Investment Rating - The investment rating for BioKangtai is Neutral with a 12-month price target of Rmb19, indicating an upside potential of 25.6% from the current price of Rmb15.13 [10][9]. Core Insights - BioKangtai's DTaP-Hib vaccine sales are expected to decline by approximately 80% in 2025, which will offset the revenue growth from newly launched products such as the varicella vaccine and human diploid cell rabies vaccine [2][8]. - The company anticipates some level of revenue growth in 2025 despite the decline in DTaP-Hib sales, supported by the strong performance of PCV13, which has a penetration rate nearing 30% [2][8]. - Significant increases in R&D expenses are expected due to pipeline expansion and clinical advancements, leading to profit targets remaining roughly flat compared to 2024 [2][8]. Business Performance Update - The ongoing anti-corruption campaign in the healthcare industry has led to a reduction in inventory levels within the CDC systems, negatively impacting shipment volumes and revenue in 2024 [2]. - The company has observed continued growth in actual sales of PCV13, with strong revenue growth in Q1 2025 supported by the ramp-up in sales of newly launched vaccines [2][8]. Overseas Business Progress and Outlook - BioKangtai's international expansion aims to increase capacity utilization with minimal additional costs, although overseas business is not expected to significantly contribute to revenue growth in the near term due to low vaccine prices in developing countries [3][6]. Pipeline Development Update - The company expects key pipeline projects, including the DTcP-IPV-Hib vaccine and PCV20, to be approved in 2027 and 2028, respectively [7]. - The approval and launch of the IPV vaccine is anticipated within the current year, followed by adsorbed tetanus and quadrivalent influenza vaccines in 2026 [7]. - There is a growing emphasis on adult vaccine development in response to declining birth rates, with potential expansion into other business areas such as antibody drug development [7].

Group 1 - *ST San Sheng (002742.SZ): The controlling shareholder Pan Xianwen's judicial auction of 32.2 million shares has been completed, with 30 million shares transferred, accounting for 6.94% of the total share capital. After the reduction, Pan Xianwen's shareholding ratio decreased from 24.20% to 17.26%, which will not lead to a change in company control [1] - Aike Co., Ltd. (300889.SZ): Shareholder Zhang Fengbin, holding over 5%, reduced his stake by 1% (1.67818 million shares) from May 13 to June 27, 2025, bringing his holding to 7.9902% [1] - Anlu Technology (688107.SH): The shareholder National Integrated Circuit Industry Investment Fund Co., Ltd. completed its reduction plan, selling 4.008493 million shares (1% of total share capital) from May 8 to June 30, 2025, with a total reduction amount of 109.36 million yuan, current holding ratio at 5.76% [1] Group 2 - Anshuo Information (300380.SZ): The controlling shareholder Shanghai Anshuo Technology Development Co., Ltd. and actual controllers reduced their stakes by 1.16% (1.599416 million shares), 0.94% (1.300187 million shares), and 0.65% (900,000 shares) respectively [1] - Baoming Technology (002992.SZ): Directors and management plan to reduce their holdings by a total of 0.0107%, 0.0714%, and 0.0107% over the next three months [2] - Beiyikang (870199.BJ): Employee shareholding platforms completed their reduction plans, selling 546,284 shares (0.8%) and 131,650 shares (0.19%) [2] Group 3 - Boyun New Materials (002297.SZ): Major shareholder Hunan Xiangtou High-tech Venture Capital Co., Ltd. reduced its stake by 406.74 million shares (0.71%) from June 5 to June 30, 2025, bringing its holding to 6.99% [2] - Dongwei Technology (688700.SH): Specific shareholder Xie Yulong completed a reduction plan, selling 574,857 shares (0.1927%) from June 4 to June 30, 2025, with a total reduction amount of 21.362156 million yuan, current holding ratio at 0% [2] - Fuzhi Environmental Protection (688335.SH): Major shareholder Deqing Junjie Enterprise Management Partnership plans to reduce up to 4.441035 million shares (3%) over the next three months [3] Group 4 - Gu Gao Technology (301510.SZ): Shareholder Beijing Equity Investment Development Management Center completed its reduction plan, selling 4.0001 million shares (1%) from June 5 to June 30, 2025, bringing its holding to 7.68% [3] - Guangbo Co., Ltd. (002103.SZ): Shareholder Ren Hangzhong reduced his stake by 156,440 shares (0.2928%), bringing his holding to 9.99999% [3] - Guoke Military Industry (688543.SH): Specific shareholders Yang Minghua and Chen Gonglin plan to reduce up to 2.08842 million shares (1%) and 3.789115 million shares (1.8143%) over the next three months [3] Group 5 - Guorui Technology (300600.SZ): Major shareholder Gong Ruiliang reduced his stake by 3.243209 million shares (1.1%) from June 27 to July 1, 2025, bringing his holding to 20.63% [4] - Hangzhou Thermal Power (605011.SH): Shareholder Huashi Investment plans to reduce up to 5.997 million shares (1.4989%) over the next three months [4] - Huaya Intelligent (003043.SZ): Executives plan to reduce their holdings by a total of 0.0132%, 0.0092%, and 0.0092% over the next three months [4]

