NEWS
AIM Vaccines: From China's Forefront to Global Layout, the New Growth Code for an Industry Leader
Riding the wave of the booming global vaccine market, AIM Vaccines (06660.HK), a private Chinese vaccine company, is rapidly rising as a leader in the industry with its exceptional R&D capabilities, extensive product pipeline, and forward-looking international strategy. For investors seeking to invest in the biopharmaceutical sector, AIM Vaccines may represent the innovative force of China's vaccine industry, harboring significant investment potential and value.
Industry Background: The Golden Age of China's Vaccine Market
The vaccine industry is experiencing unprecedented development opportunities. The global emphasis on health protection is driving continuous growth in vaccine demand. Especially in China, with the enhancement of public health awareness, the improvement of medical security systems, and the drive of technological innovation, the vaccine market is growing rapidly. According to China Insights Consultancy (CIC) predictions, China's vaccine market size is expected to reach 215.7 billion yuan by 2030, with a high compound annual growth rate (CAGR) of 12.3%. This growth is supported not only by strong policy backing but also by the emergence of innovative vaccines, the accelerated advancement of commercial insurance, and the iteration and upgrading of technologies. Compared to developed countries, China's vaccine market still has significant room for improvement, with per capita vaccine expenditure far below that of Japan and the United States. In recent years, the introduction of advanced overseas vaccines such as shingles vaccines and nine-valent HPV vaccines, along with the rise of domestic vaccines, has provided a broad stage for the development of innovative and high-quality vaccines in the Chinese market.
The growth potential of China's vaccine market is considerable. In 2021, the market size reached 76.1 billion yuan, nearly tripling from 25.1 billion yuan in 2015, with a CAGR of 20.3%, far exceeding the global vaccine market's growth rate of 8.1%. Looking ahead, as public health awareness continues to rise and vaccination rates increase, the vaccine market is expected to maintain high-speed growth. Particularly in the field of category two vaccines, market demand is growing even more significantly.
Policy support is a crucial factor driving the development of China's vaccine market. In recent years, the Chinese government has introduced a series of policies to encourage vaccine R&D and innovation, strengthen vaccine quality supervision, and promote the healthy development of the vaccine industry. For example, the National Medical Products Administration (NMPA) has accelerated the approval process for innovative vaccines, providing convenience for vaccine companies' R&D and market entry. Meanwhile, technological innovation has also provided strong momentum for the development of the vaccine industry. The continuous emergence of new technologies such as mRNA technology, genetic engineering technology, and combined vaccine technology has brought new opportunities for vaccine R&D and production.
AIM Vaccines: An Industry Leader
As a large private vaccine company in China, AIM Vaccines holds a significant position in the industry. The company owns four wholly-owned licensed vaccine production enterprises and three central vaccine research institutes, and is one of the two human vaccine companies in China with the strategic resource of a P3 laboratory. This unique advantage gives it strong capabilities and flexibility in vaccine R&D and production. AIM Vaccines has a diverse product pipeline covering the top ten global vaccine varieties, including eight commercialized products and 22 vaccines under development. Among these, hepatitis B vaccine and rabies vaccine are the company's core sources of revenue, accounting for 34.6% and 61.5% of the company's total revenue, respectively. Based on the batch release volume of hepatitis B vaccine and rabies vaccine in 2021, the company is the largest supplier of hepatitis B vaccines globally and in China, and the second-largest supplier of human rabies vaccines in China.
The development journey of AIM Vaccines is a model for private vaccine companies in China. Founded in 2001, the company has grown over the years to become a leading domestic vaccine enterprise. In 2021, the company successfully listed on the Hong Kong Stock Exchange, raising funds for R&D and market expansion. In recent years, AIM Vaccines has continuously increased R&D investment, expanded its product pipeline, and improved its technological level, gradually forming a product layout covering the top ten global vaccine varieties. Particularly, its breakthroughs in the field of mRNA vaccine technology have made it one of the first domestic companies to obtain independent patents for mRNA technology.
