Reported Earnings • Apr 30
First quarter 2026 earnings released: CN¥0.16 loss per share (vs CN¥0.05 loss in 1Q 2025) First quarter 2026 results: CN¥0.16 loss per share (further deteriorated from CN¥0.05 loss in 1Q 2025). Revenue: CN¥190.3m (up 39% from 1Q 2025). Net loss: CN¥40.4m (loss widened 250% from 1Q 2025). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Apr 29
CanSino Biologics Inc., Annual General Meeting, Jun 10, 2026 CanSino Biologics Inc., Annual General Meeting, Jun 10, 2026, at 13:30 China Standard Time. Location: 2F, No. 126, Weiguo Road, Hedong District, Tianjin China Announcement • Mar 30
CanSino Biologics Inc. to Report Q1, 2026 Results on Apr 29, 2026 CanSino Biologics Inc. announced that they will report Q1, 2026 results on Apr 29, 2026 Announcement • Mar 23
CanSino Biologics Inc.(XSSC:688185) dropped from FTSE All-World Index (USD) CanSino Biologics Inc.(XSSC:688185) dropped from FTSE All-World Index (USD) Announcement • Mar 17
CanSino Biologics Inc. to Report Fiscal Year 2025 Results on Mar 30, 2026 CanSino Biologics Inc. announced that they will report fiscal year 2025 results at 9:30 AM, China Standard Time on Mar 30, 2026 Reported Earnings • Mar 02
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: CN¥0.11 (up from CN¥1.53 loss in FY 2024). Revenue: CN¥1.07b (up 26% from FY 2024). Net income: CN¥27.9m (up CN¥406.8m from FY 2024). Profit margin: 2.6% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jan 05
Cansino Biologics Inc. Obtains Clinical Trial Approval Granted by the National Medical Products Administration of China CanSino Biologics Inc. announced that it has obtained clinical trial approval granted by the National Medical Products Administration of China to initiate the relevant clinical trial for the 24-valent Pneumococcal Polysaccharide Conjugate Vaccine (CRM197/TT) (the PCV24), a vaccine candidate developed by the Company. The Company's PCV24 covers the major prevalent pneumococcal serotypes currently in circulation. It adopts covalent conjugation method of polysaccharide antigens to protein carriers and a dual carrier technology. The vaccine is intended for vaccination in individuals aged 2 months (minimum 6 weeks) and above to prevent infectious diseases caused by 24 pneumococcal serotypes. This product has completed the production processes for the purified polysaccharides of the 24 serotypes and for the polysaccharide-protein conjugate drug substance, as well as the development and validation of the final product formulation. As of the date of this announcement, no 24-valent pneumococcal polysaccharide conjugate vaccine is currently available on the global market. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2026 The 3 analysts covering CanSino Biologics previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of CN¥272.0m in 2026. Average annual earnings growth of 114% is required to achieve expected profit on schedule. Announcement • Dec 26
CanSino Biologics Inc. to Report Fiscal Year 2025 Results on Mar 31, 2026 CanSino Biologics Inc. announced that they will report fiscal year 2025 results on Mar 31, 2026 Announcement • Dec 20
CanSino Biologics Inc. Announces Initiation of Phase I Clinical Trial and Completion of First Patient Case for Dtcp-Hib-Mcv4 Combined Vaccine CanSino Biologics Inc. announced that the Phase I clinical trial for the absorbed diphtheria, tetanus and acellular pertussis (comp components) (the "DTcP") Haemophilus Influenzae Type b (Conjugate) (the "Hib") - Group ACYW135 Meningococcal (Conjugate) combined vaccine (the "MCV4") developed by the Company was officially initiated recently and the first trial patient case has been formally enrolled. To leverage the Company's product pipeline layout and meet the market demand for combined vaccines, the Company intends to develop the DTcP-Hib-MCV4 Combined Vaccine to achieve a differentiated competitive stance. The Phase I clinical trial is designed to assess the safety and immunogenicity of the DTcP-HIB-MCV4 Combined Vaccines in subjects aged between 2 months to 6 years. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. Announcement • Nov 27
Cansino Biologics Inc. Appoints Man Cho and Xuefeng Ji as Independent Non-Executive Director and Adjusts Composition of the Committees CanSino Biologics Inc. at its EGM held on November 27, 2025, approved appointment of Mr. Man CHO as an independent non-executive Director of the third session of the Board of Directors and appointment of Ms. Xuefeng JI as an independent non-executive Director of the third session of the Board of Directors. The Board of Directors announced that, at the Board of Directors meeting of the Company held immediately following the EGM, the Board of Directors resolved to adjust the
composition of the committees under the Board of Directors with effect from November 27, 2025, until the expiry of the term of the third session of the Board of Directors. Audit Committee: Mr. Yiu Leung Andy CHEUNG (Chairman); Ms. Xuefeng JI; Mr. Chi Shing LI. Remuneration and Assessment Committee: Mr. Man CHO (Chairman); Mr. Yiu Leung Andy CHEUNG; Ms. Xuefeng JI; Mr. Chi Shing LI; Dr. Xuefeng YU. Nomination Committee: Ms. Xuefeng JI (Chairwoman); Mr. Man CHO; Dr. Xuefeng YU. Reported Earnings • Oct 28
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: CN¥0.15 (up from CN¥0.012 in 3Q 2024). Revenue: CN¥310.2m (up 18% from 3Q 2024). Net income: CN¥27.9m (up CN¥25.0m from 3Q 2024). Profit margin: 9.0% (up from 1.1% in 3Q 2024). Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 22
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at HK$43.16. The fair value is estimated to be HK$54.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 40% over the last 3 years. Meanwhile, the company became loss making. Announcement • Sep 30
CanSino Biologics Inc. to Report Q3, 2025 Results on Oct 28, 2025 CanSino Biologics Inc. announced that they will report Q3, 2025 results on Oct 28, 2025 Recent Insider Transactions • Aug 28
Chief Commercial Officer recently sold HK$237k worth of stock On the 22nd of August, Jing Wang sold around 5k shares on-market at roughly HK$51.50 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought HK$2.5m more than they sold in the last 12 months. Breakeven Date Change • Aug 26
Forecast breakeven date moved forward to 2025 The 3 analysts covering CanSino Biologics previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of CN¥17.9m in 2025. Earnings growth of 112% is required to achieve expected profit on schedule. Reported Earnings • Aug 22
