证券代码：688185 证券简称：康希诺 公告编号：2025-023 康希诺生物股份公司 第三届董事会第二次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 康希诺生物股份公司（以下简称"公司"）第三届董事会第二次临时会议于 2025 年 9 月 26 日在公司会议室以现场及通讯的方式召开。会议通知已于会议召 开 5 日前以电子邮件形式送达全体董事。本次会议由董事长 XUEFENG YU（宇学 峰）博士主持，应到董事 7 人，实到董事 7 人。会议的召集、召开和表决程序符 合《中华人民共和国公司法》（以下简称"《公司法》"）等法律法规及规范性 文件和《康希诺生物股份公司章程》（以下简称"《公司章程》"）的规定，合 法有效。 二、董事会会议审议情况 经与会董事审议，逐项表决，形成决议如下： （一）《关于公司<2025 年 A 股限制性股票激励计划（草案）>及其摘要的 议案》 为了进一步建立、健全公司长效激励机制，吸引和留住优秀人才，充分调动 公司员工的积极性，有效地将股东利益、公司利益 ...

截至发稿，康希诺市值为189亿元。 每经AI快讯，康希诺（SH 688185，收盘价：76.4元）9月26日晚间发布公告称，公司第三届第二次董事 会临时会议于2025年9月26日在公司会议室以现场及通讯的方式召开。会议审议了《关于公司<2025年A 股限制性股票激励计划（草案）>及其摘要的议案》等文件。 2024年1至12月份，康希诺的营业收入构成为：生物医药占比97.47%，其他业务占比2.53%。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 王晓波） ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The industry is entering a new development phase driven by optimized procurement and innovation [3] - The raw material pharmaceutical sector is at a cyclical bottom, with companies actively transitioning to innovative drug development [5][8] - The vaccine sector is experiencing a decline in performance but is accelerating the layout of new technologies and products [6] - The medical services sector is leveraging AI technology to enhance efficiency and quality [7] Summary by Sections Raw Material Pharmaceutical Sector - The raw material pharmaceutical industry has faced a downturn for nearly four years, with prices of various products, such as sartans and heparins, reaching historical lows [5] - Revenue and net profit in the raw material pharmaceutical sector showed a downward trend in the first half of 2025 due to significant price drops in anti-infective products and increased R&D investments [5] - Companies like Huahai Pharmaceutical and Borui Pharmaceutical are focusing on innovative drug development, with several products in various clinical trial phases [5][68] Vaccine and Blood Products Sector - The vaccine industry is facing continuous performance decline due to a decrease in newborn numbers and changing competitive dynamics, although some companies are introducing new technologies and products [6] - The blood products sector is also experiencing a downturn, with revenue and net profit declining due to high inventory levels and suppressed demand from medical insurance [6][75] - The industry is expected to see increased consolidation as leading companies accelerate mergers and acquisitions [6][8] Medical Services Sector - The medical services sector's performance has declined due to DRGs and the consumption environment, but the application of AI technology is expected to enhance service quality and efficiency [7] - The core competitiveness of the medical services industry lies in acquiring and training quality doctors and hospital management [7] Investment Recommendations - The report suggests that companies in the raw material pharmaceutical sector are likely to enter a harvest period as they transition to innovative drugs [8] - The blood products sector is anticipated to accelerate consolidation, with significant mergers expected in the near future [8] - Recommended stocks include Federal Pharmaceutical, Pro Pharmaceutical, Guobang Pharmaceutical, and others, while benefiting stocks include Tianyu Co., Meinuo Pharma, and others [8]

中期報告 2025 2025 中期報告 | 目錄 | | --- | | 公司資料 | 02 | | --- | --- | | 財務概要 | 04 | | 管理層討論及分析 | 05 | | 其他資料 | 24 | | 獨立核數師報告 | 32 | | 簡明合併損益及其他綜合收益表 | 33 | | 簡明合併財務狀況表 | 34 | | 簡明合併權益變動表 | 36 | | 簡明合併現金流量表 | 37 | | 簡明合併財務報表附註 | 38 | | 釋義 | 63 | 02 康希諾生物股份公司 公司資料 董事會 執行董事 Xuefeng YU博 士 （董事長、首席執行官兼總經理） Shou Bai CHAO博 士 （首席運營官兼副總經理） 王靖女士 （首席商務官兼副總經理） 非執行董事 李志成先生 獨立非執行董事 桂水發先生 劉建忠先生 張耀樑先生 審計委員會 張耀樑先生 （主任委員） 桂水發先生 劉建忠先生 薪酬與考核委員會 桂水發先生 （主任委員） 張耀樑先生 Xuefeng YU博 士 提名委員會 劉建忠先生 （主任委員） 張耀樑先生 桂水發先生 李志成先生 Xuefeng YU 博 士 監 事 肖 ...

