（文章来源：证券日报） 证券日报网讯康华生物8月4日在互动平台回答投资者提问时表示，公司自2004年成立以来，专注于生物 医药领域，为综合性研究、开发、经营一体化的疫苗企业，同时为国内首家生产并销售人二倍体细胞狂 犬病疫苗的疫苗企业。经过二十余年沉淀，公司在疫苗行业积累了一定优势，公司始终深刻理解创新研 发对企业长远发展的重要意义，公司以疫苗研发平台建设为核心，布局了mRNA疫苗平台、重组蛋白 VLP疫苗平台、多糖蛋白结合疫苗平台、减毒活疫苗平台、灭活疫苗平台、新型疫苗佐剂平台等多个创 新疫苗平台，在研项目包括重组六价诺如病毒疫苗、ACYW135群脑膜炎球菌结合疫苗、单纯疱疹病毒 疫苗等多个品种，公司将积极推进产品研发进程与研发成果落地，后续有望拓宽公司产品管线。 ...

在此背景下，康华生物业绩基本维持稳定，公司持续推进创新研发，实现技术出海，并在行业调整期进 一步深化品牌和渠道建设，以疫苗产品核心竞争优势为出发点，不断提高市场覆盖率并促进渠道下沉。 当前，新型疫苗不断升级迭代，针对未满足需求的重磅疫苗陆续上市，在国产疫苗加速"出海"，创新疫 苗国产替代趋势持续演进的背景下，康华生物将聚焦重点研发项目，促进研发成果落地，推动公司未来 实现可持续增长。 4月18日，康华生物（300841）发布2024年年报，公司全年实现营业收入14.32亿元，扣非净利润4.57亿 元。作为A股代表性创新型疫苗企业，康华生物的重组六价诺如病毒疫苗成功实现对外授权(license- out)，并有望成为继人二倍体细胞狂犬病疫苗之后公司下一个"王牌产品"。 2024年，受疫苗降价、人口出生率下降等因素影响，疫苗企业业绩面临回调压力。2024年前三季度，A 股14家疫苗上市公司中有10家"营利双降"，近期已披露2024年年报的疫苗企业中，主营HPV疫苗、流感 疫苗的多家上市公司营收和净利润均大幅下滑。 六价诺如病毒疫苗"出海"商业化进程提速 疫苗行业呈现研发周期长、资金投入大且生产及质控要求高的特点， ...

Core Viewpoint - Chengdu Kanghua Biological Products Co., Ltd. reported a decline in revenue and net profit for 2024, with significant changes in R&D expenses and cash flow from financing activities, indicating potential challenges in market competition and financial management [1][2][3][4][5][6][7]. Financial Performance Summary - Revenue for 2024 was 1,431,876,597.94 yuan, a decrease of 9.23% from 2023's 1,577,395,401.05 yuan [2]. - The bioproducts segment generated 1,325,731,889.52 yuan, accounting for 92.59% of total revenue, but saw a decline of 15.93% year-on-year [2]. - Other business revenue increased significantly by 22,494.27%, reaching 106,144,708.42 yuan, though its impact on overall revenue was limited due to its smaller base [2]. - Revenue from the East China region fell by 15.12% to 552,092,855.84 yuan, while the Central China region saw a 21.03% decline to 228,075,736.74 yuan [2]. - Overseas revenue grew significantly by 4,657.11% to 106,240,500.00 yuan, but still represents a small portion of total revenue [2]. Profitability Challenges - Net profit attributable to shareholders was 398,651,923.09 yuan, down 21.71% from 509,215,964.75 yuan in 2023 [3]. - The net profit excluding non-recurring items decreased by 15.75% to 457,495,046.29 yuan [3]. - Basic earnings per share fell by 20.47% to 3.0279 yuan, while diluted earnings per share also declined [3]. Expense Analysis - Sales expenses increased by 10.68% to 547,123,711.92 yuan, driven by higher market investment to maintain market position [4]. - Management expenses rose by 4.16% to 111,272,410.38 yuan, primarily due to increased personnel costs [4]. - Financial expenses decreased by 7.64% to -8,554,233.90 yuan, benefiting from increased bank exchange gains [4]. - R&D expenses significantly dropped by 47.81% to 132,051,132.76 yuan, which may impact future product innovation and competitiveness [4][5]. Cash Flow and Financing Activities - Net cash flow from operating activities was stable at 572,241,897.48 yuan, slightly down by 0.30% from 573,983,333.81 yuan in 2023 [6]. - Cash flow from investing activities was -341,866,850.58 yuan, a significant increase in outflow compared to -163,389,350.19 yuan in the previous year [6][7]. - Cash flow from financing activities saw a drastic decline of 6528.79% to -471,794,952.39 yuan, primarily due to increased dividend distributions and share repurchases [7].