Core Insights - The completion of the acquisition of Kanghua Biological by Shanghai Biopharmaceutical M&A Fund through Wankexin Biological was marked by a ceremony in Chengdu on November 27, 2025 [1] Group 1: Company Developments - New Kanghua Biological aims to introduce fresh capital to drive development, indicating a strategic shift following the acquisition [3] - The new chairman of Kanghua Biological, Liu Dawei, emphasized the company's established reputation and the importance of capital and industry integration for future growth [4] - Strategic agreements were signed with several partners and professional institutions to support market layout and channel expansion for New Kanghua Biological [4] Group 2: Industry Context - The president of the China Vaccine Industry Association highlighted the opportunities in China's vaccine industry, noting an improving policy environment that could benefit New Kanghua Biological [3] - The collaboration between Shanghai and Chengdu in the biopharmaceutical sector is expected to enhance research and development, clinical practices, and industrial cooperation [4]

Core Viewpoint - The acquisition of Kanghua Biotech by the Shanghai Biopharmaceutical M&A Fund through Wankexin Biotech marks a significant development in the biopharmaceutical industry, aiming to enhance Kanghua's capabilities and market position in the vaccine sector [1]. Group 1: Acquisition Details - The acquisition was officially completed on November 27, 2025, during the unveiling and ecological cooperation conference held in Chengdu [1]. - The event was attended by various leaders and representatives from the biopharmaceutical industry, indicating strong support and interest in the collaboration [3]. Group 2: Strategic Vision and Goals - Kanghua Biotech's Vice Chairman emphasized the need for fresh blood to drive development, highlighting the importance of the partnership with the M&A fund for future progress [3]. - The President of Shanghai Shiyuan Group expressed hopes that the acquisition would facilitate collaboration between Shanghai and Chengdu in research, clinical trials, and industrialization [7]. Group 3: Industry Context and Opportunities - The President of the China Vaccine Industry Association noted that the vaccine industry in China is facing development opportunities, with an improving policy environment that could benefit Kanghua Biotech [5]. - Kanghua Biotech aims to leverage its existing rabies vaccine foundation to build a comprehensive rabies prevention service system [5]. Group 4: Strategic Partnerships - During the conference, Kanghua Biotech signed strategic agreements with several partners, including Shanghai Pharmaceutical Holdings and eight service providers, to support market expansion and channel development [12][14].

Core Investment Logic - The company's core product, the freeze-dried human rabies vaccine (human diploid cells), is recognized as the "gold standard vaccine" by the World Health Organization (WHO), demonstrating significant advantages in safety and immunogenicity [1] - The domestic rabies vaccine market is primarily dominated by Vero cell vaccines, indicating a substantial replacement opportunity for human diploid vaccines, which currently have low penetration [1] - The rabies disease has a high fatality rate, creating a strong demand for vaccination, thus providing a stable sales foundation for the product [1] - Since its listing in 2014, the company has sold over 30 million doses, covering all 31 provincial regions in China [1] - Frost & Sullivan predicts that the market size for human diploid rabies vaccines could reach approximately 10.18 billion yuan by 2030 [1] - The company's performance decline is gradually narrowing, with Q1/Q2/Q3 revenue changes of -55.70%/-19.49%/+11.54% year-on-year [1] - The company has resumed production of the ACYW135 group meningococcal polysaccharide vaccine, which has been exported to 10 countries, potentially driving continuous performance improvement [1] Research and Development Pipeline - The company's lead six-valent norovirus vaccine is one of the highest-priced norovirus vaccines currently in development globally, with broad protection against mainstream strains (e.g., GI.1, GII.2) [2] - The vaccine has received clinical trial approvals in Australia, the United States, and China, showcasing recognized technical barriers [2] - In January 2024, the company signed an exclusive licensing agreement with HilleVax for overseas rights, receiving an upfront payment of $15 million and potential milestone payments up to $255.5 million, along with sales royalties [2] - This makes the company the only domestic entity to achieve a license-out for a norovirus vaccine, highlighting the global value of its innovative products [2] - Frost & Sullivan forecasts that the norovirus vaccine market could grow from 1.53 billion yuan to 22.93 billion yuan from 2026 to 2031, with a compound annual growth rate of 71.85% [2] - This product is expected to significantly contribute to the company's future revenue, facilitating a strategic transition from a single rabies vaccine leader to a multi-category vaccine platform [2] Control Change and Strategic Empowerment - On November 7, 2025, the company completed a change in control, with Shanghai Wankexin Biotechnology becoming the controlling shareholder, holding 21.91% of shares and 29.99% of voting rights [3] - This marks the first instance of a private equity fund controlling a listed company in the vaccine industry through a "fund + industry" model, providing a strategic template for collaboration [3] - The expected benefits from this control change include enhanced financing efficiency, innovation in research and development, channel expansion, and globalization [3] - The original shareholders have committed to a net profit of no less than 728 million yuan from 2025 to 2026, along with a minimum of 260 million yuan in R&D investment, ensuring robust support for performance growth and pipeline advancement [3][4] - The company is positioned to leverage the governance optimization and resource synergy from the control change, making it a core focus for medium to long-term investment [4] Financial Performance and Projections - The company reported a narrowing decline in performance, with Q1/Q2/Q3 revenue changes of -55.70%/-19.49%/+11.54% year-on-year, and a net profit of 189 million yuan for the same period [4] - The original controlling shareholder's profit commitment provides a buffer for the company, with projected revenues of 1.299 billion yuan, 1.530 billion yuan, and 1.658 billion yuan for 2025-2027, reflecting year-on-year growth rates of -9.25%, 17.76%, and 8.33% respectively [4] - The projected net profits for the same period are 301 million yuan, 501 million yuan, and 638 million yuan, with year-on-year growth rates of -24.60%, 66.77%, and 27.26% respectively [4] - The company is covered with a recommendation rating, reflecting the anticipated recovery in performance and the strategic opportunities arising from the control change [4]

