证券日报网讯2月13日，康华生物（300841）在互动平台回答投资者提问时表示，公司经营情况请关注 公司定期报告。 ...

证券代码：300841 证券简称：康华生物 公告编号：2026-008 成都康华生物制品股份有限公司 关于审计机构变更质量控制复核人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 肖菲先生近三年未受到任何刑事处罚，未因执业行为受到证监会及其派出机 构、行业主管部门等的行政处罚或监督管理措施，未因执业行为受到证券交易所、 行业协会等自律组织的自律监管措施、纪律处分，不存在违反《中国注册会计师 职业道德守则》对独立性要求的情形。 三、其他说明 本次变更质量控制复核人系审计机构内部工作调整，本次变更过程中相关工 作安排已有序交接，变更事项不会对公司 2025 年度财务报表审计和 2025 年末财 务报告内部控制审计工作产生不利影响。 四、备查文件 成都康华生物制品股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开第三届董事会第六次会议和第三届监事会第六次会议，审议通过了《关于 续聘公司 2025 年度审计机构的议案》，同意公司续聘立信会计师事务所（特殊 普通合伙）（以下简称"立信"）为公司 2025 年度审计机构，具体内容详见公 司于 2 ...

Core Viewpoint - Chengdu Kanghua Biological Products Co., Ltd. announced a strategic decision to acquire 100% control of Nameixin Biotech through a phased capital increase and equity transfer, marking a significant integration of innovative biotech with a mature industrial platform [1][11]. Part 01: Nameixin Biotech - Nameixin, established in 2021, focuses on mRNA vaccine and drug development, emphasizing AI-driven innovation and addressing unmet clinical needs [12][13]. - The founding team has over 20 years of experience in virology, immunology, and vaccine development, with key members having held significant positions in top research institutions and multinational corporations [2][13]. - Nameixin has developed a comprehensive technology platform covering target screening, antigen design, mRNA sequence optimization, LNP delivery system development, and lyophilized formulation processes [13][15]. - The company has applied for 14 invention patents, including one PCT international patent, and has obtained six software copyright registrations [15]. - Nameixin's core product, the RSV mRNA vaccine NR222, received clinical trial approval in December 2024, becoming the first lyophilized mRNA vaccine to enter clinical trials in China [6][17]. Part 02: Kanghua Biological - Founded in 2004, Kanghua is the first company in China to produce and sell human diploid cell rabies vaccines, recognized as a "gold standard" by WHO [7][18]. - The company is transitioning from a single product focus to a multi-product strategy, planning to expand into mRNA, recombinant protein/VLP, polysaccharide protein conjugates, and novel adjuvants [18]. - Kanghua's acquisition by Shanghai Biomedical Investment Fund marks a new development phase, with a 21.91% stake acquired [18][20]. - The company has established a strong academic promotion system covering thousands of disease control centers across China, enhancing its brand influence [19]. Part 03: Collaborative mRNA Vaccine Development - The collaboration between Nameixin and Kanghua aims to create a closed loop in mRNA vaccine development, production, and market access [19]. - Kanghua's existing production and R&D facilities, including a 14,000 square meter lab in Wenjiang, provide a solid foundation for large-scale GMP production and quality management [19]. - The partnership will leverage Shanghai's strategic position to enhance collaboration with universities, research institutions, and clinical organizations, facilitating international research pathways [20][21]. - The integration of Nameixin's innovative technology with Kanghua's industrial capabilities is expected to address long-standing clinical needs and enhance the accessibility of mRNA vaccines [21].

Market Overview - The biopharmaceutical sector increased by 0.65% on February 4, with Weiguang Bio leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Weiguang Bio (002880) closed at 30.72, up 7.79% with a trading volume of 106,600 shares and a transaction value of 320 million yuan [1] - Kanglaweishi (920575) closed at 11.07, up 5.63% with a trading volume of 105,200 shares and a transaction value of 114 million yuan [1] - Kangchen Pharmaceutical (603590) closed at 41.61, up 5.61% with a trading volume of 50,700 shares and a transaction value of 208 million yuan [1] - Other notable performers include Zhifei Biological (300122) up 2.61%, Kanghong Pharmaceutical (002773) up 2.31%, and Watson Bio (300142) up 1.92% [1] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 159 million yuan from institutional investors, while retail investors saw a net inflow of 187 million yuan [2] - The overall retail investor net outflow was 28.35 million yuan [2] Detailed Capital Flow for Selected Stocks - Wanze Co. (000534) had a net inflow of 67.22 million yuan from institutional investors, while retail investors experienced a net outflow of 99.26 million yuan [3] - Kangtai Biological (300601) saw a net inflow of 15.17 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Shanghai Laisai (002252) had a net inflow of 14.01 million yuan from institutional investors, while retail investors faced a net outflow [3]

3） 交易设计分步里程碑，兼顾短期风险控制与长期协同成长，产业链协同空间广阔。本次收购分三 期，设定严格的里程碑条件，核心对价锚定纳美信RSV mRNA 疫苗II 期临床与HPV 治疗性疫苗I 期关 键节点，首期现金出资1.2 亿元即锁定约27.27%股权并取得治理控制权，后续增持与结算严密绑定临床 兑现，有效平滑技术落地不确定性，控制资金风险。 康华生物能够借助纳美信平台在研发、临床、注册、生产、商业化等全阶段实现优势资源互补，推动现 有疫苗资产的国际化授权，为创新疫苗产业化和全球外延成长提供基础，进一步强化公司在高壁垒、强 研发驱动力赛道的长期竞争力与国际影响力。 盈利预测：我们预计2025-2027 年公司营收分别为11.99/13.60/14.78 亿元，同比增 长-16.23%/13.40%/8.63%；归母净利润分别为2.12/3.27/4.36亿元，同比增长-46.84%/54.49%/33.09%，对 应PE 分别为43/28/21 倍，维持"推荐"评级。 风险提示：行业竞争加剧风险、产品结构较为单一风险、临床试验进展不及预期风险、市场开拓不及预 期风险、其他系统性风险等。 事件：公司于202 ...

