Beike BioRecently, the company disclosed its 2025 semi-annual report. During the reporting period, the company achieved revenue of only RMB 285 million, a year-on-year decline of 53.93%; the net profit attributable to the parent company was RMB -73.5734 million, a sharp year-on-year decline of 153.47%. The main reason affecting the performance was that the sales of herpes zoster vaccine fell short of expectations. Since 2024, Beike Bio's performance has declined sharply, and in the first half of this year, it turned from profit to loss. With the sales of core products falling short of expectations, the nasal spray flu vaccineThe live attenuated vaccine (liquid preparation) was approved for marketing in the first half of this year. With the advancement of the commercialization of the new product, can it boost Beike Bio's performance in the second half of the year?

Core product sales suffered setbacks

Beike Bio's revenue mainly depends on core products such as chickenpox vaccine, shingles vaccine, and freeze-dried nasal spray influenza vaccine.

In early 2023, Beike Biopharma received approval for the first domestic shingles vaccine for people aged 40 and over. This breakthrough, along with the monopoly of imported vaccines in the domestic shingles prevention market, filled a gap in the domestic shingles vaccine market and provided a new source of profit growth for the company. By the end of 2023, the shingles vaccine had become a key revenue driver for Beike Biopharma. In its first year on the market, the shingles vaccine generated 883 million yuan in revenue. While revenue from the varicella vaccine (820 million yuan) declined by 14.36% year-on-year, and revenue from the freeze-dried nasal spray influenza vaccine (122 million yuan) saw a slight year-on-year increase of 6.85%, the shingles vaccine drove a significant 70.3% year-on-year increase in Beike Biopharma's revenue to 1.825 billion yuan in 2023.

　　However, in 2024, sales of the shingles vaccine suffered a setback, with revenue reaching only 251 million yuan, a sharp year-on-year decline of 71.54%. This also led to a 32.64% year-on-year decline in revenue for Beike Biotech during the same period, and a 53.67% year-on-year decline in net profit attributable to the parent company. In terms of sales volume, 898,600 doses of the shingles vaccine were produced in 2024, but only 200,400 were sold. Despite a 33.5% year-on-year decrease in production, sales fell 69.8% year-on-year, and inventory levels surged 79.97%. Beike Biotech stated that the decline in shingles vaccine sales was primarily due to reduced market demand, driven by low public awareness of the dangers of the disease and prevention knowledge, as well as low willingness to vaccinate. This trend continued in 2025, and the sluggish reception of the shingles vaccine continued to impact Beike Biotech's performance.

In the first half of this year, my country's vaccine industry faced numerous challenges. The number of batches approved for several non-immunization program vaccines, including pneumonia, shingles, and influenza, decreased year-on-year, with some product batches declining by over 50%. Beike Biopharma stated that with demographic changes and declining birth rates, the market for children's vaccines is shrinking. In the traditional vaccine sector, competition is intensifying as more companies offer similar products, leading to increasing homogeneity and intensifying competition. The winning bid prices for some vaccines included in local immunization programs have been significantly reduced. Furthermore, due to factors such as vaccine hesitancy and consumer preference, the willingness and ability to pay for non-immunization program vaccines, particularly adult vaccines, are insufficient, shrinking the market and increasing competitive pressure in the industry.

Beike Bio is also promoting the development of a recombinant herpes zoster vaccine, but domestic competition in this area is also quite fierce, including Watson Bio., Wantai Biological, Dalian Yalifeng, Shanghai Biological ProductsResearch Institute, Changchun Qijian, Luzhu Bio, CanSinoMore than 10 companies, including Guangzhou Painuo Biopharmaceuticals, Jiangsu Zhonghui Yuantong, and Geneway (Shanghai) Biopharmaceuticals, are planning to develop shingles vaccines. Although Beike Biopharmaceuticals has a first-mover advantage, time is running out.

