<p><em>该公司在疫苗行业整体放缓的情况下，凭借最新的财报表现出色，因为其旗舰药物获得了更广泛年龄组的使用许可</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/05033922/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-3-2026_11263_thebambooworks.com_-1024x677.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/05033922/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-3-2026_11263_thebambooworks.com_-1024x677.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>康希诺大部分收入来自脑膜炎疫苗，随着竞争对手推出类似药物，其收益可能面临压力</li>
<li>随着国内竞争加剧，这家疫苗制造商正瞄准东南亚及其他市场</li>
</ul>
<p>中国的疫苗行业在过去一年中一直难以摆脱持续的困扰。出生率下降缩小了儿童接种疫苗的市场，而流感疫苗和其他常见疫苗的价格战也已展开。</p>
<p>保护性血清的制造商们面临着收益受限，甚至出现重大亏损，但 <strong>康希诺生物</strong>（688185.SH；6185.HK）在 2 月底发布了一份更为积极的 <strong>成绩单</strong>，使其脱颖而出。</p>
<p>这家公司几年前因新冠疫苗而受到关注，在 2025 年报告了稳定的收入增长，并在初步财报中实现了盈利，尽管这得益于国家补贴。</p>
<p>康希诺表示，其 2025 年年收入增长 26%，达到近 10.7 亿元人民币（约合 1.54 亿美元），而公司的净利润则从 2024 年的 3.79 亿元人民币的净亏损转为 2787 万元人民币的盈利。</p>
<p>然而，从核心层面来看，情况并不那么乐观，因为盈利的回归是由政府补贴等非经常性收益推动的。在扣除这些项目后，公司虽然将亏损从 4.41 亿元人民币缩小，但仍然亏损 9250 万元人民币。</p>
<p>脑膜炎疫苗 MCV4（品牌名 Menhycia）的销量增长是康希诺业绩改善的动力。该旗舰产品于 2021 年推出，是中国唯一获得批准的四价脑膜炎结合疫苗，承诺为三个月大的婴儿提供更好的病毒保护。</p>
<p>上个月，中国药品监管部门批准将该疫苗的适用年龄上限从三岁提高到六岁，进一步扩大了疫苗的潜在市场。</p>
<p>2 月 24 日的这一举措在农历新年假期后推动了康希诺在上海的股价，在连续四个交易日内上涨了 12.6%。而香港投资者的反应则较为温和，公司股票在同一时期上涨了 4.7%。</p>
<p>需要谨慎的一个原因是康希诺对脑膜炎疫苗的高度依赖。在 2025 年上半年，收入增长几乎完全来自 Menhycia 和另一种脑膜炎疫苗 Meinaixi（MCV2），后者创造了 3.64 亿元人民币，占总营业额的 97%。</p>
<p>其他收入来源几乎微不足道。该公司的新冠疫苗在上半年仅带来了 1041 万元人民币的收入，约占整体收入的 2.7%。与此同时，2023 年与阿斯利康签署的 mRNA 疫苗开发协议在 2025 年上半年不再贡献任何收入。</p>
<p>这种集中模式风险较高，使康希诺的收益基础容易受到竞争挑战。Menhycia 的垄断地位看起来将被打破，因为类似疫苗开始进入市场。去年 5 月，<strong>智飞生物</strong>（300122.SZ）获得了注册其四价脑膜炎结合疫苗的批准，而 <strong>沃森生物</strong>（300142.SZ）的一款类似产品的三期临床试验也在顺利进行中。</p>
<p>一旦面临竞争产品，康希诺可能难以维持其 79.3% 的毛利率。任何影响其核心产品的市场波动或利润侵蚀都将对整体收益产生放大影响，并可能逆转盈利的回归。</p>
<h4><strong>出生人数减少，市场缩小</strong></h4>
<p>人口警告信号也在闪烁。中国去年的新生儿数量降至 792 万，比 2024 年减少了 162 万，压缩了对儿童疫苗的需求。同时，针对 HPV 疫苗和流感疫苗等成熟产品的激烈价格战正在进行，导致整个行业普遍陷入亏损。智飞生物预测 2025 年的亏损将在 107 亿元至 137.3 亿元之间，而 <strong>万泰生物</strong> 和 <strong>百克生物</strong> 则预计净亏损分别高达 4.1 亿元和 2.72 亿元。</p>
<p>当国内市场出现问题时，中国公司往往会寻求海外买家。康希诺已经瞄准东南亚，并计划进入中东、南美和北非市场。</p>
<p>该公司于 2025 年 9 月开始向印度尼西亚发货 Menhycia，标志着其新冠疫苗之后又一款新药的海外上市。它还在印度尼西亚开始了其吸入式结核疫苗的第一阶段试验，并与马来西亚合作伙伴合作开发 mRNA 多价流感疫苗。</p>
<p>另一个增长引擎可能会随着康希诺新疫苗的推出而启动。Prevnarxin（PCV13i）是一种针对肺炎等细菌感染的疫苗，于去年 9 月在中国正式上市。这种 13 价肺炎球菌结合疫苗采用双载体模型，使用 CRM197 和破伤风类毒素来教导免疫系统抵御感染。</p>
<p>目前，该公司的市净率约为 1.53 倍，而行业领导者智飞生物的市净率为 1.36 倍，这表明康希诺的产品管线被赋予了更高的增长溢价。</p>
<p>短期内，投资者应密切关注脑膜炎疫苗的销售和 Prevnarxin 的推出，以及成本控制，以确定公司是否能够在没有额外提升的情况下实现明确的净利润。</p>
<p><em>要订阅 Bamboo Works 每周的免费新闻通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

易方达恒生港股通创新药ETF

南方恒生生物科技ETF(QDII)

康希诺生物

<p>康希诺生物报告了积极的财报，尽管疫苗行业放缓，2025 年收入增长了 26%，接近 10.7 亿元人民币。公司的利润回暖得益于国家补贴，但由于对脑膜炎疫苗的依赖，核心盈利仍面临压力。扩展其脑膜炎疫苗 Menhycia 的年龄限制的批准提升了股价。然而，竞争正在加剧，中国的人口挑战可能会影响未来的增长。康希诺正瞄准国际市场以缓解国内挑战</p>

<p><em>The company has defied a broader slowdown in the vaccine industry with its latest earnings report, after its flagship drug was cleared for use in a wider age group</em></p>
