“北交所疫苗第一股”资金链危机惊魂24小时

Core Viewpoint - Kanglaweishi, once hailed as the "first vaccine stock of the Beijing Stock Exchange," 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 [2][19]. Financial Performance - The company has not achieved commercialization of its core products, relying on minimal revenue from research reagents and property services, leading to a significant financial struggle [3][20]. - In 2023, Kanglaweishi reported total revenue of 1.78 million yuan, which dropped by 50.24% to 885,628.21 yuan in 2024, and slightly improved to 1.28 million yuan in the first three quarters of 2025, primarily due to property service income [20][21]. - The net profit attributable to shareholders was a loss of 3.01 billion yuan in 2023, worsening to a loss of 3.57 billion yuan in 2024, with a reduced loss of 2.29 billion yuan in the first three quarters of 2025, indicating ongoing financial distress [5][22]. Cash Flow and Expenses - The company has faced continuous negative 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][22]. - High operational costs, particularly in R&D, have exacerbated financial pressures, with R&D expenses reaching 254 million yuan in 2024, while total operating costs were 364 million yuan against revenues of only 88.56 million yuan [24][25]. Legal and Regulatory Issues - Kanglaweishi is under scrutiny from regulators, having received inquiries regarding its financial status and loan arrangements, reflecting concerns about its liquidity and operational stability [12][29]. - The company is also dealing with multiple lawsuits totaling 30.86 million yuan, which further strains its financial resources and operational capabilities [12][29]. Product Development and Market Position - Despite its financial challenges, Kanglaweishi is making progress in the development of its core HPV vaccine products, with applications for market approval underway [30][31]. - The company has established a production base in Kunming, compliant with international standards, to support the anticipated commercialization of its vaccines [31][32]. Future Outlook - To alleviate financial pressures, Kanglaweishi is pursuing a dual listing plan in Hong Kong, aiming to raise funds for clinical trials and market expansion, although the current liquidity crisis may impact investor confidence and the success of this initiative [32][33]. - The recent loan default serves as a critical warning for the company, highlighting the importance of effective financial planning and risk management in the biotech sector [32].