CITIC Securities: Year-on-year increase in the number of vaccine products approved in the first quarter, multiple products and new indications approved.

CITIC Securities' research report pointed out that in the first quarter of 2026, the total number of vaccine batch issuances in the industry was 875 batches, an increase of 14.1% year-on-year, mainly due to significant growth in the number of batches issued for polio vaccines, measles and rubella vaccines, hepatitis vaccines, and other products. In terms of research and development, in the first quarter of 2026, certain products such as Chengdu Dax Biological's human diploid rabies vaccine, Kangtai MCV4 age expansion and component acellular pertussis vaccine, Kangtai Biological's quadrivalent split influenza vaccine, etc., have obtained new indications or approvals; and multiple products are in the phase of market approval review. In 2026, the vaccine industry should focus on: 1) subsequent research and development milestones of innovative vaccine pipelines and expectations for external authorization. 2) Improvement in product sales, combined with the contribution of new product launches to performance growth. 3) Progress in equity changes.