<p>香港，2026 年 3 月 31 日 -（ACN Newswire）- 香港，2026 年 3 月 31 日 -（ACN Newswire）- 中国 2026 年政府工作报告将生物制药列为新兴支柱产业，强调了对创新药企的支持政策环境。在此背景下，康希诺生物（688185.SH/06185.HK）发布了 2025 年度业绩报告，标志着其盈利能力的恢复，并突显了其商业化努力的稳步进展。</p>
<p>盈利能力恢复得益于疫苗组合的增长</p>
<p>根据年度业绩，康希诺生物实现总收入约为人民币 10.68 亿元，同比增长 26.18%。归属于股东的净利润达到人民币 2790 万元，标志着盈利能力的恢复。</p>
<p>这一转变不仅反映了周期性反弹，还表明公司通过常规疫苗的商业化建立了更可持续的收入基础。这增强了其产生稳定现金流的能力。</p>
<p>这一改善主要得益于核心业务的有机增长，而非一次性因素。在报告期内，公司集团的 ACYW135 脑膜炎球菌多糖结合疫苗（CRM197）（商品名：Menhycia(R)）保持了稳定的收入增长，而其 13 价肺炎球菌结合疫苗（商品名：iPneucia(R)）在上市后获得了市场关注。更为平衡的收入组合提高了盈利的可见性。</p>
<p>此外，康希诺生物在年度内获得了多项政府补助和国际研发资金支持，反映了其技术能力和创新价值的认可。</p>
<p>核心产品有望扩大规模，管道支持未来增长</p>
<p>除了短期收益外，公司还得益于多样化的管道，为中长期增长提供动力。</p>
<p>作为康希诺生物的核心增长驱动力，Menhycia(R) 是中国首个自主研发的四价脑膜炎球菌结合疫苗，持续扩大市场覆盖。2026 年 2 月，公司宣布已获批将 Menhycia(R) 适用人群的年龄范围从 “3 个月至 3 岁（47 个月）” 扩展至 “3 个月至 6 岁（83 个月）”，进一步拓宽了目标人群。</p>
<p>与此同时，iPneucia(R) 是 “中国首个采用双载体系统（CRM197 和破伤风类毒素）的 13 价肺炎球菌结合疫苗”，预计将与 Menhycia(R) 产生商业协同效应。共享的分销和营销渠道有助于降低边际销售成本，提高整体效率。</p>
<p>此外，公司中期管道依然强劲。其吸附性白喉、破伤风和无细胞百日咳（成分）联合疫苗（‘DTcP’）针对 2 岁以下婴儿（‘DTcP 婴儿’）已被纳入优先审评通道，这将加快其审批时间表。</p>
<p>截至目前，国内制造商尚未批准任何基于成分的 DTaP 疫苗上市。婴儿 DTcP 疫苗采用单独纯化的百日咳抗原按定义比例配制，以确保质量和稳定性的一致性。其开发也为青少年和成人成分 Tdap 疫苗及组合疫苗奠定了基础，增强了公司的产品组合和核心竞争力。</p>
<p>从短期交付到中期发展，再到长期创新，康希诺生物的价值超越了现有产品。</p>
<p>研发能力支持长期竞争力</p>
<p>作为一家领先的创新疫苗公司，康希诺生物始终坚持长期战略，确保公司在技术探索的前沿，并为其持续竞争力奠定坚实基础。</p>
<p>其核心人才团队在全球制药和生物技术公司拥有平均超过 25 年的行业经验，涵盖研究、制造和商业化。这使公司能够建立一个与国际标准对接的综合开发体系，覆盖从早期研究到商业化的完整开发周期。</p>
<p>随着时间的推移，康希诺生物还建立了五个核心技术平台，包括病毒载体疫苗、合成疫苗、蛋白质结构设计和类病毒颗粒（VLP）组装、mRNA 疫苗以及制剂和递送技术。这些平台支持多样化的创新体系，为生命周期疫苗开发提供了坚实基础。</p>
<p>公司继续专注于差异化创新，包括多价组合疫苗和新型递送技术，旨在开发具有全球竞争力的疫苗产品。</p>
<p>这些技术能力支持了 Menhycia(R) 和 iPneucia(R) 等产品的推出，巩固了公司在疫苗领域的地位。</p>
<p>国际扩张加速</p>
<p>与此同时，在国内疫苗市场竞争加剧的背景下，康希诺生物正在加速其国际扩张。</p>
<p>最近，公司宣布其制造设施已通过马来西亚国家药品监管局（NPRA）颁发的 PIC/S GMP 认证。PIC/S 是一个国际公认的制药检查和认证框架，涵盖 50 多个国家的监管机构。该认证不仅确认了 Menhycia(R) 和 iPneucia(R) 符合国际质量标准，还增强了公司进入其他全球市场的前景。</p>
<p>事实上，公司在国际市场的存在已经相当成熟，Menhycia(R) 自 2024 年以来获得了印度尼西亚的注册和清真认证。</p>
<p>该公司还在海外建立了多个战略合作伙伴关系，涵盖商业化、联合研发、临床试验和本地化生产。通过 “技术转让 + 本地生产” 的方式，康希诺生物正在扩大其在产品出口之外的影响力，向更广泛的基于技术的合作迈进。</p>
<p>增长催化剂指向潜在的重新估值</p>
<p>总体而言，最新的结果表明康希诺生物正在经历一个拐点，得益于更清晰的商业化路径。</p>
<p>然而，其当前的市场估值可能并未完全反映其投资潜力。展望未来，潜在的增长动力包括 Menhycia(R) 的适应症扩展、iPneucia(R) 销售的持续增长、目前正在优先审查的婴儿 DTcP 疫苗，以及进一步的国际市场扩展。同时，中国对生物制药作为战略行业的政策支持可能为估值提供有利背景。</p>
<p>随着盈利持续改善和市场预期的调整，公司可能会看到盈利增长和估值倍数的重新评估。在中国日益关注生物制药创新的大背景下，康希诺生物的长期投资案例越来越难以忽视。</p>
<p>版权 © 2026 ACN Newswire。保留所有权利。</p>

康希诺生物

<p>康希诺生物在其 2025 年年度业绩中报告了盈利的回归，总收入约为 10.68 亿元人民币，同比增长 26.18%。这一增长归因于其疫苗产品组合，特别是 Menhycia(R) 和 iPneucia(R) 疫苗。公司还在扩大市场覆盖和产品管线，得到了政府补助和国际资金的支持。康希诺生物专注于长期创新和国际扩展，已获得 PIC/S GMP 认证，提升了其全球市场前景</p>

