证券代码：688185 证券简称：康希诺 公告编号：2025-042 康希诺生物股份公司 关于回购 A 股股份注销实施的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 注销后公司股本结构变化：本次回购股份注销后，公司总股本将由目前 的 247,449,899 股（其中 A 股 114,778,999 股，H 股 132,670,900 股）相应减少至 247,043,801 股（其中 A 股 114,372,901 股，H 股 132,670,900 股）。 一、本次回购 A 股股份注销的决策与信息披露 康希诺生物股份公司（以下简称"公司"、"康希诺"）于 2025 年 9 月 26 日召开了第三届董事会第二次临时会议和第三届监事会第九次会议，并于 2025 年 10 月 23 日召开了 2025 年第一次临时股东大会，审议通过了《关于注销回购 A 股股份并减少注册资本的议案》，公司决定注销回购专用账户中的 406,098 股 A 股股份。具体内容请见公司 2025 年 9 月 27 日和 2025 ...

Core Viewpoint - The company has decided to cancel 406,098 shares of A-shares from its repurchase account, which will reduce the total share capital from 247,449,899 shares to 247,043,801 shares, with A-shares decreasing from 114,778,999 shares to 114,372,901 shares, while H-shares remain unchanged [1] Summary by Sections - **Share Cancellation Details** - The cancellation date is set for 2025, although the specific date is not confirmed [1] - The company has completed the creditor notification process and has not received any objections or related requests [1] - **Impact on Company** - The share cancellation complies with regulations and is not expected to have a significant impact on the company [1] - The company will proceed with the necessary business registration changes and related procedures following the cancellation [1]

Group 1 - The company plans to use approximately 1.45 billion yuan from surplus reserves and capital reserves to eliminate accumulated losses, which has been interpreted as paving the way for future dividends [1] - This action has raised concerns among some investors about potential "window dressing" and benefits to major shareholders, especially given the company's limited history of cash dividends [1][4] Group 2 - Despite achieving a net profit of approximately 27.92 million yuan in Q3 2025, the company's non-recurring net profit remains negative at -82.86 million yuan for the first three quarters, indicating ongoing operational challenges [2] - The profit increase is largely attributed to government subsidies and non-recurring income, with other income rising by 233.63% to 91.6 million yuan, significantly outpacing net profit growth [2] Group 3 - The company heavily relies on the "Manhansin" quadrivalent meningococcal vaccine for revenue, which saw a 28% increase in sales, contributing to a 22.13% growth in revenue for the first three quarters [3] - The company has faced two consecutive years of losses following the decline of COVID-19 vaccine demand, highlighting its over-reliance on a single product amidst increasing market competition [3] Group 4 - While the use of surplus reserves to cover losses may temporarily boost market sentiment, fundamental issues regarding the company's operational quality, negative non-recurring net profit, limited product diversity, and high sales expenses remain significant long-term concerns [4]

Core Viewpoint - The company is currently in the preclinical research phase for its multivalent mRNA influenza vaccine in collaboration with the Malaysian government, and will provide updates on progress as they occur [1] Group 1 - The candidate vaccine is still in the preclinical research stage [1] - The company will share updates on any significant progress in the future [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The report highlights a rising trend in influenza activity, suggesting a structural opportunity in the flu vaccine market. It emphasizes the importance of focusing on innovative vaccines and companies with differentiated pipelines to capture alpha opportunities in a competitive landscape [8][9][27]. Summary by Relevant Sections Industry Performance - Over the past twelve months, the vaccine sector has shown a relative performance of -25% compared to the CSI 300 index, with an absolute return of -5% [3][4]. - The vaccine sector's PE (ttm) is reported at 101.87X, with a PB (lf) of 1.99X, indicating a slight increase in valuation metrics [7][20]. Domestic and International Vaccine Dynamics - Recent approvals for clinical trials include various vaccines from companies like Zhifei Biological Products and CanSino, indicating ongoing innovation in the sector [4][8]. - The National Influenza Center reported an increase in flu cases, with 621 outbreaks reported, suggesting a potential uptick in demand for flu vaccines [4][8]. Market Review - The vaccine sector experienced a 3% increase in the last week, reflecting a moderate performance compared to other pharmaceutical segments [5][6]. - Companies such as Jindike and Hualan Biologicals showed strong performance, while others like Wantai and Zhifei Biologicals lagged behind [6][19]. Investment Recommendations - The report suggests that the vaccine industry is currently under pressure, with a need for companies to focus on innovation and international expansion. It recommends monitoring companies with high technical barriers and differentiated pipelines [8][9][27]. - Specific companies to watch include CanSino for its innovative capabilities and Kanghua Biologicals for its stable demand products [9][27].

