记者丨 韩璐 编辑丨谭璐 18.5亿元，温州鞋王卖掉了手里的疫苗公司。 7月20日晚，康华生物发布公告，控股股东、实控人王振滔及其一致行动人， 将所持股份转让 给上海万可欣生物，交易价格合计18.5亿元 。 "此次收购分四期付款，经营权转移后续还涉及到董事会改组，高管更换等操作。"青衫资本管 理合伙人朱澄解释。 王振滔更为人熟知的身份，是"中国男鞋第一股"奥康国际的创始人。康华生物则是他的跨界之 作，曾研发出国内首个上市的人二倍细胞狂犬病疫苗。 花无百日红，疫苗市场的竞争越发激烈，王振滔选择将一手养大的"现金牛"出售。 对赌转让 此次收购转让，并非无条件。 新东家万可欣生物与王振滔签署了一份业绩对赌协议，要求公司2025、2026年度的净利润， 总计不低于7.28亿元，研发投入不低于2.6亿元。 若业绩不达标， 王振滔及奥康集团需以现金方式补齐差额。 "按照协议理解，王振滔和奥康集团需共同承担条件业绩对赌义务。"透镜咨询创始人况玉清表 示，类似条件对赌，可避免上市公司股东利益受损。 康华生物近年的境况不算好。 公司主打人用疫苗，核心产品为冻干人用狂犬病疫苗，已使用十余年。彼时，此类疫苗稀缺， 康华生物风头无两 ...

Group 1 - Chengdu Kanghua Biological Products Co., Ltd. announced the transfer of approximately 28.47 million shares, representing 21.91% of the total share capital after excluding repurchased shares, to Shanghai Wankexin Biotechnology Partnership for a consideration of 1.85 billion yuan [1] - Following the share transfer, Wang Zhentao will delegate his voting rights and other rights associated with 10.50 million shares, representing 8.08% of the total share capital, to Wankexin Biotechnology, resulting in Wankexin holding approximately 29.99% of the voting rights in Kanghua [1] - The change in control will shift from Wang Zhentao to Wankexin Biotechnology, which has no actual controller, indicating a transition to a state of no actual controller for Kanghua [1] Group 2 - Wankexin Biotechnology was established on July 8, 2025, with Shanghai Biomedical M&A Private Equity Fund holding approximately 80.21% of its partnership shares, indicating strong backing from significant investors [2] - The Shanghai Biomedical M&A Fund, which includes major contributors like Shanghai Guotou Xiandai Private Equity Fund, aims to empower leading enterprises in the biopharmaceutical sector, focusing on innovative drugs and high-end medical devices [2][3] - The entry of Wankexin as a new controlling entity is expected to enhance Kanghua's strategic flexibility and attract diverse resources and collaboration opportunities, supported by the financial strength of its new shareholders [3] Group 3 - Kanghua Biological specializes in the research, production, and sales of human vaccines, being the first in China to produce human diploid cell rabies vaccines, showcasing its strong R&D capabilities [3] - The company has established a solid brand image and stable customer base in the biopharmaceutical sector, although it faces challenges such as intense competition and rapid technological advancements [4] - The financial backing from Wankexin, which has connections to Shanghai state-owned assets, is anticipated to provide substantial support for Kanghua's R&D investments and capacity expansion [4]