The management team of AIM Vaccines has extensive industry experience, with core members coming from well-known domestic and international companies and research institutions. The company has a R&D team of over 500 people, with more than 40% holding doctoral or master's degrees, and annual R&D investment accounting for more than 30% of operating revenue, a leading ratio among domestic vaccine companies.
Diverse Product Pipeline: A Strong Engine for Future Growth
AIM Vaccines' product pipeline is the core driver of its future growth. The company has 22 vaccines under development targeting 14 disease areas, with nine products obtaining 17 clinical trial approvals, and it is expected that 1-2 products will be launched each year over the next three years. This will not only bring new revenue growth points for the company but also further consolidate its leading position in the vaccine industry.
PCV13 is one of AIM Vaccines' star products. The vaccine has officially submitted an application for drug marketing registration and is expected to be approved as soon as the fourth quarter of 2025. PCV13 is mainly used for infants and children from six weeks to five years old to prevent invasive diseases caused by 13 pneumococcal serotypes. According to Pfizer's annual report, Pfizer's pneumococcal conjugate vaccine achieved global sales of $6.44 billion in 2023, with its PCV13 (Prevnar 13) known as the "King of Vaccines" and being one of the world's best-selling vaccines. AIM Vaccines' PCV13 clinical progress is in the first tier, and its PCV13 has been compared head-to-head with Pfizer's PCV13 in clinical trials. Phase III clinical study results show good immunogenicity and safety, with all serotypes meeting non-inferiority criteria, and ten serotypes showing superiority over the control group. If this product is successfully launched, it is expected to drive the company's performance growth.
PPSV23 is another important product of AIM Vaccines. The vaccine has completed the on-site work for Phase III clinical trials and is expected to be launched in 2026. PPSV23 is mainly used to prevent pneumonia caused by 23 pneumococcal serotypes and is suitable for the elderly and immunocompromised individuals. With the intensification of population aging, the market demand for PPSV23 will continue to grow. According to China Insights Consultancy (CIC) statistics, the market size of PPSV23 in China was approximately 9.5 billion yuan in 2022 and is expected to reach 35 billion yuan by 2030.
As another core product of AIM Vaccines, the iterated rabies vaccine without serum has also submitted a pre-application for marketing registration and is expected to be launched in the first half of 2026. This vaccine uses advanced serum-free cell culture technology, significantly improving safety, and there are no similar products approved in the domestic market. Rabies is one of the deadliest diseases in the world, with a fatality rate of nearly 100% once symptoms develop. AIM Vaccines' iterated rabies vaccine without serum is expected to provide a safer and more effective solution for rabies prevention. According to China Insights Consultancy (CIC) statistics, the rabies vaccine market in China grew from 5.2 billion yuan in 2015 to 5.6 billion yuan in 2021 and is expected to reach 14.8 billion yuan by 2030.
mRNA Technology Platform: Leading Advantages in Vaccine Innovation
AIM Vaccines' layout in the mRNA technology platform has given it a leading position in the field of vaccine innovation. As one of the first domestic vaccine companies to obtain independent patents for mRNA technology and one of the earliest to develop an mRNA vaccine platform, AIM Vaccines has currently obtained nine clinical trial approvals for mRNA vaccines. mRNA vaccines have multiple advantages, including high safety, rapid expression, dual humoral and cellular immunity, low quick manufacturing costs, quick adjustments, and platform-based technology.
The mRNA rabies vaccine developed by AIM requires only two doses to provide 100% safe and effective immune protection, compared to traditional rabies vaccines that require four or five doses. It also offers multiple advantages such as rapid production, cost-effectiveness, fewer impurities, and better batch consistency. Zhang Fan, Vice President and Chief Research Officer of AIM Vaccines, and Peng Yucai, General Manager of AIM Li Fanda, among others, published preclinical research data on the mRNA rabies vaccine LVRNA001 in the internationally authoritative academic journal npj Vaccines: only two doses are needed to provide 100% safe and effective immune protection.
