Driven by multiple positive factors including policy support, technological innovation and market demand, the Hong Kong innovative drug sector has significantly outperformed the broader market since 2025. Wind data shows that since 2025, 49 pharmaceutical and biotechnology companies have recorded gains exceeding 100%, with the top 10 companies by gains seeing their stock prices multiply several times. Recently, the Hong Kong listing of Sinovac Biotech has catalyzed strong rallies in multiple biopharmaceutical stocks, including vaccine companies. Behind the impressive stock performance lies the rapid progress of Chinese pharmaceutical companies. Orient Securities states that Chinese innovative drug companies are actively developing original innovative drugs, and "true" innovation will bring sustainable overseas opportunities. Several investment institutions have recently published articles indicating that the innovative drug rally will continue.

On August 27, leading vaccine company AIM VACCINE (06660) released its interim report. In the first half of 2025, the company maintained steady revenue growth. With heavyweight blockbuster products entering the market launch phase, R&D expenses decreased and operating costs were optimized. Particularly noteworthy is that the company currently has 20 vaccine products in development targeting 12 disease areas, with a pipeline covering the top 10 global vaccine categories globally. The company holds 23 clinical trial approvals, has conducted 24 clinical trials, and has 7 Class 1 innovative vaccines. Among these, the mRNA shingles vaccine and mRNA respiratory syncytial virus vaccine have simultaneously received approval for clinical trials in both China and the United States, with the mRNA technology platform gaining international authoritative recognition. Additionally, four heavyweight blockbuster products including the next-generation serum-free rabies vaccine, 13-valent pneumococcal conjugate vaccine, and next-generation high-potency human diploid rabies vaccine have entered the final market launch phase, positioning the company for multiple positive catalysts for performance improvement.

In the mRNA technology field that has attracted significant capital enthusiasm, AIM VACCINE has consistently led peer companies. AIM's mRNA technology platform has been validated through clinical trials involving tens of thousands of subjects, with safety and efficacy fully demonstrated. The approval of two heavyweight blockbuster vaccines for clinical trials in both China and the United States not only validates the company's innovation capabilities but also serves as a strategic tool for global market expansion. Beyond these two blockbuster products, AIM has also developed mRNA rabies vaccine, mRNA influenza vaccine and other popular blockbuster products, and has established mature mRNA vaccine platform production processes and stable testing methods to ensure product safety and efficacy. Fosun Securities pointed out in a research report released in March this year: "AIM's successfully validated mRNA platform during the COVID-19 pandemic has laid a solid foundation for its future growth in both domestic and international markets."

While making phased progress with heavyweight products, AIM also has multiple vaccine products entering the market countdown, indicating the company is about to enter a performance harvest period. According to the interim report, the 13-valent pneumococcal conjugate vaccine has applied for market registration and completed on-site inspections, entering the final market registration approval phase; the next-generation serum-free rabies vaccine registration application has been accepted; the 23-valent pneumococcal polysaccharide vaccine has completed Phase III clinical serum testing and is about to enter statistical unblinding work; the next-generation high-potency human diploid rabies vaccine is currently in Phase III clinical trials, expected to complete Phase III trials by the end of 2025 and submit market registration applications in 2026.

According to information, the 13-valent pneumococcal conjugate vaccine is one of the most broad-spectrum pneumococcal vaccines currently available. Before the pandemic, it held the global vaccine sales championship for ten consecutive years. In 2023, Pfizer's conjugate pneumonia vaccine achieved annual global sales of $6.44 billion, with market value fully validated. According to CIC assessment, the global shortage of 13-valent pneumococcal conjugate vaccine reaches 180 million doses, with considerable market growth potential. The serum-free next-generation rabies vaccine achieves significant technological upgrades over previous rabies vaccines, containing no animal serum, significantly improving safety and reducing the probability of adverse reactions. To date, no serum-free rabies vaccine has been approved for market globally, and this product is expected to fill the market gap.

Under multiple positive factors, DBS Bank has recently maintained optimistic expectations for AIM VACCINE. The bank noted in its research report that as major clinical trials conclude in 2025, the company's subsequent R&D expenses are expected to decline significantly by 39%, with profitability expected in 2026. The company's sales revenue is projected to grow at a compound annual growth rate of 45% from 2025 to 2027, demonstrating strong development momentum. The bank pointed out that AIM's vaccines cover rabies, pneumonia, hepatitis A and B, influenza, mumps and meningitis, with pneumonia vaccines showing superior efficacy compared to Pfizer's products, and rabies vaccines having fewer side effects due to their serum-free formulation. These innovative achievements fully demonstrate the company's R&D capabilities.

Currently, the Hong Kong innovative drug sector is experiencing a new round of development opportunities. As a leading vaccine company with both innovative genes and commercialization expertise, AIM VACCINE leverages its innovative vaccine R&D capabilities and continuous product pipeline implementation to achieve rapid performance improvement. Under the dual drivers of rising industry prosperity and improving fundamentals, the company's stock price has sufficient upward momentum.