Economic Observer reporter Zhang Ling

On October 12th, the stock price of Jindike (688670. SH) plummeted at the opening and fell to the limit down at one point. As of the close, Jindike fell 19.98% to 15.34 yuan per share, with a total market value of 1.89 billion yuan.

Behind the decline in stock price, Jindike is facing operational pressure from the switch to flu vaccine products.

Two days ago, Jindik announced the approval of the trivalent influenza vaccine. However, due to the recent approval of the product, it is temporarily unable to be launched for sale, causing market concerns.

The sales of influenza vaccines have obvious seasonality, with September to December being the peak sales season each year. The second half of 2026 to the first half of 2027 is a new flu season, and only products newly produced and approved for batch issuance in 2026 can be sold. Due to the removal of B/Yamagata virus from the recommended components of the 2026-2027 Northern Hemisphere influenza vaccine released by the World Health Organization and the National Influenza Center of China, trivalent influenza vaccine has become the main product promoted in the market this season.

Previously, only one quadrivalent influenza vaccine had been launched and sold by Jindike, and all of its revenue came from this product. After the World Health Organization released recommended vaccine components, Jindick decided not to sell quadrivalent influenza vaccines this flu season, only trivalent influenza vaccines.

Jindike stated in the announcement that trivalent influenza vaccines can only be sold after obtaining a biological product batch issuance certificate. At the same time, due to the progress of local government procurement bidding, the company currently has no trivalent influenza vaccines available for sale. The available sales time for this flu season is limited. If the window for large-scale sales is missed, it will have a negative impact on its annual business performance, resulting in significant uncertainty in the annual business performance.

On October 12th, the staff of the Secretary's Office of Jindike told the Economic Observer that Jindike is currently producing a trivalent influenza vaccine. The product can only enter the batch issuance process after completion of production, and the maximum approval time for batch issuance is 45 days. The specific time for listing and sales cannot be determined yet.

According to the official website of the National Medical Products Administration, more than 20 trivalent influenza vaccines have been officially approved for sale in China, and the market competition is fierce. Jindike mentioned in the announcement that if its products fail to form effective competitive advantages in terms of launch time, batch issuance progress, market promotion efforts, and terminal coverage in the future, it may face the risk of product sales falling short of expectations.

Jindike also reminded in the announcement that according to preliminary calculations, its annual operating revenue may be less than 100 million yuan and it may not be able to achieve a turnaround, which may trigger a financial delisting risk warning situation.

In 2025, Jindike's revenue will be 113 million yuan. In the first half of 2026, Jindike's revenue was only 910000 yuan.

At present, there is no revenue generated during this year's flu season (from the second half of 2026 to the first half of 2027), "the aforementioned staff member told the Economic Observer. The revenue in the first half of the year came from sporadic sales of quadrivalent flu vaccines during the previous flu season, and there was no product revenue in the second half of the year. He revealed that the trivalent influenza vaccine may complete the production and batch issuance process before the end of the year and generate sales, but there is a risk of annual revenue being less than 100 million yuan.

In terms of market promotion, the staff member stated that the company has accumulated a certain sales network when selling quadrivalent influenza vaccines, and related market promotion work is also being carried out simultaneously. As for whether to adjust product pricing and take further promotion measures, the company has not yet made specific arrangements, and product pricing also needs to be determined based on market conditions.

(Author Zhang Ling)