Core Viewpoint - Kanghua Biotech (300841.SZ) expects a significant decline in net profit attributable to shareholders for 2025, forecasting a range of 191 million to 233 million yuan, representing a decrease of 41.55% to 52.09% compared to the previous year [1] Summary by Categories Financial Performance - The company anticipates a net profit of 208 million to 230 million yuan after excluding non-recurring gains and losses, which indicates a decline of 49.73% to 54.54% year-on-year [1] - Vaccine sales revenue is expected to decrease by approximately 11% compared to the same period last year, leading to a reduction in sales profit margin [1] Revenue Sources - In the previous year, the company received overseas licensing income of 106.24 million yuan from the six-valent norovirus vaccine, contributing a profit of 90.30 million yuan, which will not be replicated in the 2025 fiscal year due to the absence of overseas authorized phased income [1]

（文章来源：每日经济新闻） 每经AI快讯，康华生物1月23日晚间公告，预计2025年度归母净利润1.91亿元~2.33亿元，同比下降 41.55%~52.09%，上年同期归母净利润为3.99亿元。 ...

Core Viewpoint - The company announced a significant decline in net profit for 2025, attributed to industry policy adjustments and increased market competition affecting vaccine sales revenue [1] Financial Performance - The net profit attributable to shareholders is projected to be between 191 million to 233 million yuan, representing a year-on-year decrease of 41.55% to 52.09% [1] - The non-recurring net profit is expected to range from 208 million to 230 million yuan, reflecting a year-on-year decline of 49.73% to 54.54% [1] Revenue Impact - Vaccine sales revenue is anticipated to decrease by approximately 11% due to market competition and policy changes [1] - The company will not obtain overseas authorized phased revenue in 2025, which contributed 90 million yuan to profits in the same period last year [1] Future Reporting - Detailed financial performance will be disclosed in the company's 2025 annual report [1]

证券代码：300841 证券简称：康华生物 公告编号：2026-001 成都康华生物制品股份有限公司 2025 年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 （1）以区间数进行业绩预告的 单位：万元 | 项 | 目 | | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 | | | 19,100.00 | ～ | 23,300.00 | 39,865.19 | | 股东的净利润 | | 比上年同期下降 | 41.55% | ～ | 52.09% | | | 扣除非经常性损 | | | 20,800.00 | ～ | 23,000.00 | 45,749.50 | | 益后的净利润 | | 比上年同期下降 | 49.73% | ～ | 54.54% | | 二、与会计师事务所沟通情况 本次业绩预告相关数据是成都康华生物制品股份有限公司（以下简称"公 ...

（编辑 姚尧） 证券日报网讯 1月22日，康华生物在互动平台回答投资者提问时表示，公司控股股东系万可欣，万可欣 无实际控制人。万可欣及其相关的产业生态资源将从研发、市场、战略、管理等维度对公司形成全链条 赋能，并非单一侧重某一领域。在研发层面，助力公司对接科研资源，加速在研产品临床推进，优化产 品管线布局；在市场层面，促进资源协同，拓宽市场覆盖面，提升品牌影响力；在战略层面，协助公司 明晰中长期发展方向，夯实发展路径；在管理层面，推动公司优化治理结构，提升经营管理效率。 ...

Core Viewpoint - The company emphasizes the importance of internationalizing its vaccine business and is actively pursuing strategies for market entry in the global vaccine market [1] Group 1: Internationalization Strategy - The company is closely monitoring international vaccine market access standards [1] - The company is committed to implementing an overseas expansion strategy [1] Group 2: Product Sales and Market Conditions - Currently, the company's freeze-dried human rabies vaccine (human diploid cells) has no sales outside of the domestic market [1] - Future sales strategies will be developed based on market conditions and product capacity [1]

Group 1 - The company emphasizes the importance of internationalization in its vaccine business and is actively pursuing overseas strategies [1] - The company has achieved a significant milestone with its six-valent norovirus vaccine, having signed a licensing agreement that resulted in an upfront payment of 15 million USD [1] - The ACYW135 group meningococcal polysaccharide vaccine has successfully been exported, with further operational results to be disclosed in the company's regular reports [1]

Group 1 - The biopharmaceutical sector increased by 0.19% on January 21, with Nearshore Protein leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the biopharmaceutical sector showed significant price increases, with Nearshore Protein rising by 6.37% to a closing price of 48.76 [1] Group 2 - The biopharmaceutical sector experienced a net inflow of 77.04 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [2] - Major stocks like Watson Bio and Ganli Pharmaceutical attracted significant institutional investment, with net inflows of 64.45 million yuan and 55.25 million yuan, respectively [3] - Retail investors showed a negative trend in several stocks, with Watson Bio and Ganli Pharmaceutical experiencing net outflows of 33.30 million yuan and 39.14 million yuan, respectively [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The vaccine industry is experiencing performance pressure while pipeline advancements continue, indicating a need to focus on structural opportunities [1][7] - The industry is transitioning from scale expansion to innovation-driven growth, facing short-term challenges due to supply-demand imbalances and intense competition [8][24] - Long-term growth is supported by policy, demand, and technology as key drivers for the vaccine industry [8][24] Summary by Sections Recent Industry Performance - The vaccine sector has seen a cumulative decline of 9.01% since 2025, with a recent weekly drop of 3.43% [4][10] - Relative performance against the CSI 300 index shows a 12-month relative return of -27% [3] Company Developments - Zhifei Biological's CA111 injection has entered Phase I clinical trials, targeting diabetes and weight loss with a dual agonist mechanism [3] - Baihui Biological's human diploid rabies vaccine has received clinical trial approval [3] - Zhifei Biological and Baike Biological both forecast significant losses for 2025, with Zhifei expecting a net loss of 10.698 to 13.726 billion yuan, a decline of 630%-780% year-on-year [3] - Baike Biological anticipates a net loss of 220.64% to 194.79% compared to the previous year [3] Market Dynamics - The vaccine industry is characterized by high levels of Me-too products, leading to intense competition and price declines [7][23] - The approval of 14 new vaccines in 2025, including rabies and HPV vaccines, indicates ongoing innovation, although many face issues of homogeneity [3][7] Investment Recommendations - The report suggests focusing on companies with high technical barriers and differentiated pipelines to find alpha opportunities within the industry [8][24] - Companies like CanSino and Kanghua Biological are highlighted for their potential due to their innovative capabilities and market positioning [8][24]

（原标题：康华生物大宗交易成交429.75万元） 康华生物1月16日大宗交易平台出现一笔成交，成交量5.68万股，成交金额429.75万元，大宗交易成交价 为75.66元。该笔交易的买方营业部为中国中金财富证券有限公司上海黄浦区中山东二路证券营业部， 卖方营业部为联储证券股份有限公司陕西分公司。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为820.09万元。 证券时报•数据宝统计显示，康华生物今日收盘价为75.66元，上涨0.21%，日换手率为1.41%，成交额为 1.26亿元，全天主力资金净流出342.64万元，近5日该股累计下跌0.47%，近5日资金合计净流出981.87万 元。 两融数据显示，该股最新融资余额为10.22亿元，近5日增加364.18万元，增幅为0.36%。 | 成交 | 成交 | 成交价 | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | 量 | 金额 | | | | | | （万 | （万 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | 溢价 | | | | | | | ...