Analyses suggest that the reduction from 4-5 doses of currently marketed rabies vaccines to just 1-2 doses marks a significant leap forward. Additionally, the faster antibody response and higher antibody levels are crucial for preventing the rabies virus, which has a 100% fatality rate.
The company has also submitted a preclinical application for its mRNA shingles vaccine. Shingles is a common viral disease that primarily affects the elderly and immunocompromised individuals. The mRNA shingles vaccine is expected to provide a more effective solution for shingles prevention, meeting market demand. According to China Insights Consultancy (CIC) statistics, the market size of shingles vaccines in China was approximately 1 billion yuan in 2021 and is expected to reach 8 billion yuan by 2030.
Another product in the pipeline is an mRNA influenza vaccine, currently in the preclinical research stage. Influenza is a common respiratory infectious disease that causes a large number of infections and deaths globally each year. The mRNA influenza vaccine has the advantage of rapid R&D and production, enabling a quick response to influenza virus mutations. Preclinical research results show that the mRNA influenza vaccine provides good immunological protection effect against multiple influenza virus strains and is expected to become the next-generation product in the influenza vaccine field.
International Strategy: Expansion into Global Markets Has Begun
AIM Vaccines' international strategy is an important direction for its future development. The company has already initiated registration efforts for its marketed products in regions such as Southeast Asia, Africa, South America, and the Middle East, and is also laying out international markets for its upcoming new products. The rabies vaccine has obtained registration licenses in countries such as Pakistan. In the first half of 2024, rabies vaccines were shipped to Côte d'Ivoire and Pakistan, and the polysaccharide vaccine for meningococcal groups A, C, Y, and W135 (MPSV4) was successfully exported to Egypt and Tajikistan, supporting local meningitis prevention and control efforts. Additionally, the company signed a memorandum of cooperation with representatives from Pakistan to promote the sales of its commercialized vaccine products in the country.
In terms of products under development, the company's mRNA RSV vaccine and mRNA shingles vaccine are being filed simultaneously in China and the United States, with preclinical trial applications already submitted to the U.S. FDA. The 13-valent pneumococcal polysaccharide conjugate vaccine is being registered both domestically and internationally. FDA clinical trial approvals are highly recognized internationally and can accelerate clinical applications in other countries, providing strong support for the company's global market expansion. Through its international layout, AIM Vaccines can not only expand its market share but also enhance its brand influence, further consolidating its position in the global vaccine market.
The expansion into international markets brings significant opportunities for AIM Vaccines but also poses numerous challenges. On one hand, the global vaccine market is vast, especially in developed countries in Europe and the United States, where demand for high-quality vaccines continues to grow. Through its international layout, AIM Vaccines can better meet these market demands and improve the company's profitability. On the other hand, competition in international markets is fierce, and AIM Vaccines needs to continuously enhance product quality and technological standards to address competitive pressures from global vaccine giants.
Financial Performance: Potential Behind Steady Growth
As a leading private vaccine company in China, AIM Vaccines demonstrates significant investment value with its diverse product pipeline, strong mRNA technology platform, proactive international strategy, and broad market prospects. With the successive launches of its products under development and the accelerated internationalization process, the company is expected to achieve rapid performance growth.
According to a report released by SDICS International Securities (Hong Kong) on Bloomberg, the company is expected to achieve revenue of 1.25 billion yuan in 2024, a year-on-year growth of 5.5%, thanks to stable sales of existing products and the successive launches of new products. With the introduction of new products such as PCV13, PPSV23, and the iterated rabies vaccine without serum, the company's revenue is expected to grow rapidly by 2026. Using the PS valuation method, the company is given a 2026 PS multiple of 3.6 and a "Buy" rating.
Conclusion
In the transformative waves of the vaccine industry, AIM Vaccines is quietly reshaping the landscape of China's private vaccine enterprises with its deep technical reserves and innovation strength. From the deep cultivation of traditional vaccine markets to breakthroughs in mRNA technology, every step of AIM Vaccines aligns precisely with the key milestones of industry development.
