18.5亿！康华生物或易主上海国资基金，承诺两年扣非净利润不低于7.28亿

Core Viewpoint - Kanghua Biotech (300841.SZ) has undergone a significant change in control, with the transfer of shares to Wankexin Biotechnology, leading to a shift in the company's actual controller from Wang Zhentao to a state-owned fund-backed entity [1][4]. Group 1: Share Transfer and Control Change - On July 18, Kanghua Biotech signed a share transfer agreement with Wankexin Biotechnology, where Wankexin will acquire a total of 28.4666 million shares at a price of 65.03 yuan per share, totaling 1.851 billion yuan [1]. - Following the share transfer, Wankexin will hold 29.99% of the voting rights, making it the controlling entity, while Kanghua Biotech will have no actual controller [1][4]. - The share transfer is subject to regulatory approvals, including antitrust reviews and compliance checks by the Shenzhen Stock Exchange [6]. Group 2: Financial Performance and Market Position - Kanghua Biotech has experienced a decline in net profit since 2022, with a reported net profit drop of 27.90% in 2022 and 14.86% in 2023, alongside a revenue increase of 11.94% and 9.03% respectively [9]. - In 2024, the company reported a revenue of 1.432 billion yuan, down 9.23% year-on-year, and a net profit of 399 million yuan, down 21.71% [9]. - The company faced its first quarterly net loss since listing in Q4 2024, with a net profit of -7.25 million yuan, attributed to fair value losses from an associate [9][10]. Group 3: Future Growth and Strategic Plans - Kanghua Biotech aims to enhance its market position by leveraging Shanghai's high-end R&D resources and integrating various industry resources post-acquisition [2][4]. - The company has committed to achieving a combined net profit of no less than 728 million yuan for 2025 and 2026, with R&D expenses of at least 260 million yuan during the same period [6]. - Future growth strategies include expanding the sales of existing products, launching new products like the six-valent norovirus vaccine, and enhancing marketing efforts [11][12].