疫苗销售收入减少，康华生物一季度净利润下滑超八成

Core Viewpoint - Chengdu Kanghua Biological Products Co., Ltd. has reported a decline in both revenue and net profit for 2024 and the first quarter of this year, with a significant drop of over 80% in net profit for Q1. This marks the second consecutive year of declining profits, with a substantial decrease in the batch release quantity of its core product, the freeze-dried human rabies vaccine (human diploid cells) [1][3][4]. Financial Performance - In 2024, the company achieved revenue of 1.432 billion yuan, a year-on-year decrease of 9.23%, and a net profit of 399 million yuan, down 21.71% [3]. - For Q1 2025, revenue was 138 million yuan, reflecting a 55.70% year-on-year decline. The net profit for the same period was 20.71 million yuan, a decrease of 86.15% [4]. Product Performance - The batch release quantity of the freeze-dried human rabies vaccine was 3.8976 million doses in 2024, a decrease of 43.83% compared to the previous year. This decline is attributed to improved inventory management and adjustments in production and batch release plans [3]. - The company has only two marketable products, with the freeze-dried human rabies vaccine accounting for over 97% of its revenue [5]. Market Competition - The market for human rabies vaccines is becoming increasingly competitive, with new entrants such as Shenzhen Kangtai Biological Products Co., Ltd. launching their own human diploid cell rabies vaccine, which has already surpassed Kanghua's batch release quantity in its first year [7][8]. - Other competitors like Zhifei Biological and Chengda Biological have also submitted applications for their own human rabies vaccines, which could further intensify competition in the market [8]. Strategic Developments - In January 2024, the company signed an exclusive licensing agreement with HilleVax for the development and commercialization of a six-valent norovirus vaccine outside of China, with potential milestone payments and royalties involved. However, this is not expected to have a significant short-term impact on financial performance [3].