成都康华生物制品股份有限公司 简式权益变动报告书 （修订稿） 上市公司名称：成都康华生物制品股份有限公司 上市地点：深圳证券交易所 股票简称：康华生物 股票代码：300841 信息披露义务人名称：济南康悦齐明投资合伙企业（有限合伙） 住所/通讯地址：山东省济南市市中区英雄山路 129 号祥泰广场 1 号 楼 2904（51）室 股份变动性质：股份减少(协议转让) 签署日期：2025 年 10 月 29 日 1 修订说明 信息披露义务人已于 2025 年 7 月 22 日公告了《成都康华生物制品股份有 限公司简式权益变动报告书-康悦齐明》，现基于本次权益变动涉及的相关事 项发生变化，信息披露义务人对本次权益变动相关情况进行修订，本次主要修 订内容如下： 一、根据本次权益变动相关方签署《股份转让协议之补充协议》的情况， 对相关内容进行修订及补充 详见本报告之"第一节 释义"、"第四节 权益变动方式"之"四、《股 份转让协议之补充协议》主要内容"、"备查文件"。 二、根据本次权益变动审批程序的进展情况，对相关内容进行修订 详见"信息披露义务人声明"、"第四节 权益变动方式"之"八、本次 权益变动的其他相关情况"、" ...

（修订稿） 成都康华生物制品股份有限公司 简式权益变动报告书 股票简称：康华生物 股票代码：300841 信息披露义务人一：奥康集团有限公司 上市公司名称：成都康华生物制品股份有限公司 股票上市地点：深圳证券交易所 住所/通讯住址：浙江省永嘉县瓯北镇阳光大道中瓯商务大厦 1301 室 信息披露义务人二：王振滔 住所/通讯住址：浙江省温州市******* 股份变动性质：股份减少（协议转让）、表决权委托 签署日期：2025 年 10 月 29 日 1 修订说明 详见"第二节 信息披露义务人介绍"之"（四）信息披露义务人二任职情 况"。 具体修订内容请详见下文楷体加粗部分。 2 成都康华生物制品股份有限公司 简式权益变动报告书 信息披露义务人已于 2025 年 7 月 22 日公告了《成都康华生物制品股份有限 公司简式权益变动报告书-奥康集团 王振滔》，现基于本次权益变动涉及的相 关事项发生变化，信息披露义务人对本次权益变动相关情况进行修订，本次主 要修订内容如下： 一、根据本次权益变动相关方签署《股份转让协议之补充协议》的情况， 对相关内容进行修订及补充 详见本报告书之"第一节 释义"、"第四节 权益变动方式"之 ...

国泰海通证券股份有限公司 关于 成都康华生物制品股份有限公司 详式权益变动报告书 之 财务顾问核查意见 （修订稿） 财务顾问 （中国（上海）自由贸易试验区商城路 618 号） 二零二五年十月 声 明 根据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的 公司信息披露内容与格式准则第 15 号—权益变动报告书》《公开发行证券的公司 信息披露内容与格式准则第 16 号—上市公司收购报告书》等相关法律、法规的 规定，国泰海通证券股份有限公司（以下简称"本财务顾问"）按照行业公认的 业务标准、道德规范，本着诚实信用、勤勉尽责的精神，对本次权益变动的相关 情况和资料进行了核查，对《成都康华生物制品股份有限公司详式权益变动报告 书》所披露的内容出具核查意见。本财务顾问特作出如下声明： 一、本财务顾问依据的有关资料由信息披露义务人提供。信息披露义务人已 向本财务顾问作出承诺，保证其所提供的资料均为真实、准确、完整的原始书面 资料或副本资料，副本资料或复印件与其原始资料或原件一致，所有文件的签名、 印章均是真实的，并对所提供信息的真实性、准确性和完整性承担个别和连带的 法律责任。 二、本财务顾问已按照规定履行 ...