Second quarter 2025 earnings released: CN¥0.006 loss per share (vs CN¥0.22 loss in 2Q 2024) Second quarter 2025 results: CN¥0.006 loss per share (improved from CN¥0.22 loss in 2Q 2024). Revenue: CN¥245.2m (up 30% from 2Q 2024). Net loss: CN¥1.94m (loss narrowed 97% from 2Q 2024). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 6% per year. Buy Or Sell Opportunity • Jul 10
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to HK$35.75. The fair value is estimated to be HK$29.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 69% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 30
CanSino Biologics Inc. to Report First Half, 2025 Results on Aug 21, 2025 CanSino Biologics Inc. announced that they will report first half, 2025 results on Aug 21, 2025 Announcement • Jun 20
CanSino Biologics Inc. Announces National Medical Products Administration of China Grants New Drug Application Approval to PCV13i CanSino Biologics Inc. announced that the National Medical Products Administration (the "NMPA") of China has granted new drug application (the "NDA") approval to the 13-valent Pneumococcal Polysaccharide Conjugate Vaccine (CRM197/TT) (the "PCV13i") developed by the Company. The Company's PCV13i adopts a covalent combination of polysaccharide antigens and carrier proteins. After the polysac Charide antigens are linked to the carrier proteins, the polysaccharide can be converted into T cells dependent antigens, which not only induces a high level of specific antibodies in infants and young children under 2 years old, but also generates memory B cells to produce immune memory. Meanwhile, the Company adopts dual vector technology which can reduce the immunosuppression to immunogenicity when co-injecting with other vaccines. In terms of production technology, the Company has adopted a safer production process, with animal-free culture medium as the fermentation medium, reducing risks from animal-derived biological factors and avoiding the toxicity residue from traditional purification process by phenol method. PCV13i is the first product in the Company's pneumococcal vaccine portfolio that has obtained NDA approval, laying a foundation for the development of higher-valent pneumococcal conjugate vaccines. Meanwhile, as PCV13i has a similar market positioning to the Company's current major commercialized product, Menhycia®?, the MCV4 vaccine positioned by the Company as a high-end self-paid vaccine, the two products' target consumer groups overlap. The launch of PCV13i will enrich the Company's commercialized product portfolio and enhance its marketing efficiency. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. Breakeven Date Change • May 23
Forecast breakeven date moved forward to 2025 The 4 analysts covering CanSino Biologics previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of CN¥10.0m in 2025. Earnings growth of 108% is required to achieve expected profit on schedule. Board Change • May 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Shuifa Gui was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 01
First quarter 2025 earnings released: CN¥0.05 loss per share (vs CN¥0.69 loss in 1Q 2024) First quarter 2025 results: CN¥0.05 loss per share (improved from CN¥0.69 loss in 1Q 2024). Revenue: CN¥137.2m (up 20% from 1Q 2024). Net loss: CN¥11.5m (loss narrowed 93% from 1Q 2024). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Apr 30
CanSino Biologics Inc., Annual General Meeting, Jun 04, 2025 CanSino Biologics Inc., Annual General Meeting, Jun 04, 2025, at 13:30 China Standard Time. Location: 2F, No. 126, Weiguo Road, Hedong District, Tianjin China New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Mar 28
CanSino Biologics Inc. to Report Q1, 2025 Results on Apr 30, 2025 CanSino Biologics Inc. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Mar 03
Full year 2024 earnings released: CN¥1.53 loss per share (vs CN¥6.01 loss in FY 2023) Full year 2024 results: CN¥1.53 loss per share (improved from CN¥6.01 loss in FY 2023). Revenue: CN¥846.3m (up 137% from FY 2023). Net loss: CN¥378.9m (loss narrowed 74% from FY 2023). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Announcement • Feb 24
CanSino Biologics Inc. Receives Approval For Clinical Trial Of DTcP-Hib-MCV4 Combined Vaccine CanSino Biologics Inc. announced that it has obtained clinical trial approval granted by the National Medical Products Administration of the People's Republic of China to initiate relevant clinical trial for the Company's absorbed diphtheria, tetanus and acellular pertussis (comp components) (the "DTcP") Haemophilus Influenzae Type b (Conjugate) (the "Hib") - Group ACYW135 Meningococcal (Conjugate) combined vaccine (the "DTcP-Hib-MCV4 Combined Vaccine), a vaccine candidate developed by the Company. As of the date of this announcement, as a component of the DTcP-Hib- MCV4 Combined Vaccine, the Company's Menhycia, as the first MCV4 vaccine product in China, has obtained the new drug approval and achieved commercialization, the DTcP Infant is under the Phase III clinical trial, and the Hib Vaccine is under the Phase I clinical trial. Based on the relevant data accumulated during the development of these vaccines, the Company intends to develop the DTcP-HIB-MCV4 Combined Vaccines in order to meet the market demand for combined vaccines, establishing a differentiated competitive advantage for the Company. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. Announcement • Feb 06
National Medical Products Administration of the People's Republic of China Grants Notice of Acceptance to CanSino Biologics Inc.'S New Drug Application for the Contained Tetanus Vaccine CanSino Biologics Inc. announced that the National Medical Products Administration of the People's Republic of China has recently granted a notice of acceptance to the Company's new drug application for the absorbed tetanus vaccine developed by the Company. Tetanus is an acute infectious disease caused by Clostridium tetani. Clostridium tetani produces an exotoxin known as tetanospasmin, which is the pathogenic agent of tetanus, causing generalized tonic contraction of skeletal muscle and paroxysmal spasms. Severe cases may develop complications such as laryngospasm, asphyxiation, pulmonary infections, and organ failure, with a mortality rate reaching 30%-50%. The mortality rate of tetanus approaches 100% without medical intervention, making it an extremely severe and potentially fatal disease. The Company has developed the Tetanus Vaccine which is fermented with animal-free culture medium and is thus safer. Furthermore, stable industrial scale processes have been identified. This vaccine primarily targets for non-neonatal tetanus prevention, which will expand the Company's product pipeline and enhance its core competitiveness. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. Announcement • Jan 17
