Core Viewpoint - Chengda Bio (688739.SH) has received approval from the National Medical Products Administration for clinical trials of its high-dose influenza virus split vaccine [1] Group 1: Company Developments - Chengda Bio's wholly-owned subsidiary, Chengda Bio (Benxi) Co., Ltd., has been granted a Clinical Trial Approval Notice for the high-dose influenza virus split vaccine [1] - The vaccine is developed using the influenza virus strains recommended by the World Health Organization (WHO) and is designed to contain four times the effective components of a conventional dose [1]

辽宁成大生物股份有限公司 LiaoningChengdaBiotechnologyCo.,Ltd. 证券代码：688739 证券简称：成大生物 辽宁成大生物股份有限公司 2026 年第一次临时股东会 会议资料 辽宁成大生物股份有限公司 2026 年第一次临时股东会会议资料 | 年第一次临时股东会会议须知 3 2026 | | --- | | 2026 年第一次临时股东会会议议程 5 | | 2026 年第一次临时股东会会议议案 7 | | 交易的议案 7 | | 议案二：辽宁成大生物股份有限公司关于修订《公司章程》及其附件的议案 10 | 辽宁成大生物股份有限公司 2026 年第一次临时股东会会议资料 辽宁成大生物股份有限公司 二〇二六年二月十二日 中国·沈阳 1 2026 年第一次临时股东会会议须知 为保障全体股东的合法权益，维护股东会正常秩序，提升议事效率，确保本 次股东会规范、顺利召开，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司股东会规则》及《辽宁成大生物股份有限公司章程》《辽宁成大 生物股份有限公司股东会议事规则》等相关规定，辽宁成大生物股份有限公司（以 下简称"公司"）特制定本 ...

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company with a target price of 30.19 CNY for the next six months [3]. Core Insights - Chengda Biological has established itself as a leader in the rabies vaccine market, maintaining a dominant position for over a decade. The company's growth is expected to be driven by three main factors: increasing market share of existing products, commercialization of its research pipeline, and the strategic initiatives following the indirect control by Guangdong Min Investment [1][7]. - The company has a robust product matrix, with its rabies vaccine and inactivated Japanese encephalitis vaccine being the primary revenue sources. Recent years have seen performance pressures due to intensified competition [2][24]. - The research pipeline is rich, with several vaccines, including the human diploid rabies vaccine and quadrivalent influenza vaccine, set for registration applications in the coming years [3][21]. Summary by Sections 1. Company Overview - Chengda Biological has been focused on the vaccine sector for over 20 years, with its core product, the human rabies vaccine, launched in 2005. The company has maintained a leading market share since 2008 [1][13]. - The company also offers the only inactivated Japanese encephalitis vaccine available in China, which has seen significant marketing efforts to enhance its market penetration [2][24]. 2. Product Matrix - The rabies vaccine produced using Vero cells is the leading product, with a stable and efficient production process. The company has also initiated the application for the human diploid rabies vaccine [2][41]. - The inactivated Japanese encephalitis vaccine has been upgraded and is expected to see significant growth from 2022 to 2024 due to increased academic promotion and brand awareness [2][24]. 3. Research Pipeline - The company has a well-stocked research pipeline, with multiple vaccines in various stages of development, including the human diploid rabies vaccine and several influenza vaccines [3][21]. - The 15-valent HPV vaccine is set to enter Phase II clinical trials in March 2025, while other vaccines are progressing through different clinical trial phases [3][21]. 4. Shareholder Empowerment - The governance structure of Chengda Biological has been significantly enhanced following the indirect control by Guangdong Min Investment, which is expected to facilitate innovation and investment opportunities [7][15]. - The company has announced several investment initiatives, including the establishment of a wholly-owned subsidiary for innovative drugs and a biopharmaceutical investment fund, aiming to create a dual-driven business model of "vaccines + innovative drugs" [7][8]. 5. Financial Forecast and Valuation - The company is projected to achieve revenues of 1.39 billion CNY, 1.48 billion CNY, and 1.59 billion CNY for the years 2025, 2026, and 2027, respectively, with net profits of 131 million CNY, 141 million CNY, and 177 million CNY [8][9].

证券日报网讯2月4日，成大生物在互动平台回答投资者提问时表示，公司高度重视投资者的建议，关于 货币资金的使用及股份回购计划，公司将基于整体发展战略、资金使用效率、未来业务布局及对股东长 期利益进行审慎规划。 ...

证券日报网讯2月4日，成大生物在互动平台回答投资者提问时表示，股价波动受宏观环境、行业周期、 市场情绪等多方面因素影响。公司高度重视市值管理工作，基于公司长期发展战略，在保持主营业务稳 健发展的同时，拟投资设立生物医药产业基金及成立创新药子公司，把握产业升级机遇，加快推进产业 布局，打造公司的第二增长曲线，为公司中长期发展注入新动能，努力提升公司内在价值，回报广大股 东的长期信任与支持。 ...

