KANGHUA BIOLOGICAL(SZ:300841) Bei Ke Cai Jing·2025-10-17 05:04Core Viewpoint - Kanghua Biotech reported a significant decline in performance for Q3 2025, with net profit dropping over 50% year-on-year, raising concerns about the company's ability to meet its profit commitments for 2025-2026 [1][2]. Financial Performance - For Q3 2025, Kanghua Biotech achieved total revenue of 840 million yuan, a year-on-year decrease of 20.78%, and a net profit of 189 million yuan, down 53.41% year-on-year [1]. - Excluding last year's one-time revenue from overseas licensing of the six-valent norovirus vaccine (106 million yuan), revenue decreased by 11.96% year-on-year, with non-immunization vaccine sales also down by 11.97% [1]. - The company’s net profit, excluding non-recurring gains and losses, fell by 43.12% compared to the same period last year [1]. Product Portfolio and Market Challenges - Kanghua Biotech currently has only two marketed products: the human rabies vaccine and the ACYW135 meningococcal polysaccharide vaccine, with the rabies vaccine accounting for over 97% of total revenue in 2024 [1][2]. - The company experienced a sharp decline in the batch release volume of its core product, the human rabies vaccine, which dropped by 43.83% year-on-year [2]. Shareholding Changes - On July 18, 2025, Kanghua Biotech's major shareholders signed a share transfer agreement with Wankexin Biotech, transferring 21.91% of the company's shares, resulting in Wankexin Biotech becoming the controlling shareholder [3][4]. - Following the share transfer, Wankexin Biotech will hold 29.99% of the voting rights, and the company will have no actual controller [4]. Performance Commitments and R&D - Kanghua Biotech made a performance commitment to achieve a net profit of no less than 728 million yuan for 2025 and 2026, with a minimum of 260 million yuan allocated for R&D expenses [5]. - The company reported a non-recurring net profit of 71.76 million yuan for the reporting period, a decrease of 30.82% year-on-year [6]. Future Growth Prospects - To meet its profit commitments, Kanghua Biotech urgently needs to launch new products, with seven projects in its R&D pipeline, including six vaccine candidates [7]. - The six-valent norovirus vaccine is expected to enter clinical trials by December 2024, and the company has signed an exclusive licensing agreement with HilleVax for international commercialization [7]. - Kanghua Biotech is exploring various strategies to enrich its product pipeline, including product agency, investment, and mergers and acquisitions [8].