无条件批准经营者集中案件列表 | 索取号 | AC61702002025666 | | 文 号 | | --- | --- | --- | --- | | 产生日期 | 2025-10-23 | | | | | | 2025年10月13日-10月19日 | | 2025年10月13日-10月19日 转自：上海市市场监管局网站 | 序 案件名称 | 参与集中的经营者 | 审结时间 | | --- | --- | --- | | 号 | | | | 1 殷拓基金管理有限公司收购富士达株式会社股权案 | 殷拓基金管理有限公司,富士达株式会社 | 2025年10 月13日 | | 2 安徽江控创富私募基金管理有限公司与河南资产基金管理有限公司新设合 | 安徽江控创富私募基金管理有限公司,河南资产基金管理有限公司 | 2025年10 | | 营企业案 | | 月14日 | | 3 上海上实资本管理有限公司与上海鹭布卡企业管理咨询合伙企业（有限合 | 上海上实资本管理有限公司,上海鹭布卡企业管理咨询合伙企业 | 2025年10 | | 伙）收购成都康华生物制品股份有限公司股权案 | （有限合伙）,成都康华生物制品股份有限 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688105 | 诺唯赞 | 21.96 | -3.56% | 3.82万 | 8492.20万 | | 920344 | 三元基因 | 25.40 | -2.98% | 9204.51 | 2369.56万 | | 688331 | 荣昌生物 | 94.50 | -2.96% | 5.75万 | 5.53亿 | | 002581 | ST未名 | 7.47 | -2.35% | 6.90万 | 5124.08万 | | 002773 | 康弘药业 | 34.06 | -2.29% | 6.11万 | 2.10亿 | | 688336 | 三生国健 | 57.90 | -2.01% | 6.49万 | 3.78亿 | | 920575 | 康乐卫士 | 12.53 | -1.80% | 3.11万 | 3922.27万 | | 688488 | 艾迪药业 | 14.09 | -1.47% | 5.23万 | 7419.42万 | | 600867 ...

Core Viewpoint - Kanghua Biotech reported a significant decline in performance for the first three quarters of 2025, with revenue dropping by 20.78% year-on-year to 840 million yuan and net profit falling by 53.41% to 189 million yuan, amid a cooling vaccine industry and ongoing challenges related to product structure and performance commitments following a change in control [2][3][4]. Financial Performance - For the first three quarters of 2025, Kanghua Biotech's revenue was 840 million yuan, a year-on-year decrease of 20.78%, while net profit was 189 million yuan, down 53.41% [2]. - Excluding last year's one-time revenue from overseas licensing of the six-valent norovirus vaccine (106 million yuan), revenue decreased by 11.96%, with non-immunization vaccine sales also down by 11.97% [3]. - The net cash flow from operating activities fell by 39.22% due to reduced sales collections and overseas licensing income [3]. Product Challenges - Kanghua Biotech's reliance on a single product, the human diploid cell rabies vaccine, has led to significant revenue pressure, with this product accounting for over 97% of total revenue in 2024 [4]. - The batch issuance volume of the rabies vaccine is expected to drop by 43.83% year-on-year in 2024, with sales revenue further declining by 23.79% in the first half of 2025 [4]. - The vaccine industry is facing a "demand gap," with major domestic vaccine companies experiencing substantial declines in performance, impacting Kanghua Biotech as well [4]. Competitive Landscape - The vaccine market is becoming increasingly competitive, with three companies conducting clinical trials and two having submitted applications for market approval, which may adversely affect Kanghua Biotech's market share and pricing [4][5]. - Despite efforts to revive the ACYW135 meningococcal polysaccharide vaccine, the company struggles to fill the revenue gap left by its core product [5]. Control Change and Performance Commitments - In July 2023, Kanghua Biotech underwent a change in control, transferring 21.91% of shares to Shanghai Wankexin Biotech, which now holds 29.99% voting rights [6]. - The new control structure comes with performance commitments requiring a total net profit of no less than 728 million yuan from 2025 to 2026, which poses significant pressure given the current performance levels [6]. Strategic Response - Kanghua Biotech aims to stabilize its existing business in the short term, rely on new products in the medium term, and pursue mergers and acquisitions in the long term [7]. - The company has six vaccines in the research pipeline, but only the six-valent norovirus vaccine is expected to enter clinical trials by the end of 2024, limiting immediate revenue contributions [7].

