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]

Core Insights - The optical and optoelectronic sector experienced a 1.7% increase on November 24, with Tengjing Technology leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Tengjing Technology (688185) closed at 180.00, up 18.42%, with a trading volume of 201,200 shares and a transaction value of 3.372 billion [1] - Lianjian Optoelectronics (300269) saw a closing price of 5.81, up 10.88%, with a trading volume of 1,045,100 shares and a transaction value of 594 million [1] - Other notable performers include: - Nanji Guang (300940) at 25.67, up 8.68% [1] - Qianzhao Optoelectronics (300102) at 14.40, up 6.82% [1] - Fuying Technology (002222) at 43.40, up 6.37% [1] Capital Flow - The optical and optoelectronic sector saw a net inflow of 239 million from institutional investors, while retail investors experienced a net inflow of approximately 29.9 million [2] - Notable capital flows include: - Tengjing Technology with a net inflow of 77.44 million from institutional investors [3] - Lianjian Optoelectronics with a net inflow of 37.79 million from institutional investors [3] - Fuying Technology with a net inflow of 71.54 million from institutional investors [3]

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]

Core Points - 康希诺's stock closed at 72.92 yuan, with a decline of 2.88% [1] - The company went public on August 13, 2020, on the Shanghai Stock Exchange's Sci-Tech Innovation Board, issuing 24.8 million shares at a price of 209.71 yuan per share [1] - 康希诺 is currently in a state of share price decline, having broken its initial offering price [1] Fundraising and Financials - 康希诺 raised a total of 5.201 billion yuan, with a net amount of 4.979 billion yuan after deducting issuance costs [1] - The net fundraising amount exceeded the original plan by 3.979 billion yuan [1] - The initial fundraising plan was to raise 1 billion yuan for various projects, including the construction of a second production base and vaccine development [1] Issuance Costs - The total issuance costs for 康希诺 were 221 million yuan, with underwriting and sponsorship fees amounting to 205 million yuan [2] - 中信证券 received 496,000 shares, representing 2.00% of the total shares issued, with an investment amount of 104 million yuan [2]

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 - Duopule plans to reduce its shareholding by no more than 1%, amounting to a maximum of 619,000 shares [1] - Lideman intends to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, focusing on tuberculosis screening and diagnosis [2] - Huahuan Group is planning a change in control, leading to a temporary suspension of its stock [3] Group 2 - Dongbai Group clarifies it does not engage in duty-free business, maintaining normal operations [4][5] - Changsheng Bearing's actual controller plans to reduce holdings by up to 1.99%, equating to 5.94 million shares [6][7] - Jidian plans to invest 5.698 billion yuan in the Baicheng Phase II coal power project, a key initiative under the national "14th Five-Year Plan" [9][10] Group 3 - Baoneng New Energy reports completion of land-based works for the expansion of the Lufeng Qiaohai Bay Power Plant [11][12] - Changshu Bank proposes to appoint Lu Dingchang as the new president and chief compliance officer [13][14] - Kangqiang Electronics plans to reduce its shareholding by no more than 1%, totaling up to 3.7526 million shares [14] Group 4 - Jilin Chemical Fiber intends to reduce its holdings by up to 2%, equating to 49.1774 million shares [15][16] - CanSino's inhaled tuberculosis vaccine has commenced Phase I clinical trials in Indonesia [17][18] - ST Dongyi's stock has been suspended for review due to significant price fluctuations [19] Group 5 - ST Yatai plans to reduce its holdings by up to 1.98%, totaling 6.4 million shares [20] - Huaren Pharmaceutical intends to reduce its holdings by up to 3%, equating to 35.4663 million shares [21] - Jianglong Shipbuilding's controlling shareholder plans to reduce holdings by up to 2%, amounting to 7.5534 million shares [22] Group 6 - Borui Pharmaceutical's BGM1812 injection has received approval for clinical trials targeting overweight or obesity [23][24] - ST Zhongzhu announces the transfer of 10.38% of its shares, totaling approximately 403 million yuan [25][26] - Shenzhou Digital plans to establish an employee stock ownership plan with a maximum fundraising of 360 million yuan [27][28] Group 7 - Kaichuang Electric plans to establish a joint research center with Tsinghua University, focusing on embodied intelligence [29] - Daming City intends to acquire 19.43% of Baicaibang for 694 million yuan, specializing in communication solutions [29]