| 证券代码：300601 | 证券简称：康泰生物 公告编号：2026-009 | | --- | --- | | 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 关于股东解除一致行动关系暨权益变动的提示性公告 公司股东杜伟民、袁莉萍、杭州合琨企业管理有限公司、博普资产私募 基金产品保证向公司提供的信息披露内容真实、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： 1、本次权益变动不涉及股东各方实际持股数量及比例的增减，系公司控股 股东与其一致行动人解除一致行动关系； 2、本次解除一致行动关系，不会导致公司控股股东、实际控制人发生变化， 不会影响公司的治理结构和持续经营； 3、本次解除一致行动关系前后，袁莉萍女士及其间接控制的合琨公司、博 普资产私募基金产品、华宝万盈私募基金产品需遵守的减持相关的法律法规， 以及需遵守的承诺不存在差异；同时，袁莉萍女士及其一致行动人仍需与杜伟 民先生共同遵守《深圳证券交易所上市公司自律监管指引第 18 号——股东及董 事、高级管理人员减持股份》关于控股股东、实 ...

Core Viewpoint - The performance forecasts for A-share vaccine companies in 2025 reveal significant industry adjustments, with major players like Zhifei Biological, Wantai Biological, and Baike Biological reporting losses, while companies like CanSino and Watson Biologics achieve growth through innovative products and overseas market expansion [1][2]. Industry Overview - The vaccine industry is facing multiple pressures, including price wars, shrinking demand, and product homogenization, which are forcing companies to shift from channel-driven to innovation-driven strategies [1][4]. - The overall profitability of the industry has sharply declined, with Zhifei Biological expecting its first annual loss since its listing, projecting a net loss of 10.698 billion to 13.726 billion yuan, a year-on-year decline of 630% to 780% [1][2]. Company Performance - Zhifei Biological, Wantai Biological, and Baike Biological have all transitioned from profit to loss due to various factors, including price cuts and inventory issues [1][2]. - CanSino has turned a profit in 2025, with a projected net profit of 24.5 million to 29 million yuan, benefiting from the strong sales of its four-valent meningococcal vaccine, which accounts for 90% of its revenue [2][6]. - Watson Biologics has seen a 35% year-on-year increase in overseas vaccine exports, achieving a net profit of 16 million to 19 million yuan, reflecting its ability to counter domestic declines [2][7]. Market Dynamics - The ongoing price war is compressing profit margins, with significant price drops observed in various vaccine categories, such as the HPV vaccine and flu vaccine, leading to reduced gross margins for companies [4][8]. - Demand for vaccines is declining due to a falling birth rate and low vaccination rates among adults, exacerbating the industry's growth challenges [4][5]. Strategic Shifts - Companies are increasingly focusing on innovation and overseas expansion as key strategies to navigate the current market challenges [5][9]. - The inclusion of the HPV vaccine in the national immunization program is expected to stabilize market demand but will also pressure companies to reduce costs and innovate further [8][9]. Future Outlook - 2025 is seen as a pivotal year for the vaccine industry in China, with a shift towards high-quality development and a focus on core competencies and innovation [9]. - The industry is expected to gradually recover as innovative products are launched, overseas markets are expanded, and public awareness of vaccination increases [9].

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The vaccine industry is currently facing short-term performance pressure due to weak demand and structural oversupply, with many companies experiencing declines or losses in performance [1][7][8] - Despite the challenges, innovation and international expansion are ongoing, providing potential for medium to long-term growth [1][8] - The industry is transitioning from scale expansion to innovation-driven growth, with policy, demand, and technology as the three main driving factors for development [8][24][26] Summary by Sections Domestic and International Vaccine Dynamics - Kanghua Biotech has initiated Phase I clinical trials for its six-valent norovirus vaccine, which theoretically can prevent over 90% of norovirus infections [1] - Wantai Biopharma's bivalent HPV vaccine has successfully passed the WHO PQ periodic review [1] - Zhifei Biological's application for clinical trials of a freeze-dried inactivated vaccine for Japanese encephalitis has been accepted [1] Performance Forecasts - Chengda Bio expects a 59.34%-63.98% decrease in net profit for 2025 compared to the previous year [1] - CanSino anticipates a revenue increase of 22.88%-27.61% for 2025, with a turnaround in net profit [1] - Watson Bio forecasts a revenue of 2.4-2.43 billion yuan for 2025, a decline of approximately 14.9%-13.9% [1] - Other companies like Kangtai Bio and Wantai Bio also expect significant declines in net profit for 2025 [1] Market Performance - The vaccine sector saw a decline of 1.65% last week, with the overall pharmaceutical industry down 3.31% [2][5] - The vaccine sector has experienced a cumulative decline of 10.08% since the beginning of 2025 [5][13] Valuation Metrics - The vaccine sector's PE (ttm) is 92.01X, down 1.88X from the previous week, while the PB (lf) is 1.78X, down 0.04X [6] - The PE is at the 55.99% percentile since 2013, and the PB is at the 1.28% percentile since 2013 [6] Investment Recommendations - The vaccine industry is still under pressure, but companies are actively adjusting their pipeline strategies, focusing on technological innovation and multi-valent products [7][8] - Long-term prospects remain positive due to innovation and international market expansion, with a recommendation to focus on companies with strong R&D capabilities and differentiated product offerings, such as CanSino [8][26]

