KANGHUA BIOLOGICAL(SZ:300841) Sou Hu Cai Jing·2025-07-21 09:28Core Viewpoint - Chengdu Kanghua Biological announced a significant share transfer and voting rights delegation agreement, resulting in a change of control to Wankexin Biological, which will now hold approximately 29.99% of voting rights in the company [1][4]. Share Transfer Details - The share transfer involves approximately 28.47 million shares, representing 21.9064% of the total share capital after excluding repurchased shares, at a price of 65.0266 yuan per share, totaling around 1.85 billion yuan [1][2]. - Post-transaction, Wang Zhentao will hold about 10.50 million shares (8.0829% of total shares) and delegate voting rights to Wankexin Biological [1][2]. Change in Control - The controlling shareholder of Kanghua Biological will shift from Wang Zhentao to Wankexin Biological, which is part of the Shanghai Biomedicine M&A Fund, with no ultimate controller [4][6]. - The Shanghai Biomedicine M&A Fund aims to support mergers and acquisitions in the biomedicine sector, with a total fund size of 10 billion yuan [6]. Business Outlook and Strategy - Kanghua Biological plans to leverage Shanghai's high-end research resources and talent to enhance its industrialization, manufacturing capabilities, and market share [7]. - The acquisition is expected to facilitate collaboration with leading universities and improve supply chain capabilities through access to advanced production facilities [7]. Financial Performance and Commitments - Kanghua Biological has set performance commitments, requiring a total net profit of no less than 728 million yuan and R&D expenses of at least 260 million yuan during the commitment period from 2025 to 2026 [7]. - The company has experienced a decline in revenue since reaching a peak of 1.577 billion yuan in 2023, with a significant drop in net profit [8]. Market Dynamics - The domestic rabies vaccine market is slowing down, with Kanghua Biological's main product facing increased competition since 2024 [8][13]. - The company’s production and batch release of its high-end rabies vaccine have decreased significantly, reflecting adjustments in production plans based on inventory and sales forecasts [13].