Core Viewpoint - The company has established a comprehensive product pipeline targeting the growing adult immunization market, with a focus on various vaccines that have already been approved or are in development [1] Product Pipeline Summary - The company has already launched several vaccines, including: - Hepatitis B vaccine (20μg, 60μg) - 23-valent pneumococcal polysaccharide vaccine - Freeze-dried human rabies vaccine (human diploid cells) - Varicella live attenuated vaccine (for individuals aged 13 and above) [1] - The company is also developing additional adult vaccines, which include: - Quadrivalent influenza virus split vaccine - Adsorbed tetanus vaccine - 24-valent pneumococcal polysaccharide conjugate vaccine - Shingles vaccine - Respiratory syncytial virus (RSV) vaccine - Klebsiella pneumoniae vaccine - 60μg recombinant hepatitis B vaccine aimed at preventing recurrence in functionally cured hepatitis B patients [1]

Core Viewpoint - 康泰生物 has terminated its licensing agreement with AstraZeneca for the development, production, and commercialization of the ChAdOx1 adenovirus vector COVID-19 vaccine due to significant changes in domestic and international market conditions and vaccine strains [1] Group 1 - 康泰生物 signed a licensing agreement with AstraZeneca UK Limited on August 20, 2020, granting exclusive rights for the COVID-19 vaccine in mainland China [1] - The decision to terminate the licensing agreement was made after mutual consultation between both parties [1] - A termination agreement has been signed, which nullifies all rights and obligations under the original licensing agreement effective immediately upon signing [1]

Core Viewpoint - 康泰生物 has terminated its licensing agreement with AstraZeneca for the development, production, and commercialization of the ChAdOx1 adenovirus vector COVID-19 vaccine due to significant changes in the domestic and international market environment and vaccine strains [1] Group 1 - 康泰生物 signed a licensing agreement with AstraZeneca UK Limited on August 20, 2020, granting exclusive rights for the COVID-19 vaccine in mainland China [1] - The decision to terminate the licensing agreement was made after friendly consultations between both parties [1] - A termination agreement has been signed, which nullifies all rights and obligations under the original licensing agreement effective from the date of signing [1]

Core Viewpoint - The company has terminated the licensing agreement with AstraZeneca for the development, production, and commercialization of the ChAdOx1 adenovirus vector COVID-19 vaccine due to significant changes in the COVID-19 vaccine strains and market environment [1][2] Group 1 - The licensing agreement was originally signed on August 20, 2020, allowing AstraZeneca to exclusively authorize the company to develop, produce, and commercialize the vaccine in mainland China [1] - The decision to terminate the collaboration was made after careful consideration of the changes in the COVID-19 vaccine strains, market conditions, and the company's resource allocation [2] - The termination of the agreement is aligned with the company's development strategy and is not expected to have a significant impact on its production operations, core business activities, or financial status [2]

Core Viewpoint - The company has decided to terminate the licensing agreement with AstraZeneca for the development, production, and commercialization of the ChAdOx1 adenovirus vector COVID-19 vaccine due to significant changes in the COVID-19 vaccine strains and market environment [1] Group 1: Licensing Agreement Details - On August 20, 2020, the company signed a licensing agreement with AstraZeneca, granting exclusive rights to develop, produce, and commercialize the COVID-19 vaccine in mainland China [1] - The termination of the licensing agreement was mutually agreed upon after careful consideration of changes in the COVID-19 vaccine landscape and the company's resource allocation [1] Group 2: Impact on the Company - The termination of the licensing agreement is deemed a prudent decision aligned with the company's development strategy [1] - The company asserts that this decision will not have a significant impact on its production operations, core business activities, or financial status [1] - There are no concerns regarding the protection of the interests of the company and its shareholders, particularly minority shareholders [1]

Core Viewpoint - The company has terminated its collaboration with AstraZeneca on the development, production, and commercialization of the ChAdOx1 adenovirus vector COVID-19 vaccine due to changes in the epidemic strain and market environment, as well as resource allocation considerations [1] Group 1: Collaboration Termination - The termination of the collaboration is a cautious decision based on the evolving COVID-19 vaccine landscape and market conditions [1] - The company has signed a License Termination Agreement with AstraZeneca [1] Group 2: Future Focus - The company currently has nearly 30 projects in development, covering important categories such as multivalent vaccines and innovative vaccines [1] - Future resource allocation will concentrate on the research and industrialization of multivalent vaccines, adult vaccines, innovative vaccines, and therapeutic vaccines to enhance core competitiveness [1]

证券代码：300601 证券简称：康泰生物 公告编号：2025-070 深圳康泰生物制品股份有限公司 关于签署《许可终止协议》的公告 债券代码：123119 债券简称：康泰转 2 2、本次终止许可协议，不会影响公司研发布局，截至目前,公司拥有在研项 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。 一、基本情况 2020 年 8 月 20 日，深圳康泰生物制品股份有限公司（以下简称"公司"） 与 AstraZeneca UK Limited（以下简称"阿斯利康"）签署了《许可协议》， 阿斯利康独家授权公司在中华人民共和国（不包括香港特别行政区、澳门特别行 政区、台湾地区）内对 ChAdOx1 腺病毒载体新冠疫苗（以下简称"许可产品"） 进行研发、生产及商业化，具体内容详见公司于 2020 年 8 月 21 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于与阿斯利康合作进展暨签署<许可 协议>的公告》（公告编号：2020-073）。2021 年 9 月 3 日，经双方共同协商， 就《许可协议》中的部分内容进行补充，并签署了《许可协议 ...

Group 1 - Heng Rui Medicine signed a licensing agreement with Glenmark Specialty S.A. for the drug Rykon Trastuzumab, receiving an upfront payment of $18 million and potential milestone payments up to $1.093 billion based on sales performance [1] - The drug Rykon Trastuzumab targets HER2 and is approved for treating HER2-mutated non-small cell lung cancer, enhancing Heng Rui's overseas market presence and innovative brand image [1] Group 2 - Tian Shi Li's subsidiary received approval for clinical trials of TSL2109 capsules, a novel dual-target small molecule inhibitor for advanced solid tumors, marking a first in the global market [2] - The company is actively transforming into innovative pharmaceuticals, with TSL2109 representing a significant step in its product development strategy [2] Group 3 - Kang Tai Bio's application for a trivalent influenza virus split vaccine has been accepted by the National Medical Products Administration, aimed at preventing influenza in individuals aged three and above [3] - The competitive vaccine market necessitates ongoing research and innovation for companies to maintain long-term core competitiveness, and successful approval of this vaccine would enhance Kang Tai's product portfolio [3]

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]

Group 1 - The core point of the article is that Kangtai Biological (300601.SZ) has received a notice of acceptance from the National Medical Products Administration for its influenza virus split vaccine application [1] - The influenza virus split vaccine is intended for individuals aged 3 years and older, aiming to stimulate the immune system to produce immunity against influenza viruses [1] - Influenza, caused by the influenza virus, is an acute respiratory infectious disease, and vaccination is the most effective and economical measure to prevent influenza and its outbreaks [1]