此外，在股份转让的同时，奥康集团及王振滔还作出了业绩承诺：康华生物在2025年度及2026年度扣非 净利润合计数不低于7.28亿元，且承诺期内的研发费用在未获得收购方同意的前提下，2025年度及2026 年度研发费用合计不低于2.6亿元。 据了解，康华生物的公司主营业务为人用疫苗的研发、生产与销售。目前已上市的产品包括冻干人用狂 犬病疫苗和ACYW135群脑膜炎球菌多糖疫苗，其中，冻干人用狂犬病疫苗是康华生物的核心产品。此 外，其自研的重组六价诺如病毒疫苗已于2024年成功BD出海。 不过，近年康华生物的业绩表现较为逊色，归母净利润已连续三年下滑。2022-2024年，公司的营收分 别为14.47亿元、15.77亿元、14.32亿元；同期归母净利润分别为5.98亿元、5.09亿元、3.99亿元。 进入今年一季度，康华生物亏损再次扩大，实现营收1.38亿元，同比下滑55.7%；归母净利润为2070.86 万元，同比下滑86.15%。 7月20日晚，康华生物发布复牌公告称，公司控股股东、实际控制人王振滔及其一致行动人奥康集团、 持股5%以上股东康悦齐明，三者拟合计向万可欣生物转让所持有的公司2846.66万股股份 ...

康华生物（300841.SZ）控制权变更事项终于揭晓，具有深厚上海国资背景的专业并购基金——上海万 可欣生物科技合伙企业（有限合伙）（以下简称"万可欣生物"）将接棒公司创始人王振滔先生，为这家 国内领先的创新疫苗企业注入强劲发展新动能，引领其迈入战略升级的全新阶段。 7月20日下午，康华生物发布公告称，根据各方相关协议，公司控股股东、实际控制人王振滔，及其一 致行动人奥康集团，持股5%以上股东康悦齐明，拟合计向上海万可欣生物科技合伙企业（有限合伙） （以下简称"万可欣生物"）转让所持有的公司约2846万股股份，约占剔除公司回购账户股份后总股本的 21.9%，本次股份转让对价18.51亿元。 作为A股的代表性创新疫苗企业之一，康华生物凭借自主研发的冻干人用狂犬病疫苗（人二倍体细 胞），近年来业绩总体稳步增长，并在2024年初实现重磅研发管线重组六价诺如病毒疫苗的对外授权， 展现了强大的研发实力与国际合作潜力。2024年，康华生物实现营业收入14.32亿元，扣非净利润4.57亿 元。 此外，王振滔在本次股份转让后，将转让后持有的公司1050万股股份（占剔除公司回购账户股份后总股 本的8.08%）的表决权委托给万可 ...

资本整合节奏正在提速。 从事人用疫苗业务的康华生物，目前已取得药品注册证书的疫苗有冻干人用狂犬病疫苗(人二倍体细胞) 和ACYW135群脑膜炎球菌多糖疫苗。在研产品包括重组六价诺如病毒疫苗等，该产品已签署海外独家 许可协议。2021年以来，疫苗行业变化较大，康华生物利润表现逐年走低，但仍处于盈利区间，2024年 实现净利润约4亿元。 与康华生物相比，其实际控制人王振滔更为知名，享有"温州鞋王"的美誉。作为国内知名鞋业巨头奥康 集团的创始人，王振滔目前还拥有一家A股上市公司奥康国际（603001），不过该公司近两年经营已经 陷入亏损。 就本次交易目的，万可欣生物表示，这是基于对上市公司主营业务及内在价值的认可，以及看好所处行 业与上市公司未来发展前景，万可欣生物拟通过本次权益变动取得上市公司的控制权。 值得注意的是，本次入主公司的万可欣生物2025年7月8日成立，其中上海上实生物医药管理咨询有限公 司持有0.001%合伙份额，上海生物医药并购私募基金合伙企业(有限合伙)持有80.209%合伙份额，上海 医药(集团)有限公司持有19.790%合伙份额。 公告显示，本次股份转让对价18.51亿元，资金来源均为万可欣 ...

