（文章来源：证券日报） 证券日报网讯 2月25日，康泰生物发布公告称，中信建投证券作为公司2021年向不特定对象发行可转换 公司债券的保荐机构，原指派张松先生、徐兴文先生担任公司2021年向不特定对象发行可转换公司债券 的保荐代表人。徐兴文先生现因个人工作变动原因不再担任公司2021年向不特定对象发行可转换公司债 券持续督导保荐代表人。鉴于公司向不特定对象发行可转换公司债券转股尚未完成，保荐代表人仍需对 相关事项履行督导义务并发表相关核查意见。为保证持续督导工作有序开展，中信建投证券决定委派保 荐代表人贾哲先生自2026年2月25日起接替徐兴文先生担任公司2021年向不特定对象发行可转换公司债 券保荐代表人，继续履行持续督导职责。 ...

证券代码：300601 证券简称：康泰生物 公告编号：2026-013 债券代码：123119 债券简称：康泰转 2 本次变更后，公司 2021 年向不特定对象发行可转换公司债券持续督导保荐 代表人为张松先生和贾哲先生。 公司董事会对保荐代表人徐兴文先生在公司持续督导期间所做出的贡献表 示衷心的感谢！ 贾哲先生简历请见附件。 特此公告。 深圳康泰生物制品股份有限公司 关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳康泰生物制品股份有限公司（以下简称"公司"）于近日收到中信建投 证券股份有限公司（以下简称"中信建投证券"）出具的《关于更换深圳康泰生 物制品股份有限公司向不特定对象发行可转换公司债券持续督导保荐代表人的 函》。 中信建投证券作为公司 2021 年向不特定对象发行可转换公司债券的保荐机 构，原指派张松先生、徐兴文先生担任公司 2021 年向不特定对象发行可转换公 司债券的保荐代表人。徐兴文先生现因个人工作变动原因不再担任公司 2021 年 向不特定对象发行可转换公司债券持续督导保荐代表人。鉴于公司向不特定对象 发 ...

证券日报网讯2月13日，康泰生物（300601）在互动平台回答投资者提问时表示，公司将继续积极开展 疫苗科普宣传，提升公众认知与接种意愿。 ...

近日，深圳康泰生物制品股份有限公司发布公告，宣布终止与阿斯利康投资（中国）有限公司共同设立 疫苗合资公司的计划。该合作自2025年3月启动，原计划投资总额约4亿美元，但合资公司至今未成立， 双方也未实际出资。 在疫苗行业整体承压、公司业绩显著下滑的背景下，这一合作的终止，进一步凸显出康泰生物在战略推 进、产品结构与行业适应性方面面临的多重挑战。 一、战略摇摆与执行力存疑 康泰生物与阿斯利康的合作曾被视作其"外延拓展"战略的重要一步，意在借助国际药企的实力拓展疫苗 业务版图。然而，合作在不到一年内即告终止，公司解释为"市场环境剧烈变化"。 值得关注的是，这已是康泰生物近期第二次重大战略调整。去年1月，公司已宣布终止针对新冠病毒原 始株的灭活疫苗研发，理由是"经济效益和社会效益降低"。接连终止重要合作与研发项目，反映出公司 在战略规划与落地之间可能存在断层，对市场变化的预判与适应能力面临考验。 二、核心产品承压与盈利滑坡 康泰生物在公告中提及，终止合资事项未对公司经营造成重大影响，但其近期业绩却透露出深层压力。 一方面，公司试图通过"内生创新+外延拓展"双轮驱动推进国际化，但外部合作频频遇阻；另一方面， 内部核心 ...

Group 1 - Xinda Biopharmaceutical announced a strategic collaboration with Eli Lilly to advance global R&D of innovative drugs in oncology and immunology, with a total potential value of up to $88.5 billion [1] - Under the agreement, Xinda will receive an upfront payment of $350 million and may earn up to approximately $8.5 billion in milestone payments related to R&D, regulatory, and commercialization achievements [1] - Xinda retains all rights for the projects in Greater China, while Eli Lilly obtains exclusive development and commercialization rights outside this region [1] Group 2 - Kangtai Biological announced the termination of its collaboration with AstraZeneca to establish a joint venture in the vaccine sector, which was initially planned to be set up in Beijing with a registered capital of approximately 345 million yuan (about $50 million) [2] - The decision to terminate was made due to significant market changes and increased investment risks in the vaccine industry, with no adverse impact on Kangtai's operations [2] Group 3 - China Resources Pharmaceutical announced plans to sell approximately 17.87% of its stake in Tianmai Biotechnology for a base price of about 1.42 billion yuan [3] - The sale will be conducted through a public listing, and as of the announcement date, China Resources holds less than 30% of Tianmai's shares [3] Group 4 - Dong'e Ejiao plans to invest 1.485 billion yuan to construct a health consumer goods industrial park, with a construction period of approximately 22 months [4] - The project aims to support the high-quality development of the health consumer goods business, including the production of food and health products [4] Group 5 - WuXi Biologics expects a revenue increase of approximately 16.7% to 21.79 billion yuan for the fiscal year ending December 31, 2025, with a projected profit growth of 45.3% to 5.733 billion yuan [5] - The growth is attributed to successful execution of its "Follow and Win" strategy, expansion of service offerings, and increased utilization of production capacity [7] Group 6 - Kintor Pharmaceutical signed a strategic cooperation agreement to expand its CAR-T cell therapy production base in Shanghai, with a total investment of up to 370 million yuan [8] - This initiative aligns with the commercialization of multiple CAR-T products and aims to enhance production capacity to support global competitiveness [8]