<p>HONG KONG, Mar 31, 2026 - (ACN Newswire) - HONG KONG, Mar 31, 2026 - (ACN Newswire) - China's 2026 Report on the Work of the Government identified biopharmaceuticals as an emerging pillar industry, underscoring a supportive policy environment for innovative drugmakers. In this context, CanSino Biologics Inc. (688185.SH/06185.HK) has released its Annual Results For The Year 2025, marking a return to profitability and highlighting steady progress in its commercialization efforts.</p>
<div class="lb-trans"><p>香港，2026 年 3 月 31 日 -（ACN Newswire）- 香港，2026 年 3 月 31 日 -（ACN Newswire）- 中国 2026 年政府工作报告将生物制药列为新兴支柱产业，强调了对创新药企的支持政策环境。在此背景下，康希诺生物（688185.SH/06185.HK）发布了 2025 年度业绩报告，标志着其盈利能力的恢复，并突显了其商业化努力的稳步进展。</p>
</div><p>Return to Profitability Driven by Vaccine Portfolio Growth</p>
<div class="lb-trans"><p>盈利能力恢复得益于疫苗组合的增长</p>
</div><p>According to its annual results, CanSinoBIO achieved total revenue of approximately RMB 1.068 billion, representing a year-on-year increase of 26.18%. Net profit attributable to shareholders reached RMB 27.9 million, marking a return to profitability.</p>
<div class="lb-trans"><p>根据年度业绩，康希诺生物实现总收入约为人民币 10.68 亿元，同比增长 26.18%。归属于股东的净利润达到人民币 2790 万元，标志着盈利能力的恢复。</p>
</div><p>The turnaround reflects more than a cyclical rebound and suggests the company is building a more sustainable revenue base through the commercialization of routine vaccines. This has strengthened its ability to generate consistent cash flow.</p>
<div class="lb-trans"><p>这一转变不仅反映了周期性反弹，还表明公司通过常规疫苗的商业化建立了更可持续的收入基础。这增强了其产生稳定现金流的能力。</p>
</div><p>The improvement was driven primarily by organic growth in core operations rather than one-off factors. During the reporting period, the Company's Group ACYW135 Meningococcal Polysaccharide Conjugate Vaccine (CRM197) (trade name: Menhycia(R)) maintained steady revenue growth, while its 13-valent Pneumococcal Conjugate Vaccine (trade name: iPneucia(R)) gained market traction following its launch. A more balanced revenue mix has improved earnings visibility.</p>
<div class="lb-trans"><p>这一改善主要得益于核心业务的有机增长，而非一次性因素。在报告期内，公司集团的 ACYW135 脑膜炎球菌多糖结合疫苗（CRM197）（商品名：Menhycia(R)）保持了稳定的收入增长，而其 13 价肺炎球菌结合疫苗（商品名：iPneucia(R)）在上市后获得了市场关注。更为平衡的收入组合提高了盈利的可见性。</p>
</div><p>In addition, CanSinoBIO received multiple government grants and international R&amp;D funding support during the year, reflecting recognition of its technological capabilities and innovative value.</p>
<div class="lb-trans"><p>此外，康希诺生物在年度内获得了多项政府补助和国际研发资金支持，反映了其技术能力和创新价值的认可。</p>
</div><p>Core Products Set to Scale Up, Pipeline Supports Future Growth</p>
<div class="lb-trans"><p>核心产品有望扩大规模，管道支持未来增长</p>
