Citic Securities stated that the total number of batch releases in the vaccine industry in the first half of 2025 was 1,629, a year-on-year decrease of 17%. The batch release of rabies vaccine, HPV vaccine and other products increased rapidly, while the year-on-year decline of polio vaccine, meningitis vaccine, MMR vaccine and others was relatively large. In terms of research and development, several major vaccine varieties were approved for marketing in the first half of the year, such as Cansino's PCV13 and Wantai Biological's 9-valent HPV vaccine. There are also several products in the market review stage, such as Chifeng Biological's PCV15 and MCV4, Kangtai Biological's IPV and quadrivalent influenza, etc. It is expected that in the second half of 2025, the sales of some products will improve year-on-year, and the launch of new products will contribute to the increase in performance. The subsequent research and development nodes of the innovative vaccine pipeline and the expected external licensing are worth paying attention to. Some companies have undergone equity changes. The subsequent progress and the empowerment of new shareholders are worth paying attention to.

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