China Securities Co., Ltd.: mRNA Pioneers a New Paradigm in Tumor Treatment as Domestic Companies Accelerate Catch-Up

China Securities Co., Ltd. has released a research report stating that, with the positive results from the Phase III clinical trial of Moderna's personalized tumor mRNA vaccine, mRNA tumor vaccines are moving towards commercialization, and the market potential is expected to gradually expand. The combination of mRNA tumor vaccines with ICIs is likely to create a new paradigm in cancer treatment. In terms of classification, personalized tumor vaccines have the potential for better therapeutic effects; although they have higher production costs, they also have greater pricing potential. In contrast, universal vaccines, due to economies of scale and lower costs, are expected to cover a broader patient population. AI is set to empower various aspects and accelerate the iterative upgrading of mRNA tumor vaccines. Currently, the development of domestic tumor mRNA vaccines is advancing rapidly, and there is hope for differentiated breakthroughs in the future, with related companies and industry chain firms likely to benefit. The main points from China Securities Co., Ltd. are as follows: As Moderna's personalized tumor mRNA vaccine achieves positive results in its Phase III clinical trial, mRNA tumor vaccines are progressing toward commercialization, with market potential expected to gradually expand. The combination of mRNA tumor vaccines with ICIs is likely to create a new paradigm in cancer treatment. In terms of classification, personalized tumor vaccines offer potentially superior therapeutic effects; despite higher production costs, they possess greater pricing potential, while universal vaccines, leveraging large-scale production and lower costs, are expected to cover a wider range of patients. AI is anticipated to empower various aspects and accelerate the iterative upgrades of mRNA tumor vaccines. The development of domestic tumor mRNA vaccines is currently accelerating, with expectations of achieving differentiated breakthroughs in the future, benefiting relevant companies and those in the industry chain. mRNA Tumor Vaccines: Activating Self-Immunity to Establish a New Paradigm in Cancer Treatment With the positive results from Moderna's personalized tumor mRNA vaccine in its Phase III clinical trial, mRNA tumor vaccines are advancing toward commercialization; their indications are expected to expand from the currently validated melanoma to more therapeutic areas, with market potential gradually opening up. Currently, mRNA tumor vaccines are primarily used in conjunction with ICIs and are expected to become a new paradigm in cancer treatment; mRNA tumor vaccines may also be combined with other therapeutic methods to provide patients with multifaceted anti-tumor strategies. From a product type perspective, while personalized neoantigen vaccines have higher production costs than universal vaccines, their personalized antigen selection and design are expected to yield better tumor immune responses and potentially greater pricing power; universal vaccines, through large-scale production and lower costs, are likely to reach a broader patient population. AI is expected to empower multiple aspects, accelerating the iterative upgrades of mRNA tumor vaccines. Progress of Overseas mRNA Tumor Vaccine Development 1) Moderna: A global leader in tumor mRNA vaccines, with its vaccine pipeline centered around Intismeran, widely deployed in adjuvant therapy scenarios; indications cover multiple tumor types, including melanoma, non-small cell lung cancer (NSCLC), bladder cancer, and renal cell carcinoma. The positive results from the clinical Phase III trial of Intismeran mark an important milestone in tumor vaccine development. 2) BioNTech: One of the earliest entrants in the mRNA tumor vaccine field, with its core tumor vaccine platforms being FixVac (fixed antigen spot vaccine) and iNeST (personalized neoantigen specific immunotherapy), among which autogene cevumeran (BNT122/RO7198457) is the most representative personalized tumor vaccine product, showing sustained T-cell immunity and survival benefits in clinical Phase I. Overview of Domestic Tumor mRNA Vaccine Layout and Progress As of mid-2026, over 20-30 domestic companies have entered the tumor mRNA vaccine field, with most in Phase I-II clinical stages or even earlier, demonstrating a trend of accelerating catch-up, with expectations for domestic companies to achieve clinical breakthroughs in the future. 1) Jiangsu Hengrui Pharmaceuticals: Dual focus on universal spot vaccine (RGL-232, in clinical Phase I) and personalized neoantigen vaccine (RGL-270, in clinical Phase II), expected to synergize with its pipeline. 2) EVEREST MED: Possesses an end-to-end mRNA technology platform, leveraging AI algorithms as a core competitiveness, developing personalized tumor vaccine EVM16 and spot-type vaccine EVM14. 3) AKESO: Engaged in personalized tumor vaccine AK154, creating a "vaccine + IO dual-antibody" synergistic combination. 4) CSPC PHARMA: Developing an end-to-end mRNA platform, working on the universal spot vaccine SYS6026. 5) CanSino Biologics Inc.: A comprehensive layout for mRNA development and preparation, featuring a differentiated delivery system and focusing on therapeutic tumor vaccines. 6) Changchun Bcht Biotechnology: Collaborating with Chuanxin Biotechnology to expand into the tumor mRNA vaccine field. 7) Anhui Anke Biotechnology: Partnering with Hefei Afana Bio and co-establishing Hefei Afana Anhui Anke Biotechnology, laying out its strategy in the mRNA tumor vaccine sector. Investment Recommendations Related publicly listed companies can be divided into two main lines: "pipeline and technology platform developers" and "industry chain beneficiaries." It is recommended to pay attention to: Companies with mRNA tumor vaccine development that have entered human trials, such as Jiangsu Hengrui Pharmaceuticals, AKESO, CSPC PHARMA, CANSINOBIO, Changchun Bcht Biotechnology, and Anhui Anke Biotechnology; as well as those with mRNA technology platform development, such as Chengdu Kanghua Biological Products, Walvax Biotechnology, and Chongqing Zhifei Biological Products; Relevant sectors of the mRNA industry chain, such as tumor sequencing (MGI Tech Co., Ltd., Novogene Co., Ltd.), plasmid DNA templates (Genscript, Porton Pharma Solutions), raw material enzymes (Nanjing Vazyme Biotech), LNP lipids, production equipment (Tofflon Science and Technology Group, Suzhou Nanomicro Technology, MORIMATSU INTL), mRNA CDMO services (Genscript, WuXi AppTec, WUXI BIO, Porton Pharma Solutions, Shanghai Obio Technology) and AI-related applications (INSILICO, Jitai Technology), etc. Risk Warning: Industry policy risks; R&D risks not meeting expectations; approval risks not meeting expectations; macroeconomic fluctuation risks.