Text |Yang Wanli.
On February 26, the vaccine leader CanSino made a small **129%, and the stock price closed at 5658 yuan, with a total market value of 14 billion yuan. In the past, the total market value of CanSino once exceeded 100 billion, but now the total market value has shrunk significantly.
Recently, CanSino released its 2023 annual performance report, and the company achieved an operating income of 35.7 billion yuan, a year-on-year decrease of 6549%；Attributable net profit loss was 144.7 billion yuan, an increase of 59 percent year-on-year14%。
CanSino mentioned that the main reasons for the company's year-on-year loss increase include "a significant decline in the company's vaccine-related revenue compared with the same period", "impairment loss based on test results", "sales expenses increased over the same period", etc.
Looking back on the financial reports in recent years, with the "Keweisha" vaccine, CanSino once turned losses into profits in 2021, and achieved an attributable net profit of 19 that year$1.4 billion. But with the decline in demand for vaccination, 2022 fell into a loss again. In 2023, the company's loss may further expand.
As the stage of "Kweisha" to boost the company's performance has passed, CanSino will look for the next performance support point, such as the brain vaccine.
In the first three quarters of 2023, the sales revenue of CanSino's brain products will be about 37.1 billion yuan, a year-on-year increase of about 47647%。In November 2023, CanSino said in an institutional survey that the company will continue to adhere to academic promotion and accelerate the commercialization process of (brain flow products).
However, CanSino also faces potential competitive pressures. For example, the bivalent meningococcal conjugate vaccine of vaccine companies such as Zhifei Biotech, Walvax Biotech and Luoyi Biotech has been approved for marketing in China. In addition, the quadrivalent cerebral conjugate vaccine product of Zhifei Biotech and Walvax Biotech has entered the phase III clinical stage. If the quadrivalent cerebral conjugate vaccine of peer companies is successfully commercialized, it will compete with CanSino for market share.
In addition to the cerebral product, the 13-valent pneumonia conjugate vaccine PCV13i is the next product that CanSino is closest to commercialization.
According to the 2023 semi-annual report, CanSino has 12 products under development, such as the 13-valent pneumonia conjugate vaccine PCV13i, which has completed phase III clinical trials, and the DTCP vaccine for infants and young children is in clinical phase trials.
CanSino said that the company's 13-valent pneumonia conjugate vaccine is carrying out the necessary preparations before the new drug application and registration as planned, and it is expected to be officially declared for registration in 2024.
In the course of the survey, some investors asked about the competitive landscape of 13-valent pneumonia conjugate vaccine, and CanSino replied that "PCV13i needs to wait for the product to be close to the launch stage, further review the product penetration rate, competitive landscape, etc., and formulate a commercialization strategy that is in line with it." At this stage, the company's 13-valent pneumonia conjugate vaccine is still some way from commercialization.
According to public information, CanSino is a vaccine R&D, production and sales company, which was listed on the Science and Technology Innovation Board in 2020.
In June 2021, CanSino's stock price soared to 7972 yuan, the total market value once exceeded 190 billion yuan. Since July 2021, CanSino's stock price has ushered in an inflection point, and there has been a round of deep adjustment. As of the latest release, the company's stock price is less than 60 yuan, down more than 90% from the previous high.
We are concerned that in the process of CanSino**, some shareholders have carried out**.
According to the announcement, from September 6, 2021 to March 5, 2022, the shareholder "Shanghai Li'an" **3.68 million shares, with a total amount of about 102.7 billion yuan;Shareholder "Suzhou Litai"** about 248330,000 shares, with a total amount of about 69.2 billion yuan.
On August 14, 2023, CanSino announced that the total number of persons acting in concert with the controlling shareholder and the actual controller and the employee shareholding platform will not exceed 198% of the company's shares, the proposed reason is "its own financial needs and arrangements".
But only half a month later, the ** plan was suddenly terminated.
On August 15, 2023, CanSino issued the "Announcement on the Early Termination of the ** Plan of the Company's Controlling Shareholder and Actual Controller" and the Employee Stock Ownership Platform, which mentioned that "as of the disclosure date of this announcement, the employee stock ownership platform has not ** the company's shares".
In January this year, on the SSE interactive platform, an investor asked about the phenomenon of a large number of stock prices, saying, "Do the management and the board of directors have confidence in the future of the company?".CanSino replied, "The company's management and board of directors have always been full of confidence in the company's development, and the company will focus on operation, do a good job in the commercialization of products, and actively promote the progress of the pipeline under development."
Performance loss, stock price downturn, what do you think of CanSino?