Three new crown vaccine concepts stock price behind the stock price, demand saturation?

Two days, the stock price of vaccine company Kangxino fell 16.3%. On the evening of August 28, the three new crown vaccine concept stocks of Kangshino, Zhifei Biological and Fosun Pharmaceutical released the 2022 semi -annual report. From the data, the net profit of the three companies has declined to varying degrees.

Since August 19, the three new crown vaccine concept stocks of Kangtai Biological, Tibet Pharmaceutical and Chinese Biopharmaceuticals also released the 2022 semi -annual report. These three companies were also affected by the new crown vaccine business, and the net profit attributable to mothers in the first half of the year decreased year -on -year.

New Yellow River reporters have sorted out and found that in the past year, the largest decline in the stock price of the three stocks of Kangshino, Kangtai Biological and Fosun Pharmaceutical has been cut, and the decline in Zhifei Biological, Tibet Pharmaceutical, and Chinese biopharmaceuticals has exceeded 30%.

"New crown vaccine sales have decreased significantly compared with the same period last year"

In the first half of this year, Kangshino's net profit was 12.238 million yuan, a year -on -year decrease of 98.69%, revenue of 629 million yuan, a year -on -year decrease of 69.45%. The operating income decreased significantly, and Constalo attributed the reason to the growth of the global new crown vaccination rate in the first half of the year, the decrease in vaccine demand and the adjustment of product price adjustment.

Unless recurring profit or loss, Condono's net loss in the first half of the year was 56.769 million yuan. "During the reporting period, the global new crown vaccination rate has slowed down, the demand for vaccine decreases, the price adjustment of vaccine products and the number of new crown vaccines related to impairment and the price of new crown vaccines will be increased." Kangshino explained the reasons for the decline in performance in the first half of the year.

In the semi -annual report, Kangshino said that the difficulty of promotion of vaccination in the future will increase, and the growth rate of the global crown vaccination rate will gradually slow down; at the same time, with the listing of more new crown vaccine products, market competition will become More intense, the future supply price may show a downward trend.

The impact of changes in the new crown vaccine market on Conchino has not stopped. "As the growth rate of the new crown vaccination rate gradually slowed down, the proportion of the middle -class finished product of the company's inventory structure at the end of the reporting period increased compared with the end of the same period of the previous year." Kangshino said that although the company has been in accordance with the provisions of the corporate accounting standards, combined with the actual sales situation, cautiously The inventory price preparation is prepared, but if the inventory is difficult to monetize the inventory due to changes in the market environment and intensified competition, it will still face a certain risk of inventory impairment and price decline.

In June 2021, Kangshino's stock price reached nearly 800 yuan/share, and then fell all the way. The closing price on August 30 was 128.7 yuan/share, and the stock price hit a new low in the year. Some investors remembered that in 2021, Zeng Da touched "this is the best vaccine stock", and some people believe that Kangsino's stock price is "too magical." A full -warehouse Kangshino claimed to be deeply set. On the morning of August 30 ","

On the evening of August 28, the semi -annual report disclosed by Zhifei Bio also mentioned the impact of the new crown vaccine on the company's performance.

In the first half of the year, Zhifei Bio achieved a net profit of 3.729 billion yuan, a decrease of 32.08%over the same period last year. Zhifei Bio said that in the first half of this year, the company's new crown vaccine sales decreased significantly compared with the same period last year. At the same time, the company upgraded the scientific research of the new crown vaccine to accelerate. Product operating income increased by 25.95%over the same period last year.

For companies with a lot of profitability for the new crown vaccine, their performance in the first half of this year was also affected.

In 2021, the net profit growth rate of Chinese biopharmaceuticals in Hong Kong stocks was over 400%, and the main increase in profits came from the domestic new crown vaccine manufacturer Koxing Zhongwei. More than 100 million. On August 23 this year, China's biopharmaceuticals released the mid -term performance in 2022. It frankly said that "with the continuous changes in the market environment, the sales volume of Kochi and China -Vitamin crown epidemic declined, and the financial performance was lower than the same period last year." This change "made Chinese biopharmaceuticals occupy the profit and loss of associates and a joint venture to approximately RMB 503 million during the retrospective period, deducting relevant taxes and non -control rights and interests of approximately RMB 34.66 million, the joint venture company and a joint venture company The substantive profit contribution is about RMB 469 million. "

"The profits from Kexing Zhongwei, from participating in the new crown vaccine, from about 7 billion yuan in the first half of last year to more than 400 million yuan in the first half of this year. express.