10月16日晚，康华生物（300841）(300841.SZ)发布2025年第三季度报告，公司三季度实现营收3.56亿 元，较上年同期增长11.54%，前三季度实现营业收入8.4亿元，实现归属净利润1.89亿元。 下半年以来，公司业绩持续回升向好，凸显了这家创新疫苗企业的价值韧性和成长潜力。三季度，康华 生物实现营收同比两位数增长，与此同时，公司前三季度归属净利润降幅较半年报收窄9.23个百分点， 经营质量稳步提升。 作为A股的代表性创新疫苗企业之一，康华生物凭借自主研发的冻干人用狂犬病疫苗(人二倍体细胞)， 近年来业绩总体稳步增长，并在2024年初实现重磅研发管线重组六价诺如病毒疫苗的对外授权，展现了 强大的研发实力与国际合作潜力，在上海国资背景的产业基金的助推下，康华生物也将获得新的发展动 力。 今年以来，国内外就发生多起诺如病毒群体感染事件，据媒体报道，今年10月初，美国豪华邮轮海洋旋 律号爆发诺如病毒，近百名乘客和船员出现腹泻、呕吐症状。专家指出，诺如病毒传播方式多样，不仅 通过粪口途径，还能通过呕吐物的气溶胶传播，潜伏期和感染期都较长，且目前没有特效药。 截至目前，康华生物重组六价诺如病毒疫苗已在澳 ...

三季报显示，康华生物报告期内实现营业总收入8.40亿元，同比下降20.78%，归母净利润1.89亿元，同 比下降53.41%。 康华生物表示，剔除上年重组六价诺如疫苗海外授权收入1.06亿元后，年初至报告期末营业收入较上年 同期下降11.96%，其中非免疫规划疫苗销售收入较上年同期下降11.97%，净利润较上年同期下降 40.08%，扣除非经常性损益的净利润较上年同期下降43.12%。 自去年起业绩明显下滑 公开资料显示，康华生物目前仅有两款上市产品，分别为冻干人用狂犬病疫苗（人二倍体细胞）（简称 人二倍体细胞狂犬病疫苗）和ACYW135群脑膜炎球菌多糖疫苗，产品结构并不丰富。其中，人二倍体 细胞狂犬病疫苗销售收入在2024年占总营收比例超97%。 凭借人二倍体细胞狂犬病疫苗，康华生物曾经历高速增长期。同花顺数据显示，2020年开始，康华生物 营收规模突破10亿元，2020-2023年分别实现营收10.39亿元、12.92亿元、14.24亿元、15.77亿元，逐年 攀升；同期归母净利润分别为4.08亿元、8.3亿元、5.98亿元、5.09亿元，自2021年达到顶点后逐年下 滑。 自2024年起，康华生物业绩开 ...

10月17日，康华生物发布2025年三季报，公司当期业绩大幅下滑，归母净利润同比降幅超五成。今年7 月，康华生物刚做出2025-2026年扣非净利润合计不低于7.28亿元的业绩承诺。作为一家人用疫苗的研 发、生产与销售公司，由于产品结构并不丰富，自去年起营收开始出现下滑，面对持续下滑的业绩，康 华生物的业绩承诺能否兑现？ 自去年起业绩明显下滑 三季报显示，康华生物报告期内实现营业总收入8.40亿元，同比下降20.78%，归母净利润1.89亿元，同 比下降53.41%。 康华生物表示，剔除上年重组六价诺如疫苗海外授权收入1.06亿元后，年初至报告期末营业收入较上年 同期下降11.96%，其中非免疫规划疫苗销售收入较上年同期下降11.97%，净利润较上年同期下降 40.08%，扣除非经常性损益的净利润较上年同期下降43.12%。 公开资料显示，康华生物目前仅有两款上市产品，分别为冻干人用狂犬病疫苗（人二倍体细胞）（简称 人二倍体细胞狂犬病疫苗）和ACYW135群脑膜炎球菌多糖疫苗，产品结构并不丰富。其中，人二倍体 细胞狂犬病疫苗销售收入在2024年占总营收比例超97%。 凭借人二倍体细胞狂犬病疫苗，康华生物曾经历 ...

Core Insights - A total of 13 companies released their Q3 2025 financial reports on October 17, with 10 companies reporting year-on-year profit growth and 11 companies showing revenue growth [1] Company Performance Summary - **仕佳光子**: Reported earnings per share of 0.6631, net profit of 29,971.78 million, a year-on-year increase of 727.74%, and revenue of 156,043.74 million, up 113.96% [1] - **华东数控**: Earnings per share of 0.0800, net profit of 2,312.18 million, a year-on-year increase of 151.78%, but revenue decreased by 3.21% to 24,883.19 million [1] - ***ST聆达**: Reported a loss with earnings per share of -0.4780, net loss of 12,791.70 million, but revenue increased by 83.47% to 8,909.23 million [1] - **藏格矿业**: Earnings per share of 1.7566, net profit of 275,080.14 million, a year-on-year increase of 47.26%, and revenue of 240,144.68 million, up 3.35% [1] - **春风动力**: Earnings per share of 9.2900, net profit of 141,536.95 million, a year-on-year increase of 30.89%, and revenue of 1,489,633.24 million, up 30.10% [1] - **福耀玻璃**: Earnings per share of 2.7100, net profit of 706,385.42 million, a year-on-year increase of 28.93%, and revenue of 3,330,190.79 million, up 17.62% [1] - **民士达**: Earnings per share of 0.6200, net profit of 9,117.17 million, a year-on-year increase of 28.88%, and revenue of 34,335.35 million, up 21.77% [1] - **天安新材**: Earnings per share of 0.3240, net profit of 9,753.97 million, a year-on-year increase of 21.47%, and revenue of 227,340.62 million, up 3.47% [1] - **国邦医药**: Earnings per share of 1.2100, net profit of 67,024.26 million, a year-on-year increase of 15.78%, and revenue of 446,988.44 million, up 1.17% [1] - **佛燃能源**: Earnings per share of 0.3200, net profit of 49,030.67 million, a year-on-year increase of 6.07%, and revenue of 2,350,147.41 million, up 5.38% [1] - **康华生物**: Earnings per share of 1.4553, net profit of 18,911.07 million, a year-on-year decrease of 53.41%, and revenue decreased by 20.78% to 84,006.26 million [1] - **茂硕电源**: Reported a loss with earnings per share of -0.1624, net loss of 5,792.09 million, and revenue increased by 2.95% to 94,519.57 million [1] - **博世科**: Reported a loss with earnings per share of -0.4000, net loss of 21,224.60 million, but revenue increased by 27.10% to 151,235.47 million [1]

