Analysis of Zhifei Biologics' R&D Pipeline Progress and Peer Comparison

Based on collected data and analysis, here is the detailed report on

:

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Zhifei Biologics, as a leading domestic private vaccine enterprise, has a total of

, of which have entered clinical trials or new drug application (NDA) phases, making it the domestic private vaccine enterprise with the most robust investigational pipeline [0][1]. The pipeline breakdown is as follows:

R&D Phase	Number of Programs	Representative Products
Launched	2	Quadrivalent Split Influenza Virus Vaccine, Split Influenza Virus Vaccine
NDA Review	4	Human Diploid Cell Rabies Vaccine, 15-valent Pneumococcal Conjugate Vaccine (PCV15), Quadrivalent Meningococcal Conjugate Vaccine, Liraglutide Injection
Phase III Clinical	5	Shigella flexneri and Shigella sonnei Bivalent Conjugate Vaccine, Therapeutic BCG Vaccine, Semaglutide Injection (for weight management), etc.
Phase I Clinical	5	26-valent Pneumococcal Conjugate Vaccine (PCV26), CA111 Injection
Pre-clinical	15	Multiple innovative vaccine programs

Product Name	R&D Phase	Indication/Use
Quadrivalent Split Influenza Virus Vaccine	Approved for Launch	Influenza prevention; has completed access in 25 provinces
Split Influenza Virus Vaccine	Approved for Launch	Influenza prevention
Human Diploid Cell Rabies Vaccine	NDA Review Phase	Rabies prevention
15-valent Pneumococcal Conjugate Vaccine	NDA Review Phase	Pneumonia prevention
Quadrivalent Meningococcal Conjugate Vaccine	NDA Review Phase	Meningitis prevention
26-valent Pneumococcal Conjugate Vaccine	Phase I Clinical (Australia)	Pneumonia prevention; highest valency in China
Shigella flexneri and Shigella sonnei Bivalent Conjugate Vaccine	Phase III Clinical (Bangladesh)	World’s first investigational product; fastest global progress
Liraglutide Injection	NDA Review Phase	Diabetes treatment
Semaglutide Injection (for glycemic control)	Completed Phase III Clinical	Diabetes treatment
Semaglutide Injection (for weight management)	Phase III Clinical	Obesity treatment

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Company	Stock Ticker	Market Capitalization (USD 100 million)	2024 Revenue (RMB 100 million)	R&D Personnel
Zhifei Biologics	300122.SZ	45.3	269.8	800+
Walvax Biologics	300142.SZ	19.4	28.2	600
Kangtai Biological	300601.SZ	17.5	25.6	500
Wantai Biologics	603392.SS	57.0	20.3	400

Zhifei Biologics has the

(approximately RMB 2.06 billion in 2024), with a cumulative investment of over RMB 6 billion in the past three years [0][1]. However, in terms of R&D investment as a percentage of revenue:

Company	R&D Investment (RMB 100 million)	R&D Investment as % of Revenue	Revenue/R&D Ratio
Wantai Biologics	8.5	41.9	895%
Kangtai Biological	6.2	24.2	413%
Walvax Biologics	5.8	20.6	486%
Zhifei Biologics	20.6	7.6	617%

Although Zhifei Biologics leads in absolute R&D investment, its

[2][3].

Product Category	Zhifei Biologics	Walvax Biologics	Kangtai Biological	Wantai Biologics
13-valent Pneumococcal Conjugate Vaccine (PCV13)	-	Launched	Pre-NDA	-
15-valent Pneumococcal Conjugate Vaccine (PCV15)	NDA Review	-	-	-
23-valent Pneumococcal Polysaccharide Vaccine (PPSV23)	Launched	Launched	Launched	-
26-valent Pneumococcal Conjugate Vaccine (PCV26)	Phase I (Australia)	-	-	-
2-valent Human Papillomavirus (HPV) Vaccine	-	Launched	-	Launched
9-valent Human Papillomavirus (HPV) Vaccine	Licensed Distribution	Phase III	-	Phase II
Human Diploid Cell Rabies Vaccine	NDA Review	Phase III	Launched	-
Quadrivalent Influenza Vaccine	Launched	Phase III	Under Application	-
Quadrivalent Meningococcal Conjugate Vaccine	NDA Review	In R&D	-	-

