After the net profit fell 98%, can Kangsino only rely on the new crown vaccine?

Kangshino, who used to earn 20 billion yuan in the new crown vaccine, is now suffering.

On the evening of August 28, the semi -annual report disclosed by Kangshino showed that the company's revenue in the first half of 2022 was 630 million yuan, a year -on -year decrease of 69.45%; net profit was 12.238 million yuan, a year -on -year decrease of 98.69%.

Kangxino was one of the earliest companies in China to invest in the research and development of the new crown vaccine. It was launched in February 2021, a new crown vaccine developed by the Chen Wei team of Chen Wei, the Chinese Academy of Military Sciences of the Chinese People's Liberation Army. Thanks to this product, Kangshino's annual revenue in 2021 exceeded 4 billion yuan and net profit was as high as 2 billion yuan.

In fact, it is not just Kangxino. Any company that launch new crown vaccines in time has more or less commercial success. According to statistics, in 2021, the total global new crown vaccine sales exceeded 500 billion yuan.

The market knows that vaccine manufacturers also know that such income is unsustainable. In the first half of this year, Kangtai Biological Planning for the impairment of the new crown vaccine assets, Astraikon announced the withdrawal of the new crown vaccine business ... The market finally began to seriously consider the meaning of the words "unsustainable".

On the 29th, Kangshino's stock price fell 15.08%to close 130.6 yuan. The industry dividend brought by the new crown vaccine is disappearing.

"Disappearing" new crown vaccine market

In the product structure of Constino, the new crown vaccine is the largest.

At present, the company has a total of 3 core products entering the commercial stage, namely the new crown vaccine "Kwaisa", which was listed in February, June and December last year, di -valent meningitis polysaccharide combined vaccine MCV2, and tetramid meningitis Combined with vaccine MCV4. Kangshino did not disclose the specific sales of the three products, but disclosed in the 2021 annual report that all income originated from "vaccine products".

According to the China Food and Drug Inspection Research Institute, MCV2 was not approved for the first time until October last year, and at least 20 provinces were paved in early July this year. As for MCV4, Kangshino had commissioned Pfizer to promote marketing, but it was authorized in June this year. When it was retracted, the company introduced that this product "has not generated sales revenue."

In other words, Cumino's revenue since 2021 can basically be regarded as a transcript of the new crown vaccine.

In 2021, "Kwaisa" was approved in Brazil, Argentina, Ecuador and other countries. Thanks to this, Kangshino's overseas revenue reached 3.057 billion yuan throughout the year, accounting for nearly 70%.

However, after entering 2022, the revenue of the Cumino's new crown vaccine fell rapidly: the revenue of 499 million yuan in the first quarter was barely the same as the same period last year, and in the second quarter, it had fallen to 130 million yuan.

Data source: Kangshino Performance News

Beginning in 2022, the number of overseas vaccine vaccinations dropped rapidly. According to the data of British analysis company Airfinity, the export volume of the three vaccines of Kangshino, Kexing and Chinese Medicine reached the peak of 235 million doses in November last year, which is nearly 140 million doses higher than the total export volume in the first quarter of this year. Essence

Our World in Data data shows that as of the first quarter of this year, about 64%of people around the world vaccinated at least 1 dose of new crown vaccines, and about 58%of people completed 2 conventional doses of vaccination. Since then, although the proportion of vaccination has increased, the increase is far less than before.

Because there is no demand, many European and American countries have even begun to destroy the expired new crown vaccine.

The demand for the new crown vaccine is difficult to increase significantly as in 2021. In the semi -annual report of Kangshino in 2022, the company's performance declined was mainly due to "the global new crown vaccination rate has slowed down, the demand for vaccine products decreases, the price adjustment of vaccine products and the existence of impairment of the new crown vaccine calculations caused by the price decline of the inventory of the inventory of the inventory of vaccines. "".

Humanity in the market has led to a decline in performance, and this dilemma not only appears on Kangshino. Earlier, the semi -annual report released by Kangtai Bio showed that when the company's revenue increased, the net profit fell by nearly 70%year -on -year, mainly because the sales of the new crown vaccine fell rapidly. value.

Kangshino needs the next "Kwaisa"

Kangxino continued to work hard on the new crown vaccine. The company developed a new crown vaccine and a new crown MRNA vaccine with "Kwaisa" as the prototype.

The cumulative research and development investment of these three new crown products has reached more than 1.2 billion yuan. Now it is difficult to ride a tiger: one of them is applying for emergency use applications and the other is still making phase II clinical.

In addition to the new crown vaccine, Kangshino can currently get two meningitis vaccines: MCV2 and MCV4. Both vaccines were second -class vaccines. In a survey of an institution in July this year, Kangsino had stated that this year's "the top priority is MCV4".

However, in early June this year, Kang Xino terminated sales and promotion cooperation with Pfizer about MCV4, and decided to sell this product by himself.

To this end, the company has formed a sales team of about 300 people to complete the access of nearly 10 provinces. However, the information of the Chinese Procuratorate showed that until now, the product has not yet been approved. The costs of this part are all piled up in the first half of 2022, and only 2 vaccines are sold. The sales team may face the unsaturated workload.

Kangxino is still stepping up the research of new products. The fastest progress in the pipeline is a 13 -valent pneumonia combined vaccine. It has launched phase III clinical in April 2021. The company is expected to be completed by the end of this year.However, the 13 -valent pneumonia combined vaccine of Watson Biological and Kangtai Bio has long been sold. Watson's vaccine has been sold for more than 2 years, and cumulative sales have reached more than 6 billion yuan. The annual sales have even exceeded Pfizer’s.13 vaccine.Looking at this along the way, Kangshino's most expected is the new crown vaccine.

At the beginning of June, the new research progress of "Kwaisa" announced by Kangshino showed that the order of this vaccine strengthened the safety and effectiveness of the elderly groups, and the neutralization of the original poison strains, Delta, and Omikon's neutralized antibody levels, respectively.It is 6.2 times, 6.3 times, and 7.5 times the enhancement of homologous vaccines.

Writing ｜ Guyue

Edit ｜ Jiang Yun Jia Ting

Operation | Twenty -thirty

### New crown vaccine#

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