Huayuan SecuritiesThe research report analysis points out that the penetration rate of herpes zoster vaccine in China is still relatively low. Affected by the current macro-environment, the market promotion has not met expectations .With the continuous advancement of the work, it is expected that the penetration rate of shingles vaccine in China will have a lot of room for improvement in the future. We continue to be optimistic about the future market potential of shingles vaccine.

Although Beike Bio's varicella vaccine currently holds a leading market share, with the shrinking market capacity caused by the decline in birth rates and the increase in the number of manufacturers of similar products, Beike Bio also pointed out in its 2025 semi-annual report that it may face the risk of declining product prices and sales in the future.

Can the launch of new products help reverse the decline in performance?

While the shingles vaccine is under short-term pressure, research reports from several securities institutions believe that Beike Biopharma's vaccine pipeline has potential and they look forward to Beike Biopharma's vaccines being delivered one after another.

Beike Bio's current products under development include 13 vaccines and 3 monoclonal antibodies related to infectious disease prevention. In the first half of this year, its R&D investment totaled 98.2006 million yuan, a year-on-year increase of 14.81%, accounting for 34.47% of its revenue.

With the flu season approaching in the second half of the year, Beike Biopharma's live attenuated nasal influenza vaccine was approved for marketing at the end of August. This vaccine, based on Beike Biopharma's already approved freeze-dried live attenuated nasal influenza vaccine, has been upgraded from a freeze-dried formulation to a liquid formulation, eliminating the need for reconstitution and making vaccination more convenient. It is suitable for people aged 3-17. However, after obtaining a drug registration certificate, this new vaccine still needs to obtain a product batch release certificate and complete local regulatory approval procedures, raising the uncertainty of its launch. However, if it can be launched in time for the flu season in the second half of this year, it may boost Beike Biopharma's sharply declining performance. Furthermore, clinical trials expanding the vaccine's age range have already begun, expanding its applicable age range to a wider range in the future.

Beike Biopharma's upgraded three-component DTP vaccine is currently undergoing Phase III clinical trials. Currently, no component DTP vaccine developed by a domestic vaccine company has been approved for marketing. In recent years, global pertussis outbreaks have resurged, leading to a surge in demand for DTP vaccines. According to DIResearch, the global DTP vaccine market is steadily expanding, reaching 41.846 billion yuan in 2025 and projected to reach 54.145 billion yuan in 2032, with a compound annual growth rate of 3.75% from 2025 to 2032. The main drivers of global DTP vaccine demand include steady growth in high-income countries for acellular vaccines for children and boosters for pregnant women and adults, as well as increased procurement in developing countries to improve immunization coverage.

Previously, vaccine experts introduced in an interview with the Beijing News reporter that diphtheria, pertussis and tetanus vaccines can be divided into whole-cell vaccines and acellular vaccines. Among them, the acellular diphtheria, pertussis and tetanus combined vaccine with component technology has the advantages of clear ingredients, controllable technology and high safety, which has also attracted companies including Zhifei Bio., Beike Bio, Hualan Vaccine, Minhai Biological, Wuhan Institute of Biological Products , CanSino and many other vaccine companies have made layouts.

CanSino Biologics ' infant and toddler diphtheria, tetanus, and pertussis (DTP) combination vaccine is making the most progress. Its marketing application was submitted last December and accepted by the National Medical Products Administration (NMPA). It was also placed under priority review earlier this year. Its adolescent and adult DTP combination vaccine has completed enrollment in Phase III clinical trials. Lvzhu Biopharma , a subsidiary of Zhifei Biopharma, also announced the entry of its adsorbed acellular DTP combination vaccine into Phase III clinical trials at the end of last year.

While rapidly advancing the development of its pipeline projects, Beike Biopharma must also closely monitor market trends and adjust its business strategies. After its shingles vaccine suffered a setback in its first year on the market, Beike Biopharma has recognized the problem. If sales of new products fall short of expectations, performance will be further impacted. In response, Beike Biopharma stated that based on product characteristics, market changes, and policies guiding the integration of medical and preventive medicine, it will continue to innovate its marketing channel strategies and actively explore new models for integrating medical and preventive medicine to enhance product recognition, market share, and brand awareness.

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