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].

Core Insights - CanSino Biologics Inc. has been invited to the World Government Summit 2026, marking its second consecutive year as the sole global vaccine maker present at the event [1] - The company emphasizes its mission to provide innovative, high-quality, and affordable vaccines to address unmet public health needs [2] Innovation and Development - CanSinoBIO utilizes a proprietary innovation platform that allows for rapid responses to emerging public health needs, shortening R&D cycles and extending solutions across various disease areas [3] - The company launched the world's first inhaled COVID-19 vaccine in 2022, which received emergency use approval in China, and is now applying this technology to tuberculosis with a vaccine entering Phase I clinical trials in Indonesia [4] Vaccine Initiatives - CanSinoBIO's recombinant polio vaccine (VLP-Polio) is recognized by the WHO as a candidate for future polio eradication, utilizing a novel virus-like particle assembly technology that enhances biosafety [5] - The company is also developing a recombinant pneumococcal protein vaccine (PBPV), which has shown positive preliminary results in Phase I clinical trials, offering a new option for sustainable immunization in resource-limited settings [6] Global Strategy and Collaborations - CanSinoBIO has deepened its global strategy by collaborating with partners in countries such as Indonesia, Malaysia, Saudi Arabia, and Brazil to localize its innovative achievements [7] - The company aims to enhance international commercial expansion and strengthen collaborations with governments and organizations to improve vaccine accessibility [8] Regional Developments - In Indonesia, CanSinoBIO is advancing the inhaled tuberculosis vaccine and the overseas launch of Menhycia® [9] - In Saudi Arabia and the MENA region, the company is focusing on product market access and exploring joint research and localized production partnerships [9] - In Malaysia, CanSinoBIO is constructing a vaccine fill-and-finish facility and collaborating on a multivalent mRNA influenza vaccine [9]

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 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]. Industry Overview - The vaccine industry is facing multiple pressures, including price wars, shrinking demand, and product homogenization, which are forcing companies to shift from channel-driven to innovation-driven strategies [1][4]. - The overall profitability of the industry has sharply declined, with Zhifei Biological expecting its first annual loss since its listing, projecting a net loss of 10.698 billion to 13.726 billion yuan, a year-on-year decline of 630% to 780% [1][2]. Company Performance - Zhifei Biological, Wantai Biological, and Baike Biological have all transitioned from profit to loss due to various factors, including price cuts and inventory issues [1][2]. - CanSino has turned a profit in 2025, with a projected net profit of 24.5 million to 29 million yuan, benefiting from the strong sales of its four-valent meningococcal vaccine, which accounts for 90% of its revenue [2][6]. - Watson Biologics has seen a 35% year-on-year increase in overseas vaccine exports, achieving a net profit of 16 million to 19 million yuan, reflecting its ability to counter domestic declines [2][7]. Market Dynamics - The ongoing price war is compressing profit margins, with significant price drops observed in various vaccine categories, such as the HPV vaccine and flu vaccine, leading to reduced gross margins for companies [4][8]. - Demand for vaccines is declining due to a falling birth rate and low vaccination rates among adults, exacerbating the industry's growth challenges [4][5]. Strategic Shifts - Companies are increasingly focusing on innovation and overseas expansion as key strategies to navigate the current market challenges [5][9]. - The inclusion of the HPV vaccine in the national immunization program is expected to stabilize market demand but will also pressure companies to reduce costs and innovate further [8][9]. Future Outlook - 2025 is seen as a pivotal year for the vaccine industry in China, with a shift towards high-quality development and a focus on core competencies and innovation [9]. - The industry is expected to gradually recover as innovative products are launched, overseas markets are expanded, and public awareness of vaccination increases [9].

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]

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]

进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为392.77万元。该股近5个交易日累 计上涨3.17%，主力资金合计净流入1772.21万元。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月29日，康希诺收跌3.64%，收盘价为69.69元，发生1笔大宗交易，合计成交量6.39万股，成交金额 392.77万元。 第1笔成交价格为61.47元，成交6.39万股，成交金额392.77万元，溢价率为-11.80%，买方营业部为中国 银河证券股份有限公司北京金融街证券营业部，卖方营业部为华泰证券股份有限公司北京月坛南街证券 营业部。 责任编辑：小浪快报 ...

Group 1 - The Nipah virus outbreak in West Bengal, India has led to confirmed cases and significant market reactions, particularly in vaccine and diagnostic sectors, with several stocks experiencing price surges [1][2] - The Nipah virus, first identified in 1998, has a high fatality rate exceeding 40% and lacks effective treatments, which raises public health concerns and market volatility [2][3] - Despite initial market enthusiasm, the lack of confirmed cases in China and the limited geographical impact of the outbreak have resulted in a significant stock price correction for related companies [1][4] Group 2 - Companies like Capbio, Zhijiang Bio, and others have developed Nipah virus testing products, but the overall demand for testing has not increased significantly due to the outbreak, leading to continued financial pressure on these firms [4][10] - The medical testing industry, previously buoyed by COVID-19 testing, is now facing declining revenues as demand decreases, with many companies reporting substantial losses [9][10] - The vaccine sector is also under pressure, with companies like Zhifei and Watson facing intense competition and declining sales, leading to significant financial challenges [15][20] Group 3 - The overall performance of companies in the vaccine and diagnostic sectors is expected to remain under pressure due to economic cycles, increased competition, and regulatory changes affecting pricing and profitability [12][20] - The Nipah virus outbreak has not translated into increased orders for testing products from domestic companies, indicating a lack of substantial market opportunity arising from the situation [12][22] - Investors are advised to be cautious, as the Nipah virus may not provide the expected boost to the performance of the medical testing and vaccine industries, which are already struggling with profitability [22]

Core Viewpoint - The company expects to achieve an annual revenue of 1.04 billion to 1.08 billion yuan in 2025, representing a year-on-year growth of 22.88% to 27.61% [1] - The company anticipates a net profit attributable to shareholders of 24.5 million to 29 million yuan for the same period, indicating a turnaround from previous losses [1] Financial Performance - The company is focused on innovation and commercialization, with its first quadrivalent meningococcal vaccine, Manhaixin®, showing continuous revenue growth [1] - Cost reduction and efficiency improvement measures have been effectively implemented, leading to better expense management [1] - The optimization of production and sales coordination has resulted in an increase in gross profit margin, significantly enhancing overall profitability [1]