CanSino Biologics Inc. Provides Earnings Guidance for the Period from January 1, 2024 to December 31, 2024 CanSino Biologics Inc. provides earnings guidance for the period from January 1, 2024 to December 31, 2024. For the period, the company expects revenue of RMB825.0 million to RMB 865.0 million for the year ended December 31, 2024. The net loss attributable to the shareholders of the Company for the year ended December 31, 2024 is expected to be RMB335.0 million to RMB 385.0 million. During the Reporting Period, the Group mainly focused on advancing commercialization of the meningococcal conjugate vaccines and the development of non-COVID-19 vaccine candidates. In terms of commercialization, the Group continued to build its sales channels. The Group's Group ACYW135 Meningococcal Polysaccharide Conjugate Vaccine (CRM197) (trade name: Menhycia®) currently holds an exclusive competitive position in the market, with its market share steadily increasing. Meanwhile, the impact of global public health event on the Group's operations has largely been eliminated. As a result, the Group's revenue has grown rapidly compared to the same period last year, driving an improvement in the Group's operating results. In terms of vaccine research and development, the Group has continuously advanced the progress of its pipeline, with multiple candidates reaching significant milestones and progressing towards industrialization and commercialization. Announcement • Dec 27
CanSino Biologics Inc. to Report Fiscal Year 2024 Results on Mar 26, 2025 CanSino Biologics Inc. announced that they will report fiscal year 2024 results on Mar 26, 2025 Recent Insider Transactions • Dec 21
COO, Deputy GM & Executive Director recently bought HK$558k worth of stock On the 18th of December, Shou-Bai Chao bought around 18k shares on-market at roughly HK$31.00 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$823k. Shou-Bai has been a buyer over the last 12 months, purchasing a net total of HK$1.5m worth in shares. Announcement • Dec 18
Cansino Biologics Inc. Announces Acceptance of New Drug Application for DTCP Infant CanSino Biologics Inc. announced that the National Medical Products Administration of the People's Republic of China has recently granted a notice of acceptance to the Company's new drug application for its absorbed diphtheria, tetanus and acellular pertussis (comp components) combined vaccine (the "DTcP") for infants (below 2 years old) (the "DTcP Infant") developed by the Company. The manufacturing process of the co-purified diphtheria, tet tetanus and acellularertussis vaccine currently available in China uses a process of co-purification of pertussis antigens. As a diphtheria, tetus and acellular pertuss is (comp components) vaccine, each pertussis antigen of the DTcP Infant can be purified separately and formulated in a defined ratio, thus ensuring batch-to-batch consistency of product quality and making the product quality more stable. As of the date of this announcement, no domestically manufactured diphtheria, tetitis and acellular pertussIS (comp components) vaccine has been approved for commercialization in China. The Company's DTcP Infant is positioned as a viable alternative to imported vaccines in China. Furthermore, the development of DTcP Infant establishes the foundation for the further development of the absorbed diphtheria, Tetanus and acellular pertusis (comp components) combined vaccines (for people aged six years old and above), as well as combined vaccine based on the DTcP components. The product portfolio of diphtheria, tet infections and acellular pertussi (comp components) vaccines will further enrich the Company's product strategy and enhance the Company's core competitiveness. In the Phase III clinical trial of DTcP Infant, the primary immunization of DTcP Infant starts at the age of 2 months with 3 doses, with an interval of 1 or 2 months between each dose, and the booster immunization is carried out at the age of 18 to 24 months, with each person receiving 1 dose. As of the date of the date of this announcement. the Phase III clinical trial ofDTcP Infant is still in progress, and the vaccination and data collection for the primary immunization have been completed, and the Company has obtained the final report of Phase III clinical trial in respect of the primary immunization. Therefore, DTcP Infant possesses the necessary conditions for submitting the new drug application to the NMPA, and the Company will submit the data related to the enhanced immunization of DTcP infant to the regulatory authorities in due course. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. Recent Insider Transactions • Dec 01
Co-Founder recently bought HK$823k worth of stock On the 27th of November, Xuefeng Yu bought around 30k shares on-market at roughly HK$27.44 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Xuefeng has been a buyer over the last 12 months, purchasing a net total of HK$2.2m worth in shares. Announcement • Nov 15
CanSino Biologics Inc. Announces Initiation of Phase I Clinical Trial and Completion of First Patient Case for the Haemophilus Influenzae Type B Conjugate Vaccine, Freeze-Dried CanSino Biologics Inc. announced that, the phase I clinical trial for the Haemophilus Influenzae Type b (the Hib) Conjugate Vaccine, Freeze-dried (the Hib) developed by the company, was officially initiated recently and the first trial patient case has been formally enrolled. As a gram-negative bacillus, haemophilus influenzae is one of the most prevalent pathogens of acute lower respiratory tract infections in children, and is classified into encapsulated and unencapsulated strains, both of which can induce infections. The unencapsulated strain often causes diseases like otitis media and sinusitis, which is mainly due to the spread of colonising bacteria from the nasopharynx to neighbouring areas; infections secondary to bloodstream invasion are usually caused by the encapsulated strains. Encapsulated strains are classified according to the chemical composition of the capsular polysaccharide, and 6 serotypes have been identified, of which about 95% of invasive haemophilus influenzai disease is caused by type b. The Hib Vaccine is a covalent combination of purified Hib capsular polysaccharide and tetanus toxoid protein in a freeze-dried dosage, which is expected to induce humoral immunity against Hib after vaccination and provide protection to the vaccinees. The company is developing a combined vaccine based on the DTcP components, of which the Hib Vaccine candidate is one of the components. As a vaccine that has not been approved for commercialisation, it is necessary to accumulate a certain amount of clinical data in order to support the registration and application of the combined vaccine based on the DTCP components in the future. New Risk • Oct 30