Technology Platform	Zhifei Biologics	Walvax Biologics	Kangtai Biological	Wantai Biologics
Bacterial Vaccine Platform	✓	✓	✓	✓
Viral Vaccine Platform	✓	✓	✓	✓
Recombinant Protein Platform	✓	✓	✓	✓
mRNA Technology Platform	In Layout	✓ Established	In Layout	In Layout
Adenovirus Vector Platform	✓	-	✓	-
Multivalent/Multicomponent Vaccine Platform	✓	✓	✓	✓
Therapeutic Biologics	✓ (Chen’an Biologics)	-	-	-

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Through its holding of

, Zhifei Biologics has achieved a strategic extension from “preventing pre-disease” to “treating existing diseases”, becoming the first domestic vaccine enterprise to lay out metabolic drugs [0][1]. Chen’an Biologics’ GLP-1 class drugs (liraglutide, semaglutide) are leading in progress, and are expected to fill gaps in the domestic market.

• Clinical First Strategy
  : Conducting Phase III clinical trials of the shigella vaccine in Bangladesh, and Phase I clinical trials of the 26-valent pneumococcal vaccine in Australia
• Patent Internationalization
  : The independently developed RSV vaccine has obtained patent authorizations in China, Russia, the United States, and Europe
• Technology Export
  : Reached technology transfer and localized production cooperation with multiple countries

With 34 investigational programs, 24 of which have entered clinical/ NDA phases, Zhifei Biologics leads domestically in pipeline density, with multiple programs in the

[0][1].

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• 13-valent Pneumococcal Vaccine
  : Walvax has launched it, Kangtai is in Pre-NDA phase, while Zhifei’s 15-valent vaccine is still in Phase III
• HPV Vaccine
  : Fully dependent on licensed distribution, with no proprietary products
• Rabies Vaccine
  : Kangtai has launched it, while Zhifei’s is still in review phase

A net loss of RMB 10.6-13.7 billion is expected in 2025, mainly due to significant impacts from inventory impairment and accounts receivable impairment; the stock price has fallen 24% in the past year [0][1].

Its core revenue comes from the licensed distribution of Merck’s HPV vaccine, with a low proportion of revenue from proprietary products, facing dual pressures from policies and the market.

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Dimension	Ranking
Pipeline Scale	Zhifei > Walvax > Kangtai ≈ Wantai
R&D Investment	Zhifei > Wantai > Kangtai > Walvax
R&D Efficiency	Wantai > Kangtai > Walvax > Zhifei
Internationalization Progress	Walvax > Kangtai > Zhifei > Wantai
Technology Platforms	Walvax > Zhifei > Kangtai > Wantai

: 4-5 products are expected to be approved for launch, including the Human Diploid Cell Rabies Vaccine, 15-valent Pneumococcal Conjugate Vaccine, Quadrivalent Meningococcal Conjugate Vaccine, and Liraglutide Injection, etc.

: Internationalized products will be launched one after another, and the 26-valent Pneumococcal Conjugate Vaccine and Shigella Bivalent Conjugate Vaccine are expected to be commercialized.

: Therapeutic biologics will become a new growth engine, and Chen’an Biologics’ product matrix will be increasingly improved.

Zhifei Biologics’ R&D pipeline has scale advantages, and its “prevention + treatment” strategic layout is unique, but short-term performance pressure and delayed launch of proprietary products are major challenges. It is recommended to pay attention to the approval progress of multiple products in 2025 and the commercialization process of Chen’an Biologics’ therapeutic drugs.

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[0] Securities Times - “Zhifei Biologics Faces Short-term Performance Pressure in 2025, Looking Forward to New Growth Drivers from Innovative Pipeline and Internationalization” (https://www.stcn.com/article/detail/3592020.html)

[1] CQNEWS - “Zhifei Biologics: Innovative Pipeline Advances Steadily, Financial Structure Continues to Improve” (https://www.cqnews.net/web/content_1460563437102784512.html)

[2] Kangtai Biological 2024 Annual Report - “Robust R&D Pipeline Echelon, Focus on Multivalent/Multicomponent Vaccines” (https://www.biokangtai.com/upload/download/)

[3] Walvax Biologics 2025 Interim Report - “Excellent Proprietary Product Pipeline” (https://www.walvax.com/uploadfile/)