<div class="lb-trans"><p><em>该公司在疫苗行业整体放缓的情况下，凭借最新的财报表现出色，因为其旗舰药物获得了更广泛年龄组的使用许可</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/05033922/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-3-2026_11263_thebambooworks.com_-1024x677.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/05033922/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_5-3-2026_11263_thebambooworks.com_-1024x677.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>CanSino gets most of its revenue from meningitis shots and its earnings could come under pressure as rivals launch comparable drugs</li>
<li>With increased competition at home, the vaccine maker is targeting markets in Southeast Asia and beyond</li>
</ul>
<div class="lb-trans"><ul>
<li>康希诺大部分收入来自脑膜炎疫苗，随着竞争对手推出类似药物，其收益可能面临压力</li>
<li>随着国内竞争加剧，这家疫苗制造商正瞄准东南亚及其他市场</li>
</ul>
</div><p>China's vaccine industry has struggled to shake off persistent ailments over the past year. A falling birth rate has shrunk the market for childhood inoculations while price wars have broken out for flu shots and other common vaccines.</p>
<div class="lb-trans"><p>中国的疫苗行业在过去一年中一直难以摆脱持续的困扰。出生率下降缩小了儿童接种疫苗的市场，而流感疫苗和其他常见疫苗的价格战也已展开。</p>
</div><p>Makers of the protective serums have been left with stunted earnings, and even heavy losses, but <strong>CanSino Biologics Inc.</strong> (688185.SH; 6185.HK) stood out at the end of February when it issued a more positive <strong>report card</strong>.</p>
<div class="lb-trans"><p>保护性血清的制造商们面临着收益受限，甚至出现重大亏损，但 <strong>康希诺生物</strong>（688185.SH；6185.HK）在 2 月底发布了一份更为积极的 <strong>成绩单</strong>，使其脱颖而出。</p>
</div><p>The company, which stepped into the spotlight a few years ago with a Covid vaccine, reported steady revenue growth in 2025 and a return to the black, albeit with the help of state subsidies, in a preliminary earnings summary.</p>
<div class="lb-trans"><p>这家公司几年前因新冠疫苗而受到关注，在 2025 年报告了稳定的收入增长，并在初步财报中实现了盈利，尽管这得益于国家补贴。</p>
</div><p>CanSino said its annual revenue rose 26% to nearly 1.07 billion yuan ($154 million) in 2025, while the firm's bottom line swung from a net loss of 379 million yuan in 2024 to a profit of 27.87 million yuan.</p>
<div class="lb-trans"><p>康希诺表示，其 2025 年年收入增长 26%，达到近 10.7 亿元人民币（约合 1.54 亿美元），而公司的净利润则从 2024 年的 3.79 亿元人民币的净亏损转为 2787 万元人民币的盈利。</p>
</div><p>However, the picture was less rosy at the core level, as the return to profit was driven by non-recurring gains such as government subsidies. After deducting those items, the company managed to narrow its losses from a yawning deficit of 441 million yuan but was still 92.50 million yuan in the red.</p>
<div class="lb-trans"><p>然而，从核心层面来看，情况并不那么乐观，因为盈利的回归是由政府补贴等非经常性收益推动的。在扣除这些项目后，公司虽然将亏损从 4.41 亿元人民币缩小，但仍然亏损 9250 万元人民币。</p>
</div><p>Rising sales of the meningitis vaccine MCV4, sold under the brand name Menhycia, were the engine behind CanSino's improved results. Launched in 2021, the flagship product is China's only approved quadrivalent meningococcal conjugate to have reached the market, promising better protection against the virus for infants as young as three months old.</p>
