登录新浪财经APP 搜索【信披】查看更多考评等级 所有董事均已出席了审议本报告的董事会会议。 信永中和会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所未发生变更。 非标准审计意见提示 □适用 √不适用 证券代码：300601 证券简称：康泰生物 公告编号：2025-037 债券代码：123119 债券简称：康泰转2 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 公司经本次董事会审议通过的利润分配预案为：拟以2024年年度权益分派实施公告中确定的股权登记日 当日的总股本为基数，向全体股东每10股派发现金红利0.9元（含税），送红股0股（含税），以资本公 积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司上市时未盈利且目前未实现盈利 二、公司基本情况 □适用 √不适用 （一）公司简介 董事会审议的报告期利润分配预案或公积金转增股本预案 ■ √适用 □不适用 （二）报告期主要业务 ...

Core Viewpoint - The company has successfully developed and marketed a freeze-dried human rabies vaccine using human diploid cells, which is recognized as a gold standard for rabies prevention and has received various national honors [3][4]. Company Overview - The company specializes in the development and sale of vaccines, with its core product being the freeze-dried human rabies vaccine, the first of its kind in China [3]. - The rabies vaccine is produced using advanced technology that eliminates animal cell residues, ensuring high safety and immunogenicity [3][4]. Industry Development - The global vaccine market is projected to reach approximately $83.1 billion by 2025 and $131 billion by 2030, driven by increasing health awareness and demand for infectious disease prevention [4]. - The Chinese vaccine industry is transitioning from scale expansion to innovation-driven growth, with a focus on advanced technologies such as mRNA and recombinant protein vaccines [5]. - There is a significant global demand for vaccines, with 68 countries reporting vaccine shortages in 2023, creating opportunities for Chinese vaccine companies to expand internationally [5]. Competitive Landscape - The vaccine industry is characterized by high capital investment, high research and development risks, and long product development cycles, which create substantial barriers to entry [6][7]. - The Chinese vaccine market is currently fragmented, with a mix of state-owned, multinational, and private enterprises competing for market share [8]. - Regulatory changes and the implementation of new laws are expected to increase industry consolidation, leading to a higher concentration of vaccine producers in the market [8].

Core Viewpoint - The company is a leading biopharmaceutical enterprise in China, specializing in the research, development, production, and sales of human vaccines, with a mission to create accessible and high-quality innovative vaccine products for global health [2][3]. Company Overview - The company has developed a comprehensive portfolio of vaccines, including the 13-valent pneumococcal conjugate vaccine and the HPV vaccine, maintaining a leading market share in China since their launch [3][4]. - The company has exported its vaccine products to 22 countries and regions, contributing significantly to public health both domestically and internationally [2]. Product Sales - In 2024, the company achieved sales revenue of 2.54 billion yuan from its self-developed vaccines, accounting for 90.10% of total revenue, despite increasing competition in the global vaccine market [7]. - The 13-valent pneumococcal conjugate vaccine continues to hold the top market share in China, while the dual-valent HPV vaccine focuses on government procurement projects to enhance accessibility for young girls [7]. Product Production and Approval - The company successfully produced and approved 24,639,153 doses of its vaccines in 2024, ensuring a stable market supply while balancing inventory and sales [8]. New Product Development and Registration - The company invested 24.82% of its revenue in R&D in 2024, focusing on innovative vaccine development through collaboration with academic institutions and research organizations [9]. - The company is advancing several vaccine candidates, including the mRNA vaccine for COVID-19 variants, which has completed necessary clinical trials and is in the process of registration [10][11]. Export and International Cooperation - The company achieved overseas business revenue of 570 million yuan in 2024, marking a 98% year-on-year increase, with significant exports to new markets such as Afghanistan and Burkina Faso [12]. - The company’s dual-valent HPV vaccine received WHO prequalification, enhancing its procurement eligibility for international organizations [13]. Industrialization and Management Improvement - The company completed the construction of its production expansion project and implemented a digital management system for its entire product line, enhancing operational efficiency [16]. - The company is optimizing its governance structure and internal controls to support sustainable development and risk management [18][19]. Financial Data and Shareholder Information - The company has completed share buybacks and capital reductions, enhancing shareholder returns without significantly impacting its operational capabilities [30][27].

