每经记者：甄素静每经编辑：董兴生 日前，康泰生物（300601.SZ，股价16.92元，市值188.98亿元）披露的2025年第三季度报告显示，公司 前三季度营收微增2.24%至20.63亿元，但归母净利润同比下降86%至4915.77万元。 《每日经济新闻》记者注意到，康泰生物业绩分化背后，面临着约1.63亿元信用减值准备和资产减值准 备以及行业需求疲软双重压力。在披露三季报之前，康泰生物还宣布终止与阿斯利康长达5年的新冠疫 苗合作。 前三季度，公司实现营收20.63亿元，同比微增2.24%。但归母净利润较上年同期下降86%至4915.77万 元，扣非归母净利润更是降至2787.89万元，降幅超90%。 利润下滑的原因之一在于成本压力，前三季度公司营业成本同比增加2.06亿元，增幅达61.74%。 研发投入的持续加码也进一步挤压了利润空间。今年前三季度，康泰生物研发费用达4.2亿元，较上年 同期增加1.08亿元，增幅达34.74%，占当期营业收入的20.36%。对此，康泰生物解释称，主要是本报告 期部分研发项目进入Ⅲ期临床研发阶段，相应的研发费用增加所致。 资产减值准备的计提也是拖累净利润的关键因素。康泰生 ...

长江商报消息 ●长江商报记者 沈右荣 知名疫苗公司康泰生物（300601.SZ）经营业绩持续承压。 10月27日晚，康泰生物披露了2025年三季度报告。前三季度，公司实现营业收入20.63亿元，同比增长 2.24%；归母净利润为4915.77万元，同比下降幅度达86%。 上年同期，康泰生物的营收、净利双降。2025年前三季度，公司的营业收入稳住了，但归母净利润在上 年下降近50%的基础之上再度剧降86%，坠入了谷底。 康泰生物解释，产品结构变化相应的成本增加、研发费用增加等，导致利润减少。此外，公司计提减值 约1.63亿元。 康泰生物积极出海寻求突围，公司13价肺炎球菌多糖结合疫苗等产品成功进入国际市场。前三季度，公 司海外市场收入同比增长超3倍。 二级市场上，康泰生物的股价出现了波动，但整体依旧低迷，年内股价总体是滞涨。 成本上涨净利剧降 分季度看，2025年一、二、三季度，康泰生物实现的营业收入分别为6.45亿元、7.47亿元、6.71亿元， 同比变动42.85%、-0.47%、-17.74%；归母净利润分别为2243.41万元、1509.37万元、1162.49万元，逐 季减少，同比下降幅度分别为58. ...

Investment Rating - The report maintains a "Recommended" rating for the company, with projected net profits of 1.22 billion, 4.21 billion, and 5.10 billion for the years 2025-2027, corresponding to PE ratios of 151, 44, and 36 respectively [4]. Core Insights - The company achieved a significant increase in overseas revenue, amounting to 419 million, representing a year-on-year growth of 324.27%. This growth is attributed to the successful internationalization strategy and multiple product approvals in various countries [4]. - The company reported a total revenue of 2.063 billion for the first three quarters of 2025, a slight increase of 2.24% year-on-year, but faced a substantial decline in net profit, which fell by 86.0% to 49.16 million due to changes in product sales structure and increased costs [4]. - The company is actively advancing its research and development of multi-valent vaccines, with R&D expenses reaching 420 million, a 34.74% increase year-on-year, indicating a commitment to innovation and product development [4]. Financial Summary - For the first three quarters of 2025, the company reported a net cash flow from operating activities of 362 million, a year-on-year increase of 53.45%, primarily due to increased sales collections [4]. - The third quarter of 2025 saw a decline in revenue to 671 million, down 17.74% year-on-year, with net profit dropping 93.74% to 11.62 million, reflecting the impact of adjustments in the immunization program for the DTP vaccine [4]. - The financial forecast indicates a projected revenue of 3.148 billion for 2025, with a revenue growth rate of 18.7%, and a net profit of 122 million, reflecting a decrease of 39.3% [5][7].