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: CN¥720m Forecast net loss in 1 year: CN¥150m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 30
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: CN¥0.012 (up from CN¥0.58 loss in 3Q 2023). Revenue: CN¥263.6m (up 76% from 3Q 2023). Net income: CN¥2.96m (up CN¥146.6m from 3Q 2023). Profit margin: 1.1% (up from net loss in 3Q 2023). Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
CanSino Biologics Inc. to Report Q3, 2024 Results on Oct 30, 2024 CanSino Biologics Inc. announced that they will report Q3, 2024 results on Oct 30, 2024 Recent Insider Transactions • Sep 29
Co-Founder recently bought HK$436k worth of stock On the 26th of September, Xuefeng Yu bought around 20k shares on-market at roughly HK$21.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$550k. Xuefeng has been a buyer over the last 12 months, purchasing a net total of HK$1.4m worth in shares. Board Change • Sep 26
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairman of Employee Representative Supervisor Zhi Xiao was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 12
Co-Founder recently bought HK$367k worth of stock On the 9th of September, Xuefeng Yu bought around 20k shares on-market at roughly HK$18.37 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$377k. Xuefeng has been a buyer over the last 12 months, purchasing a net total of HK$930k worth in shares. Major Estimate Revision • Sep 03
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥860.3m to CN¥842.6m. Losses expected to increase from CN¥1.22 per share to CN¥1.34. Biotechs industry in Hong Kong expected to see average net income growth of 7.1% next year. Consensus price target down from HK$28.04 to HK$26.89. Share price rose 5.2% to HK$17.82 over the past week. Recent Insider Transactions • Jul 27
Co-Founder recently bought HK$186k worth of stock On the 24th of July, Xuefeng Yu bought around 10k shares on-market at roughly HK$18.57 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$377k. Xuefeng has been a buyer over the last 12 months, purchasing a net total of HK$563k worth in shares. Recent Insider Transactions • Jul 12
Co-Founder recently bought HK$377k worth of stock On the 9th of July, Xuefeng Yu bought around 20k shares on-market at roughly HK$18.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Xuefeng's only on-market trade for the last 12 months. Announcement • Jun 28
CanSino Biologics Inc. to Report First Half, 2024 Results on Aug 30, 2024 CanSino Biologics Inc. announced that they will report first half, 2024 results on Aug 30, 2024 Announcement • Jun 02
CanSino Biologics Inc., Annual General Meeting, Jun 27, 2024 CanSino Biologics Inc., Annual General Meeting, Jun 27, 2024, at 13:30 China Standard Time. Announcement • Jun 01
CanSino Biologics Inc. Announces Resignation of Nisa Bernice Wing-Yu LEUNG as Non-Executive Director and Member of the Nomination Committee The board of directors of CanSino Biologics Inc. announced that, Ms. Nisa Bernice Wing-Yu LEUNG (Ms. Leung) has tendered her resignation as a non-executive Director of the Company and a member of the nomination committee under the Board (the Nomination Committee) due to her personal work arrangements, with effect from May 30, 2024. Ms. Leung has confirmed that she has no disagreement with the Company and the Board of Directors, and there are no other matters relating to her resignation that need to be brought to the attention of The Stock Exchange of Hong Kong Limited (the Hong Kong Stock Exchange) and the shareholders of the Company (the Shareholders). Major Estimate Revision • May 06
Consensus EPS estimates upgraded to CN¥1.19 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -CN¥1.42 to -CN¥1.19 per share. Revenue forecast unchanged from CN¥870.4m at last update. Biotechs industry in Hong Kong expected to see average net income growth of 8.9% next year. Consensus price target up from HK$27.08 to HK$27.81. Share price rose 11% to HK$20.95 over the past week. Reported Earnings • May 01
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: CN¥0.69 loss per share (further deteriorated from CN¥0.57 loss in 1Q 2023). Revenue: CN¥114.3m (up 14% from 1Q 2023). Net loss: CN¥170.1m (loss widened 22% from 1Q 2023). Revenue missed analyst estimates by 49%. Earnings per share (EPS) also missed analyst estimates by 112%. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 23 percentage points per year, which is a significant difference in performance. Announcement • Apr 23
Cansino Biologics Inc. Announces Positive Preliminary Results from Phase I Clinical Trials of the Protein-Based Pneumococcal Vaccine CanSino Biologics Inc. announced that, it has received positive preliminary results from Phase I clinical trials of the protein-based pneumococcal vaccine developed by the Company. PBPV is a globally innovative pneumococcal vaccine candidate. Unlike the 23-valent pneumococcal polysaccharide vaccine and 13-valent pneumococcal conjugate vaccine PBPV is not serotype-dependent. It mainly adopts antigens that are based on the pneumococcal surface protein A, or PspA, a highly-conserved protein which is expressed by virtually all pneumococci. Compared with currently marketed PPV23 and PCV13, PBPV has broader coverage (at least 98% coverage of pneumococcal strains), which can effectively prevent serotype replacement. Meanwhile, this product has a simpler production process than polysaccharide vaccines and conjugate vaccines, facilitating scale-up and quality control. The Company has initiated a randomized, double-blind, placebo-controlled Phase Ia clinical trial to preliminarily evaluate the safety and immunogenicity of PBPV after vaccination in healthy adults aged 18-49 years old, and a randomized, blinded, active control Phase Ib clinical trial to preliminarily evaluate the safety and immunogenicity of PBPV after vaccination in adults aged 50 years old and above. The results of Phase Ia and Phase Ib clinical studies showed that PBPV has a good safety profile in