2024年，流感疫苗市场陷入激烈的价格竞争，华兰疫苗的主要产品价格下调约30%，降价直接影响了华 兰疫苗的收入和毛利率。事实上，国内流感疫苗市场一直受限于低接种率，市场规模扩张乏力。数据显 示，过去四五年时间，疫苗厂商赚钱的难度在不断增加，行业竞争格局愈发激烈。业内认为，提升公众 的接种意识与接种率，从而规避恶性竞争是当务之急。 对于此次的业绩快速下滑，华兰疫苗指出，受流感疫苗价格下调、民众接种率波动、市场需求变动及销 量下滑等多重因素影响，公司业务发展及盈利能力承受较大压力，导致2024年度业绩显著下降。 降价策略直接影响了华兰疫苗的收入和毛利率。2024年，公司流感疫苗的毛利率为81.84%，同比下降 6.45%。此外，经营活动产生的现金流量净额为4.68亿元，同比下滑47.29%，销售回款减少导致现金流 明显转弱。尽管公司试图通过降价换取市场规模，但市场能否真正被激活仍存在不确定性。 此外，低接种率也让疫苗生产企业十分头疼。2024年全国两会上，全国人大代表、 华兰生物 董事长安 康表示，目前我国流感疫苗的接种率维持在3%左右，远低于世界水平，每年全国实际接种的流感疫苗 预计只有获得批签发合格报告总量的 ...

Core Insights - The global animal vaccine market is projected to exceed $14 billion in 2024, following a market size of over $13.5 billion in 2023, with a compound annual growth rate (CAGR) of 10.10% over the past five years [1][8]. Market Overview - Animal vaccines, also known as veterinary vaccines, are products made from pathogenic microorganisms that stimulate the immune system of animals to produce specific antibodies, thereby preventing infectious diseases [1]. - North America, including the United States and Canada, is the largest regional market for animal vaccines, accounting for approximately 45% of the global market share in 2023 [3]. Industry Competition - Leading companies in the global animal vaccine industry offer a diverse range of products, including vaccines for pets, pigs, poultry, ruminants, and aquaculture [5]. - Major players such as Merck Animal Health, Zoetis, and Boehringer Ingelheim have established multiple production bases worldwide, indicating significant production capacity [5]. Company Profiles - **Merck Animal Health**: Offers pet vaccines, pig vaccines, poultry vaccines, and aquaculture vaccines, with 29 production bases across 12 countries, including a major facility in Suzhou, China [6]. - **Zoetis**: Operates production bases in the United States and China, having established its first R&D and production base in China in 2019 [6]. - **Boehringer Ingelheim**: Maintains over 20 production bases globally, with two facilities located in Nanchang and Taizhou, China [6]. - **Hualan Biological Engineering**: Initially focused on blood products, it has become a major producer of influenza vaccines in China, accounting for over 40% of the national market [6]. - **Fubao Animal Health**: Produces vaccines for pigs, poultry, and aquaculture, with production bases in the United States and Suzhou, China [6].

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 大行 港股｜递交招股书 据IPO早知道消息，大行科工(深圳)股份有限公司（以下简称"大行"）于2025年1月20日正式向港交 所递交招股说明书，拟主板挂牌上市，中信建投国际担任独家保荐人。 成立于1982年的大行现旗下产品组合已覆盖折叠自行车、公路自行车、登山自行车、儿童自行车、 电助力自行车等品类。截至2024年9月30日，大行提供超过70款自行车车型。 根据灼识咨询的资料，按2023年零售量计算，大行在中国内地及全球折叠自行车行业均排行第一， 市场份额分别为21.1%及5.6%。 2022年和2023年，大行的销量分别为148,956辆和156,877辆，增长率为5.3%；2024年前三季 度，大行的销量从2023年同期的115,670辆增加51.5%至175,218辆。 2022年和2023年，大行的营收分别为2.54亿元和3.00亿元，同比增长18.1%；2024年前三季 度，大行的营收从2023年同期的2.22亿元增加58.7%至3.52亿元。 2022年和2023年，大行的净利润分别为 ...

专注高端疫苗，以在中国取代传统疫苗和进口疫苗。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，江苏中慧元通生物科技股份有限公司（以下简称"中慧元通"）于2025年1月23 日正式向港交所递交招股说明书，拟主板挂牌上市，中信证券和招银国际担任联席保荐人。 成立于2015年的中慧元通专注创新疫苗及采用新技术方法的传统疫苗的研发、制造及商业化，尤其 聚焦高端疫苗，以在中国取代传统疫苗和进口疫苗，并将自己的竞争优势扩展至国际市场 。 | 產品 | 適應症 | 研發 | 臨床前 | IND批准 | | 臨床 | | NDA批准 | 預計近期里程碑 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 1期 川期 | | 川期 | | | | | 流感(3歲 | 自研 | | | | | | | 於2025年第四季度 完成批准後安全性 | | 四價流感 病毒亞單位 | 及以上) | | | | | | | | 研究 | | 疫苗* | 流感(6至 | 自研 | | ...