证券代码：300841 证券简称：康华生物 公告编号：2025-055 成都康华生物制品股份有限公司 关于控股股东、实际控制人及其一致行动人、持股 5%以上 股东签署《股份转让协议之补充协议》暨公司控制权拟发生 变更的进展公告 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、基本情况概述 成都康华生物制品股份有限公司（以下简称"公司"、"目标公司"）控股股 东、实际控制人王振滔先生及其一致行动人奥康集团有限公司（以下简称"奥康 集团"）、持股 5%以上股东济南康悦齐明投资合伙企业（有限合伙）（以下简称 "康悦齐明"）与上海万可欣生物科技合伙企业（有限合伙）（以下简称"万可欣 生物"）于 2025 年 7 月 18 日签订了《股份转让协议》，同日王振滔与万可欣生 物签订了《表决权委托协议》。根据《股份转让协议》，王振滔、奥康集团、康 悦齐明拟合计向万可欣生物转让所持有的公司 2,846.6638 万股股份，占《股份转 让协议》签订之日剔除公司回购账户股份后总股本的 21.9064%。根据《表决权 委托协议》，王振滔在本次股份转让后，将转让后持有的公司 1,0 ...

Core Viewpoint - Kanghua Biotech is facing significant challenges in 2025, including a sharp decline in net profit, reliance on a single product, and uncertainties surrounding performance commitments amid increasing competition and reduced R&D investment [2][4][12]. Financial Performance - For the first three quarters of 2025, Kanghua Biotech reported revenue of 840 million yuan, a year-on-year decrease of 20.78%, and a net profit of 189 million yuan, down 53.41% [4][7]. - The company's core product, the freeze-dried human rabies vaccine, accounts for over 90% of its main business, but its sales have been declining, with a 14.29% drop in issuance in 2023 compared to 2022 [9][10]. - The net profit margin has significantly decreased, with a sales net profit margin dropping 41.19% to 22.51% in Q3 2025 [9]. Business Dependency and Risks - Kanghua Biotech's heavy reliance on a single product has led to vulnerabilities, as market competition intensifies and new entrants emerge [11]. - The company has acknowledged that its product structure is not diverse enough, which could hinder long-term growth [11]. R&D and Future Outlook - R&D expenses have decreased by 10.18% year-on-year, totaling 83 million yuan in the first three quarters of 2025, indicating a lack of investment in innovation [12]. - The company has made a performance commitment to achieve a net profit of at least 728 million yuan for 2025-2026, but as of Q3 2025, it has only achieved 183 million yuan, raising concerns about meeting this target [12][14]. Shareholder Actions - Several shareholders have announced plans to reduce their holdings, reflecting a lack of confidence in the company's future performance [14].

Core Viewpoint - The domestic vaccine industry is experiencing significant pressure due to economic downturns, declining birth rates, reduced vaccination willingness, and intensified market competition, leading to frequent executive changes among companies [1][3]. Group 1: Executive Changes - Sun Wanfeng has resigned from his position as employee representative director and vice president of Baike Bio, but will continue as assistant to the chairman [1]. - There are rumors of changes in the management of Kangtai Bio, but the company has confirmed that Vice President Yu Bing remains in his position [1]. - Frequent executive turnover is noted in the domestic vaccine industry, with several companies undergoing leadership changes since late 2024 [3]. Group 2: Financial Performance - In the first half of 2025, only 5 out of 10 listed vaccine companies in A-shares reported revenue growth, with only 3 achieving positive net profit growth [3]. - Baike Bio reported a revenue of 284.9 million yuan with a net loss of 73.57 million yuan, marking a year-on-year revenue decline of 53.93% and a net profit decline of 153.47% [4]. - Kangtai Bio's revenue was 1.392 billion yuan with a net profit of 37.53 million yuan, showing a revenue growth of 15.81% but a significant net profit decline of 77.30% [4]. Group 3: Market Competition - The HPV vaccine market is experiencing aggressive price competition, with prices for the bivalent HPV vaccine dropping below 100 yuan, and the lowest price recorded at 27.5 yuan per dose [5]. - The flu vaccine market is also seeing price reductions, with prices for quadrivalent flu vaccines dropping from 128 yuan to 88 yuan per dose [6]. - The pneumococcal vaccine market is highly competitive, with Pfizer withdrawing from the market due to intense competition from domestic products [6]. Group 4: Growth Opportunities - Despite the challenges, there are structural growth opportunities in the vaccine market, exemplified by Olin Bio's adsorbed tetanus vaccine, which achieved a revenue growth of 35.17% in the first half of 2025 [7].

