康华生物易主在即，逾13亿元应收账款悬顶

Core Viewpoint - Kanghua Biotech reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its business operations and market performance [1][2]. Financial Performance - The company achieved revenue of approximately 840 million yuan, a year-on-year decrease of 20.78% [1][2]. - Net profit attributable to shareholders was about 189 million yuan, down 53.41% year-on-year [1][2]. - Excluding last year's one-time revenue from overseas licensing of the six-valent Norovirus vaccine, revenue decreased by 11.96% [2]. - Non-immunization vaccine sales revenue also saw a decline of 11.97% year-to-date compared to the previous year [2]. - The net profit for the year-to-date period decreased by 40.08%, while the net profit after excluding non-recurring gains and losses fell by 43.12% [2]. Cash Flow and Assets - The net cash flow from operating activities was approximately 154 million yuan, a decrease of 39.22% year-on-year, attributed to reduced product sales and overseas licensing income [3]. - As of September 30, 2025, accounts receivable stood at 1.316 billion yuan, a decrease of 5.57% year-on-year [3]. Shareholder Changes - In July 2025, major shareholders, including the controlling shareholder Wang Zhentao, agreed to transfer 28.466 million shares to Shanghai Wankexin Biotechnology, representing 21.91% of the total share capital [3][4]. - Following the transfer, Wankexin will hold 29.99% of the voting rights, changing the controlling shareholder from Wang Zhentao to Wankexin, resulting in no actual controller for the company [4]. Market Reaction - As of October 16, 2025, Kanghua Biotech's stock price increased by 1%, closing at 78.49 yuan per share, with a total market capitalization of 10.2 billion yuan [5].