Core Viewpoint - 康希诺's stock price has shown volatility with a year-to-date increase of 33.84%, but recent trading indicates a slight decline in the short term [1][2]. Financial Performance - As of June 30, 康希诺 reported a revenue of 3.82 billion yuan for the first half of 2025, reflecting a year-on-year growth of 26.00% [2]. - The company experienced a net profit loss of 1348.54 million yuan, which is an improvement of 94.02% compared to the previous period [2]. Stock Market Activity - On September 17, 康希诺's stock price decreased by 2.07%, trading at 81.71 yuan per share with a total market capitalization of 202.19 billion yuan [1]. - The stock saw a net outflow of 616.01 million yuan in principal funds, with significant selling pressure from large orders [1]. Shareholder Information - As of June 30, 康希诺 had 17,500 shareholders, a decrease of 1.92% from the previous period [2]. - The average number of circulating shares per shareholder remained at 0 [2]. Dividend Information - 康希诺 has distributed a total of 1.98 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The HPV vaccine is expected to be included in the National Immunization Program, indicating a substantial expansion of the program [3][4] - The vaccine industry is currently facing performance pressure, with a focus on innovation and international expansion as long-term strategies [8][9] Industry Dynamics - The HPV vaccine will be offered for free to eligible girls, with approximately 60% of eligible girls covered by the free vaccination policy [3] - The government has initiated a comprehensive cervical cancer prevention plan, promoting HPV vaccination services [3] - The vaccine market has shown a cumulative increase of 2.42% in 2025, with a recent weekly increase of 1.04% [4][11] Market Performance - The vaccine sector's PE (ttm) is 108.78X, with a PB (lf) of 2X, indicating a slight increase in valuation metrics [7] - The vaccine industry is experiencing a supply-demand imbalance, leading to performance challenges [8][9] Investment Recommendations - Focus on companies with strong innovation capabilities and differentiated products, such as CanSino and Kanghua Biotech [9][28] - Long-term growth drivers for the vaccine industry include policy support, increasing demand due to aging populations, and technological advancements [9][26]

Group 1 - The core viewpoint of the news is that CanSino's stock has experienced fluctuations, with a current price of 83.06 CNY per share and a market capitalization of 20.55 billion CNY, reflecting a year-to-date increase of 36.05% [1] - As of June 30, CanSino had 17,500 shareholders, a decrease of 1.92% from the previous period, with an average of 0 circulating shares per shareholder [2] - For the first half of 2025, CanSino reported a revenue of 382 million CNY, representing a year-on-year growth of 26%, while the net profit attributable to shareholders was -13.49 million CNY, showing a significant increase in losses of 94.02% [2] Group 2 - CanSino's main business involves the research, production, and commercialization of innovative vaccines, with vaccine sales accounting for 97.84% of total revenue [1] - The company has cumulatively distributed 198 million CNY in dividends since its A-share listing, with no dividends distributed in the past three years [3] - CanSino operates within the pharmaceutical and biotechnology industry, specifically in the vaccine sector, and is associated with concepts such as monkeypox, anti-influenza, and biopharmaceuticals [1]

Company Overview - CanSino Biologics, established on January 13, 2009, is located in the Tianjin Economic and Technological Development Zone and specializes in the research, production, and commercialization of innovative vaccines that meet both Chinese and international standards [2] - The company was listed on August 13, 2020, and its main business revenue composition is 97.84% from vaccine and related product sales, with 2.16% from other supplementary sources [2] Stock Performance - As of September 9, CanSino's stock price increased by 42.31% year-to-date, with a 3.53% rise over the last five trading days, a 5.31% increase over the last 20 days, and a 44.66% increase over the last 60 days [2] - The stock was trading at 86.88 CNY per share, with a market capitalization of 21.498 billion CNY [1] Financial Performance - For the first half of 2025, CanSino reported a revenue of 382 million CNY, reflecting a year-on-year growth of 26.00%, while the net profit attributable to the parent company was -13.4854 million CNY, showing a significant year-on-year improvement of 94.02% [2] - The company has distributed a total of 198 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Market Activity - On September 9, the net inflow of main funds into CanSino was 4.8775 million CNY, with large orders accounting for 17.60% of purchases and 18.15% of sales [1]

Group 1 - The core viewpoint of the news is that CanSino Biologics has shown a significant stock price increase of 38.53% year-to-date, despite a slight decline in the last five and twenty trading days [1] - As of September 8, CanSino's stock price was 84.57 CNY per share, with a market capitalization of 20.93 billion CNY [1] - The company reported a net inflow of main funds amounting to 3.08 million CNY, with significant buying activity from large orders [1] Group 2 - For the first half of 2025, CanSino achieved a revenue of 382 million CNY, reflecting a year-on-year growth of 26% [2] - The net profit attributable to the parent company for the same period was -13.49 million CNY, indicating a year-on-year increase of 94.02% in losses [2] - The number of shareholders decreased by 1.92% to 17,500 as of June 30 [2] Group 3 - Since its A-share listing, CanSino has distributed a total of 198 million CNY in dividends, with no dividends paid in the last three years [3]

Company Overview - 康希诺生物股份公司 is located in Tianjin Economic-Technological Development Area and was established on January 13, 2009. The company went public on August 13, 2020. Its main business involves the research, production, and commercialization of innovative vaccines that meet both Chinese and international standards [1][2]. Financial Performance - As of June 30, 康希诺 reported a revenue of 382 million yuan for the first half of 2025, representing a year-on-year growth of 26% [2]. - The company recorded a net profit attributable to shareholders of -13.49 million yuan, which is a 94.02% increase compared to the previous period [2]. - Since its A-share listing, 康希诺 has distributed a total of 198 million yuan in dividends, with no dividends paid in the last three years [3]. Stock Performance - On September 5, 康希诺's stock price increased by 2.01%, reaching 81.30 yuan per share, with a trading volume of 84.25 million yuan and a turnover rate of 0.91%. The total market capitalization is 20.118 billion yuan [1]. - Year-to-date, 康希诺's stock price has risen by 33.17%, but it has seen a decline of 1.38% over the last five trading days and 2.93% over the last 20 days. In the last 60 days, the stock price increased by 34.49% [1]. Shareholder Information - As of June 30, 康希诺 had 17,500 shareholders, a decrease of 1.92% from the previous period. The average number of circulating shares per shareholder remains at 0 [2]. Business Segments - The company's main revenue source comes from vaccine and related product sales, accounting for 97.84% of total revenue, while other supplementary income constitutes 2.16% [1]. - 康希诺 operates within the pharmaceutical and biological industry, specifically in the vaccine sector, and is involved in concepts such as anti-influenza and monkeypox [1].