深圳康泰生物制品股份有限公司 | 证券代码：300601 | 证券简称：康泰生物 | | 公告编号：2025-055 | | --- | --- | --- | --- | | 债券代码：123119 | 债券简称：康泰转 | 2 | | 关于控股股东、实际控制人的一致行动人减持计划预披露 的公告 公司股东袁莉萍女士保证向公司提供信息的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示: 公司持股 5%以上股东袁莉萍女士为公司控股股东、实际控制人的一致行动 人，其直接持有公司股份 201,730,680 股(占公司总股本比例 18.06%)，通过杭 州合琨企业管理有限公司和博普私募基金产品间接持有公司股份 45,200,000 股 (占公司总股本比例 4.05%)，合计持有公司股份 246,930,680 股（合计占公司总 股本比例 22.11%）。袁莉萍女士计划自本公告披露之日起十五个交易日后的三 个月内（法律法规、规范性文件规定不得进行减持的时间除外），以集中竞价或 大宗交易方式减持公司股份不超过 11,160,000 ...

Core Viewpoint - The credit rating of Shenzhen Kangtai Biological Products Co., Ltd. remains stable at AA, reflecting a strong product pipeline and controlled debt pressure, despite a decline in revenue and profit due to intensified market competition and demand fluctuations [2][4][6]. Financial Performance - Total assets for 2025 are projected at 142.55 billion, down from 145.64 billion in 2024 and 150.85 billion in 2023 [2]. - Revenue is expected to drop to 6.45 billion in 2025 from 26.52 billion in 2024, marking a 75.67% decrease [2][4]. - Net profit is forecasted at 0.22 billion for 2025, a significant decline from 2.02 billion in 2024 [2][4]. - The company reported a negative cash flow from operating activities of -0.46 billion in 2024 [2]. Market and Product Development - The company has a rich pipeline with nearly 30 projects under development, including 18 in the registration process, which are expected to contribute to future revenue growth [4][18]. - New products such as the freeze-dried rabies vaccine generated sales of 3.37 billion in 2024, indicating successful market entry [4][18]. - The company’s core vaccines, including the 13-valent pneumococcal conjugate vaccine and hepatitis B vaccine, accounted for approximately 80% of revenue in 2024 [11][12]. Industry Environment - The vaccine industry is facing increased competition, particularly in the second-class vaccine market, leading to price wars and declining profit margins [11][12]. - The overall market for vaccines is under pressure due to a decrease in newborns and an oversupply of similar products, resulting in a challenging operating environment for many companies [11][12]. - In 2024, 10 out of 133 listed vaccine companies in the A-share market reported declines in both revenue and profit, highlighting the industry's struggles [11][12]. Operational Challenges - The company is experiencing significant pressure from accounts receivable and inventory, with accounts receivable turnover days increasing to 378.43 days [4][19]. - The company faces risks related to underutilized production capacity and the potential for new capacity to not meet expectations, which could lead to increased operational costs [6][20]. - The company’s fundraising projects have not yet achieved expected returns, with some facilities remaining idle [6][20]. Future Outlook - The credit rating agency maintains a stable outlook for the company, citing its diverse product offerings and ongoing research and development efforts [4][6]. - The company is expected to continue facing challenges from market competition and pricing pressures, which may impact future profitability [11][12].

Group 1 - The company issued convertible bonds totaling RMB 200 million, with a net amount of RMB 198.966 million after deducting issuance costs [1][10][12] - The bonds have a maturity period of six years, from July 15, 2021, to July 14, 2027, with an annual interest rate that increases from 0.30% in the first year to 1.50% in the fifth year [1][3][12] - The initial conversion price for the bonds is set at RMB 145.63 per share, subject to adjustments based on various corporate actions [3][4][6] Group 2 - The funds raised will be allocated to two main projects: the "Baiwangxin Emergency Engineering Construction Project" and the "Adenovirus Vector COVID-19 Vaccine Workshop Project," with a total investment of RMB 317.267 million [9][10][12] - The company reported a significant decline in revenue for 2024, with total revenue of approximately RMB 2.652 billion, down 23.75% from the previous year [12] - The net profit for 2024 was RMB 20.155 million, representing a 76.60% decrease compared to the previous year, attributed to increased fixed asset depreciation and other factors [12][13] Group 3 - The company has a credit rating of AA for the bonds, with a stable outlook as assessed by Zhongjian Pengyuan Credit Rating Co., Ltd. [10][11] - The company has implemented strict management and supervision of the raised funds, ensuring compliance with relevant regulations [12][13] - The company has a total asset value of approximately RMB 14.564 billion as of December 31, 2024, reflecting a decrease of 3.46% from the previous year [12]

