涉疫苗事项，康泰生物与阿斯利康4亿美元合作项目折戟

Core Viewpoint - The collaboration between Kangtai Biological and AstraZeneca to establish a joint venture in the vaccine sector has been terminated due to significant market changes and increased risks in the vaccine industry [1][4]. Company Summary - Kangtai Biological announced the termination of the joint venture with AstraZeneca, which was initially planned with a total investment of approximately $400 million (about 2.76 billion yuan) [1][4]. - The joint venture was intended to focus on vaccine development and was to be established in the Beijing Economic and Technological Development Zone, with a registered capital of 345 million yuan (approximately $50 million) [3]. - Kangtai Biological specializes in the research, production, and sales of human vaccines, with key products including the 13-valent pneumococcal polysaccharide conjugate vaccine and the recombinant hepatitis B vaccine [3]. Industry Summary - The vaccine industry is currently facing significant downward pressure, with many companies, including Kangtai Biological, experiencing declining profits. Kangtai's projected net profit for 2025 is expected to decrease by 63.8% to 75.7% compared to the previous year [4][5]. - Factors contributing to the industry's challenges include high research and development costs, complex approval processes, and intensified market competition [5]. - Despite the challenges, Kangtai Biological reported a notable increase in overseas revenue, achieving 98.84 million yuan, which represents a 859.4% increase year-on-year, indicating successful international market expansion [5].