Sales quickly decline and cause impairment of the new crown vaccine project

Also due to the fact that the sales of the new crown vaccine also affected the performance, the domestic vaccine leading company Kangtai creatures. In the first half of this year, Kangtai Biological, Kangtai Bio's net profit was reduced by 64.19%year -on -year.

Kangtai Bio introduced some projects that did not meet the planned progress or expected income. Since the second quarter of this year, the market environment at home and abroad has changed significantly. The demand for new crown vaccines has declined rapidly, and the company's new crown vaccine sales have fallen rapidly. And due to the influence of external factors such as the situation of epidemic situation, epidemic prevention policy, and market demand, the reorganization of new coronary virus vaccines has obtained large uncertainty in domestic emergency use, authorized use of other regions of overseas, and subsequent market orders. According to these factors, there is a risk of increasing implementation benefits to raised funds.

Kangtai Bio is not the only company that provides impairment due to the new crown vaccine project.

In 2020, Tibet Pharmaceuticals and Russia's HV company cooperated with the technical transfer and production and removal of SPUTNIK-VVACCINE (new crown pneumonia gland virus vaccine), regional development and regional commercialization. Since the beginning of this year, due to the current international situation, excess supply of new crown vaccines, and adverse factors such as the Shanghai epidemic situation, the above -mentioned vaccine technology transfer and production line certification are lagging. Increased uncertainty in export rework. Data show that the net profit of Tibet Pharmaceutical in the first half of this year was 262 million yuan, a year -on -year decrease of 12.07%. In the first half of this year, the company's new crown vaccine project development expenditure cost was 54.02 million yuan, and the relevant inventory calculation preparation was 44.86 million yuan. Tibet Pharmaceuticals calculated a account. If the above impact was removed, the net profit in the first half of the year reached 350 million yuan, an increase of 17.83%over the same period last year.

As of June 30 this year, the above -mentioned new crown vaccine project production line construction, technological transfer, and production materials have spent 746 million yuan.

Recently, the Shanghai Stock Exchange issued a inquiry letter to the new crown vaccine project of Tibet Pharmaceutical Investment, requiring the company to combine the relevant vaccine investment planning, preliminary dedication and actual progress to explain whether investment decisions are cautious.

Global new crown vaccine manufacturers are weak

From the perspective of the stock price, in the past year, Cum Tai Bio, Fosun Pharmaceutical, Zhifei Biological, Tibet Pharmaceutical, and Chinese Biopharmaceuticals have fallen by 56.5%, 50.4%, 41.66%, 36.5%, and 30.37%, respectively.

The content of the financial report shows that Huaxia Shangbi Court ’s Capital Fifth Component Open Index Fund has reduced its holdings of 335,500 shares in the second quarter. Advanced Manufacturing Industry Investment Fund reduced its holdings of 69,500 shares in the second quarter.

In early August of this year, in a survey of an institution, Kangshino stated that according to continuous tracking data, the recent increase in immunity has slowed down, and it has reached the long tail stage. It is also mentioned that the competition of new overseas vaccines is very fierce, and even some areas are greater than demands.

Kangxino also noticed that Pfizer was also announced in the results of his second quarter of 2022, and it provided an impairment of about 450 million US dollars that expired or about to expire. The gradual slowdown of the global crown vaccination growth has brought greater challenges to the overall operations of industry -related companies.

Securities institutions have noticed the changes in the new crown vaccine market. In mid -August this year, a research report from Futu Securities held that the peak sales of new crown vaccines have passed, and the growth of global new crown vaccine manufacturers is weak.

How the new crown vaccine manufacturer responds to market changes and attracts investors' attention.

"How does the company deal with the current failure of vaccine foundry?" On the afternoon of the 23rd, when Tibet Pharmaceutical held the first half of the year's performance briefing, investors saw blood throwing problems. In this regard, Tibet Pharmaceutical explained that the adenovirus vaccine production line invested and constructed has modularity, multi -tasking, multi -functional, flexible production characteristics and large -scale advantages. Agenal virus vaccine.

However, investors are still worried that the impairment of fixed assets such as vaccine -related equipment and factory decoration in the second half of the year. Tibet Pharmaceutical admits that if it fails to find a suitable combination, the production line will have the risk of impairment.

New Yellow River Reporter: Du Lin

Edit: Han Luying

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