Core Viewpoint - The company is experiencing a significant decline in net profit for 2025, projected to drop nearly 60% year-on-year, with the fourth quarter potentially recording its first quarterly loss since 2021. This reflects a broader structural shift in the Chinese vaccine industry, moving away from previous high growth to a new phase characterized by "structural differentiation" [1][2]. Financial Performance - The expected net profit for 2025 is between 123 million to 139 million yuan, representing a year-on-year decline of 59.34% to 63.98%. The fourth quarter is anticipated to incur a loss of 25.8 million to 41.8 million yuan, marking the first quarterly loss since 2021 [2]. - The primary driver of this loss is a significant non-recurring decision to terminate the Hib vaccine project, leading to a one-time asset impairment loss of 80.67 million yuan. Excluding this impairment, the operational profit for Q4 2025 would range from 38.87 million to 54.87 million yuan, indicating resilience in the core vaccine business [2][3]. Market Dynamics - The decline in revenue is attributed to profound changes in the domestic rabies vaccine market, driven by regulatory adjustments and intensified competition, resulting in reduced demand and inventory destocking [2]. - Despite these challenges, the company's international expansion strategy is proving effective, with growth in overseas sales and a presence in over 30 countries, including successful entry into the Indonesian market [3]. Strategic Adjustments - The company is undergoing a strategic realignment by terminating several projects, including the Hib vaccine, to focus resources on more promising areas. This reflects a pragmatic shift from pursuing technical success to prioritizing commercial viability [5][6]. - Key products nearing commercialization include a human diploid rabies vaccine and various flu vaccines, while new candidates like the 15-valent HPV vaccine are in early clinical stages [6]. Governance and Future Outlook - The company is at a pivotal transition point, marked by a change in its controlling shareholder and a new governance structure aimed at enhancing decision-making and operational efficiency [7]. - A dual-driven strategy of "vaccines + innovative drugs" has been established, with plans to invest 1 billion yuan in a wholly-owned subsidiary focused on immunotherapy and autoimmune diseases [7][10]. - The company is also setting up a 1 billion yuan investment fund to support the broader health industry, indicating a commitment to long-term growth and diversification [10]. Investment Perspective - The current market sentiment may be overly focused on short-term performance fluctuations, potentially undervaluing the company's strategic transformation and asset quality [12]. - With a strong cash position of 4.012 billion yuan and low debt levels, the company is well-positioned to support its innovative drug development and strategic expansions [3][12].

1月26日收盘后，辽宁成大生物发布2025年度业绩预告，预计归母净利润同比下滑近60%，且第四季度 可能录得自2021年以来的首次单季度亏损。次日开盘，公司股价应声走低，市场反应直接。 这份预告也折射出当前疫苗板块的整体境遇：中国疫苗行业已告别过往的非常态高增长，正进入一个 以"结构性分化"为核心特征的发展新阶段。 值得关注的是，在同一时间，成大生物还密集披露了另一系列公告：关于终止已进入III期临床的Hib疫 苗研发项目相关资产计提减值准备，并计划出资10亿元设立全资创新药子公司。在业绩承压的时点进行 一系列战略调整，意味着什么？ 核心经营稳健，一次性减值主导亏损 但危机之中亦有转机。公司的"出海战略"正成为有效的业绩稳定器。2025年，国际狂犬病疫苗市场需求 稳中有升，业务已覆盖30多个国家，并成功打入印尼市场，持续深耕埃及、泰国、孟加拉等"一带一 路"关键市场，实现了境外销售收入的增长。此外，通过严格的内部费用管控，销售及管理费用得到有 效约束，部分对冲了业绩下滑的压力。 更重要的是，公司的财务根基依然雄厚。截至2025年三季度末，账面现金充裕，现金达到40.12亿元， 资产负债结构健康，这为后续的战略 ...

Core Viewpoint - Chengda Biological announced that it did not implement any share repurchase in January 2026, with a total of 384,899 shares repurchased by January 31, 2026, representing approximately 0.092% of the company's total share capital [1] Summary by Category - **Share Repurchase Activity** - The company has repurchased a total of 384,899 shares through the Shanghai Stock Exchange trading system via centralized bidding [1] - The repurchased shares account for about 0.092% of the company's total share capital as of January 31, 2026 [1]

辽宁成大生物股份有限公司 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/6/19 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 月 6 | 6 | 19 | 日~2026 | 年 | 月 | 18 | 日 | | 预计回购金额 | 万元~2,000 1,000 | | | 万元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | 累计已回购股数 | 股 384,899 | | | | | | | | | 累计已回购股数占总股本比例 | 0.092% | | | | ...

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]