CanSino Biologics released its financial results for the first half of 2026. The Company reported revenue of approximately RMB 550 million, up 43.8 per cent year on year, while its net loss attributable to shareholders narrowed significantly. Notably, while demand in China’s vaccine market remains challenging, CanSinoBIO’s international business maintained strong growth momentum, generating overseas revenue of RMB 150 million during the reporting period.
As established products accelerate their expansion into overseas markets, and collaboration models such as technology partnerships and localized industrialization continue to take shape, CanSinoBIO’s overseas business is evolving from a strategic initiative into an increasingly important contributor to the Company’s performance. This reflects the Company’s forward-looking understanding of global vaccine market trends and evolving demand in international markets.
At a time when the vaccine industry is facing changes in demand structure, the combination of domestic innovation capabilities and access to international markets is becoming an increasingly important measure of corporate growth resilience.
In the first half of 2026, China’s vaccine industry continued to face demand-side pressure. As the target population for infant and young-child vaccination continues to decline, demand pressure on traditional pediatric vaccines has become increasingly visible. “Volume contraction and price decline” has emerged as a widespread challenge across the industry.
Based on disclosed financial results across the sector, this pressure appears to be industry-wide. In 2025, Zhifei Biological generated RMB1.187 billion in revenue from self-developed products, up 1.23 per cent year on year. Walvax Biotechnology reported 2025 revenue of RMB2.418 billion, down 14.29 per cent year on year; despite a 53.36 per cent year-on-year increase in batch-release volume for its core 13-valent pneumococcal conjugate vaccine, revenue remained under pressure. Kangtai Biological reported revenue of RMB1.273 billion in the first half of 2026, down 8.55 per cent year on year.
Against this industry backdrop, the growth of CanSinoBIO’s international business is particularly noteworthy. The Company reported overseas revenue of RMB 150 million in the first half of 2026. This growth was driven, on the one hand, by the continued expansion of mature products into overseas markets and, on the other, by the further deepening of the Company’s international partnership models. For CanSinoBIO, this also means that its products, manufacturing processes and quality control capabilities, validated in the domestic market, are beginning to unlock value overseas through more diversified approaches.
Meanwhile, the Company continues to advance its international market footprint. Registration filings and commercialization efforts remain underway across Southeast Asia, South America and the Middle East. Menhycia(R) has obtained registration approvals in Indonesia and Argentina, and product supply has already commenced in Indonesia. As more products progress through overseas registration and commercialization, CanSinoBIO’s international business is expected to develop more diversified revenue streams and further strengthen its commercial resilience.
