A major positive Phase III clinical result from the combined individualized mRNA cancer vaccine developed by Moderna and Merck has fully ignited global investment enthusiasm in the mRNA sector. The industry-wide利好 from overseas markets quickly transmitted to China's A-share and Hong Kong stock markets, triggering a powerful rally across the mRNA supply chain.
In the A-share market, multiple industry chain players including CanSino Biologics, Shanghai Novoprotein Scientific, and Porton Pharma Solutions have consecutively hit the 20% daily price limit, covering downstream vaccine R&D, upstream raw materials and excipients, and midstream CDMO contract manufacturing. In Hong Kong, related companies such as AIM VACCINE, Everest Medicines, and 3D Medicines have simultaneously surged, with capital rapidly seeking out local mRNA platform companies possessing robust technological foundations, signaling the opening of a market valuation restructuring window.
Among numerous local players, mRNA vaccine leader AIM VACCINE (06660) is poised for a potential valuation surge. According to the company's latest 2026 interim report, leveraging its mature proprietary mRNA technology platform, AIM VACCINE has laid out multiple personalized mRNA cancer vaccine pipelines covering cervical cancer, liver cancer, lung cancer, and refractory solid tumors, including three core cancer types: melanoma, advanced breast cancer, and head and neck squamous cell carcinoma. The development of personalized therapeutic mRNA cancer vaccines is progressing steadily.
As a frontrunner in China's mRNA sector, AIM VACCINE simultaneously focuses on two major tracks: mRNA preventive vaccines and mRNA cancer vaccines. It is among the earliest domestic companies to deploy mRNA technology and the first to possess a returnee R&D team dedicated to mRNA cancer vaccines. The company's mRNA shingles vaccine and mRNA RSV vaccine have already obtained clinical approvals in both China and the United States, with the platform accumulating human clinical data from over ten thousand trial participants, fully validating the safety and reliability of its mRNA platform. Holding core proprietary technologies including mRNA synthesis, a mature LNP delivery system, and a one-step transcription capping process, AIM VACCINE has built GMP commercial-scale production facilities, establishing a complete closed loop from R&D to manufacturing. The entire process, quality control methods, and quality management system have all been battle-tested, giving the platform strong technological extensibility and a solid foundation for extending from preventive vaccines to therapeutic cancer vaccines.
With overseas clinical milestones being achieved, institutions generally believe the mRNA cancer vaccine track has opened up its ceiling, and the industry's vast market space is gradually becoming visible. Domestic enterprises with autonomous, controllable, and industrially validated mRNA technology platforms are in urgent need of revaluation. According to CITIC Securities estimates, the global and domestic mRNA tumor vaccine markets are projected to reach $14.5 billion and RMB 2.5 billion respectively by 2030, and $21 billion and RMB 10 billion by 2035, indicating immense growth potential for the sector.
Industry analysts suggest that AIM VACCINE, backed by its mature mRNA technology foundation, a diversified preventive-plus-cancer vaccine pipeline matrix, and complete industrialization capabilities, is expected to maintain sustained leadership in the mRNA cancer vaccine arena. While the current sector rally is robust, certain hardcore platform targets still trade at relatively low valuations. As pipelines continue to advance, the potential for valuation recovery in these enterprises warrants sustained market attention.
(Compiled based on publicly available information)