Moderna has ignited the market for mRNA cancer vaccines, and the valuations of leading stocks at low levels are expected to surge.

Moderna, in collaboration with Merck, has achieved significant positive results in the Phase III clinical trial of its personalized mRNA cancer vaccine, igniting global investment enthusiasm in the mRNA sector. The favorable developments in overseas markets quickly translated to gains in the A-share and Hong Kong stock markets, leading to a robust market trend for the mRNA industry chain. In the A-share market, several companies within the industry chain, including CanSino Biologics Inc., Novoprotein Scientific Inc., and Porton Pharma Solutions, have consecutively hit the 20% daily limit, covering multiple segments from downstream vaccine development to upstream raw materials and excipients, as well as midstream CDMO manufacturing. In the Hong Kong market, related companies such as AIM VACCINE, EVEREST MED, and Sidodi Pharmaceuticals have also seen substantial increases, with investors intensifying their exploration of local mRNA platform enterprises that possess solid technological foundations, opening the market valuation reconstruction window. Among numerous domestic companies, AIM VACCINE (06660), a leader in mRNA vaccines, is expected to see a valuation surge. According to the latest half-year report from AIM, the company, relying on its mature independently developed mRNA technology platform, has laid out multiple personalized mRNA cancer vaccine pipelines targeting cervical cancer, liver cancer, lung cancer, and hard-to-treat solid tumors, including melanoma, advanced breast cancer, and head and neck squamous cell carcinoma. The research and development of personalized therapeutic mRNA cancer vaccines is steadily progressing. As a frontrunner in Chinas mRNA sector, AIM VACCINE is also deeply engaged in both mRNA preventive vaccines and mRNA cancer vaccines, being one of the first companies to adopt mRNA technology and to establish an overseas R&D team for mRNA cancer vaccines. The company's mRNA shingles vaccine and mRNA RSV vaccine have received clinical approvals in both China and the U.S., with the platform accumulating clinical data from over ten thousand subjects, thoroughly verifying the safety and reliability of its mRNA platform. With independent mRNA synthesis technology, a mature LNP delivery system, and a streamlined transcription-capping process encompassing all core technologies, AIM has established a GMP-scale commercial production facility, ensuring a complete closed-loop from R&D to production. The entire process, quality control testing methods, and quality management system have all been validated through practical applications, providing a strong technological foundation for extending its capabilities from preventive vaccines to therapeutic cancer vaccines. With the achievement of overseas clinical milestones, institutions widely believe that the ceiling for mRNA cancer vaccines has been lifted, gradually revealing the immense market potential of the industry. Domestic enterprises with independent and controllable mRNA technology platforms, proven through industrialization, are in urgent need of revaluation. According to CITIC SECs estimates, the global and domestic mRNA tumor vaccine markets are projected to reach approximately $14.5 billion and $2.5 billion, respectively, by 2030, and $21 billion and $10 billion by 2035, indicating tremendous growth potential in the sector. Industry analysts suggest that AIM VACCINE, with its established mRNA technology foundation, diverse pipeline matrix of preventive and cancer vaccines, and comprehensive industrial capabilities, is likely to maintain a leading position in the mRNA cancer vaccine sector moving forward. Currently, while the market for this sector is heated, the valuations of certain robust platform candidates remain relatively low. As the pipeline progresses, the potential for corporate valuation recovery warrants ongoing attention from the market.