Core Insights - The Social Security Fund has disclosed its stock holdings as of the end of Q3, appearing in the top ten shareholders of eight companies, with a total holding of 61.36 million shares valued at 2.27 billion yuan [1][2] - The fund has reduced its holdings in four stocks, initiated positions in three new stocks, and increased its stake in one stock [1] Group 1: Stock Holdings - The top three stocks held by the Social Security Fund by share quantity are Cangge Mining (18 million shares), Huaxin Cement (12.81 million shares), and Jiuzhou Pharmaceutical (12.6999 million shares) [1] - The highest holding percentage is in Jinling Mining, with 1.48% of its circulating shares, followed by Jiuzhou Pharmaceutical at 1.43% [1][2] - The total number of stocks held by the fund includes six from the main board and two from the ChiNext board, primarily concentrated in the pharmaceutical and machinery equipment sectors [2] Group 2: Performance Metrics - Among the stocks held by the Social Security Fund, six reported year-on-year net profit growth in Q3, with Yuxin Electronics showing the highest increase of 60.21% [2] - The average increase of the Social Security Fund's heavy stocks since October is 2.91%, outperforming the Shanghai Composite Index [3] - The stock performance data includes significant changes in holdings, with Cangge Mining showing a decrease of 0.66% and Huaxin Cement a decrease of 56.14% [3]

Core Viewpoint - Kanghua Biotech reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business operations and market performance [1][2]. Financial Performance - The company achieved revenue of approximately 840 million yuan, a year-on-year decrease of 20.78% [1][2]. - Net profit attributable to shareholders was about 189 million yuan, down 53.41% year-on-year [1][2]. - Excluding last year's one-time revenue from overseas licensing of the six-valent Norovirus vaccine, revenue decreased by 11.96% [2]. - Non-immunization vaccine sales revenue also saw a decline of 11.97% year-to-date compared to the previous year [2]. - The net profit for the year-to-date period decreased by 40.08%, while the net profit after excluding non-recurring gains and losses fell by 43.12% [2]. Cash Flow and Assets - The net cash flow from operating activities was approximately 154 million yuan, a decrease of 39.22% year-on-year, attributed to reduced product sales and overseas licensing income [3]. - As of September 30, 2025, accounts receivable stood at 1.316 billion yuan, a decrease of 5.57% year-on-year [3]. Shareholder Changes - In July 2025, major shareholders, including the controlling shareholder Wang Zhentao, agreed to transfer 28.466 million shares to Shanghai Wankexin Biotechnology, representing 21.91% of the total share capital [3][4]. - Following the transfer, Wankexin will hold 29.99% of the voting rights, changing the controlling shareholder from Wang Zhentao to Wankexin, resulting in no actual controller for the company [4]. Market Reaction - As of October 16, 2025, Kanghua Biotech's stock price increased by 1%, closing at 78.49 yuan per share, with a total market capitalization of 10.2 billion yuan [5].

Growth - Kanghua Biotech reported a net profit of 74.59 million yuan in Q3, a year-on-year decrease of 24.92% [1] - Huadong CNC achieved a net profit of 9.54 million yuan in Q3, marking a year-on-year increase of 169.75% [1] - Shijia Photon recorded a net profit of 83.07 million yuan in Q3, reflecting a year-on-year growth of 242.52% [1] - Cangge Mining reported a net profit of 951 million yuan in Q3, with a year-on-year increase of 66.49% [1] - Furun Energy posted a net profit of 181 million yuan in Q3, showing a year-on-year growth of 4.07% [1] - Fuyao Glass achieved a net profit of 2.26 billion yuan in Q3, representing a year-on-year increase of 14.09% [1] - Chunfeng Power reported a net profit of 413 million yuan in Q3, with a year-on-year growth of 11% [1] - Guobang Pharmaceutical achieved a net profit of 215 million yuan in Q3, reflecting a year-on-year increase of 23.17% [1] - Tianan New Materials reported a net profit of 35.37 million yuan in Q3, marking a year-on-year growth of 31.12% [1] Decline and Loss - No specific details provided regarding companies experiencing declines or losses in the report [1]