adults and the elderly, with no Grade 3 adverse reactions and no special safety risks observed. Meanwhile, a single dose of vaccination is able to induce significant binding antibody and functional bactericidal antibody responses against cross-family/clade of Streptococcus pneumoniae, which further demonstrated the broad spectrum and potential public health value of this vaccine candidate. Based on the preliminary results obtained from the Phase I clinical trials, the Company will proceed with the evaluation and planning of the next phase of development for PBPV. Reported Earnings • Apr 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CN¥6.01 loss per share (further deteriorated from CN¥3.68 loss in FY 2022). Revenue: CN¥357.1m (down 66% from FY 2022). Net loss: CN¥1.48b (loss widened 63% from FY 2022). Products in clinical trials Phase I: 5 Phase II: 1 Phase III: 2 Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 7 percentage points per year, which is a significant difference in performance. Announcement • Mar 30
CanSino Biologics Inc. to Report Q1, 2024 Results on Apr 30, 2024 CanSino Biologics Inc. announced that they will report Q1, 2024 results on Apr 30, 2024 Major Estimate Revision • Mar 30
Consensus EPS estimates upgraded to CN¥1.04 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from CN¥958.5m to CN¥936.9m. 2024 losses expected to reduce from -CN¥1.27 to -CN¥1.04 per share. Biotechs industry in Hong Kong expected to see average net income growth of 3.1% next year. Consensus price target down from HK$32.30 to HK$29.92. Share price fell 2.1% to HK$15.92 over the past week. Announcement • Mar 21
Cansino Biologics Inc. Announces Initiation of Phase III Clinical Trial and Completion of First Trial Patient Case for Absorbed Tetanus Vaccine CanSino Biologics Inc. announced that, the phase III clinical trial for the Absorbed Tetanus Vaccine developed by the Company, was officially initiated recently and the first trial patient case has been formally enrolled. Phase III clinical trial will evaluate the safety and immunogenicity of Absorbed Tetanus Vaccines in population aged above 18 years old, and conduct a randomized, blinded, positive control clinical trial. The Absorbed Tetanus VaccINE is fermented with animal-free culture medium and safer, and the stable industrial scale processes have been identified. This vaccine is mainly used for non-neonatal tetanus prevention, which will further enrich the Company's product pipeline and enhance its core competitiveness. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. Announcement • Feb 28
Cansino Biologics Inc. Announces Acceptance of Drug Registration Application for 13-Valent Pneumococcal Conjugate Vaccine CanSino Biologics Inc. announced that the National Medical Products Administration (the "NMPA") of the People's Republic of China has recently granted a notice of acceptance to the Company's new drug application for registration and marketing of domestic manufactured drugs for its 13-Valent pneumococcal conjugate vaccine (CRM197, TT Vector) (the "PCV13i") developed by the Company. PCV13i adopts a covalent combination of polysaccharide antigens and carrier proteins. After the polysac Charide antigens are linked to the carrier proteins, the polysaccharide can be converted into T cells dependent antigens, which not only induces a high level of specific antibodies in infants and young children under 2 years old, but also generates memory B cells to produce immune memory. Meanwhile, the Company adopts double vector technology which can reduce the immunosuppression to immunogenicity when co-injecting with other vaccines. In terms of production technology, the Company has adopted a safer production process, with animal-free culture medium as the fermentation medium, reducing risks from animal-derived biological factors and avoiding the toxicity residue from traditional purification process by phenol method. After the acceptance of drug registration application for PCV13i with NMPA, PCV13i shall be subject to the procedures of technical evaluation, clinical trial onsite inspection and production site inspection, and will be commercialized only after obtaining the new drug application (the "NDA") approval and lot release approval. The progress of the evaluation and approval of PCV13i and the date of obtaining the NDA approval are subject to uncertainties. Upon the commercialization of PCV13i, it will have a positive impact on the operating results, enrich the pipeline and further enhance the competitiveness of the Company. Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: CN¥5.87 loss per share (further deteriorated from CN¥3.68 loss in FY 2022). Revenue: CN¥357.1m (down 66% from FY 2022). Net loss: CN¥1.45b (loss widened 59% from FY 2022). Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 31% growth forecast for the Biotechs industry in Hong Kong. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 6 percentage points per year, which is a significant difference in performance. Announcement • Feb 01
Cansino Biologics Inc. Provides Earnings Guidance for Year Ended December 31, 2023 CanSino Biologics Inc. provided earnings guidance for year ended December 31, 2023. For the year, company expects net loss attributable to the shareholders of the Company to be RMB 1,268.5 million to RMB 1,496.9 million. Announcement • Jan 30
CanSino Biologics Inc. Obtains the Final Report of Phase III Clinical Trial Of 13-Valent Pneumococcal Conjugate Vaccine CanSino Biologics Inc. announced that 13-Valent pneumococcal conjugate vaccine (CRM197, TT Vector) (the "PCV13i ") developed by the Company has obtained the final report of Phase III clinical trial recently. ItsPCV13i adopts a covalent combination of polysaccharide antigens and carrier proteins. After the polysaccharide antigens are linked to the carrier proteins, the polysaccharide can be converted into T cells dependent antigens, which not only induces a high level of specific antibodies in infants and young children under 2 years old, but also generates memory B cells to produce immune memory. Meanwhile, the Company adopts double vector technology which can reduce the immunosuppression to immunogenicity when co-injecting with other vaccines. In terms of production technology, the Company has adopted a safer production process, with animal-free culture medium as the fermentation medium, reducing risks from animal-derived biological factors and avoiding the toxicity residue from traditional purification process by phenol method. The final report of Phase III clinical trial of PCV13i shows that PCV13i has a favorable safety and immunogenicity profile, and the clinical study has reached its pre-determined clinical conclusion in the target population based on the data available to date. The obtaining of the final report of the clinical trial demonstrates that PCV13i possesses the necessary conditions for submitting the NDA to the National Medical Products Administration (NMPA), after which it shall be subject to the procedures of technical evaluation, clinical trial onsite inspection and production site inspection, and will be commercialized only after obtaining the NDA approval and lot release approval. Announcement • Jan 16