Core Viewpoint - Chengdu Kanghua Biological Products Co., Ltd. has officially announced a new board of directors and executive team, marking a new development phase focused on governance optimization and strategic upgrades [1][4] Group 1: Governance Structure - The new board consists of 11 directors, including 7 non-independent and 4 independent directors, creating a "7+4" decision-making structure that emphasizes strategic collaboration and professional governance [1][2] - Liu Dawei has been elected as the chairman, while Wang Zhentao serves as the vice chairman, ensuring a smooth transition and continuity in business development [1][2] - The independent directors bring expertise from various fields such as industry, finance, and law, enhancing the company's decision-making and risk management capabilities [2] Group 2: Strategic Implementation - The new governance team aims to establish an efficient "strategy-execution" mechanism to ensure the successful implementation of the company's strategies in marketing, R&D, and operations [2] - Kanghua Biological has completed a marketing structure transformation and will focus on reorganizing its R&D pipeline and capital operations to improve overall efficiency and market competitiveness [2][3] Group 3: Industry Development - The restructuring of governance is a critical step in implementing the company's future strategic blueprint, focusing on both "mature products" and "innovative pipelines" for further development [3] - The company plans to maintain its market position for established products while accelerating the development and commercialization of innovative vaccines, creating new growth points [3] - The new organizational structure will leverage resources from both Shanghai and Chengdu to enhance the integration of R&D, clinical, and commercialization processes [3] Group 4: Industry Benchmarking - The comprehensive upgrade of the board and executive team signifies a shift from founder-driven to a systematic and professional-driven approach [4] - This governance practice not only injects momentum into Kanghua Biological's future development but also provides a replicable model for the integration and upgrading of the Chinese biopharmaceutical industry [4]

Core Viewpoint - The establishment of a new board of directors and executive team at Kanghua Biotech marks a significant transition towards governance optimization and strategic upgrade following capital integration [3] Group 1: Board and Management Changes - Kanghua Biotech's new board consists of 11 members, including 7 non-independent directors and 4 independent directors, with Liu Dawei elected as the new chairman [1] - Wang Zhentao has been elected as vice chairman and legal representative, while Fan Changyong and Huang Hanmei have been appointed as executive vice president and vice president, respectively [1] Group 2: Share Transfer and Control Changes - In July, the former controlling shareholder Wang Zhentao and others agreed to transfer 28.47 million shares (21.91% of total shares excluding repurchased ones) to Wanke Xin Biological, totaling approximately 1.85 billion yuan [2] - Following the transfer, Wanke Xin Biological will hold 29.99% of voting rights, changing the controlling shareholder from Wang Zhentao to Wanke Xin Biological, which has no actual controller [2] Group 3: Strategic Focus and Development Plans - The new management team aims to enhance operational efficiency and market competitiveness by restructuring the R&D pipeline and capital operations, focusing on both mature products and innovative pipelines [3] - Kanghua Biotech plans to maintain its market position in established products like the rabies vaccine while accelerating the development of innovative products such as the six-valent norovirus vaccine [3] - The company intends to build a multi-platform and multi-product R&D matrix through self-research, mergers, and cooperative development [3] Group 4: Regional Collaboration and Resource Utilization - The new organizational structure will leverage resources from Shanghai and Chengdu, enhancing the integration of R&D, clinical, and commercialization processes [4] - The board will utilize the Shanghai Biomedicine M&A Fund to introduce R&D, talent, and capital advantages to Kanghua Biotech [4] Group 5: Mission and Vision - As the first controlling project of the Shanghai Biomedicine M&A Fund, Kanghua Biotech is tasked with exploring a new model for state-owned fund mergers and integrations [5]

