being 66.29% and the worst being -3.63% [2]

Core Insights - The vaccine industry is experiencing significant pressure on both revenue and profit, with profit declines outpacing revenue declines, indicating substantial strain on profitability [1] - Despite the challenges, the industry maintains high R&D expenditure, which has increased year-on-year, reflecting ongoing efforts to seek new pipeline transformations amid homogeneous competition [1] Industry Performance - The performance of vaccine companies is showing a divergence, with only a few companies, namely Olin Biological, CanSino, and Kanglao Weishi, reporting positive growth in both revenue and profit for the first three quarters of 2025 [2] - Companies like Kanghua Biological and Wantai Biological have shown signs of recovery in revenue growth, while others like Watson Bio and CanSino have demonstrated significant improvements in net profit margins [2] Investment Recommendations - The fourth quarter is expected to present structural opportunities for the vaccine industry due to seasonal increases in respiratory infections and heightened public awareness of vaccination [3] - Two main investment themes are suggested: innovation-driven companies with strong technological advantages and event-driven opportunities related to seasonal demand for vaccines like influenza and pneumonia [3] - Companies with high technical barriers and differentiated pipeline layouts are expected to outperform, with a focus on CanSino as a key player [3]

Core Viewpoint - 康希诺's stock price has experienced fluctuations, with a year-to-date increase of 23.14% but a recent decline over various trading periods, indicating potential volatility in the market [2]. Company Overview - 康希诺, established on January 13, 2009, and listed on August 13, 2020, is located in Tianjin Economic-Technological Development Area and focuses on the research, production, and commercialization of innovative vaccines that meet both Chinese and international standards [2]. - The company's main revenue source is vaccine and related product sales, accounting for 97.84% of total revenue, with other income contributing 2.16% [2]. Financial Performance - For the period from January to September 2025, 康希诺 reported a revenue of 693 million yuan, representing a year-on-year growth of 22.13%, while the net profit attributable to shareholders was 14.44 million yuan, showing a significant increase of 106.49% [2]. - Since its A-share listing, 康希诺 has distributed a total of 198 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Information - As of September 30, 2025, 康希诺 had 17,700 shareholders, an increase of 1.07% from the previous period, with an average of 0 circulating shares per shareholder [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 1.3566 million shares as a new shareholder [3]. Market Activity - On November 5, 康希诺's stock price fell by 2.02%, trading at 75.18 yuan per share, with a total market capitalization of 18.603 billion yuan [1]. - The stock has seen a net inflow of 561,000 yuan from major funds, with significant buying and selling activity recorded [1].

Core Viewpoint - UBS has adjusted its revenue forecasts for CanSino Biologics (06185) for 2026 and 2027, increasing the 2026 forecast by 22% and decreasing the 2027 forecast by 9%, while also revising the earnings per share estimates for 2025 to 2027 from 0.24, 1.16, and 2.55 to 0.37, 1.41, and 2.34 respectively. The target price has been lowered from HKD 66 to HKD 64, maintaining a "Buy" rating [1]. Group 1 - CanSino Biologics' management reported that the MCV4 vaccine generated revenue of RMB 662 million in the first three quarters of this year, representing a year-on-year growth of approximately 28%, primarily due to an expanded age group for application and ongoing channel penetration [1]. - The MCV4 vaccine began exporting to Indonesia in the third quarter, with UBS estimating sales in the millions for this year [1]. - The PCV13i vaccine, launched in mid-year, has entered around 12 provinces, with management aiming to cover half of the provinces by the end of the year and expand to other markets next year [1].

Group 1 - UBS has adjusted the revenue forecasts for CanSino Biologics (06185) for 2026 and 2027, increasing the 2026 forecast by 22% and decreasing the 2027 forecast by 9% [1] - Earnings per share estimates for 2025 to 2027 have been revised from 0.24, 1.16, and 2.55 HKD to 0.37, 1.41, and 2.34 HKD respectively [1] - The target price for CanSino has been lowered from 66 HKD to 64 HKD, while maintaining a "Buy" rating [1] Group 2 - CanSino's management reported that the MCV4 vaccine generated revenue of 662 million RMB in the first three quarters of this year, representing a year-on-year growth of approximately 28% [1] - The growth in MCV4 revenue is attributed to an expanded age group for usage and ongoing channel penetration [1] - MCV4 began exporting to Indonesia in the third quarter, with estimated sales in the millions for this year [1] Group 3 - The PCV13i vaccine, launched mid-year, has entered approximately 12 provinces, with management aiming to cover half of the provinces by year-end and expand to other markets next year [1]

Core Viewpoint - 康希诺's stock price has shown a year-to-date increase of 27.04%, indicating a positive market performance despite recent fluctuations in trading volume and price [2]. Company Overview - 康希诺, established on January 13, 2009, and listed on August 13, 2020, is located in Tianjin Economic-Technological Development Area and specializes in the research, production, and commercialization of innovative vaccines that meet both Chinese and international standards [2]. - The company's main revenue source is vaccine and related product sales, accounting for 97.84% of total revenue, with other supplementary income making up 2.16% [2]. Financial Performance - For the period from January to September 2025, 康希诺 reported a revenue of 693 million yuan, representing a year-on-year growth of 22.13%, while the net profit attributable to shareholders was 14.44 million yuan, reflecting a significant increase of 106.49% [2]. - Since its A-share listing, 康希诺 has distributed a total of 198 million yuan in dividends, with no dividends paid in the last three years [3]. Shareholder Information - As of September 30, 2025, 康希诺 had 17,700 shareholders, an increase of 1.07% from the previous period, with an average of 0 circulating shares per shareholder [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which is a new shareholder holding 1.3566 million shares [3]. Market Activity - On November 3, 康希诺's stock price decreased by 2.02%, trading at 77.56 yuan per share, with a total market capitalization of 19.192 billion yuan [1]. - The net outflow of main funds was 1.4716 million yuan, with significant selling activity observed [1].