Core Insights - The company reported a revenue of 2.063 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.24%, while the net profit attributable to shareholders was 49.1577 million yuan, a significant decline of 86.0% due to changes in product sales structure and corresponding cost increases [1] - The company is actively pursuing an internationalization strategy, achieving overseas revenue of 41.9 million yuan, a remarkable growth of 324.27% year-on-year, with multiple product approvals in various countries [2] - The company maintains a high level of R&D investment, with R&D expenses reaching 420 million yuan, a year-on-year increase of 34.74%, indicating a strong pipeline of multi-valent vaccines in advanced clinical stages [3] - The company is expected to see net profits of 122 million yuan, 421 million yuan, and 510 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 151, 44, and 36 times, maintaining a "recommended" rating [4] Financial Performance - For the first three quarters of 2025, the company's main revenue was 2.063 billion yuan, with a net profit of 49.1577 million yuan, reflecting an 86.0% decline [1] - The net cash flow from operating activities was 362 million yuan, a year-on-year increase of 53.45%, attributed to increased sales collections [1] - In Q3 2025, the company reported a single-quarter revenue of 671 million yuan, a year-on-year decrease of 17.74%, and a net profit of 11.6249 million yuan, down 93.74% [1] International Expansion - The company has made significant strides in international markets, with overseas revenue reaching 41.9 million yuan, a growth of 324.27% year-on-year [2] - Key product approvals include the 13-valent pneumococcal polysaccharide conjugate vaccine in Turkey, Indonesia, Nicaragua, and Pakistan, marking successful entries into various international markets [2] - The company's international footprint now spans over 20 countries, with ongoing collaborations in densely populated regions under initiatives like the "Belt and Road" [2] Research and Development - R&D expenses for the first three quarters of 2025 were 420 million yuan, representing a 34.74% increase, with an R&D expense ratio of 20.36% [3] - Several products are in critical clinical stages, including the Sabin strain inactivated polio vaccine and the oral pentavalent reconstituted rotavirus vaccine, among others [3] - The company is also proactively developing innovative vaccines targeting challenging pathogens, such as Klebsiella pneumoniae, which is known for its antibiotic resistance [3]

此外，公司还前瞻性布局广谱肺炎克雷伯菌疫苗、RSV/HMPV联苗等全球创新品种，为解决超级耐药 菌等世界性的公共卫生难题做出企业贡献；研发首款乙肝治疗人群"防复阳"疫苗，标志着康泰正式切入 乙肝治疗千亿市场赛道，有望成为中国首家覆盖乙肝"预防——治疗——防复阳"全流程的龙头企业。 本报讯 （记者刘晓一） 10月27日晚间，深圳康泰生物制品股份有限公司（以下简称"康泰生物"）发布2025年三季报。前三季 度，公司实现营业收入20.63亿元，同比增长2.24%；经营活动产生的现金流量净额3.62亿元，同比增长 53.45%。 今年前三季度，公司研发费用4.2亿元，同比增长34.74%，占当期营业收入的20.36%。持续高水平的研 发投入，助力康泰生物向全球创新型生物制药企业加速转型。公司多个在研项目取得显著进展，在多联 多价疫苗技术领域长期处于中国第一、世界领先地位：报告期内，公司Sabin株脊髓灰质炎灭活疫苗 （Vero细胞）获得药品注册证书，为国内研发进展最快的五联苗补完最后一块"拼图"，该五联疫苗即将 进入三期临床阶段。 （编辑 何帆） 财务基本面上，公司延续了今年以来的稳健势头，前三季度经营性活动产生的现 ...

