CanSinoBIO: From Profit Turnaround to Value Realization as an Innovative Vaccine Leader

Return to Profitability Driven by Vaccine Portfolio Growth

According to its annual results, CanSinoBIO achieved total revenue of approximately RMB 1.068 billion, representing a year-on-year increase of 26.18%. Net profit attributable to shareholders reached RMB 27.9 million, marking a return to profitability.

The turnaround reflects more than a cyclical rebound and suggests the company is building a more sustainable revenue base through the commercialization of routine vaccines. This has strengthened its ability to generate consistent cash flow.

The improvement was driven primarily by organic growth in core operations rather than one-off factors. During the reporting period, the Company’s Group ACYW135 Meningococcal Polysaccharide Conjugate Vaccine (CRM197) (trade name: Menhycia(R)) maintained steady revenue growth, while its 13-valent Pneumococcal Conjugate Vaccine (trade name: iPneucia(R)) gained market traction following its launch. A more balanced revenue mix has improved earnings visibility.

In addition, CanSinoBIO received multiple government grants and international R&D funding support during the year, reflecting recognition of its technological capabilities and innovative value.

Core Products Set to Scale Up, Pipeline Supports Future Growth

Beyond near-term earnings, the company is supported by a diversified pipeline that provides both mid- and long-term growth drivers.

As a core growth driver for CanSinoBIO, Menhycia(R), China’s first domestically developed quadrivalent meningococcal conjugate vaccine, continues to expand its market reach. In February 2026, the company announced that the supplemental application to expand the age range of applicable population of Menhycia(R) from “children aged from 3 months to 3 years old (47 months)” to “children aged from 3 months to 6 years old (83 months)” has been approved, further broadening its target population.

Meanwhile, iPneucia(R)—China’s first 13-valent pneumococcal conjugate vaccine using a dual-carrier system (CRM197 and tetanus toxoid)—is expected to generate commercial synergies with Menhycia(R). Shared distribution and marketing channels could help lower marginal sales costs and improve overall efficiency.

In addition, the company’s mid-term pipeline remains robust. It’s absorbed diphtheria, tetanus, and acellular pertussis (components) combined vaccine (the “DTcP”) for infants (below 2 years old) (the “DTcP Infant”)has been included in the priority review pathway, which will accelerate its approval timeline.

To date, no component-based DTaP vaccine developed by domestic manufacturers has been approved for market launch in China. The infant DTcP vaccine is formulated with individually purified pertussis antigens in defined ratios to ensure consistent quality and stability. Its development also lays the groundwork for adolescent and adult component Tdap vaccines and combination vaccines, enhancing the Company’s product portfolio and core competitiveness.

From near-term delivery to mid-term development and long-term innovation, CanSino Biologics’ value goes beyond its existing products

R&D Capabilities Support Long-Term Competitiveness

As a leading innovative vaccine company, CanSinoBIO consistently adheres to a long-term strategy, ensuring the company remains at the forefront of technological exploration and laying a solid foundation for its sustained competitiveness.

Its core talent team brings an average of more than 25 years of industry experience across global pharmaceutical and biotechnology companies, spanning research, manufacturing and commercialization. This has enabled the company to establish an integrated development system aligned with international standards and covering the full development cycle from early-stage research to commercialization.

Over time, CanSinoBIO has also built five core technology platforms, including viral vector vaccines, synthetic vaccines, protein structure design and Virus-Like Particle (VLP) assembly, mRNA vaccines, and formulation and delivery technologies. These platforms support a diversified innovation system and provide a solid foundation for lifecycle vaccine development.

The company continues to focus on differentiated innovation, including multivalent combination vaccines and novel delivery technologies, with the aim of developing globally competitive vaccine products.

These technological capabilities have supported the launch of products like Menhycia(R) and iPneucia(R), reinforcing the company’s position in the vaccine sector.

International Expansion Gains Momentum

Meanwhile, amid intensifying competition in the domestic vaccine market, CanSinoBIO is accelerating its international expansion.

Recently, the company announced that its manufacturing facility has passed the PIC/S GMP certification issued by Malaysia’s National Pharmaceutical Regulatory Agency (NPRA). PIC/S is an internationally recognized framework for pharmaceutical inspection and certification, comprising regulatory agencies from over 50 countries. This certification not only confirms that Menhycia(R) and iPneucia(R) meet international-quality standards but also enhances the company’s prospects for entering additional global markets.

In fact, the Company’s international presence is well established, with Menhycia(R) obtaining Indonesian registration and Halal certification since 2024.

The company has also entered into multiple strategic partnerships abroad, covering commercialization, joint R&D, clinical trials, and localized production. Through a “technology transfer + local manufacturing” approach, CanSinoBIO is expanding its presence beyond product exports toward broader technology-based collaboration.

Growth Catalysts Point to Potential Re-Rating

Overall, the latest results suggest CanSinoBIO is moving through an inflection point, supported by clearer commercialization pathways.

Yet, its current market valuation may not fully reflect its investment potential. Looking ahead, potential growth drivers include the expanded indication for Menhycia(R), continued ramp-up in iPneucia(R) sales, the infant DTcP vaccine currently under priority review, as well as further international market expansion. At the same time, China’s policy support for biopharmaceuticals as a strategic sector could provide a favorable backdrop for valuation.

As earnings continue to improve and market expectations adjust, the company may see both earnings growth and a re-rating in valuation multiples. Against the backdrop of China’s rising focus on biopharmaceutical innovation, CanSinoBIO’s long-term investment case is increasingly difficult to ignore.