<div class="lb-trans"><p>脑膜炎疫苗 MCV4（品牌名 Menhycia）的销量增长是康希诺业绩改善的动力。该旗舰产品于 2021 年推出，是中国唯一获得批准的四价脑膜炎结合疫苗，承诺为三个月大的婴儿提供更好的病毒保护。</p>
</div><p>The potential market for the vaccine expanded last month when China's drug regulators approved plans to lift the upper age limit for the vaccine from three years to six years.</p>
<div class="lb-trans"><p>上个月，中国药品监管部门批准将该疫苗的适用年龄上限从三岁提高到六岁，进一步扩大了疫苗的潜在市场。</p>
</div><p>The move on Feb. 24 boosted CanSino's Shanghai share price after the Lunar New Year holiday, when the stock climbed 12.6% over four straight sessions. The reaction from Hong Kong investors was more muted, with the company's shares advancing 4.7% over the same timeframe.</p>
<div class="lb-trans"><p>2 月 24 日的这一举措在农历新年假期后推动了康希诺在上海的股价，在连续四个交易日内上涨了 12.6%。而香港投资者的反应则较为温和，公司股票在同一时期上涨了 4.7%。</p>
</div><p>One cause for caution is CanSino's heavy reliance on meningitis shots. In the first half of 2025, revenue growth almost entirely derived from Menhycia and another meningococcal vaccine, Meinaixi (MCV2), which generated 364 million yuan or 97% of total turnover.</p>
<div class="lb-trans"><p>需要谨慎的一个原因是康希诺对脑膜炎疫苗的高度依赖。在 2025 年上半年，收入增长几乎完全来自 Menhycia 和另一种脑膜炎疫苗 Meinaixi（MCV2），后者创造了 3.64 亿元人民币，占总营业额的 97%。</p>
</div><p>Other income streams barely amounted to a trickle. The company's Covid vaccine brought in just 10.41 million yuan in the first half, about 2.7% of overall revenue. Meanwhile, a development deal signed with AstraZeneca in 2023 for work on mRNA vaccines no longer contributed any revenue in the first half of 2025.</p>
<div class="lb-trans"><p>其他收入来源几乎微不足道。该公司的新冠疫苗在上半年仅带来了 1041 万元人民币的收入，约占整体收入的 2.7%。与此同时，2023 年与阿斯利康签署的 mRNA 疫苗开发协议在 2025 年上半年不再贡献任何收入。</p>
</div><p>This concentrated model is risky, leaving CanSino's earnings base vulnerable to competitive challenges. Menhycia's monopoly looks set to be broken as similar vaccines start to land on the market.In May last year <strong>Zhifei Biological</strong> (300122.SZ) secured approval to register its quadrivalent meningococcal conjugate vaccine, while Phase Three trials of a comparable product from <strong>Walvax Biotechnology</strong> (300142.SZ) are well underway.</p>
<div class="lb-trans"><p>这种集中模式风险较高，使康希诺的收益基础容易受到竞争挑战。Menhycia 的垄断地位看起来将被打破，因为类似疫苗开始进入市场。去年 5 月，<strong>智飞生物</strong>（300122.SZ）获得了注册其四价脑膜炎结合疫苗的批准，而 <strong>沃森生物</strong>（300142.SZ）的一款类似产品的三期临床试验也在顺利进行中。</p>
</div><p>Once it faces rival products, CanSino may struggle to sustain its 79.3% gross margin. Any market fluctuation or profit erosion affecting its core product will have an amplified impact on overall earnings and could reverse the profit turnaround.</p>
<div class="lb-trans"><p>一旦面临竞争产品，康希诺可能难以维持其 79.3% 的毛利率。任何影响其核心产品的市场波动或利润侵蚀都将对整体收益产生放大影响，并可能逆转盈利的回归。</p>
</div><h4><strong>Fewer births, smaller market</strong></h4>
<div class="lb-trans"><h4><strong>出生人数减少，市场缩小</strong></h4>