Core Viewpoint - The recent announcement by Shenzhen Kangtai Biological Products Co., Ltd. regarding the termination of the concerted action agreement between its actual controllers, Du Weimin and Yuan Liping, has reignited concerns over the company's control stability and potential shareholder dilution following their high-profile divorce that split a market value of 23.5 billion yuan [3][5]. Group 1: Shareholder Dynamics - The termination of the concerted action agreement has resulted in Du Weimin's voting rights decreasing from 46.62% to 25.50%, while Yuan Liping now holds 17.07% [5]. - Yuan Liping has committed not to seek control of the company post-termination, aiming to alleviate market concerns regarding control instability [5]. - Since the divorce in 2020, Yuan Liping has reduced her holdings significantly, cashing out nearly 3 billion yuan, raising fears of further dilution of shares following the termination of the agreement [6]. Group 2: Operational Challenges - Kangtai Biological's core business includes the research, production, and sales of human vaccines, with key products such as the 13-valent pneumococcal polysaccharide conjugate vaccine and others [7]. - The company has faced significant operational challenges, including the resignation of a vice president and the termination of a joint venture with AstraZeneca, which was intended to invest approximately 2.76 billion yuan [8][10]. - The decision to terminate the joint venture was influenced by a rapidly changing market environment and increased risks associated with new investments in the vaccine industry [10]. Group 3: Financial Performance - Kangtai Biological's financial outlook is concerning, with a projected net profit for 2025 expected to decline by 63.80% to 75.70%, amounting to between 49 million and 73 million yuan [10]. - The company's performance has been volatile, with net profits peaking at 1.263 billion yuan in 2021, followed by a loss of 133 million yuan in 2022, and a recovery in 2023 and 2024, only to face another significant decline in 2025 [11]. - As of February 11, 2026, the company's stock price has plummeted nearly 90% from 146 yuan per share at the time of the divorce, reflecting a substantial decrease in valuation [11].

Core Viewpoint - The company has terminated its vaccine joint venture project with AstraZeneca due to significant market changes and increased industry pressures, leading to a projected decline in 2025 earnings by over 60% [2][4]. Recent Events - The company announced on February 6, 2026, the termination of the vaccine joint venture project with AstraZeneca, which was initially planned with an investment of approximately 2.76 billion yuan. The project had not received actual funding since its signing in March 2025 [2]. - This decision may impact the company's external expansion efforts, but the company intends to focus on internal innovation [2]. Company Status - Shareholder Yuan Liping has terminated the concerted action relationship with the actual controller Du Weimin and plans to transfer up to 22.33 million shares (2.00% of total share capital) through block trading. This change does not involve market reduction but may raise concerns about governance structure [3]. Performance and Operating Conditions - According to the earnings forecast released on January 29, 2026, the company expects a net profit attributable to shareholders of 49 million to 73 million yuan for 2025, representing a year-on-year decline of 63.8% to 75.7%. This decline is primarily due to adjustments in the immunization schedule for the quadrivalent vaccine, increased operating costs, and higher R&D investments [4]. - During the same period, overseas business revenue reached 98.84 million yuan, a significant increase of 859.40% [4]. Business and Technical Development - In 2025, the company initiated Phase III clinical trials for a domestically produced pentavalent vaccine and received approval for a 60 microgram hepatitis B vaccine aimed at "preventing reactivation," marking an extension into the therapeutic vaccine field [5]. - R&D investment was approximately 633 million yuan, reflecting a year-on-year growth of 11.25%. The company is also leveraging AI technology to enhance R&D and has expanded its global presence to over 20 countries [5]. Executive Changes - Vice President Yu Bing resigned in early February 2026 but will continue to hold other positions within the company. Market speculation suggests this may be related to performance pressures, although the company states it will not affect normal operations [6].