Cansino Biologics Inc. Announces Phase I Clinical Trial and Completion of First Patient Case for Recombinant Poliomyelitis Vaccine CanSino Biologics Inc. announced that Phase I clinical trial for the Recombinant Poliomyelitis Vaccine developed by the Company, was officially initiated recently and the first trial patient case has been formally enrolled. The Company has completed the clinical trial filing with Therapeutic Goods Administration, a division under the Department of Health and Aged Care of Australian Government. The Recombinant PoliomyELitis Vaccine has also received an approval from the Human Research Ethics Committee in Australia for clinical trial prior to the filing of the clinical trial protocol. Based on the protein structure design and VLP assembly technology of the Company, the Recombinant Poliomelitis Vaccine expects to contribute substantially to global polio control including post-eradication. The Recombinant Poloomyelitis Vaccine is a non-infectious polio VLP vaccine with good safety and immunogenicity profiles that does not rely on live virus in the manufacturing process. Unlike existing attenuated and inactivated polio vaccines, non-infectious polio V LP vaccines are recommended by the World Health Organization as one of the preferred vaccines for polio in the future. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company. Announcement • Dec 20
CanSino Biologics Inc. Announces Initiation of Phase I Clinical Trial and Completion of First Trial Patient Case for Absorbed Tetanus Vaccine CanSino Biologics Inc. announced that, the phase I clinical trial for the Absorbed Tetanus Vaccine developed by the Company, was officially initiated recently and the first trial patient case has been formally enrolled. The Absorbed Tetanus Vaccines is fermented with animal-free culture medium and safer, and the stable industrial scale processes have been identified. This vaccine is mainly used for non-neonatal tetanus prevention, which will further enrich the Company's product pipeline and enhance its core competitiveness. Announcement • Dec 06
Cansino Biologics Inc. Announces Initiation of Phase I Clinical Trial and Completion of First Patient Enrollment for TDCP Adolescent and Adult CanSino Biologics Inc. announced that, the phase I trial for the absorbed diphtheria, tetanus and acellular pertussis combined vaccine (for people aged six years old and above) (the "Tdcp Adolescent and Adult") developed by the Company, was officially initiated recently and the first trial patient case has been formally enrolled. The Tdcp Adolescent and Adult is a booster vaccine for diphtheria, tetanus and acellular pertussis for adolescents and adults aged six years old and above. Major developed countries have incorporated the vaccine into their routine vaccination programs, but there isn't any approved booster vaccine for diphtheria, tetanus and acellular pertussis for adolescents and adults in China. If successfully launched, the product will fill in the gap in the domestic market. The manufacturing process of the co-purified diphtheria, tetanus and acellular pertussis vaccine currently available in China uses a process of co-purification of pertussis antigens. As a diphtheria, tetanus and acellular pertussis (components) vaccine, each pertussis antigen of the Tdcp Adolescent and Adult can be purified separately and formulated in a defined ratio, thus ensuring batch-to-batch consistency of product quality and making the product more stable. Announcement • Nov 18
CanSino Biologics Inc. Announces Resignation of Xi LUO as Chief Financial Officer The board of directors of CanSino Biologics Inc. (the " Company ") announced that Ms. Xi LUO () ("Ms. Luo") has tendered her resignation as the chief financial officer of the Company (the "CFO") with effect from November 15, 2023, due to her personal career development. Ms. Luo has confirmed that she has no disagreement with the Board and there are no matters in relation to her resignation that need to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited. Announcement • Nov 09
CanSino Biologics Inc. Announces Initiation of Phase I Clinical Trial and Completion of First Trial Patient Case CanSino Biologics Inc. announced that, the phase I trial for Recombinant Zoster Vaccine (Adenovirus Vector) (the Recombinant Zoster Vaccine) developed by the Group in co-operation with Vaccitech (UK) Limited, was officially initiated recently in Canada and the first trial patient case has been formally enrolled. Phase I trial for RecombinantZoster Vaccine (includes intramuscular injection and inhaled version) is to evaluate its safety and preliminary immunogenicity. The recombinant Zoster Vaccine adopts ChAdOx1 Vector technology route. The Adenovirus Vector vaccine is capable of triggering cellular immunity and humoral immunity simultaneously, and the vaccine candidate also adopts internationally leading process technology and a quality management and control system that meets international standards. During the entire production process of the vaccine candidate, no animal derived ingredients are used to improve the safety of the final product. It is shown in the pre-clinical studies that the product was able to stimulate both humoral and cellular immunity simultaneously, with no significant difference in humoral immunity compared to Shingrix, a recombinant subunit adjuvanted vaccine developed by GlaxoSmithKline, and with systemic cellular immunity levels significantly higher than those of the Shingrix, which is expected to provide good protection. Reported Earnings • Oct 31
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CN¥149.7m (up 93% from 3Q 2022). Net loss: CN¥143.6m (loss narrowed 71% from 3Q 2022). Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 42% per year whereas the company’s share price has fallen by 45% per year. Reported Earnings • Aug 31
