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新冠疫苗第一股今天上市!都説能賺30萬,感覺有點懸……
格隆匯 08-13 09:13

作者:張雪

來源:上海證券報

8月13日,科創板終於等來了萬眾矚目的康希諾掛牌。

“新冠疫苗第一股”“A股史上第二高發行價”……光環籠罩下的康希諾,港股上市一年股價曾一度暴增10倍。此番科創板上市,大家期待着它帶來新的“造富神話”。

康希諾生物的發行價為209.71元/股,中一簽500股需交款10.49萬元。光環加持下,這隻 “大肉籤”曾被預計 “中一簽可賺30萬”。

可隨着科創板的調整和近期幾隻上市新股漲幅的收窄,以及各國競爭新冠疫苗研發的激烈化,開始有投資者擔心:康希諾會不會連10萬都賺不了?

可供參考的是,港股康希諾的股價已經連續多日下跌,12日盤中一度跳水跌逾7%。本月累計跌幅已達23.43%。

此外,科創板近期上市的新股首日表現也明顯分化。如8月12日上市的凱賽生物,其首日收盤價僅較發行價上漲17.65%,這給康希諾今天的A股首秀增加了更多的不確定性。

作為一家致力於研發、生產與銷售創新型疫苗的企業,康希諾的研發能力有目共睹:在12個疾病領域研發15種在研疫苗,快速推進一系列國內創新疫苗的研發,研發管線涵蓋預防腦膜炎、埃博拉病毒病、百白破、肺炎、結核病、新型冠狀病毒(COVID-19)、帶狀皰疹等多個適應症的臨牀接種量較大的重磅疫苗。

不過,需提醒投資者的是,自2009年成立至今,公司唯一完成新藥上市註冊的產品是重組埃博拉疫苗Ad5-EBOV,主要市場是應急儲備。

由於埃博拉病毒目前未在非洲以外大面積流行,國內目前也沒有儲備需求,所以這唯一的產品也沒能實現商業化銷售。據公司招股説明書顯示,康希諾目前的營收主要來自偶發性的技術服務。

康希諾在招股書中表示,公司疫苗產品尚未實現商業化銷售,並將持續投入研發、生產基地建設,公司尚未盈利且未來一段時間內虧損仍將繼續。雖然這是一直以來都客觀存在的事實,也並未影響此前投資者對之的“狂熱”,但必須直面的一個事實的是,隨着時間的推移,未實現盈利的康希諾迎來了越來越多的競爭對手。

例如在國際方面,俄羅斯搶先註冊了首款新冠疫苗,美國的生物技術公司Moderna、德國的BioNTech等多家公司也早已擁有了進入臨牀試驗階段的疫苗。

在新冠疫苗後續商業化方面,8月5日,國藥集團中國生物披露旗下北京生物製品研究所新冠滅活疫苗生產車間已通過驗收,此前該生產設施已經取得新冠疫苗生產許可,今年底明年初就將完成首批新冠疫苗的生產。而康希諾則在公告中稱 “尚未有產業化生產設施”。

如何讓產品商業化?如何平衡短期盈利和長期增長?如何從技術研發型團隊轉變為管理銷售驅動的商業組織?對於非專業投資者來説,這些也許都需要更久的耐心、更深的研究和更長的跟蹤,才能享受像康希諾這類生物醫藥科技企業的業績福利。

康希諾今天的股價表現能否如一些投資者所願?9時25分就能見分曉。康希諾的業績表現能否乘風破浪?恐怕還要假以時日。

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