Core Points - The article discusses the unconditional approval of several business concentration cases during the period from October 13 to October 19, 2025 [2] Group 1: Business Concentration Cases - Case 1: Yintuo Fund Management Co., Ltd. acquired equity in Fujita Corporation, approved on October 13, 2025 [2] - Case 2: Anhui Jiangkong Chuangfu Private Fund Management Co., Ltd. and Henan Asset Fund Management Co., Ltd. established a new enterprise, approved on October 14, 2025 [2] - Case 3: Shanghai Shansi Capital Management Co., Ltd. and Shanghai Lubu Ka Enterprise Management Consulting Partnership (Limited Partnership) acquired equity in Chengdu Kanghua Biological Products Co., Ltd., approved on October 14, 2025 [2] - Case 4: Wanhuah Chemical Group Battery Technology Co., Ltd. and Tongling Chemical Group Xinqiao Mining Co., Ltd. established a new enterprise, approved on October 14, 2025 [2]

Core Insights - The biopharmaceutical sector experienced a slight increase of 0.14% on October 20, with Iwu Biologics leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Biopharmaceutical Sector Performance - Iwu Biologics (300357) saw a significant rise of 10.07%, closing at 32.90 with a trading volume of 228,200 shares and a transaction value of 737 million [1] - Other notable gainers included Olin Biologics (6168889) with a 4.58% increase, closing at 23.96, and Kangchen Pharmaceutical (603590) with a 4.00% increase, closing at 51.19 [1] - The sector also had some underperformers, such as Novavax (688105) which fell by 3.56%, closing at 21.96 [2] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 239 million from institutional investors, while retail investors saw a net inflow of 270 million [2] - The data indicates that retail investors are actively buying into the sector despite the overall net outflow from larger institutional players [2] Individual Stock Capital Flow - Iwu Biologics had a net inflow of 23.19 million from institutional investors, while it faced a net outflow of 17.27 million from speculative funds [3] - Notably, Huashan Biologics (002007) had a net inflow of 42.16 million from institutional investors, indicating strong institutional interest [3]

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].

Core Viewpoint - Kanghua Biotech (300841.SZ) demonstrates resilience and growth potential with a 11.54% year-on-year revenue increase in Q3 2025, achieving revenue of 356 million yuan and a net profit of 189 million yuan for the first three quarters [1] Group 1: Financial Performance - In Q3 2025, Kanghua Biotech reported revenue of 356 million yuan, marking an 11.54% increase compared to the same period last year [1] - For the first three quarters, the company achieved total revenue of 840 million yuan and a net profit attributable to shareholders of 189 million yuan [1] - The decline in net profit for the first three quarters narrowed by 9.23 percentage points compared to the semi-annual report, indicating improved operational quality [1] Group 2: Product Development and Market Potential - The freeze-dried human rabies vaccine (human diploid cells) is a key product for Kanghua Biotech, recognized as the "gold standard" by WHO due to its safety and efficacy [2] - The company is expanding production capacity for the rabies vaccine, with the production expansion project nearing completion and awaiting drug production license approval [2] - Kanghua Biotech's six-valent norovirus vaccine, licensed to HilleVax for $270.5 million, showcases the company's strong technical capabilities and market potential [2] Group 3: Industry Context and Future Prospects - Norovirus is a major cause of acute gastroenteritis globally, with no vaccines currently available, presenting a significant market opportunity as the norovirus vaccine market in China is projected to grow from 1.53 billion yuan to 22.93 billion yuan from 2026 to 2031, with a CAGR of 71.85% [3] - The six-valent norovirus vaccine has received clinical research approval in Australia and the U.S., with plans for clinical trials in China starting in December 2024 [4] Group 4: Strategic Developments - The transition of control to a state-owned investment fund from Shanghai is expected to provide Kanghua Biotech with not only capital but also a robust industrial resource network and strategic development platform [5][6] - The investment from the Shanghai biopharmaceutical fund highlights Kanghua Biotech's long-term intrinsic value amid the industry's adjustment phase [5] - The company aims to accelerate the diversification of its vaccine product line, potentially becoming a key platform for the Shanghai pharmaceutical industry in the vaccine sector [7]