600亿康华生物沦为“弃子”，“温州鞋王”资本盛宴落幕？

Core Viewpoint - Wang Zhentao, the actual controller of Kanghua Biological, plans to transfer the company's control, which may be a self-rescue move to alleviate financial pressure as both Kanghua Biological and Aokang International face development difficulties [1][2][4]. Company Overview - Kanghua Biological specializes in human vaccines, with its core product being the freeze-dried human rabies vaccine, the first of its kind in China [4][9]. - Aokang International, known as "China's first men's shoe stock," was founded by Wang Zhentao and has expanded into a diversified group covering shoes, vaccines, finance, and real estate [6][11]. Financial Performance - Kanghua Biological's net profit has declined for three consecutive years, with revenues of 14.47 billion, 15.77 billion, and 14.32 billion yuan from 2022 to 2024, and net profits of 5.98 billion, 5.09 billion, and 3.99 billion yuan respectively [9][10]. - In Q1 2025, Kanghua Biological reported a revenue of 1.38 billion yuan, down 55.7% year-on-year, and a net profit of 20.71 million yuan, down 86.15% [10]. - Aokang International's revenue has also decreased, with figures of 27.5 billion, 30.86 billion, and 25.39 billion yuan from 2022 to 2024, and net losses of 3.74 billion, 932.79 million, and 2.16 billion yuan respectively [11][12]. Shareholding and Control - Wang Zhentao directly holds 10.53% of Kanghua Biological and controls a total of 19% of the shares through Aokang Group [4][9]. - The high pledge ratio of Wang Zhentao's shares is concerning, with 89% of his shares in Kanghua Biological and 99% in Aokang International being pledged [16]. Market Reaction - Following the announcement of the potential control transfer, Kanghua Biological's stock surged by 16.2%, closing at 72.01 yuan per share, with a market capitalization of 9.574 billion yuan [4][9].