CanSino Biologics

What CanSino Biologics does

CanSino Biologics is a China-based, publicly traded vaccine company founded in 2009 in Tianjin by four overseas-returned scientists with prior senior experience at multinational pharmaceutical firms. It is dual-listed on the Hong Kong Stock Exchange (06185.HK) since March 2019 and on the Shanghai STAR Market (688185.SH) since August 2020, making it the first A+H vaccine company. The company focuses exclusively on the R&D, manufacturing, and commercialization of innovative human-use vaccines, operating five proprietary technology platforms (adenoviral vector, synthetic vaccine, VLP assembly, mRNA, and formulation/drug delivery), and currently markets six launched products spanning meningitis, pneumonia, pertussis, and COVID-19, with a pipeline covering more than ten indications including tuberculosis and polio.

The company's commercialized portfolio includes Asia's first quadrivalent meningococcal conjugate vaccine (MCV4/Menhycia), China's first dual-carrier 13-valent pneumococcal conjugate vaccine (PCV13/Youpeixin), China's first domestically developed three-component DTaP vaccine (Pankangxin), two meningococcal vaccines (Meinaixin A/C, Menhyxia), and the world's first inhaled COVID-19 vaccine (Convidecia Air). Differentiated technical features include the CRM197/TT dual-carrier polysaccharide-protein conjugation approach to mitigate carrier-induced immune interference, non-infectious VLP-based polio vaccine production eliminating biosafety risks from live virus, and a proprietary ionized-sterol three-component lipid nanoparticle (ISL-3C-LNP) delivery system for mRNA vaccines. The company operates a Tianjin industrialization base exceeding 70 million doses of annual capacity meeting Chinese and WHO GMP standards, with cumulative global doses delivered surpassing 100 million.

CanSino generates revenue through three primary streams: domestic commercial vaccine sales (national immunization program and private market, with MCV4 and PCV13 as primary drivers), government procurement and international exports (Indonesia, Saudi Arabia, MENA region via SPIMACO), and technology-transfer and licensing agreements with international partners (Malaysia NIBM, Instituto Butantan, Yuanda Life Sciences for Greater China tetanus vaccine). Full-year 2025 revenue reached RMB 1.04–1.08 billion (approximately US$145–150 million), up 22.88%–27.61% year-on-year, with the company returning to net profitability (RMB 24.5–29.0 million) after prior losses. Geographically the company serves China, Indonesia, Saudi Arabia, Malaysia, Brazil, Mexico, Pakistan, and other emerging markets, with international go-to-market executed through regional distributor partnerships and local-production technology-transfer models rather than direct sales.

Name

CanSino Biologics

Legal name

康希诺生物股份公司

Website

https://cansinotech.com.cn

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

CanSino Biologics is a China-based, dual-listed (HKEX 06185.HK, STAR 688185.SH) vaccine company that develops, manufactures, and commercializes innovative human vaccines using five proprietary technology platforms. It sells six launched products, including MCV4, PCV13, DTaP, and inhaled COVID-19 vaccines, serving government immunization programs and emerging-market partners across Southeast Asia, the Middle East, and South America.

Ownership category

akta.pro rank

Product category

Vaccines (Biopharmaceuticals)

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (32541)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Vaccine Technology Platforms (mRNA, viral vector, protein subunit, inactivated/live-attenuated, VLP, DNA) (HLAAAEAD)

akta.pro secondary industries

Prophylactic Human Vaccines (routine, pediatric, adult) (HLAAAEAA), Combination Vaccines & Multivalent Formulations (HLAAAEAG), Vaccine Fill-Finish, Packaging & Cold-Chain Formulation (vial/syringe, lyophilization, thermostable) (HLAAAEAJ), Vaccine Combination Products (Multivalent/Co-formulated) (HLAIAEAO), Pediatric Vaccines (HLAIAEAA), Adult Vaccines (HLAIAEAB)

Keywords

• Innovative vaccine development
• Conjugate vaccine technology
• Adenovirus vector vaccines
• MRNA vaccine platform
• Human vaccine manufacturing

Headquarters

HQ city

Tianjin

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Supply Chain, Infrastructure

Revenue model

1. Vaccine Product Sales: Domestic commercial vaccine sales primarily through national immunization program and private market channels. Main revenue drivers include MCV4 (Menhyxin), PCV13 (Youpeixin), and COVID-19 vaccines. Revenue in 2025 reached RMB 1.04-1.08 billion, a year-on-year increase of 22.88% to 27.61%.
2. Government Procurement and International Exports: Government-funded vaccination programs and international market exports. Products exported to Indonesia, Middle East, and other regions. International commercial partnerships include supply agreements with SPIMACO in Saudi Arabia.
3. Technology Transfer and Licensing: Revenue from technology transfer, technical cooperation, and licensing agreements with international partners. This includes collaborations with Malaysia NIBM on mRNA flu vaccine development and partnerships for local production in target markets.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

CanSino Biologics researches, develops, manufactures, and commercializes innovative human vaccines for the prevention of infectious diseases. Its commercial portfolio spans meningococcal conjugate vaccines (MCV2, MCV4), pneumococcal conjugate vaccine (PCV13), a three-component DTaP infant vaccine, and COVID-19 vaccines including an inhaled adenovirus-vector product, with a pipeline covering polio (VLP-Polio), tuberculosis, mRNA influenza, and higher-valent pneumococcal vaccines.

