Core Viewpoint - 康泰生物 has decided to terminate its collaboration with AstraZeneca Investment (China) Co., Ltd. for establishing a joint venture in the vaccine sector, stating that this termination will not have a significant adverse impact on the company [1]. Group 1: Joint Venture Details - The collaboration plan between 康泰生物 and AstraZeneca began in March 2025, with the intention to set up a joint venture in the Beijing Economic and Technological Development Area, focusing on vaccine business [1]. - The registered capital for the joint venture was expected to be 345 million yuan (approximately 50 million USD), with both parties holding a 50% stake, and a total investment of around 400 million USD (approximately 2.76 billion yuan) [1]. - As of the announcement, the joint venture had not yet been established, and 康泰生物 had not made any actual contributions [1]. Group 2: Reasons for Termination - 康泰生物 cited significant changes in the market environment and considerable downward pressure on the vaccine industry as reasons for the termination [1]. - The company assessed that the risks associated with new vaccine industry investments were high, leading to the mutual decision to terminate the cooperation agreement and the establishment of the joint venture [1]. - Following the termination, neither party will bear any further obligations or responsibilities related to the agreement [1].

Core Viewpoint - The collaboration between Kangtai Biological and AstraZeneca to establish a joint venture in the vaccine sector has been terminated after 10 months due to significant market changes and high investment risks in the vaccine industry [1][4]. Company Summary - Kangtai Biological announced the termination of the joint venture with AstraZeneca, which was initially planned to focus on vaccine development with an estimated total investment of approximately $400 million (about 2.76 billion RMB) [1][3]. - The joint venture was intended to be established in the Beijing Economic and Technological Development Zone, with a registered capital of approximately 345 million RMB (about $50 million), where both companies would hold 50% equity [3]. - Kangtai Biological specializes in the research, production, and sales of human vaccines, with key products including the 13-valent pneumococcal polysaccharide conjugate vaccine and the recombinant hepatitis B vaccine [3]. Industry Summary - The vaccine industry is currently facing significant downward pressure, with many companies, including Kangtai Biological, experiencing a decline in net profits. Kangtai's projected net profit for the previous year is expected to be between 49 million and 73 million RMB, representing a year-on-year decrease of 63.8% to 75.7% [4]. - Factors contributing to the industry's challenges include high research and development costs, complex approval processes, and increased market competition [5]. - Despite the overall industry pressure, Kangtai Biological reported a significant increase in overseas business revenue, which reached 98.83 million RMB, reflecting a year-on-year growth of 859.4% [6].

Group 1 - The core viewpoint of the article is the recent developments in convertible bonds and the termination of a joint venture in the vaccine sector by Kangtai Biological [1][2][4][6] Group 2 - Kangtai Biological has terminated its joint venture with AstraZeneca to establish a vaccine company, indicating a strategic shift in its business operations [1] - Hongchuan Convertible Bond has announced a downward adjustment, while other bonds such as Feng 21, Mengsheng, and Rong 23 have been subject to strong redemption [1][2] - Daimei Convertible Bond will not undergo strong redemption, and Jianlong Convertible Bond will not be adjusted downwards [1][2] - New stock subscription for Tongbao Optoelectronics is available on the Beijing Stock Exchange [1] - The article provides detailed information on various convertible bonds, including their current prices, redemption prices, and remaining scales, highlighting the market dynamics [4][6]

Core Viewpoint - The collaboration between Kangtai Biological and AstraZeneca to establish a joint venture in the vaccine sector has been terminated due to significant market changes and increased risks in the vaccine industry [1][4]. Company Summary - Kangtai Biological announced the termination of the joint venture with AstraZeneca, which was initially planned with a total investment of approximately $400 million (about 2.76 billion yuan) [1][4]. - The joint venture was intended to focus on vaccine development and was to be established in the Beijing Economic and Technological Development Zone, with a registered capital of 345 million yuan (approximately $50 million) [3]. - Kangtai Biological specializes in the research, production, and sales of human vaccines, with key products including the 13-valent pneumococcal polysaccharide conjugate vaccine and the recombinant hepatitis B vaccine [3]. Industry Summary - The vaccine industry is currently facing significant downward pressure, with many companies, including Kangtai Biological, experiencing declining profits. Kangtai's projected net profit for 2025 is expected to decrease by 63.8% to 75.7% compared to the previous year [4][5]. - Factors contributing to the industry's challenges include high research and development costs, complex approval processes, and intensified market competition [5]. - Despite the challenges, Kangtai Biological reported a notable increase in overseas revenue, achieving 98.84 million yuan, which represents a 859.4% increase year-on-year, indicating successful international market expansion [5].

本文字数：1050，阅读时长大约2分钟 截至目前，合资公司尚未成立，康泰生物也尚未实际出资。 对于这次终止设立合资公司原因，康泰生物给出的解释是"由于市场环境剧烈变化，行业面临比较大 的下行压力，新增投资疫苗产业风险比较高"。 2026.02. 08 作者 | 第一财经 林志吟 康泰生物（300601.SZ）与阿斯利康投资（中国）有限公司（以下简称"阿斯利康"）设立合资疫苗企 业的计划最终还是告吹了。 近日，康泰生物发布公告称，经各方审慎评估与友好协商，决定终止《经济发展合作协议》《条款清 单》及对外投资设立合资公司事项。 2025年3月，康泰生物曾发布公告称，公司和阿斯利康计划在北京经济技术开发区共同成立合资公 司，注册资本预计为3.45亿元人民币（折合5000万美元），公司与阿斯利康分别持有50%的股权， 合资公司的投资总额预计为约4亿美元（约合27.6亿元人民币）。 该合资企业原本计划开展全球创新疫苗（预计包括阿斯利康的呼吸道合胞病毒（RSV）和人偏肺病 毒（hMPV）的在研组合疫苗（也称为IVX-A12）及其他创新产品）在中国地区的开发注册、本地化 生产和商业化。合资公司也将成为阿斯利康在中国首个且唯 ...