Core Viewpoint - The collaboration between Kangtai Biological and AstraZeneca has ended, reflecting the significant challenges and structural issues facing the vaccine industry in China, particularly in light of changing market conditions and increased investment risks [1][2]. Group 1: Collaboration and Market Changes - Kangtai Biological and AstraZeneca established a strategic partnership in March 2025, with a total investment of approximately $400 million, each holding a 50% stake in a joint venture [1]. - On February 6, 2026, Kangtai announced the termination of its collaboration with AstraZeneca due to drastic changes in the market environment and significant downward pressure on the vaccine industry [1]. Group 2: Industry Performance and Financial Struggles - The year 2025 marked a downturn for the Chinese vaccine industry, with major players facing significant financial pressure; Kangtai's net profit is projected to decline by 63.8% to 75.7%, amounting to only 49 million to 73 million yuan [2]. - Zhifei Biological, once a leading company, is expected to report a net loss of 10.698 billion to 13.726 billion yuan for the first time since its listing, far exceeding market expectations [2]. - Watson Bio's revenue is projected to be around 2.4 billion yuan, a 14% decline year-on-year, with net profit dropping by 9% to 22% [2]. Group 3: Clinical Trials and Financial Issues - Kanglao Health has faced severe financial issues, leading to the suspension of clinical trials for its HPV vaccines due to overdue payments and funding shortages [3]. - The company has previously defaulted on a bank loan of 15.21 million yuan, resulting in account freezes, highlighting ongoing financial instability [3]. Group 4: Market Demand and Competitive Pressure - Kangtai's declining performance is attributed to changes in the immunization schedule for the DTP vaccine, which negatively impacted the uptake of its four-component vaccine [4][5]. - The HPV vaccine market has seen a decrease in demand due to economic cycles and increased competition, leading to price wars among numerous entrants [6]. Group 5: Industry Challenges and Future Outlook - The vaccine industry is currently facing significant internal competition and structural challenges following a period of rapid expansion [7]. - The historical weaknesses in China's vaccine industry have led to a situation where many companies are now struggling to maintain profitability amidst increased competition and changing market dynamics [8].

Group 1 - The core project "Rapid Confirmation and Precise Prevention and Control of Emerging Viral Infectious Diseases" won the second prize of Jiangsu Province Science and Technology Progress Award, highlighting the company's achievements in technological innovation [1] - The project was led by Jiangsu Provincial Center for Disease Control and Prevention, with the company contributing core technological innovations in the field of inactivated enterovirus vaccines [1] - The project addresses key challenges in the prevention and control of emerging viral infectious diseases, establishing an efficient response system [1] Group 2 - The company has developed bivalent and quadrivalent inactivated enterovirus vaccines (Vero cells), which received clinical trial approval from the National Medical Products Administration in February 2025 [2] - Currently, there are no approved bivalent or quadrivalent enterovirus vaccines available globally, indicating a significant market opportunity for the company [2] - Successful development of these vaccines will enhance the company's multi-valent vaccine portfolio, strengthening its core competitiveness and market position [2]

Core Viewpoint - Shenzhen Kangtai Biological Products Co., Ltd. has achieved significant recognition in the field of vaccine research and development, particularly through its subsidiary Beijing Minhui Biological Technology Co., Ltd., which recently won the second prize of the Jiangsu Provincial Science and Technology Progress Award for its project on rapid confirmation and precise prevention of emerging viral infectious diseases [1][2]. Group 1: Project Recognition - The project "Key Technology Innovation and Application for Rapid Confirmation and Precise Prevention of Emerging Viral Infectious Diseases" addresses critical challenges in the prevention and control of new viral infectious diseases [1]. - The project was led by the Jiangsu Provincial Center for Disease Control and Prevention and nominated by the Provincial Health Commission, highlighting the importance of collaboration in public health initiatives [1]. Group 2: Vaccine Development - Minhui Biological's independently developed inactivated virus vaccine platform is a core component of the project, receiving high recognition for its innovation, practicality, and scientific value [2]. - The company has successfully obtained clinical trial approval from the National Medical Products Administration for its bivalent and quadrivalent inactivated enterovirus vaccines, with the quadrivalent vaccine currently in Phase I clinical trials [2]. - There are currently no approved bivalent or quadrivalent enterovirus vaccines available globally, indicating a significant market opportunity for the company [2]. Group 3: Strategic Implications - The recent award is seen as a validation of the company's commitment to independent innovation and its comprehensive strength in vaccine research and development, which is expected to enhance its core competitiveness and influence in the market [2]. - Successful development of these vaccines could further enrich the company's multi-valent vaccine portfolio, solidifying its market position and providing a strong foundation for sustainable growth [2].