Differentiator

Problem solved

Functional benefit

Brands

• 克威莎® (Convidecia): 重组新型冠状病毒疫苗（5型腺病毒载体），2021年2月获批附条件上市，已获得世卫组织认可
• 克威莎®雾优®
• 曼海欣®
• 美奈喜®
• 优佩欣®
• 盼康欣®

Products and services

• Menhycia (曼海欣®) - Quadrivalent Meningococcal Conjugate Vaccine (MCV4) Lyophilized quadrivalent meningococcal conjugate vaccine covering A, C, W135, and Y serogroups for infants and children from 3 months to 6 years of age, used in routine childhood immunization against meningococcal disease.
• Pankangxin (盼康欣®) - Adsorbed Acellular Diphtheria, Tetanus and Pertussis (Three-Component) Combined Vaccine Three-component acellular DTaP vaccine for infant immunization against diphtheria, tetanus, and pertussis, using proprietary production process patents for pertussis strains and antigens.
• Youpeixin (优佩欣®) - 13-Valent Pneumococcal Polysaccharide Conjugate Vaccine (PCV13) Pneumococcal conjugate vaccine covering 13 serotypes using a dual-carrier CRM197/TT conjugate technology platform, indicated for infant and childhood immunization against pneumococcal disease.
• Meinaixi (美奈喜®) - Group A and C Meningococcal Polysaccharide Conjugate Vaccine (MCV2, CRM197 carrier) Bivalent meningococcal polysaccharide conjugate vaccine (CRM197 carrier) targeting serogroups A and C for infants aged 3 to 23 months, providing protection against two of the most prevalent meningococcal serogroups in China.
• Convidecia (克威莎®) - Recombinant COVID-19 Vaccine (Adenovirus Type 5 Vector) Single-dose replication-defective adenovirus type 5 vector vaccine expressing SARS-CoV-2 spike protein, indicated for adults aged 18 and above for prevention of COVID-19, with WHO emergency use authorization.
• Convidecia Air (克威莎®雾优®) - Inhaled Recombinant COVID-19 Vaccine (Adenovirus Type 5 Vector) Inhaled/nebulized adenovirus type 5 vector vaccine delivering the SARS-CoV-2 Omicron XBB.1.5 spike protein via the respiratory tract to induce mucosal immunity, the first inhaled COVID-19 vaccine globally, for adults aged 18 and above.

Quantifiable outcome

• MCV4 protects over 1 million children in China
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators6 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• Sinovac Biotech: Chinese vaccine developer and manufacturer with comparable focus on human-use vaccines (COVID-19, influenza, hepatitis, EV71). Directly competes with CanSino across both domestic Chinese immunization programs and emerging-market exports, operating a similar business model combining R&D, manufacturing, and government channel distribution.
• Walvax Biotechnology: China-based vaccine company developing and commercializing vaccines including pneumococcal conjugate, HPV, and influenza products. Direct competitor in the Chinese routine immunization space with overlapping targets in PCV13 and other pediatric vaccines.
• Zhifei Biological Products: Major Chinese vaccine distributor and manufacturer with a portfolio of self-developed and in-licensed vaccines. Competes directly with CanSino in national immunization program tenders and operates as one of the largest vaccine distributors in China.
• Bharat Biotech: India-based vaccine innovator with a comparable technology-platform strategy (viral vector, VLP, conjugate) and product portfolio spanning rotavirus, polio, and COVID-19. Both companies target emerging-market public-sector immunization buyers via WHO/GAVI pathways.

Broad incumbents

• China National Biotec Group (CNBG / Sinopharm): State-owned vaccine giant under Sinopharm, producing a broad portfolio of human vaccines including COVID-19, polio, measles, and hepatitis. As the largest Chinese vaccine manufacturer, it competes broadly across nearly all of CanSino's product categories with greater scale and deeper government ties.
• Serum Institute of India: World's largest vaccine manufacturer by doses, supplying polio, measles, pneumococcal, and other vaccines to GAVI-supported countries. Competes with CanSino for the same international public-sector tenders that anchor the Indonesia/Saudi/Malaysia export strategy.
• Sanofi Pasteur: Global vaccine leader and incumbent across meningococcal, pertussis, and influenza franchises. Competes with CanSino's MCV4, DTaP, and adult booster products while also serving as a talent source (multiple CanSino senior leaders came from Sanofi Pasteur China).
• GSK Vaccines: Major multinational vaccine manufacturer with established franchises in meningitis, pneumococcal, and pediatric combination vaccines. Provides the global benchmark that CanSino's MCV4 and PCV13 must displace in international public-sector tenders.

Emerging players

• BioNTech: German mRNA technology leader co-developing COVID-19 vaccines with Pfizer. Directly comparable on CanSino's mRNA platform investments and Td5cp/PCV24-style pipeline ambitions, though BioNTech operates at significantly larger scale with broader commercial reach.
• Moderna: US-based mRNA technology pioneer with COVID-19, influenza, and oncology vaccine programs. Comparable to CanSino's mRNA platform development and ISL-3C-LNP delivery system investments, though with vastly greater commercial scale and pipeline breadth.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CanSino Biologics