在高管变动方面，因工作调整原因， 吴文年申请辞去公司财务负责人职务，其原定任期为2024年7月16 日至2027年7月15日。本次辞职后，吴文年仍在公司担任副总裁、董事会秘书。同时，董事会同意聘任 樊长勇担任公司常务副总裁，聘任黄寒梅担任公司副总裁、财务负责人。 北京商报讯（记者 王寅浩 宋雨盈）11月25日，康华生物发布公告称，已完成第三届董事会补选及高级 管理人员调整。董事会组成方面，第三届董事会共11名董事，含7名非独立董事与4名独立董事。非独立 董事为刘大伟（任董事长）、王振滔（任副董事长）、余雄平、谷峰、CHEN LI、王岩、李欣遥（职工 代表董事）；独立董事为李明、王砾、杨玉成、曾令冰。 ...

证券日报网讯 11月25日晚间，康华生物发布公告称，选举刘大伟为董事长。 （文章来源：证券日报） ...

证券代码：300841 证券简称：康华生物 公告编号：2025-067 成都康华生物制品股份有限公司 2025年第一次临时股东大会决议公告 特别提示： 1、本次股东大会没有出现否决议案的情况； 2、本次股东大会不涉及变更以往股东大会已通过决议的情况。 一、会议召开和出席的情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025年11月25日（星期二）下午14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025年11月25日上午9:15-9:25，9:30-11:30，下午13:00-15:00；通过深圳 证券交易所互联网投票系统投票的具体时间为：2025年11月25日上午9:15—下午 15:00期间的任意时间。 2、会议召开方式：本次股东大会采取现场表决与网络投票相结合的方式。 特别提示： 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。 3、会议召开地点：四川省成都市龙泉驿区北京路182号会议室。 4、会议召集人：公司董事会。 5、会议主持人：公司董事长王振滔先生。 6、本次会议的召集、召开符合《 ...

北京中伦（成都）律师事务所 关于成都康华生物制品股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：成都康华生物制品股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》等法律、法规及规范性文件的规定，北京中伦（成都）律师事务 所（以下简称"中伦"或"本所"）指派律师出席了成都康华生物制品股份有限 公司（以下简称"公司"）2025 年第一次临时股东大会（以下简称"本次股东 大会"），对本次股东大会的合法性进行见证并出具法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 - 1 - 法律意见书 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 ...

证券代码：300841 证券简称：康华生物 公告编号：2025-069 成都康华生物制品股份有限公司 关于董事会完成补选及变更高级管理人员的公告 一、公司第三届董事会组成情况 公司第三届董事会由11名董事组成，其中非独立董事7名，独立董事4名。董 事会的成员组成如下： 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。 成都康华生物制品股份有限公司（以下简称"公司"）于2025年11月25日召 开的2025年第一次临时股东大会补选产生了公司第三届董事会新任董事，于2025 年11月21日召开的职工代表大会选举产生了公司第三届董事会职工代表董事李 欣遥女士（简历详见附件）。 非独立董事：刘大伟先生（董事长）、王振滔先生（副董事长）、余雄平先 生、谷峰先生、CHEN LI先生、王岩先生、李欣遥女士（职工代表董事） 在完成董事会补选后，公司于2025年11月25日召开第三届董事会第十一次会 议，审议通过了关于选举董事长、副董事长、补选董事会各专门委员会委员及聘 任高级管理人员等相关议案。现将具体情况公告如下： 独 立 董 事 ：李明先生、王砾先生、杨玉成先生、曾令冰先生 ...