Core Viewpoint - 康泰生物 is accelerating its transformation into a global innovative biopharmaceutical company, supported by strong financial performance and significant advancements in vaccine development [1][2][3] Financial Performance - In the first three quarters of 2025, 康泰生物 achieved operating revenue of 2.063 billion yuan, a year-on-year increase of 2.24% [1] - The net cash flow from operating activities reached 362 million yuan, representing a year-on-year growth of 53.45% [1][2] - Cumulatively, the net cash flow from operating activities over the three years from 2022 to 2024 is approximately 2.2 billion yuan, indicating a solid financial foundation for sustainable development [2] Research and Development - The company invested 420 million yuan in R&D during the first three quarters, a year-on-year increase of 34.74%, accounting for 20.36% of the operating revenue [1] - Significant progress has been made in multiple research projects, maintaining a leading position in the multi-valent vaccine technology field [1] - The Sabin strain inactivated polio vaccine received its drug registration certificate, marking a key milestone in the development of a five-valent vaccine [1] Internationalization Strategy - 康泰生物 reported overseas revenue of 41.9 million yuan, a year-on-year increase of 324.27% [2] - The company achieved local production approval for its "dual carrier" 13-valent pneumonia vaccine in Indonesia, marking its first overseas technology transfer project [2] - The company has expanded its international presence to over 20 countries, with ongoing collaborations in densely populated regions [2] Market Position and Future Outlook - 康泰生物 is recognized as one of the largest and strongest vaccine companies in China, with a leading R&D capability [3] - The company has 12 products that are either approved or in emergency use, with 8 new products approved in the last five years [3] - The company aims to enhance its commercialization capabilities through deepening overseas collaborations and technology transfers, moving towards its vision of becoming a global innovative biopharmaceutical enterprise [3]

Group 1 - The trend of A-share pharmaceutical companies listing in Hong Kong has intensified, with 27 new A-share companies submitting applications in September and a total of 78 A-share companies applying to list in Hong Kong this year [2] - Notable companies among the applicants include Lixun Precision (002475.SZ), Siasun (601127.SH), Muyuan Foods (002714.SZ), and Baillie Gifford (688506.SH), with 12 of them being large-cap stocks with market values exceeding 100 billion [2] - Changchun High-tech (000661.SZ), known as "Northeast Medicine King," submitted its prospectus for listing on the Hong Kong Stock Exchange on September 29, with a market value of 53 billion [2][4] Group 2 - Changchun High-tech has achieved a 34% increase in its A-share price year-to-date, but this is significantly lower compared to peers like Hengrui Medicine and Kailai Ying, which have already established dual financing platforms [3] - The company has a strong position in the short-acting human growth hormone (hGH) market, holding a 68.4% market share in 2024, with projected revenue of approximately 9.6 billion RMB from its hGH products [4][6] Group 3 - The Chinese hGH drug market is projected to reach 12.6 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030, significantly lower than the 17.6% growth rate from 2019 to 2024 [6] - Competition in the long-acting hGH market has intensified, with new products from companies like Teva and Novo Nordisk entering the market [8] Group 4 - Changchun High-tech has diversified its product portfolio, having launched over 45 commercialized drugs, including more than 20 first-in-class products in China [9] - The company has faced a decline in revenue for the first time since 2005, with a 7.55% decrease in 2024, and a further decline in the first half of 2025 [10][12] Group 5 - The company's reliance on a limited number of products has exposed vulnerabilities, as over 90% of its revenue comes from a few key products [14] - Despite the challenges, Changchun High-tech has increased its R&D spending by 30.2% to 1.155 billion RMB in the first half of the year, aiming to develop more innovative products [14]

