From a capital market perspective, innovative breakthroughs and commercialization in the vaccine sector remain the core value anchors. With the domestic shingles vaccine market penetration rate below 1% and price wars forcing industry upgrades, Green Bamboo Biotechnology (02480.HK) 's core product, the recombinant shingles vaccine LZ901, is nearing its market launch. This world's first recombinant vaccine with a tetrameric molecular structure, with its differentiated clinical advantages and product characteristics tailored to market demands, is not only expected to become a core driver for the company's commercialization but will also bring new value growth points to the vaccine sector in the capital market, reshaping the competitive and value landscape of the domestic shingles vaccine market.

The blue ocean potential of the shingles vaccine market has long been recognized by the capital market. Data shows that China has over 700 million people aged 40 and above, and 320 million elderly people aged 60 and above. However, in 2024, the overall vaccination rate for shingles vaccines in China was only 0.79%, a huge gap compared to the over 40% vaccination rate in the United States. Coupled with over 2.5 million new shingles cases annually, there is a significant unmet demand in the market. Previously, the domestic market offered both imported recombinant vaccines and domestically produced live attenuated vaccines. However, the imported vaccines had drawbacks such as strong side effects from two- dose administration and high prices, while the domestically produced live attenuated vaccines had limited protective efficacy. Furthermore, the pressure on industry profitability caused by price wars led the capital market to anticipate innovative products that combine high safety, strong immunogenicity, and high cost-effectiveness. Green Bamboo Biotechnology's LZ901 product design and clinical data precisely meet this market demand.

As a core achievement of Green Bamboo Biotechnology in the vaccine field, LZ901 is a Class 1 recombinant glycoprotein E subunit vaccine independently developed in China. Its globally pioneering tetrameric molecular structure is the core competitiveness of the product, and clinical trial data from both China and the United States have laid a solid clinical foundation for its commercialization. In the Phase I clinical trial in China among healthy adults aged 50-70, LZ901 demonstrated superior safety and more prominent cellular immune advantages compared to the positive control: compared to existing imported vaccines, it has a lower incidence and milder severity of side effects, with no related serious adverse reactions, significantly reducing concerns about vaccination among the elderly; at the humoral immunity level, the anti-VZV antibody titer in the high-dose group was comparable to that of imported vaccines; at the cellular immunity level, the gE-specific CD4 + T cell activation rate reached 95%, and the CD8 + T cell activation rate reached 70%, both significantly higher than the positive control group, achieving a clinical effect of "dual superiority in safety and immunogenicity". Furthermore, thanks to its excellent safety advantages, LZ901 uses a 1-month vaccination interval, which is more in line with clinical vaccination habits compared to the 2-month interval of imported vaccines, further improving patient compliance and market acceptance.

The capital market's valuation of innovative pharmaceutical companies consistently revolves around three core dimensions: product commercialization potential, pipeline synergy, and industry competitive barriers. Green Bamboo Biotechnology's LZ901 demonstrates a clear value logic across all three dimensions. From a commercialization potential perspective, the domestic shingles vaccine market is currently undergoing a reshaping phase following a price war. Imported two-dose vaccines originally cost over 3,000 yuan, while domestically produced live attenuated vaccines have been reduced to as low as 464 yuan. However, the former suffers from severe side effects and high vaccination costs, while the latter has insufficient protective efficacy. LZ901, with its "high protective efficacy + superior safety," is expected to differentiate itself in terms of price, while simultaneously covering the core vaccination population aged 40 and above, precisely matching the vaccination needs of primary healthcare and the elderly. Leveraging China's vast population, it has the potential to become a blockbuster product.

From a pipeline synergy perspective, Green Bamboo Biotech's strategy is not based on a single product, but rather on a product matrix of recombinant viral vaccines centered around LZ901. The recombinant varicella vaccine, a dosage-adjusted version of LZ901, allows for the reuse of technology platforms and production capacity, significantly reducing R&D and production costs and creating a synergistic commercialization advantage of "shingles + varicella." Simultaneously, the company has also developed several preclinical vaccine products, including RSV and HSV series vaccines, as well as therapeutic biological agents such as bispecific antibodies. This diversified product pipeline supports the company's long-term value, and the successful launch of LZ901 will be a crucial starting point for the commercialization of the company's pipeline, accumulating clinical and market experience for the subsequent R&D and launch of other products.

From the perspective of industry competitive barriers, Green Bamboo Biotechnology has been deeply involved in the vaccine field for over 20 years, establishing a mature immunology and protein engineering technology platform. The combination of the tetrameric molecular structure of LZ901 and the aluminum adjuvant system is a concentrated manifestation of the company's innovation capabilities and technological strength, and this technological barrier is unlikely to be overcome in the short term. At the same time, the company's strategic layout in vaccine R&D and production ensures the release of LZ901's production capacity, matching the vaccination demand as market penetration increases in the future, giving it a production capacity advantage in market competition.

For the capital market, the imminent launch of Green Bamboo Biotechnology's LZ901 not only injects new growth momentum into the vaccine sector but also brings a new value investment logic. Previously, the price war in the domestic shingles vaccine market raised concerns in the capital market about the industry's profitability. However, LZ901, with its differentiated product advantages, is expected to transcend simple price competition and reshape the market landscape through value competition, driving the industry to upgrade from "trading volume for price" to "winning through quality." Furthermore, as Green Bamboo Biotechnology's first commercialized product, the launch of LZ901 will achieve a breakthrough in the company's revenue, changing the company's uncommercialized status quo and providing the capital market with clear profit expectations. Its commercial performance will also become a core indicator for the company's valuation restructuring.

Looking at the entire biotechnology sector, the commercialization of innovative products remains crucial for realizing corporate value. Leveraging the innovative advantages and market potential of its LZ901 vaccine, Green Bamboo Biotechnology has secured a first-mover position in the blue ocean market of shingles vaccines. As its channel layout and market promotion gradually take shape after product launch, its performance is expected to become a focus of attention in the capital market. The launch of LZ901 will not only drive revenue growth for Green Bamboo Biotechnology but also promote the penetration rate and industry upgrading of the domestic shingles vaccine market. With this core product, Green Bamboo Biotechnology will become a high-quality target in the vaccine sector, possessing both innovative capabilities and commercial potential.

In the future, with the improvement of domestic vaccination awareness, the improvement of primary medical services, and the commercialization of Green Bamboo Biotechnology's LZ901, the shingles vaccine market is expected to see a rapid increase in penetration rate. Green Bamboo Biotechnology will also rely on the advantages of its core products to gradually release the company's innovative and commercial value, occupy an important position in the competition in the vaccine sector, and bring more value imagination space to the capital market.

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