Facing the future, AIM Vaccines, armed with several blockbuster products under development, is accelerating its march toward global markets. This is not only a competition of technology and markets but also a vivid testament to the rise of Chinese vaccine companies. For investors, AIM Vaccines demonstrates not only potential but also the wisdom to grasp the pulse of the times. In the future blueprint of the vaccine industry, AIM Vaccines may lead the industry to new heights.
Industry Background: The Golden Age of China's Vaccine Market
The vaccine industry is experiencing unprecedented development opportunities. The global emphasis on health protection is driving continuous growth in vaccine demand. Especially in China, with the enhancement of public health awareness, the improvement of medical security systems, and the drive of technological innovation, the vaccine market is growing rapidly. According to China Insights Consultancy (CIC) predictions, China's vaccine market size is expected to reach 215.7 billion yuan by 2030, with a high compound annual growth rate (CAGR) of 12.3%. This growth is supported not only by strong policy backing but also by the emergence of innovative vaccines, the accelerated advancement of commercial insurance, and the iteration and upgrading of technologies. Compared to developed countries, China's vaccine market still has significant room for improvement, with per capita vaccine expenditure far below that of Japan and the United States. In recent years, the introduction of advanced overseas vaccines such as shingles vaccines and nine-valent HPV vaccines, along with the rise of domestic vaccines, has provided a broad stage for the development of innovative and high-quality vaccines in the Chinese market.
The growth potential of China's vaccine market is considerable. In 2021, the market size reached 76.1 billion yuan, nearly tripling from 25.1 billion yuan in 2015, with a CAGR of 20.3%, far exceeding the global vaccine market's growth rate of 8.1%. Looking ahead, as public health awareness continues to rise and vaccination rates increase, the vaccine market is expected to maintain high-speed growth. Particularly in the field of category two vaccines, market demand is growing even more significantly.
Policy support is a crucial factor driving the development of China's vaccine market. In recent years, the Chinese government has introduced a series of policies to encourage vaccine R&D and innovation, strengthen vaccine quality supervision, and promote the healthy development of the vaccine industry. For example, the National Medical Products Administration (NMPA) has accelerated the approval process for innovative vaccines, providing convenience for vaccine companies' R&D and market entry. Meanwhile, technological innovation has also provided strong momentum for the development of the vaccine industry. The continuous emergence of new technologies such as mRNA technology, genetic engineering technology, and combined vaccine technology has brought new opportunities for vaccine R&D and production.
AIM Vaccines: An Industry Leader
As a large private vaccine company in China, AIM Vaccines holds a significant position in the industry. The company owns four wholly-owned licensed vaccine production enterprises and three central vaccine research institutes, and is one of the two human vaccine companies in China with the strategic resource of a P3 laboratory. This unique advantage gives it strong capabilities and flexibility in vaccine R&D and production. AIM Vaccines has a diverse product pipeline covering the top ten global vaccine varieties, including eight commercialized products and 22 vaccines under development. Among these, hepatitis B vaccine and rabies vaccine are the company's core sources of revenue, accounting for 34.6% and 61.5% of the company's total revenue, respectively. Based on the batch release volume of hepatitis B vaccine and rabies vaccine in 2021, the company is the largest supplier of hepatitis B vaccines globally and in China, and the second-largest supplier of human rabies vaccines in China.
The development journey of AIM Vaccines is a model for private vaccine companies in China. Founded in 2001, the company has grown over the years to become a leading domestic vaccine enterprise. In 2021, the company successfully listed on the Hong Kong Stock Exchange, raising funds for R&D and market expansion. In recent years, AIM Vaccines has continuously increased R&D investment, expanded its product pipeline, and improved its technological level, gradually forming a product layout covering the top ten global vaccine varieties. Particularly, its breakthroughs in the field of mRNA vaccine technology have made it one of the first domestic companies to obtain independent patents for mRNA technology.
The management team of AIM Vaccines has extensive industry experience, with core members coming from well-known domestic and international companies and research institutions. The company has a R&D team of over 500 people, with more than 40% holding doctoral or master's degrees, and annual R&D investment accounting for more than 30% of operating revenue, a leading ratio among domestic vaccine companies.
