截至2025年8月25日收盘，康华生物股价报85.14元，较前一交易日上涨0.44%。当日成交额4.02亿元， 换手率3.97%。 消息面上，康华生物发布2025年半年度报告，报告期内实现营业收入4.84亿元，同比下降34.70%；归属 上市公司股东的净利润1.15亿元，同比下降62.64%。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 康华生物主营业务为人用疫苗的研发、生产和销售，主要产品包括冻干人用狂犬病疫苗等。公司所属行 业为生物制品板块。 资金流向方面，8月25日主力资金净流出4016.12万元，近五日累计净流出1.66亿元。 ...

美银证券发布研报称，康希诺生物(06185)上半年营收同比增长31%，净亏损收窄。由于MCV4Menhycia 的销售增长，上半年来自脑膜炎球菌疫苗的收入同比增长38.4%。受惠于高利润疫苗销售额上升及产能 利用率提升，上半年疫苗产品的毛利率提升至79.3%，同比上升12个百分点。美银证券上调2028年至 2034年每股盈利预测7%-11%，考虑到其在多种技术路线的领先研发能力及强劲的海外扩张能力，重申 对康希诺"买入"评级，目标价由43港元升至56港元。 ...

美银证券发表报告指，康希诺上半年营收同比增长31.1%，净亏损收窄。由于MCV4 Menhycia的销售增 长，上半年来自脑膜炎球菌疫苗的收入同比增长38.4%。受惠于高利润疫苗销售额上升及产能利用率提 升，上半年疫苗产品的毛利率提升至79.3%，同比上升12个百分点。美银证券上调2028年至2034年每股 盈利预测7%-11%，考虑到其在多种技术路线的领先研发能力及强劲的海外扩张能力，重申对康希诺生 物"买入"评级，目标价由43港元升至56港元。 康希诺生物(6185.HK)盘中拉升涨超8%，报53港元。公司8月20日晚公布业绩显示，2025年上半年实现 营收3.74亿元，同比增长31.1%；归属于上市公司股东的净亏损1348.5万元，上年同期净亏损2.25亿元， 同比大幅减亏。 ...

据证券之星公开数据整理，近期康希诺（688185）发布2025年中报。截至本报告期末，公司营业总收入 3.82亿元，同比上升26.0%，归母净利润-1348.54万元，同比上升94.02%。按单季度数据看，第二季度营 业总收入2.45亿元，同比上升29.62%，第二季度归母净利润-194.0万元，同比上升96.49%。本报告期康 希诺盈利能力上升，毛利率同比增幅18.15%，净利率同比增幅95.35%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率82.54%，同比增18.15%，净利率-3.53%，同比 增95.35%，销售费用、管理费用、财务费用总计2.46亿元，三费占营收比64.28%，同比增11.64%，每股 净资产19.82元，同比减3.09%，每股经营性现金流0.05元，同比增105.26%，每股收益-0.05元，同比增 94.51% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.03亿 | 3.82亿 | 26.00% | | 归母净利润(元) | -2.25 Z | -1348.54万 ...

Core Viewpoint - The company reported a strong performance in 2024, with significant revenue and profit growth driven primarily by the sales of the tetanus vaccine [1][2]. Financial Performance - The company achieved a revenue of 590 million yuan in 2024, an increase of 18.7% year-on-year [1]. - The net profit attributable to shareholders was 20 million yuan, reflecting an 18.2% year-on-year increase [1]. - The net profit after deducting non-recurring items reached 10 million yuan, showing a remarkable growth of 230% year-on-year [1]. - Quarterly revenue for 2024 was as follows: Q1: 70 million yuan (+5.9%), Q2: 160 million yuan (-6.5%), Q3: 160 million yuan (+34.7%), Q4: 200 million yuan (+40.6%) [1]. Product Performance - The tetanus vaccine remains the core product, with sales revenue surpassing 500 million yuan and a volume of 3.364 million doses sold, marking a 6.9% increase [2]. - The company is actively developing a meningococcal vaccine, currently in Phase III clinical trials, with expectations for market launch in 2025 [2]. - The company is also expanding into viral vaccines, having received clinical trial approval for trivalent and quadrivalent influenza vaccines [2]. Profitability Metrics - The gross margin for 2024 was 94.5%, an increase of 0.9 percentage points [1]. - The net profit margin was 2.7%, up by 0.4 percentage points, attributed to effective cost control [1]. - Sales expense ratio was 51.4% (-0.5pp), management expense ratio was 14.7% (-1.2pp), and R&D expense ratio was 22.8% (-0.3pp) [1]. Future Outlook - Revenue projections for 2025-2027 are estimated at 700 million yuan, 800 million yuan, and 1 billion yuan respectively [3].