Following its established corporate strategy, the Group proactively advances the development of its vaccine pipelines and accelerates the research and development of iterative pneumonia series vaccines through on-going technological innovation, achieving new productive forces at an accelerated pace. Leveraging the advantages of its polysaccharide conjugate vaccine technology platform, the Group has developed a series of pneumonia vaccines, including: 1. the 13-valent pneumonia conjugate vaccine has completed on-site work for Phase III clinical trial and has submitted a pre-application for marketing; 2. the 23-valent pneumonia polysaccharide vaccine has also completed Phase III clinical trial and is expected to apply for marketing registration in 2024; 3. the 20-valent pneumonia conjugate vaccine has submitted a pre-application for clinical trials; 4. the 24-valent pneumonia conjugate vaccine, which is being simultaneously developed globally for the first time, has completed preclinical research.

According to the classification of the World Health Organization, pneumococcal disease is one of the diseases requiring “very high priority” use of vaccines for prevention. The 13-valent pneumonia conjugate vaccine approved in the United States covers all age groups, while the one approved in China only covers those under 6 years old. The market for those over 6 years old is still blank. China Insights Industry Consultancy Limited, an industry consultant, predicts that the market size of this vaccine in China is expected to exceed RMB20 billion by 2030, indicating tremendous market potential. In addition, the estimated penetration rate of the 13-valent pneumonia conjugate vaccine in the approved age group in China is 25.9%, while the penetration rate in the 
corresponding age group in the United States exceeds 80%, indicating that there is still significant room for growth in the Chinese market.

It is estimated that the global underserved demand for the 13-valent pneumonia conjugate vaccines is as high as 180 million doses. However, currently only three companies have been approved to supply them globally. After the launch of its 13-valent pneumonia conjugate vaccine, the Group is expected to become an important supplier in the market.

The construction of the GMP workshops for the Group’s pneumonia vaccine series has been completed in batches, meeting international standards. Both the Phase III clinical samples of the 13-valent pneumonia conjugate vaccine and the 23-valent pneumonia polysaccharide vaccine are produced in these workshops. The launch of these iterative pneumonia vaccine products will sufficiently meet the market demand for pneumonia vaccines, leading to new productive forces in the industry and driving international industrial innovation.