证券代码：300601 证券简称：康泰生物 转债代码：123119 转债简称：康泰转 2 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 受托管理事务报告（2024 年度） 债券受托管理人 二〇二五年六月 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"管理办法"）、《深圳康泰生物 制品股份有限公司 2021 年向不特定对象发行可转换公司债券受托管理协议》（以下简称 "受托管理协议"）、《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 券募集说明书》（以下简称"募集说明书"）、《深圳康泰生物制品股份有限公司 2024 年 年度报告》等及其它相关信息披露文件以及深圳康泰生物制品股份有限公司（以下简称 "发行人"或"公司"或"康泰生物"）出具的相关说明文件和提供的相关资料等，由 本期可转换公司债券受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"） 编制。中信建投证券编制本报告所引用的财务数据，引自经信永中和会计师事务所（特 殊普通合伙）审计的 2024 年度审计报告和发行人出具的 2024 年度公司年度报告。本报 告其他内容及信息来源于第三方专业机构出具的专业意见 ...

信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 深圳康泰生物制品股份有限公司 相关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【399】号 02 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经 ...

| 证券代码：300601 | 证券简称：康泰生物 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：123119 | 债券简称：康泰转 2 | | 深圳康泰生物制品股份有限公司 关于公司董事辞任暨选举职工代表董事的公告 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。 一、关于非独立董事辞任的情况 深圳康泰生物制品股份有限公司（以下简称"公司"）董事会近日收到公司 非独立董事徐安龙先生的书面辞职报告。徐安龙先生因个人原因申请辞去公司第 八届董事会董事、副董事长及董事会战略委员会委员职务。辞去上述职务后，徐 安龙先生将不再担任公司任何职务。徐安龙先生原定任期为至第八届董事会任期 届满之日止，其辞任不会导致公司董事会成员人数低于法定人数，不会影响公司 董事会的正常工作，其辞职报告自送达董事会之日起生效。 截至本公告披露日，徐安龙先生未持有公司股份，不存在应当履行而未履行 的承诺事项。公司及公司董事会对徐安龙先生任职期间为公司发展所做出的贡献 表示衷心的感谢。 二、关于选举第八届董事会职工代表董事的情况 根据《公司法》《深圳证 ...

Group 1 - Huapei Power received a project intention letter from a domestic new energy vehicle company for a thermal management system PTC water heater, with an estimated sales amount of approximately 9 million yuan over a 5-year lifecycle starting from 2026 [1] - Antu Biotech obtained medical device registration certificates for products including "Cytomegalovirus IgM Antibody Test Kit" [1][2] - Yihong Technology adjusted the upper limit of its share repurchase price to 65.04 yuan per share, with a total repurchase amount of 6.9583 million yuan for 198,000 shares [2] Group 2 - Aihui Long received a medical device registration certificate for the Hepatitis B virus core antibody detection kit, valid until May 28, 2030 [2][3] - Quanxin Co. plans to engage in commodity futures hedging to mitigate raw material price fluctuations, with a maximum guarantee amount of 8 million yuan [3] - Jiahua Intelligent plans to lease idle assets in Dongguan for a total rental amount of approximately 6.3193 million yuan over 6 years [3] Group 3 - Qianjiang Biochemical announced the resignation of its chairman and a director, with a new chairman to be elected [4][5] - Aerospace Morning Light was suspended from participating in military procurement activities due to violations, with internal investigations underway [6] - Guang'an Aizhong intends to establish a fund with a total scale of 70.7 million yuan, focusing on distributed wind and solar power generation [7] Group 4 - Zhejiang Medicine plans to use up to 1 billion yuan of idle funds for entrusted wealth management, with a maximum investment period of 12 months [10] - Hengrui Medicine's subsidiary received approval for clinical trials of HRS9531 injection, aimed at treating type 2 diabetes patients [11] - Taiji Co. announced the purchase of 10 million yuan in wealth management products, with a minimum holding period of 6 months [12] Group 5 - Hong Kong-listed company Huichuang Pharmaceutical received approval for the clinical trial of a spray for treating primary premature ejaculation [26][27] - Haichuang Pharmaceutical's new drug application for a prostate cancer treatment was approved by the National Medical Products Administration [28] - Zhuhai Guanyu was selected as a designated supplier for low-voltage lithium batteries by SAIC Volkswagen [29] Group 6 - Huayi Technology opened a tax refund service for overseas travelers, enhancing its retail offerings [32] - Baobian Electric plans to transfer 90% of its subsidiary's shares for 137 million yuan [33] - Yiwei Communication intends to invest 100 million yuan to establish a wholly-owned subsidiary to enhance its strategic layout [34]

康泰生物（300601）公告，公司全资子公司北京民海生物科技有限公司研发的吸附无细胞百白破(组分) 联合疫苗已完成III期临床试验准备工作，开启III期临床试验，并于今日成功完成首例受试者入组。该疫 苗适用于2月龄及以上的婴幼儿，用于预防百日咳、白喉、破伤风。目前，国内尚无同类产品获批上 市。 ...