科兴控股（SVA）2025年半年报显示出其业务重心的明显转移。财报显示，公司上半年海外销售额同比增长29.4%，主要得益于流感疫苗及甲肝疫苗在国际市场的出口增长。而中国内地市场受出生率下降及疫苗价格竞争影响，需求明显放缓。

　　尽管国内市场需求下滑，海外业务的高速增长有效对冲了这一压力，推动公司整体销售额达到1.303亿美元，与去年同期基本持平。公司管理层在财报中表示，将坚定执行全球化战略，持续深耕海外市场。

　　从具体突破来看，科兴连续两年（2025-2026年）成为智利流感疫苗全球招标的独家供应商，并于2025年11月与巴西卫生部签署了为期十年的供应协议，将提供约6000万剂水痘及狂犬病疫苗。海外市场正逐步成为公司业绩的核心支撑。

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