Diverse Product Pipeline: A Strong Engine for Future Growth
AIM Vaccines' product pipeline is the core driver of its future growth. The company has 22 vaccines under development targeting 14 disease areas, with nine products obtaining 17 clinical trial approvals, and it is expected that 1-2 products will be launched each year over the next three years. This will not only bring new revenue growth points for the company but also further consolidate its leading position in the vaccine industry.
PCV13 is one of AIM Vaccines' star products. The vaccine has officially submitted an application for drug marketing registration and is expected to be approved as soon as the fourth quarter of 2025. PCV13 is mainly used for infants and children from six weeks to five years old to prevent invasive diseases caused by 13 pneumococcal serotypes. According to Pfizer's annual report, Pfizer's pneumococcal conjugate vaccine achieved global sales of $6.44 billion in 2023, with its PCV13 (Prevnar 13) known as the "King of Vaccines" and being one of the world's best-selling vaccines. AIM Vaccines' PCV13 clinical progress is in the first tier, and its PCV13 has been compared head-to-head with Pfizer's PCV13 in clinical trials. Phase III clinical study results show good immunogenicity and safety, with all serotypes meeting non-inferiority criteria, and ten serotypes showing superiority over the control group. If this product is successfully launched, it is expected to drive the company's performance growth.
PPSV23 is another important product of AIM Vaccines. The vaccine has completed the on-site work for Phase III clinical trials and is expected to be launched in 2026. PPSV23 is mainly used to prevent pneumonia caused by 23 pneumococcal serotypes and is suitable for the elderly and immunocompromised individuals. With the intensification of population aging, the market demand for PPSV23 will continue to grow. According to China Insights Consultancy (CIC) statistics, the market size of PPSV23 in China was approximately 9.5 billion yuan in 2022 and is expected to reach 35 billion yuan by 2030.
As another core product of AIM Vaccines, the iterated rabies vaccine without serum has also submitted a pre-application for marketing registration and is expected to be launched in the first half of 2026. This vaccine uses advanced serum-free cell culture technology, significantly improving safety, and there are no similar products approved in the domestic market. Rabies is one of the deadliest diseases in the world, with a fatality rate of nearly 100% once symptoms develop. AIM Vaccines' iterated rabies vaccine without serum is expected to provide a safer and more effective solution for rabies prevention. According to China Insights Consultancy (CIC) statistics, the rabies vaccine market in China grew from 5.2 billion yuan in 2015 to 5.6 billion yuan in 2021 and is expected to reach 14.8 billion yuan by 2030.
mRNA Technology Platform: Leading Advantages in Vaccine Innovation
AIM Vaccines' layout in the mRNA technology platform has given it a leading position in the field of vaccine innovation. As one of the first domestic vaccine companies to obtain independent patents for mRNA technology and one of the earliest to develop an mRNA vaccine platform, AIM Vaccines has currently obtained nine clinical trial approvals for mRNA vaccines. mRNA vaccines have multiple advantages, including high safety, rapid expression, dual humoral and cellular immunity, low quick manufacturing costs, quick adjustments, and platform-based technology.
The mRNA rabies vaccine developed by AIM requires only two doses to provide 100% safe and effective immune protection, compared to traditional rabies vaccines that require four or five doses. It also offers multiple advantages such as rapid production, cost-effectiveness, fewer impurities, and better batch consistency. Zhang Fan, Vice President and Chief Research Officer of AIM Vaccines, and Peng Yucai, General Manager of AIM Li Fanda, among others, published preclinical research data on the mRNA rabies vaccine LVRNA001 in the internationally authoritative academic journal npj Vaccines: only two doses are needed to provide 100% safe and effective immune protection.
Analyses suggest that the reduction from 4-5 doses of currently marketed rabies vaccines to just 1-2 doses marks a significant leap forward. Additionally, the faster antibody response and higher antibody levels are crucial for preventing the rabies virus, which has a 100% fatality rate.