</div><p>Demographic warning signs are also flashing. The number of newborns in China fell to just 7.92 million last year, 1.62 million fewer than in 2024, squeezing demand for pediatric vaccines. At the same time, fierce price wars are waging for established products such as HPV vaccines and influenza shots, pushing the industry broadly into the red. Zhifei Biological is predicting a loss for 2025 ranging from around 10.70 billion yuan to 13.73 billion yuan, while <strong>Wantai BioPharm</strong> and <strong>Baike Biotechnology</strong> have projected net losses of up to 410 million yuan and 272 million yuan respectively.</p>
<div class="lb-trans"><p>人口警告信号也在闪烁。中国去年的新生儿数量降至 792 万，比 2024 年减少了 162 万，压缩了对儿童疫苗的需求。同时，针对 HPV 疫苗和流感疫苗等成熟产品的激烈价格战正在进行，导致整个行业普遍陷入亏损。智飞生物预测 2025 年的亏损将在 107 亿元至 137.3 亿元之间，而 <strong>万泰生物</strong> 和 <strong>百克生物</strong> 则预计净亏损分别高达 4.1 亿元和 2.72 亿元。</p>
</div><p>When domestic markets are problematic, Chinese companies tend to look overseas for buyers. CanSino has already targeted Southeast Asia and has plans to penetrate the Middle East, South America and North Africa.</p>
<div class="lb-trans"><p>当国内市场出现问题时，中国公司往往会寻求海外买家。康希诺已经瞄准东南亚，并计划进入中东、南美和北非市场。</p>
</div><p>The company started to ship Menhycia to Indonesia in September 2025, marking another overseas launch of a novel drug after its Covid vaccine. It has also begun a Phase One trial in Indonesia for its inhaled tuberculosis vaccine and is collaborating with Malaysian partners to develop an mRNA multivalent flu vaccine.</p>
<div class="lb-trans"><p>该公司于 2025 年 9 月开始向印度尼西亚发货 Menhycia，标志着其新冠疫苗之后又一款新药的海外上市。它还在印度尼西亚开始了其吸入式结核疫苗的第一阶段试验，并与马来西亚合作伙伴合作开发 mRNA 多价流感疫苗。</p>
</div><p>Another growth engine could be powering up with the launch of a new CanSino vaccine. Prevnarxin (PCV13i), a vaccine against bacterial infections such as pneumonia, officially went on sale in China last September. The 13-valent pneumococcal conjugate vaccine adopts a dual-carrier model using CRM197 and tetanus toxoid to teach the immune system to withstand infection.</p>
<div class="lb-trans"><p>另一个增长引擎可能会随着康希诺新疫苗的推出而启动。Prevnarxin（PCV13i）是一种针对肺炎等细菌感染的疫苗，于去年 9 月在中国正式上市。这种 13 价肺炎球菌结合疫苗采用双载体模型，使用 CRM197 和破伤风类毒素来教导免疫系统抵御感染。</p>
</div><p>Currently, the company's price-to-book ratio stands at around 1.53 times, against 1.36 times for industry leader Zhifei Biological, indicating that a higher growth premium is being assigned to CanSino's product pipeline.</p>
<div class="lb-trans"><p>目前，该公司的市净率约为 1.53 倍，而行业领导者智飞生物的市净率为 1.36 倍，这表明康希诺的产品管线被赋予了更高的增长溢价。</p>
</div><p>In the short term, investors should pay close attention to sales of meningitis vaccines and the rollout of Prevnarxin, along with cost controls, to determine whether the company can achieve a definitive net profit without any extra uplift.</p>
<div class="lb-trans"><p>短期内，投资者应密切关注脑膜炎疫苗的销售和 Prevnarxin 的推出，以及成本控制，以确定公司是否能够在没有额外提升的情况下实现明确的净利润。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
</div>

脑膜炎疫苗为 CanSinoBIO 带来一剂好消息