Group 1 - The joint venture plan between Kangtai Biological and AstraZeneca has been terminated due to significant changes in the market environment and high risks associated with new investments in the vaccine industry [1][3] - The joint venture was initially planned to have a registered capital of 345 million RMB (approximately 50 million USD) and a total investment of around 400 million USD (about 2.76 billion RMB) [1] - The joint venture aimed to develop and commercialize innovative vaccines, including AstraZeneca's RSV and hMPV combination vaccine, in China [1] Group 2 - Kangtai Biological cited substantial downward pressure in the industry and a lack of approved vaccines for RSV and hMPV as reasons for the termination [3] - The domestic vaccine market is facing increasing homogenization due to many companies focusing on traditional products with lower market risks, leading to a slowdown in demand for children's vaccines and an underdeveloped adult vaccination market [3] - Kangtai Biological expects a significant decline in net profit for 2025, projecting a profit of 49 million to 73 million RMB, representing a year-on-year decrease of 63.80% to 75.70% [3] Group 3 - Despite the termination of the joint venture, AstraZeneca plans to invest over 100 billion RMB (approximately 15 billion USD) in China by 2030 to expand its pharmaceutical production and R&D [4]

2月6日，康泰生物（300601）发布公告，称公司董事会审议通过议案，决定终止与阿斯利康投资（中国）有限公司合作设立疫苗领域合资公司的事项，此 次终止未对公司产生重大不利影响。 康泰生物强调，因本次对外投资尚未实际出资，终止事项不会对公司现有业务、财务状况和经营情况产生重大影响，也不会改变公司未来发展规划，不存 在损害公司及全体股东利益的情形。未来公司将继续围绕"内生创新+外延拓展"双轮驱动战略，整合内外部资源，深化国际业务布局，推动公司持续健康 发展。 深圳康泰生物制品股份有限公司的主营业务是人用疫苗的研发、生产和销售。公司的主要产品是13价肺炎球菌多糖结合疫苗、无细胞百白破b型流感嗜血 杆菌联合疫苗（四联苗）、冻干人用狂犬病疫苗（人二倍体细胞）、23价肺炎球菌多糖疫苗等。 作为疫苗企业，康泰生物近年在业务拓展方面受挫。去年1月，康泰生物宣布，经过公司审慎考量，为合理配置公司研发资源，聚焦研发优势项目，决定 终止新型冠状病毒灭活疫苗（Vero细胞）研发。 公告显示，新型冠状病毒灭活疫苗（Vero 细胞）用于预防由新型冠状病毒感染引起的流行性疾病。该疫 苗主要针对新冠病毒原始株进行抗原设计和研发，结合新型冠状 ...

由于市场环境剧烈变化，行业面临比较大的下行压力，新增投资疫苗产业风险比较高，经各方审慎评估 与协商，决定终止《经济发展合作协议》《条款清单》及对外投资设立合资公司事项。 经济观察网康泰生物（300601）2月6日公告，此前，公司拟与阿斯利康投资(中国)有限公司(简称"阿斯 利康")聚焦疫苗建立战略合作伙伴关系，并在北京经开区设立合资公司，合资公司投资总额预计约4亿 美元(约合27.6亿元人民币)，公司与阿斯利康分别持有50%股权。 ...

证券日报网讯2月6日，康泰生物（300601）发布公告称，公司董事会于近日收到公司副总裁于冰先生的 书面辞职报告。于冰先生因个人原因申请辞去公司副总裁职务。于冰先生辞去上述职务后，仍在公司担 任其他职务。 ...

签署后，各方积极就本次投资事项进行沟通、协商及推进，但由于市场环境剧烈变化，行业面临比较大 的下行压力，新增投资疫苗产业风险比较高，经各方审慎评估与友好协商，决定终止《经济发展合作协 议》《条款清单》及对外投资设立合资公司事项。自终止生效日起，任何一方不再承担任何义务和责 任。该终止事项已经公司于2026年2月6日召开的第八届董事会第八次会议审议通过，董事会同意终止本 次对外投资设立合资公司事项，并授权公司管理层与合作方确定并签署相关终止协议等事宜。 格隆汇2月6日丨康泰生物(300601.SZ)公布，公司于2025年3月21日召开第八届董事会第三次会议，审议 通过了《关于签订<经济发展合作协议><条款清单>暨对外投资设立合资公司的议案》。公司拟与阿斯 利康投资（中国）有限公司（简称"阿斯利康"）聚焦疫苗建立战略合作伙伴关系，并在北京经济技术开 发区（简称"经开区"）设立合资公司，该合资公司的注册资本预计为3.45亿元人民币（折合5000万美 元），公司与阿斯利康分别持有50%的股权，合资公司的投资总额预计为约4亿美元（约合27.6亿元人 民币），最终实际投资金额根据项目进展情况而定。 ...