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]

分阶段估值绑定研发里程碑 本次交易采用了分阶段估值并与研发进展挂钩的支付模式。根据意向书，纳美信的投前估值在首期、第 二期及第三期交易中，将分别设定为不超过3.2亿元、不超过4.4亿元和不超过8.3亿元。最终交易情况将 直接与RSV疫苗的临床数据、HPV治疗性疫苗项目的剂量爬坡试验结果等关键研发里程碑挂钩。这种结 构被市场分析认为，有助于康华生物在获取前沿技术的同时，有效控制研发风险。 根据交易安排，本次收购将分三步推进。首期交易，康华生物将以不超过1.2亿元认购纳美信新增注册 资本，交易完成后持股比例达到27.27%。后续两期交易将根据纳美信核心产品——呼吸道合胞病毒 (RSV)mRNA疫苗的临床进展，以及人乳头瘤病毒(HPV)治疗性疫苗项目的研发里程碑，分步实施并最 终实现全资控股。为锁定交易，康华生物将支付2000万元意向金，该款项将在首期交割时转为部分交易 价款。 成都康华生物（300841）制品股份有限公司(以下简称"康华生物")近日发布公告，宣布拟通过分期增资 及股权受让方式，收购纳美信(上海)生物科技有限公司(以下简称"纳美信")100%股权。此举旨在整合纳 美信在mRNA(信使核糖核酸)疫苗领 ...

Core Viewpoint - The resignation of the president of Kanghua Biological, Wu Hongbo, is speculated to be linked to the company's significant decline in performance, with a projected net profit drop for 2025 compared to the previous year [2][3]. Company Performance - Kanghua Biological's latest performance forecast indicates a net profit attributable to shareholders for 2025 is expected to be between 191 million and 233 million yuan, a substantial decrease from 399 million yuan in the same period last year [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 208 million and 230 million yuan, representing a year-on-year decline of 49.73% to 54.54% [2]. Reasons for Performance Decline - The decline in performance is attributed to two main factors: a decrease in vaccine sales revenue by approximately 11% due to industry policy adjustments and market competition, and the absence of overseas licensing income for the year 2025, which previously contributed significant profit [2][3]. - The company's product structure is overly reliant on a single product, the freeze-dried human rabies vaccine, which poses a risk as competition intensifies from other companies with similar products expected to be approved this year [3]. Control Change and Profit Guarantee - In July 2025, Kanghua Biological underwent a change in control, with the previous controlling shareholder transferring 21.91% of shares to Shanghai Wankexin Biological, resulting in a new controlling entity without an actual controller [3]. - A "profit guarantee agreement" was signed, stipulating that the company must achieve a total net profit of no less than 728 million yuan from 2025 to 2026, or compensate the acquirer for any shortfall [3][4]. Future Prospects - To address the dual challenges of performance guarantees and product singularity, Kanghua Biological is focusing on new product development, including the initiation of clinical trials for a new six-valent norovirus vaccine [4].

Group 1 - The core point of the article highlights the acceleration of domestic pharmaceutical mergers and acquisitions (M&A), with companies like Kanghua Biotech and China Biopharmaceutical leading the trend [1][5][8] - Kanghua Biotech announced its acquisition of Nameixin through capital increase and equity transfer, marking a significant move in the domestic M&A landscape [1] - The trend of M&A in China's innovative drug sector is seen as a response to the need for companies to enhance their capabilities and integrate resources [5][7] Group 2 - Historically, M&A activities in China's innovative drug sector have been limited due to various factors, including the ambition of biotech companies to grow independently and the insufficient quality of innovations [4][3] - The financial strength of domestic pharmaceutical companies is relatively lower compared to their international counterparts, with leading domestic firms holding around $20 billion in cash compared to over $300 billion for top global firms [4] - Recent M&A activities, although smaller in scale compared to international deals, indicate a shift towards realizing the value of existing capabilities within leading domestic companies [5][6] Group 3 - The M&A trend is driven by the need for domestic companies to leverage their clinical development and commercialization capabilities, as seen in the case of Kanghua Biotech and Nameixin [6][7] - The integration of resources through M&A is expected to enhance the competitive edge of domestic firms, allowing them to quickly fill technological gaps and expand their product pipelines [8][9] - The acceleration of internal circulation in the industry is anticipated to create a more favorable ecosystem for both large pharmaceutical companies and smaller biotech firms, fostering innovation and addressing unmet clinical needs [9][10]

杰普特1月29日公告，预计2025年度实现营业收入19.87亿元-21.52亿元，同比增长约36.67%-48.02%；预 计2025年度归母净利润2.62亿元-3.09亿元，同比增长约97.69%-132.88%。报告期内公司受益于全球范围 内激光器需求提升，在新能源动力电池精密加工及消费级激光器领域实现销售收入的较快增长，同时公 司光通信业务快速切入市场并实现显著增长。受上述综合因素推动，公司预计2025 年度营业收入、归 属母公司所有者的净利润及归属母公司所有者的扣除非经常性损益后的净利润同比均实现显著增长。 ...