（文章来源：证券日报） 证券日报网讯 1月29日，康泰生物发布公告称，公司预计2025年归属于上市公司股东的净利润为4900万 元至7300万元，同比下降75.70%至63.80%。 ...

本报讯 （记者刘晓一）1月29日晚间，深圳康泰生物制品股份有限公司（以下简称"康泰生物"）发布2025年年度业绩预 告，2025年全年，公司预计实现归属于上市公司股东的净利润4900万元至7300万元；海外业务实现收入9883.53万元，同比增长 859.40%；研发投入约为6.33亿元，同比增长11.25%。 2025年，是康泰生物向全球创新型生物制药企业转型的开局之年，在研发投入显著增长的背后，公司多个创新在研项目稳 步推进：研发进展最快的国产五联疫苗启动三期临床，有望率先打破同类品种的进口垄断局面，更将为六联苗等多联疫苗的研 发奠定坚实基础；60微克乙肝疫苗用于"防复阳"获批临床，有望为慢性乙肝功能性治愈带来全球创新策略；此外，公司还前瞻 性布局全球创新的肺炎克雷伯菌疫苗研发，为解决"超级细菌"耐药的世界性难题贡献科技力量。 这些突破性进展，不仅夯实了公司以创新驱动发展的核心竞争力，更为"中国新 全球新"的转型征程注入强劲动能。随着更 多创新管线的逐步落地，康泰生物将在全球生物医药创新赛道上稳步提速，持续以科技之力破解健康难题，为守护人类生命健 康贡献中国智慧。 2025年，在全球化战略的稳步推进下，康 ...

康泰生物（300601）(300601.SZ)披露2025年年度业绩预告，公司预计归属于上市公司股东的净利润 4900万元至7300万元，同比下降63.80%至75.70%;扣除非经常性损益后的净利润5150万元至7650万元， 同比下降68.90%至79.06%。 ...

智通财经APP讯，康泰生物(300601.SZ)披露2025年年度业绩预告，公司预计归属于上市公司股东的净利 润4900万元至7300万元，同比下降63.80%至75.70%;扣除非经常性损益后的净利润5150万元至7650万 元，同比下降68.90%至79.06%。 ...

每经AI快讯，康泰生物1月29日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润4900万元 ~7300万元，同比下降63.8%~75.7%。 （记者 曾健辉） 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 ...

康泰生物表示，因四联苗受百白破免疫程序调整、营业成本上升及研发投入增加等因素影响，致使2025 年度净利润较上年同期下降。 北京商报讯（记者 丁宁）1月29日晚间，康泰生物（300601）发布2025年业绩预告显示，预计2025年实 现归属净利润为4900万元—7300万元，较上年同期下降63.8%—75.7%。 ...

Core Viewpoint - The company expects a significant decline in net profit for 2025, projecting a range between 49 million to 73 million yuan, representing a year-on-year decrease of 63.8% to 75.7% [1] Group 1: Financial Performance - The company reported a slight increase in operating revenue compared to the previous year [1] - The overseas business generated revenue of 98.8353 million yuan, marking a substantial year-on-year increase of 859.4% [1] Group 2: Strategic Initiatives - The company is enhancing market promotion and qualification work for new products, including freeze-dried human rabies vaccine and varicella live attenuated vaccine, to improve market share of core products [1] - The company is steadily advancing its international strategy and expanding its overseas business layout [1]