Second quarter 2023 earnings released: CN¥2.82 loss per share (vs CN¥0.44 loss in 2Q 2022) Second quarter 2023 results: CN¥2.82 loss per share (further deteriorated from CN¥0.44 loss in 2Q 2022). Net loss: CN¥701.9m (loss widened CN¥592.7m from 2Q 2022). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. New Risk • Aug 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 186% Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (9.4% average weekly change). Announcement • Jul 28
CanSino Biologics Inc. Obtains Clinical Trial Approval CanSino Biologics Inc. announced that, the Absorbed Tetanus Vaccine developed by the Group has obtained clinical trial approval granted by the National Medical Products Administration of the People's Republic of China to initiate relevant clinical trials in people aged 18 years old and above for the prevention of tetanus. The CS-2047 Tetanus Vaccine is fermented with animal-free culture medium and safer, and the stable industrial scale processes have been identified. This vaccine is mainly used for non-neonatal tetanus prevention, which will further enrich the Company's product pipeline and enhance its core competitiveness. Announcement • Jul 24
CanSino Biologics Inc. Announces CS-2032 Zoster Vaccine Obtains Clinical Trial Approval from Canada CanSino Biologics Inc. announced that, the Recombinant Zoster Vaccine (Adenovirus Vector) developed by the Group in co-operation with Vaccitech Limited has received a No Objection Letter for clinical trials from Health Canada. The CS-2032 Zoster Vaccine adopts ChAdOx1 Vector technology route. The Adenovirus Vector vaccine is capable of triggering cellular immunity and humoral immunity simultaneously, and the vaccine candidate also adopts internationally leading process technology and a quality management and control system that meets international standards. During the entire production process of the vaccine candidate, no animal derived ingredients are used to improve the safety of the final product. Both intramuscular injection version and aerosol inhalation version of CS-2032 Zoster Vaccine are approved for clinical trials. As showed in pre-clinical research data, the vaccine candidate was able to stimulate both humoral and cellular immunity, with no significant difference in humoral immunity compared to Shingrix, and can elicit significantly higher systemic cellular response than Shingrix. It is expected that the vaccine candidate has the potential to be a product with high efficacy profile. A clinical phase I trial of intramuscular injection and inhalation will be conducted simultaneously overseas to evaluate the safety and preliminary immunogenicity of the product. Announcement • Jun 27
Cansino Biologics Inc. Obtains Clinical Trial Approval CanSino Biologics Inc. announced that, the absorbed diphtheria, tetanus and acellular pertussis (comp components) combined vaccine (for people aged six years old and above) (the "Tdcp Adolescent and Adult") developed by the Group has obtained clinical trial approval granted by the National Medical Products Administration of the People's Republic of China to initiate relevant clinical trials in people aged six years old and below for the prevention of pertussis, diphtheria, and tetanus in China. The Tdcp Adolescent and Adult is a booster vaccine for diphtheria, tetus and acellular pertusis for adolescents and adults aged six years old and above. Major developed countries have incorporated the vaccine into their routine vaccination programs, but there isn't any approved booster vaccine for diphtherIA, tetanus and acellulated pertussis for adolescents and adults in China. If successfully launched, the product will fill in the gap in the domestic market. The manufacturing process of the co-purified diphtheria, tet tetanus and acellularertussis vaccine currently available in China uses a process of co-purification of pertussis antigens. As a diphtheria, tetitis and acellular pertussIS (comp components) vaccine, each pertussis antigen of the Tdcp Ad adolescent and Adult can be purified separately and formulated in a defined ratio, thus ensuring batch-to-batch consistency of product quality and making the product more stable. Announcement • Jun 09
CanSino Biologics Inc., Annual General Meeting, Jun 30, 2023 CanSino Biologics Inc., Annual General Meeting, Jun 30, 2023, at 14:00 China Standard Time. Location: No. 1, Yuefu Hall, 2nd Floor, Hyatt Regency Tianjin East No. 126 Weiguo Road Hedong Tianjin Province China Agenda: To consider and approve the report of the board of directors of the Company for the year of 2022; to consider and approve the report of the board of supervisors of the Company for the year of 2022; to consider and approve the annual report of the Company and its subsidiaries for the year of 2022 and its abstract; to consider and approve the financial accounts report and financial audit report of the Company and its subsidiaries for the year of 2022; to consider and approve the profit distribution plan of the Company for the year of 2022; to consider and approve the re-appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the domestic auditor and internal control audit agency and the re-appointment of Deloitte Touche Tohmatsu as the international auditor of the Company; to consider and approve the proposed increase and/or renewal of bank credit line for the year of 2023; and to transact other matter. Reported Earnings • Mar 01
Full year 2022 earnings released: CN¥3.65 loss per share (vs CN¥7.74 profit in FY 2021) Full year 2022 results: CN¥3.65 loss per share (down from CN¥7.74 profit in FY 2021). Revenue: CN¥1.03b (down 76% from FY 2021). Net loss: CN¥901.9m (down 147% from profit in FY 2021). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Pharmaceuticals industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 25
Consensus EPS estimates fall by 49% The consensus outlook for earnings per share (EPS) in fiscal year 2022 has deteriorated. 2022 revenue forecast decreased from CN¥1.17b to CN¥1.07b. Losses expected to increase from CN¥1.41 per share to CN¥2.10. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 12% next year. Consensus price target broadly unchanged at HK$129. Share price fell 7.1% to HK$64.45 over the past week. Announcement • Jan 31