The company has also submitted a preclinical application for its mRNA shingles vaccine. Shingles is a common viral disease that primarily affects the elderly and immunocompromised individuals. The mRNA shingles vaccine is expected to provide a more effective solution for shingles prevention, meeting market demand. According to China Insights Consultancy (CIC) statistics, the market size of shingles vaccines in China was approximately 1 billion yuan in 2021 and is expected to reach 8 billion yuan by 2030.
Another product in the pipeline is an mRNA influenza vaccine, currently in the preclinical research stage. Influenza is a common respiratory infectious disease that causes a large number of infections and deaths globally each year. The mRNA influenza vaccine has the advantage of rapid R&D and production, enabling a quick response to influenza virus mutations. Preclinical research results show that the mRNA influenza vaccine provides good immunological protection effect against multiple influenza virus strains and is expected to become the next-generation product in the influenza vaccine field.
International Strategy: Expansion into Global Markets Has Begun
AIM Vaccines' international strategy is an important direction for its future development. The company has already initiated registration efforts for its marketed products in regions such as Southeast Asia, Africa, South America, and the Middle East, and is also laying out international markets for its upcoming new products. The rabies vaccine has obtained registration licenses in countries such as Pakistan. In the first half of 2024, rabies vaccines were shipped to Côte d'Ivoire and Pakistan, and the polysaccharide vaccine for meningococcal groups A, C, Y, and W135 (MPSV4) was successfully exported to Egypt and Tajikistan, supporting local meningitis prevention and control efforts. Additionally, the company signed a memorandum of cooperation with representatives from Pakistan to promote the sales of its commercialized vaccine products in the country.
In terms of products under development, the company's mRNA RSV vaccine and mRNA shingles vaccine are being filed simultaneously in China and the United States, with preclinical trial applications already submitted to the U.S. FDA. The 13-valent pneumococcal polysaccharide conjugate vaccine is being registered both domestically and internationally. FDA clinical trial approvals are highly recognized internationally and can accelerate clinical applications in other countries, providing strong support for the company's global market expansion. Through its international layout, AIM Vaccines can not only expand its market share but also enhance its brand influence, further consolidating its position in the global vaccine market.
The expansion into international markets brings significant opportunities for AIM Vaccines but also poses numerous challenges. On one hand, the global vaccine market is vast, especially in developed countries in Europe and the United States, where demand for high-quality vaccines continues to grow. Through its international layout, AIM Vaccines can better meet these market demands and improve the company's profitability. On the other hand, competition in international markets is fierce, and AIM Vaccines needs to continuously enhance product quality and technological standards to address competitive pressures from global vaccine giants.
Financial Performance: Potential Behind Steady Growth
As a leading private vaccine company in China, AIM Vaccines demonstrates significant investment value with its diverse product pipeline, strong mRNA technology platform, proactive international strategy, and broad market prospects. With the successive launches of its products under development and the accelerated internationalization process, the company is expected to achieve rapid performance growth.
According to a report released by SDICS International Securities (Hong Kong) on Bloomberg, the company is expected to achieve revenue of 1.25 billion yuan in 2024, a year-on-year growth of 5.5%, thanks to stable sales of existing products and the successive launches of new products. With the introduction of new products such as PCV13, PPSV23, and the iterated rabies vaccine without serum, the company's revenue is expected to grow rapidly by 2026. Using the PS valuation method, the company is given a 2026 PS multiple of 3.6 and a "Buy" rating.
Conclusion
In the transformative waves of the vaccine industry, AIM Vaccines is quietly reshaping the landscape of China's private vaccine enterprises with its deep technical reserves and innovation strength. From the deep cultivation of traditional vaccine markets to breakthroughs in mRNA technology, every step of AIM Vaccines aligns precisely with the key milestones of industry development.
Facing the future, AIM Vaccines, armed with several blockbuster products under development, is accelerating its march toward global markets. This is not only a competition of technology and markets but also a vivid testament to the rise of Chinese vaccine companies. For investors, AIM Vaccines demonstrates not only potential but also the wisdom to grasp the pulse of the times. In the future blueprint of the vaccine industry, AIM Vaccines may lead the industry to new heights.