</div><p>Beyond near-term earnings, the company is supported by a diversified pipeline that provides both mid- and long-term growth drivers.</p>
<div class="lb-trans"><p>除了短期收益外，公司还得益于多样化的管道，为中长期增长提供动力。</p>
</div><p>As a core growth driver for CanSinoBIO, Menhycia(R), China's first domestically developed quadrivalent meningococcal conjugate vaccine, continues to expand its market reach. In February 2026, the company announced that the supplemental application to expand the age range of applicable population of Menhycia(R) from 'children aged from 3 months to 3 years old (47 months)' to 'children aged from 3 months to 6 years old (83 months)' has been approved, further broadening its target population.</p>
<div class="lb-trans"><p>作为康希诺生物的核心增长驱动力，Menhycia(R) 是中国首个自主研发的四价脑膜炎球菌结合疫苗，持续扩大市场覆盖。2026 年 2 月，公司宣布已获批将 Menhycia(R) 适用人群的年龄范围从 “3 个月至 3 岁（47 个月）” 扩展至 “3 个月至 6 岁（83 个月）”，进一步拓宽了目标人群。</p>
</div><p>Meanwhile, iPneucia(R)'China's first 13-valent pneumococcal conjugate vaccine using a dual-carrier system (CRM197 and tetanus toxoid)'is expected to generate commercial synergies with Menhycia(R). Shared distribution and marketing channels could help lower marginal sales costs and improve overall efficiency.</p>
<div class="lb-trans"><p>与此同时，iPneucia(R) 是 “中国首个采用双载体系统（CRM197 和破伤风类毒素）的 13 价肺炎球菌结合疫苗”，预计将与 Menhycia(R) 产生商业协同效应。共享的分销和营销渠道有助于降低边际销售成本，提高整体效率。</p>
</div><p>In addition, the company's mid-term pipeline remains robust. It's absorbed diphtheria, tetanus, and acellular pertussis (components) combined vaccine (the 'DTcP') for infants (below 2 years old) (the 'DTcP Infant') has been included in the priority review pathway, which will accelerate its approval timeline.</p>
<div class="lb-trans"><p>此外，公司中期管道依然强劲。其吸附性白喉、破伤风和无细胞百日咳（成分）联合疫苗（‘DTcP’）针对 2 岁以下婴儿（‘DTcP 婴儿’）已被纳入优先审评通道，这将加快其审批时间表。</p>
</div><p>To date, no component-based DTaP vaccine developed by domestic manufacturers has been approved for market launch in China. The infant DTcP vaccine is formulated with individually purified pertussis antigens in defined ratios to ensure consistent quality and stability. Its development also lays the groundwork for adolescent and adult component Tdap vaccines and combination vaccines, enhancing the Company's product portfolio and core competitiveness.</p>
<div class="lb-trans"><p>截至目前，国内制造商尚未批准任何基于成分的 DTaP 疫苗上市。婴儿 DTcP 疫苗采用单独纯化的百日咳抗原按定义比例配制，以确保质量和稳定性的一致性。其开发也为青少年和成人成分 Tdap 疫苗及组合疫苗奠定了基础，增强了公司的产品组合和核心竞争力。</p>
</div><p>From near-term delivery to mid-term development and long-term innovation, CanSino Biologics' value goes beyond its existing products</p>
<div class="lb-trans"><p>从短期交付到中期发展，再到长期创新，康希诺生物的价值超越了现有产品。</p>
</div><p>R&amp;D Capabilities Support Long-Term Competitiveness</p>