CanSino Biologics Inc. Provides Earnings Guidance for the Period from January 1, 2022 to December 31, 2022 CanSino Biologics Inc. provided earnings guidance for the period from January 1, 2022 to December 31, 2022. According to the preliminary estimation of the company, the net loss attributable to the shareholders of the company for the year ended December 31, 2022 (‘Reporting Period’) is expected to be RMB 830.0 million to RMB 996.0 million. The net loss attributable to the shareholders of the Company after deducting the non-recurring profit or loss for the year ended December 31, 2022 is expected to be RMB 945.0 million to RMB 1,134.0 million. During the Reporting Period, the domestic and overseas market environment of COVID-19 vaccines has changed significantly. The demand for COVID-19 vaccines has decreased significantly compared with the corresponding period last year. The growth rate of COVID-19 vaccination worldwide has decelerated, and the supply of COVID-19 vaccines exceeds the demand in some regions. With the intensified competition of market, the Company's sales revenue of COVID-19 vaccine products decreased significantly compared with the corresponding period last year. Meanwhile, the sales expenses increased compared with the corresponding period last year due to the continuous promotion of commercialization, and the Group recognized the provision of COVID-19 vaccine products related inventory with signs of impairment. As a result, the Company incurred a loss in the net profit attributable to the shareholders of the Company. Recent Insider Transactions • Jan 12
Non-Executive Director recently sold HK$3.4m worth of stock On the 6th of January, Wing Yu Leung sold around 48k shares on-market at roughly HK$72.00 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of HK$669m more than they bought in the last 12 months. Announcement • Jan 06
Cansino Biologics Inc. Announces Covid-19 Mrna Vaccine Cs-2034 Achieved Positive Interim Data in A Clinical Trial Evaluating the Safety and Immunogenicity of the Heterologous Cs-2034 Booster CanSino Biologics Inc. announced that, the Group ' s COVID-19 mRNA vaccine CS-2034 (the "CS-2034") has achieved positive interim data in a clinical trial evaluating the safety and immunogenicity of the heterologous CS-2034 booster. CS-2034 is a COVID-19 mRNA vaccine with protection against existing variants. Results of pre-clinical studies showed that, such vaccine can induce high-titer neutralizing antibodies againstmultiple SARS-CoV-2 variants of concern identified by the World Health Organization. Compared with the original strain-based COVID-19 vaccines, CS-2034 can elicit neutralizing antibodieswith better cross-variant reactivity, and is expected to provide more effective protection against infections caused by circulating variants. To date, CS-2034 is in phase IIb clinical trial stage, and its current progress is in line with expectations. The next stage of research and development work will be planned according to future epidemic situation, national immunization strategy, review policies and the positive clinical data obtained so far. CLINICAL STUDIES AND PRINCIPAL RESULTS The research is a randomized, blinded and parallel controlled clinical study to evaluate the safety and immunogenicity of heterologous boosting with CS-2034 in adults aged 18 years and above who have received three doses of COVID-19 inactivated vaccine. The clinical trial started in October 2022 in Jiangsu province, and is in active long-term follow-up period. A total of 433 adults who had received 3 doses of the COVID-19 inactivated vaccine at least 6 months ago were enrolled in the trial and were divided into 2 groups, namely group A and group B. The participants in group A were further divided into 2 age subgroups, one with adults aged 18-59 years and the other with adults over 60 years (160 participants each), and randomized at a 3:1 ratio to receive a dose of CS-2034 (0.3 ml volume per dose) or COVID-19 inactivated vaccine (0.5 ml volume per dose). Systematic safety observation for all participants was conducted for 28 days post vaccination and blood specimens were collected on Day 0, 7, 14, 28, Month 3 and 6 after the boost for the immunogenicity assessment. A total of 113 participants at least 60 years of age were enrolled in group B and received a dose of CS-2034 for safety analysis. 1. Safety The analysis of the safety data within 28 days after the booster shows that heterologous CS-2034 booster has a favorable safety profile in people who had received three doses of COVID-19 inactivated vaccine previously. The overall incidence of adverse events was mainly mild in severity. The incidence rate and severity of the adverse events of CS-2034 were significantly lower than those of the commercialized mRNA vaccines, according to literature reports. The safety profile of elderly participants is better than that of participants aged 18-59 years. 2. Immunogenicity The geometric mean titers (GMTs) of the live-virus neutralizing antibodies, on Day 28 post CS-2034 boost, were 877 against original strain, and 293 against Omicron BA.1 variant, which were 27 and 23 times as high as those in the inactivated vaccine group, respectively. The dynamics of cross-reactive neutralizing antibody against the current circulating Omicron BA.5 variant were measured, and found that the neutralizing antibody titer peaked (GMT = 407) at 7 days post CS-2034 boost, which was 29 times as high as that of homologous inactivated vaccine boost. The GMT of neutralizing antibody titer in elderly participants on Day 7 post CS-2034 boost was 296 against BA.5 variant, which was 23 times as high as that of homologous inactivated vaccine boost. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Non-Executive Director Shuifa Gui was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Nov 11
Consensus EPS estimates fall by 73% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥1.13b to CN¥1.09b. Losses expected to increase from CN¥0.60 per share to CN¥1.04. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 12% next year. Consensus price target up from HK$112 to HK$126. Share price rose 4.6% to HK$117 over the past week. Major Estimate Revision • Nov 04
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥1.29b to CN¥1.13b. Forecast losses increased from -CN¥0.40 to -CN¥0.45 per share. Pharmaceuticals industry in Hong Kong expected to see average net income growth of 12% next year. Consensus price target down from HK$115 to HK$111. Share price rose 28% to HK$92.00 over the past week. Buying Opportunity • Nov 03
Now 38% undervalued Over the last 90 days, the stock is up 42%. The fair value is estimated to be HK$149, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 96% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 30% per annum. Earnings is also forecast to grow by 90% per annum over the same time period.