靴子落地！ 继二股东宣布清仓减持后，康华生物（维权）实际控制人、"温州鞋王"王振滔也正式筹 划"撤退"。7月13日晚间，康华生物公告称，王振滔正筹划公司控制权变更，股票自14日起停牌。这家 昔日"创业板第一高价股"的易主，标志着王振滔跨界打造的疫苗帝国面临解体，其掌舵的两家上市公司 双双陷入困局。 康华生物的困境源于产品单一化与竞争恶化。其核心产品人二倍体狂犬疫苗收入占比超97%，但先发优 势正被快速侵蚀： 竞争白热化：康泰生物子公司产品上市首年批签发量即达337万针，逼近康华生物389万针（同比骤降 43.83%）；智飞生物、成大生物同类产品已进入上市申请阶段。 销售承压：2024年公司营收下降9.23%，销售费用反增10.68%至5.47亿元，研发投入却大砍47.81%。 千元股神话褪色，资本套现暗流涌动 2020年，康华生物顶着"人二倍体狂犬疫苗独家龙头"光环登陆创业板，股价一路狂飙至996元（不复 权），成为创业板首只逼近千元的股票，市值一度突破178亿元。然而高光短暂，随着业绩下滑与竞争 加剧，其股价震荡回落。 耐人寻味的是，在控制权变更公告前两日，康华生物股价"提前"暴涨16.20%。而资本退场早 ...

Core Viewpoint - Kanghua Biotech is undergoing a potential change in control as its major shareholder and actual controller, Wang Zhentao, is planning to transfer control, which may lead to a change in the company's major shareholder and actual controller [1][2][4] Company Performance - Kanghua Biotech's performance has declined in 2024, with revenue and net profit attributable to shareholders decreasing by 9.23% and 21.71% respectively [3] - In Q1 2024, revenue and net profit attributable to shareholders fell by 55.7% and 86.15% respectively [3] - The company's core product, the human diploid cell rabies vaccine, saw a dramatic drop in batch issuance by 43.83% in 2024 [6][8] Shareholder Situation - Wang Zhentao and his associated entity, Aokang Group, hold a combined 22.8% of Kanghua Biotech's shares, with 79.9% of their holdings pledged as collateral [3] - Wang Zhentao has also pledged 99.08% of his shares in Aokang International, indicating significant financial pressure [3] Market Competition - Kanghua Biotech's main product faces increasing competition, particularly from Kangtai Biotech, which launched a competing human diploid cell rabies vaccine in April 2024 [8] - The market for human rabies vaccines is becoming more competitive, with other companies like Chengda Biotech and Zhifei Biological also entering the market [9] Product Pipeline and Future Prospects - Kanghua Biotech is heavily reliant on its human diploid cell rabies vaccine, which accounted for over 97% of its revenue in 2024 [5] - The company has seven projects in its research pipeline, including vaccines for norovirus and meningococcal disease, but only one has received approval for clinical trials [10][11] - The company is exploring various strategies to enhance its product pipeline, including partnerships, investments, and acquisitions [11]

资本整合节奏正在提速，7月13日晚间，又有两家公司宣布可能面临控制权变更，将于7月14日停牌。 标的之一康华生物（300841）的实控人为奥康集团董事长王振滔，其以"温州鞋王"闻名。当下康华生物 市值接近百亿元，在7月11日收盘股价大涨超16%。另一家公司扬电科技（301012）当下总市值约38亿 元。 康华生物公告显示，公司于7月11日收到控股股东、实际控制人王振滔通知，正在筹划公司控制权变更 相关事宜，该事项可能导致公司控股股东、实际控制人发生变更。 康华生物未透露潜在的接手方，仅介绍称目前各方尚未签署相关协议，正就具体交易方案、协议等相关 事项进行论证和磋商，具体情况以各方签订的相关协议为准。相关事项的具体方案尚在筹划中，存在不 确定性。康华生物股票自7月14日起停牌，预计停牌时间不超过2个交易日。 从事人用疫苗业务的康华生物，目前已取得药品注册证书的疫苗有冻干人用狂犬病疫苗(人二倍体细胞) 和ACYW135群脑膜炎球菌多糖疫苗。在研产品包括重组六价诺如病毒疫苗等，该产品已签署海外独家 许可协议。2021年以来，疫苗行业变化较大，康华生物利润表现逐年走低，但仍处于盈利区间，2024年 实现净利润约4亿元 ...