Core Viewpoint - Baike Bio (688276.SH) reported a significant decline in revenue and net profit for the first half of 2025, indicating potential challenges in its business operations and financial health [1][2]. Financial Performance - The company achieved a revenue of 285 million yuan in the first half of 2025, a decrease of 53.93% compared to the same period last year [2]. - The net profit attributable to shareholders was -73.57 million yuan, down from 138 million yuan in the previous year, reflecting a decline of 153.47% [2]. - The net profit after deducting non-recurring gains and losses was -82.23 million yuan, compared to 135 million yuan in the same period last year, marking a decrease of 160.78% [2]. - The net cash flow from operating activities was 9.32 million yuan, a drop of 88.97% from 84.50 million yuan in the previous year [2]. Asset and Equity Position - As of the end of the reporting period, the net assets attributable to shareholders were 4.07 billion yuan, down 3.47% from 4.22 billion yuan at the end of the previous year [2]. - The total assets amounted to 5.26 billion yuan, showing a slight increase of 1.15% from 5.20 billion yuan at the end of the previous year [2]. Fundraising and Use of Proceeds - Baike Bio raised a total of 1.50 billion yuan, with a net amount of 1.40 billion yuan after deducting issuance costs, which was 285 million yuan less than originally planned [3]. - The company intended to use the raised funds for various vaccine production projects and research and development, including 182 million yuan for a varicella vaccine project and 865 million yuan for R&D of in-progress products [3]. Stock Performance - The stock price of Baike Bio is currently below its initial offering price, indicating a state of underperformance in the market [1].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - In H1 2025, rabies vaccines and HPV vaccines showed positive growth in batch approvals, with rabies vaccines leading with a 37.13% year-on-year increase [3][5] - The HPV vaccine approvals totaled 103 batches, reflecting a slight increase of 8.42% year-on-year, primarily driven by the two-valent HPV vaccine [3][4] - The pneumococcal vaccine approvals saw a significant decline, with a total of 44 batches, down 44.3% year-on-year [4] - The report highlights that the vaccine industry is currently under pressure, but long-term prospects remain positive due to innovation and international expansion [9][10] Summary by Sections Rabies Vaccine - Total approvals reached 421 batches in H1 2025, marking a 37.13% increase year-on-year, with Vero cell rabies vaccines accounting for 90% of the total [5] - Major contributors include companies like Fosun Yalifeng and Huashan Biological, with Liaoning Chengda leading with 189 batches [5] HPV Vaccine - The two-valent HPV vaccine saw a remarkable increase of 252% in approvals, while the nine-valent HPV vaccine faced a 75.81% decline [3][12] Pneumococcal Vaccine - The total approvals for pneumococcal vaccines were 44 batches, down 44.3% year-on-year, with the 13-valent vaccine decreasing by 15.91% [4][12] Influenza Vaccine - Total approvals for influenza vaccines were 140 batches, reflecting a 24.73% decline, with the four-valent split vaccine being the most significant contributor [6][12] Meningococcal Vaccine - The total approvals for meningococcal vaccines were 172 batches, down 20.37% year-on-year, with the four-valent polysaccharide vaccine showing strong growth [7][8] Investment Recommendations - The report suggests that while short-term performance is under pressure, long-term focus on innovation and international market expansion is crucial for growth [9][10]

Core Insights - Changchun High-tech reported a revenue of 6.603 billion yuan and a net profit of 983 million yuan for the first half of 2025, reflecting a strong focus on R&D and product innovation [1] - The company increased its R&D investment to 1.335 billion yuan, a 17.32% year-on-year growth, with R&D expenses accounting for 20.21% of total revenue [1] - Key subsidiary Jin Sai Pharmaceutical is engaged in the development of innovative drugs and has launched the first domestically approved IL-1β monoclonal antibody, enhancing its product portfolio in autoimmune diseases [1] R&D and Product Development - The company is enhancing its product pipeline by focusing on high-demand therapeutic areas such as oncology, immunology, and respiratory diseases, while maintaining a strong position in pediatric and women's health [2][3] - Changchun High-tech is leveraging AI technology to improve drug research efficiency and has developed multiple innovative drug candidates across various therapeutic modalities [2][3] - The company has established several core technology platforms with independent intellectual property rights, covering the entire process of innovative drug design and development [3] Strategic Goals and Market Position - The company aims to become a globally influential biopharmaceutical group, focusing on innovation in the health sector and enhancing brand value and market presence [4] - Changchun High-tech is transitioning from a "single blockbuster" strategy to a diversified innovation approach, with multiple promising products in the pipeline supporting long-term growth [3] - The company is committed to increasing investment in innovative technologies and projects while optimizing cost management to ensure sustainable and healthy development [4]