CITIC Securities: It is worth paying attention to the follow-up research and development nodes of the innovative vaccine pipeline and external authorization expectations.

CITIC Securities stated that in the first half of 2025, the overall number of vaccine batch approvals decreased by 17% compared to the previous year, with a total of 1629 batches. Rabies vaccines, HPV vaccines, and other products saw rapid growth in batch approvals, while polio vaccines, meningitis vaccines, and measles-mumps-rubella vaccines experienced significant decreases. In terms of research and development, several major vaccine varieties were approved for market launch in the first half of the year, such as Kangtai's PCV13 and Wantai Biopharm's 9-valent HPV vaccine. Additionally, several products are in the process of market approval, such as Chongqing Zhifei Biotechnology's PCV15 and MCV4, Kangtai Biotechnology's IPV and quadrivalent flu vaccine. It is expected that in the second half of 2025, the sales of some products will improve compared to the previous year, with new products contributing to increased performance. The follow-up research and development progress of the innovative vaccine pipeline and expectations for external authorizations are worth noting. Some companies have undergone changes in equity ownership, so monitoring subsequent developments and the empowerment of new shareholders is important.