Core Viewpoint - The announcement by CanSino Biologics regarding the use of capital reserves to cover losses has sparked significant investor discussion, highlighting concerns over the treatment of minority shareholders and the company's financial management practices [1][2]. Financial Summary - CanSino plans to use approximately 1.18 billion yuan from surplus reserves and 13.32 billion yuan from capital reserves, totaling about 14.5 billion yuan, to offset cumulative losses, bringing its negative retained earnings to zero [1][3]. - As of December 31, 2024, CanSino's financial statements indicated a negative retained earnings of approximately -14.5 billion yuan, with surplus reserves of about 1.18 billion yuan and capital reserves of approximately 65.77 billion yuan [3]. - Following the implementation of this plan, the surplus reserves will be reduced to zero, capital reserves will decrease to about 52.45 billion yuan, and retained earnings will be adjusted to zero [3]. Historical Performance - CanSino has only issued one cash dividend since its IPO, amounting to approximately 198 million yuan, with a dividend yield of 0.27% [4]. - The company achieved profitability only in 2021, with a net profit of 1.914 billion yuan, but has faced losses in subsequent years due to declining demand for COVID-19 vaccines [4][5]. - In 2022, CanSino's revenue dropped by 75.94%, resulting in a net loss of approximately 909 million yuan, primarily due to a significant decrease in COVID-19 vaccine sales [5]. Recent Developments - In the third quarter of 2023, CanSino reported a net profit of approximately 27.93 million yuan, marking a significant turnaround from previous losses [1][6]. - The company's revenue for the first three quarters of 2023 was approximately 693 million yuan, a year-on-year increase of 22.13% [6]. - The growth in revenue was driven by the sales of its quadrivalent meningococcal vaccine, which achieved a market share increase and generated sales of approximately 662 million yuan, up 28% year-on-year [6]. Cost Management and Funding - CanSino's R&D expenses decreased by about 18% to 225 million yuan, attributed to the advancement of several projects to phase III clinical trials [7]. - The company received approximately 24.09 million yuan in government subsidies and 60.02 million yuan in international funding support during the first three quarters of 2023 [7]. - Despite the positive revenue growth, CanSino's net profit excluding non-recurring items was approximately -82.86 million yuan, indicating ongoing financial challenges [8].

Core Viewpoint - The company has initiated Phase I clinical trials for its inhaled tuberculosis vaccine in Indonesia, marking a significant step in its development process [1] Group 1: Clinical Trial Details - The Phase I clinical trial aims to explore the safety and immunogenicity of a single dose of the inhaled tuberculosis vaccine in adults aged 18-49 [1] - The first subject has been enrolled in the Phase I clinical trial in Indonesia [1] Group 2: Vaccine Background - Currently, the BCG vaccine is the only vaccine available globally for tuberculosis prevention, widely administered and crucial for preventing tuberculosis in infants [1] - The effectiveness of the BCG vaccine diminishes over time, and it cannot be enhanced through booster vaccinations [1] - The company has developed a first-generation innovative tuberculosis booster vaccine for individuals who have received the BCG vaccine, which has completed Phase Ia and Ib clinical trials in Canada [1] Group 3: Clinical Data and Efficacy - Clinical data from the trials in Canada have demonstrated the safety of the candidate vaccine and its effectiveness as a booster for the BCG vaccine, highlighting its superiority in mucosal immunity [1]

