Core Viewpoint - Kangla Weishi, once hailed as the "first stock of the North Exchange vaccine," is currently facing a liquidity crisis due to a loan default and multiple lawsuits, raising concerns about its financial stability and long-term development challenges [1][2]. Financial Performance - The company has not achieved commercialization of its core products, relying on minimal revenue from research testing reagents and property services, leading to a significant revenue decline [2][5]. - In 2023, the total revenue was 1.78 million yuan, which dropped by 50.24% to 0.89 million yuan in 2024, while in the first three quarters of 2025, revenue slightly improved to 1.28 million yuan, a year-on-year increase of 106.53% [4][5]. - The net profit attributable to shareholders showed a loss of 3.01 billion yuan in 2023, worsening to 3.57 billion yuan in 2024, but narrowed to 2.29 billion yuan in the first three quarters of 2025, indicating a 16.60% improvement [5][6]. Cash Flow and Expenses - The company has been experiencing negative operating cash flow, with a net cash flow from operating activities of -75.67 million yuan in the first three quarters of 2025, despite a slight improvement [7]. - High R&D expenses, which reached 254 million yuan in 2024, have further strained the company's finances, as total operating costs were 364 million yuan against a revenue of only 0.89 million yuan [7][8]. Liquidity Crisis - The liquidity crisis is attributed to the company's over-reliance on external financing, as evidenced by extensive collateral arrangements for loans, indicating a lack of sufficient liquidity at the time of borrowing [9][12]. - The company is also facing multiple lawsuits totaling 30.86 million yuan, which adds to its financial burdens and operational challenges [12]. Product Development and Commercialization - Despite the financial difficulties, the company is making progress in the development of its core HPV vaccine products, with the three-valent HPV vaccine's application for market approval being processed [13][14]. - The company is preparing for a dual listing in Hong Kong to improve its financial situation, although the progress of this IPO remains uncertain due to the recent liquidity crisis [15].
“北交所疫苗第一股”资金链危机惊魂24小时：1521万元贷款逾期风波暂平，康乐卫士能否熬过商业化前夜？