<div class="lb-trans"><p>研发能力支持长期竞争力</p>
</div><p>As a leading innovative vaccine company, CanSinoBIO consistently adheres to a long-term strategy, ensuring the company remains at the forefront of technological exploration and laying a solid foundation for its sustained competitiveness.</p>
<div class="lb-trans"><p>作为一家领先的创新疫苗公司，康希诺生物始终坚持长期战略，确保公司在技术探索的前沿，并为其持续竞争力奠定坚实基础。</p>
</div><p>Its core talent team brings an average of more than 25 years of industry experience across global pharmaceutical and biotechnology companies, spanning research, manufacturing and commercialization. This has enabled the company to establish an integrated development system aligned with international standards and covering the full development cycle from early-stage research to commercialization.</p>
<div class="lb-trans"><p>其核心人才团队在全球制药和生物技术公司拥有平均超过 25 年的行业经验，涵盖研究、制造和商业化。这使公司能够建立一个与国际标准对接的综合开发体系，覆盖从早期研究到商业化的完整开发周期。</p>
</div><p>Over time, CanSinoBIO has also built five core technology platforms, including viral vector vaccines, synthetic vaccines, protein structure design and Virus-Like Particle (VLP) assembly, mRNA vaccines, and formulation and delivery technologies. These platforms support a diversified innovation system and provide a solid foundation for lifecycle vaccine development.</p>
<div class="lb-trans"><p>随着时间的推移，康希诺生物还建立了五个核心技术平台，包括病毒载体疫苗、合成疫苗、蛋白质结构设计和类病毒颗粒（VLP）组装、mRNA 疫苗以及制剂和递送技术。这些平台支持多样化的创新体系，为生命周期疫苗开发提供了坚实基础。</p>
</div><p>The company continues to focus on differentiated innovation, including multivalent combination vaccines and novel delivery technologies, with the aim of developing globally competitive vaccine products.</p>
<div class="lb-trans"><p>公司继续专注于差异化创新，包括多价组合疫苗和新型递送技术，旨在开发具有全球竞争力的疫苗产品。</p>
</div><p>These technological capabilities have supported the launch of products like Menhycia(R) and iPneucia(R), reinforcing the company's position in the vaccine sector.</p>
<div class="lb-trans"><p>这些技术能力支持了 Menhycia(R) 和 iPneucia(R) 等产品的推出，巩固了公司在疫苗领域的地位。</p>
</div><p>International Expansion Gains Momentum</p>
<div class="lb-trans"><p>国际扩张加速</p>
</div><p>Meanwhile, amid intensifying competition in the domestic vaccine market, CanSinoBIO is accelerating its international expansion.</p>
<div class="lb-trans"><p>与此同时，在国内疫苗市场竞争加剧的背景下，康希诺生物正在加速其国际扩张。</p>
</div><p>Recently, the company announced that its manufacturing facility has passed the PIC/S GMP certification issued by Malaysia's National Pharmaceutical Regulatory Agency (NPRA). PIC/S is an internationally recognized framework for pharmaceutical inspection and certification, comprising regulatory agencies from over 50 countries. This certification not only confirms that Menhycia(R) and iPneucia(R) meet international-quality standards but also enhances the company's prospects for entering additional global markets.</p>