Group 1 - Tsugami Machine Tool China (01651) saw a rise of over 5.4% due to increased demand for high-precision machine tools in emerging sectors like new energy vehicles and artificial intelligence as China's economy gradually recovers [1] - Black Sesame Intelligence (02533) increased by over 2.2% after announcing that its flagship product, the Huashan A1000 automotive-grade high-performance driving assistance chip, has been successfully integrated into Desay SV's new low-speed unmanned vehicle brand "Chuanxing Zhiyuan" S6 series [1] - Zai Xin Bio-B (02509) rose over 5.8% after receiving clinical trial approval for its self-developed long-acting dual antibody QX027N injection, intended for the treatment of asthma and atopic dermatitis [1] - CanSino Biologics (06185) increased nearly 5% as it announced the initiation of Phase I clinical trials for its inhaled tuberculosis vaccine in Indonesia [1] Group 2 - Kingsray Biotechnology (01548) rebounded over 4.48% following the financial performance disclosure of its joint venture Legend Biotech for the third quarter ending September 30, 2025 [2] - Fuhong Hanlin (02696) rose over 5.2% after its PD-1 antibody drug, Surufilumab injection, was proposed for breakthrough therapy designation for use in combination with chemotherapy for gastric cancer [2] - Yidu International Holdings (00259) increased over 6% amid uncertainty regarding the impact of an undisclosed event on its financial statements for the year ending March 31, 2025 [2] Group 3 - Reshaping Energy (02570) surged nearly 60%, with a rise of 55.03%, following announcements from the National Energy Administration encouraging the use of green hydrogen in coal chemical projects and plans to promote over 2,000 hydrogen vehicles in Shandong Province [3] - Laika Pharmaceuticals-B (02105) saw a reverse increase of over 10.3% after granting Qilu Pharmaceutical exclusive rights for research, development, and commercialization of the breast cancer candidate drug LAE002 (afuresertib) in China [3] Group 4 - WMCH GLOBAL (08208) resumed trading with a rise of over 50%, increasing by 57.45% after announcing the sale of approximately 384 million shares, representing about 53.297% of its issued share capital [4] Group 5 - U.S. stock market opened lower, with the Nasdaq dropping 2.04%, as major tech stocks like Nvidia, AMD, and Tesla saw declines [5] - Tencent reached an agreement with Apple regarding payment processing for WeChat mini-games, potentially opening new revenue streams for Apple [5] - Mangoceuticals (MGRX.US) plummeted 32.39% after announcing partnerships with Eli Lilly and Novo Nordisk to provide users with weight loss medications [6] - Fannie Mae (FNMA.US) fell 9.82%, with a two-day cumulative drop of 20%, amid investigations into the actions of the Federal Housing Finance Agency director [6] - Disney (DIS.US) dropped 7.75% despite strong performance in streaming and theme parks, as upcoming major film releases are expected to impact first-quarter performance [6]

Core Viewpoint - 康希诺的H股上涨6.7%，主要因其吸入用结核病加强疫苗在印尼启动I期临床试验 [1] Company Summary - 康希诺的H股在市场上表现良好，涨幅达到6.7% [1] - 吸入用结核病加强疫苗的I期临床试验在印尼正式启动，这标志着公司在疫苗研发方面的重要进展 [1] Industry Summary - 吸入用疫苗的临床试验可能会推动结核病疫苗市场的发展，提升行业对新型疫苗的关注 [1]

Core Viewpoint - 康希诺生物's stock rose over 5%, reaching HKD 46.38, with a trading volume of HKD 16.1181 million, following the announcement of the initiation of Phase I clinical trials for its inhaled tuberculosis vaccine in Indonesia [1] Group 1: Clinical Development - 康希诺生物 has officially launched Phase I clinical trials for its inhaled tuberculosis vaccine (5-type adenovirus vector) in Indonesia, with the first subject enrolled [1] - The Phase I trial aims to explore the safety and immunogenicity of a single dose of the inhaled tuberculosis booster vaccine in adults aged 18 to 49 [1] Group 2: Financial Performance - 瑞银 has adjusted 康希诺生物's revenue forecasts for 2026 and 2027, increasing the 2026 forecast by 22% and decreasing the 2027 forecast by 9% [1] - 康希诺生物's management reported that the MCV4 vaccine generated revenue of RMB 662 million in the first three quarters of this year, representing a year-on-year growth of approximately 28%, attributed to an expanded age group and ongoing channel penetration [1] - The MCV4 vaccine began exporting to Indonesia in the third quarter, with estimated sales in the millions for this year [1] - The PCV13i vaccine, launched mid-year, has entered approximately 12 provinces, with management aiming to cover half of the provinces by year-end and expand to other markets next year [1]