Group 1 - The innovation drug sector in Hong Kong and A-shares has experienced a "general rise" since late May 2025, driven by significant deals in domestic innovative drugs going overseas and favorable regulatory policies [1][2] - On May 20, 2025, 3SBio announced a deal with Pfizer, with an upfront payment of $1.25 billion and a potential total exceeding 43 billion RMB, setting a record for domestic innovative drugs going abroad [2] - As of June 25, 2025, the Hong Kong innovation drug index has risen by 65.50%, while the Wind innovation drug index has increased by 24.83% [2] Group 2 - The global vaccine market is projected to reach $131 billion by 2030, with four major multinational pharmaceutical companies holding approximately 75% of the market share in 2022, indicating opportunities for domestic innovative vaccine companies [2] - Chengdu Kanghua Biological Products Co., Ltd. showcased its core product, HDCV human diploid cell rabies vaccine, at the "2025 Emergency Surgery Annual Conference," highlighting its leadership in rabies prevention [3][6] - Kanghua's HDCV has sold over 30 million doses since its launch, maintaining stable product quality and becoming the "gold standard" rabies vaccine in China [6][8] Group 3 - Kanghua has successfully entered the global market with its six-valent norovirus vaccine, signing a licensing agreement that includes a $15 million upfront payment [7] - The norovirus vaccine market in China is expected to grow from 1.53 billion RMB to 22.93 billion RMB between 2026 and 2031, with a compound annual growth rate of 71.85% [7] - The current trend in the innovation drug sector reflects a return of value for domestic innovative drug companies, with innovative vaccines potentially being the next focus for value recovery [8]

Financial Data and Key Metrics Changes - The company achieved a 20% cost reduction in Q1 2025 compared to Q1 2024, with a target of around $4 billion in cash costs by 2027, down from $9 billion two years ago [7][6][8] Business Line Data and Key Metrics Changes - The company is focusing on driving sales from its two approved products, COVID and RSV, while planning up to 10 new product launches in the coming years [6][5] - The company is reducing its manufacturing footprint and resizing its operations across all lines of the P&L [8][7] Market Data and Key Metrics Changes - The U.S. COVID vaccine market for the 2024-2025 season was around 40 million doses, with a potential increase in demand for high-risk populations [21][20] - The company is also expanding its sales outside the U.S., with contracts in Canada, the UK, and Australia expected to contribute significantly starting this year [59][60] Company Strategy and Development Direction - The company aims to stabilize its COVID and RSV business while diversifying its product portfolio, including a focus on oncology and autoimmune diseases [5][61] - The strategy includes leveraging existing infrastructure for new product launches to minimize costs [8][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for increased COVID vaccine demand among high-risk populations, which could lead to a larger market than previously anticipated [23][20] - The company is closely monitoring regulatory changes and their potential impacts on its business, particularly regarding the FDA and CDC [15][17] Other Important Information - The company is experiencing a shift in the regulatory landscape, with the FDA potentially taking a more active role in product recommendations [39][41] - Recent comments from the HHS director regarding mRNA technology have raised concerns, but management emphasized the extensive testing and safety of their products [42][44] Q&A Session Summary Question: How does the company view the impact of regulatory changes on its business? - Management noted that the company does not rely on PBMs for vaccine sales, which insulates it from potential PBM reforms [13] - The company is not significantly impacted by Medicaid reforms, as its primary business is with Medicare [15] Question: What is the company's strategy for the upcoming flu and COVID combo vaccine? - The company is adjusting its filing strategy to include efficacy data for the flu component, which may affect the timing of the launch [72][74] Question: How does the company plan to manage risks associated with its revenue generation? - Management indicated that the guidance for revenue does not include new product launches, which could provide upside if successful [70][71]