<div class="lb-trans"><p>最近，公司宣布其制造设施已通过马来西亚国家药品监管局（NPRA）颁发的 PIC/S GMP 认证。PIC/S 是一个国际公认的制药检查和认证框架，涵盖 50 多个国家的监管机构。该认证不仅确认了 Menhycia(R) 和 iPneucia(R) 符合国际质量标准，还增强了公司进入其他全球市场的前景。</p>
</div><p>In fact, the Company's international presence is well established, with Menhycia(R) obtaining Indonesian registration and Halal certification since 2024.</p>
<div class="lb-trans"><p>事实上，公司在国际市场的存在已经相当成熟，Menhycia(R) 自 2024 年以来获得了印度尼西亚的注册和清真认证。</p>
</div><p>The company has also entered into multiple strategic partnerships abroad, covering commercialization, joint R&amp;D, clinical trials, and localized production. Through a 'technology transfer + local manufacturing' approach, CanSinoBIO is expanding its presence beyond product exports toward broader technology-based collaboration.</p>
<div class="lb-trans"><p>该公司还在海外建立了多个战略合作伙伴关系，涵盖商业化、联合研发、临床试验和本地化生产。通过 “技术转让 + 本地生产” 的方式，康希诺生物正在扩大其在产品出口之外的影响力，向更广泛的基于技术的合作迈进。</p>
</div><p>Growth Catalysts Point to Potential Re-Rating</p>
<div class="lb-trans"><p>增长催化剂指向潜在的重新估值</p>
</div><p>Overall, the latest results suggest CanSinoBIO is moving through an inflection point, supported by clearer commercialization pathways.</p>
<div class="lb-trans"><p>总体而言，最新的结果表明康希诺生物正在经历一个拐点，得益于更清晰的商业化路径。</p>
</div><p>Yet, its current market valuation may not fully reflect its investment potential. Looking ahead, potential growth drivers include the expanded indication for Menhycia(R), continued ramp-up in iPneucia(R) sales, the infant DTcP vaccine currently under priority review, as well as further international market expansion. At the same time, China's policy support for biopharmaceuticals as a strategic sector could provide a favorable backdrop for valuation.</p>
<div class="lb-trans"><p>然而，其当前的市场估值可能并未完全反映其投资潜力。展望未来，潜在的增长动力包括 Menhycia(R) 的适应症扩展、iPneucia(R) 销售的持续增长、目前正在优先审查的婴儿 DTcP 疫苗，以及进一步的国际市场扩展。同时，中国对生物制药作为战略行业的政策支持可能为估值提供有利背景。</p>
</div><p>As earnings continue to improve and market expectations adjust, the company may see both earnings growth and a re-rating in valuation multiples. Against the backdrop of China's rising focus on biopharmaceutical innovation, CanSinoBIO's long-term investment case is increasingly difficult to ignore.</p>
<div class="lb-trans"><p>随着盈利持续改善和市场预期的调整，公司可能会看到盈利增长和估值倍数的重新评估。在中国日益关注生物制药创新的大背景下，康希诺生物的长期投资案例越来越难以忽视。</p>
</div><p>Copyright 2026 ACN Newswire . All rights reserved.</p>
<div class="lb-trans"><p>版权 © 2026 ACN Newswire。保留所有权利。</p>
</div>

康希诺生物：从盈利逆转到实现作为创新疫苗领导者的价值