3） 交易设计分步里程碑，兼顾短期风险控制与长期协同成长，产业链协同空间广阔。本次收购分三 期，设定严格的里程碑条件，核心对价锚定纳美信RSV mRNA 疫苗II 期临床与HPV 治疗性疫苗I 期关 键节点，首期现金出资1.2 亿元即锁定约27.27%股权并取得治理控制权，后续增持与结算严密绑定临床 兑现，有效平滑技术落地不确定性，控制资金风险。 康华生物能够借助纳美信平台在研发、临床、注册、生产、商业化等全阶段实现优势资源互补，推动现 有疫苗资产的国际化授权，为创新疫苗产业化和全球外延成长提供基础，进一步强化公司在高壁垒、强 研发驱动力赛道的长期竞争力与国际影响力。 盈利预测：我们预计2025-2027 年公司营收分别为11.99/13.60/14.78 亿元，同比增 长-16.23%/13.40%/8.63%；归母净利润分别为2.12/3.27/4.36亿元，同比增长-46.84%/54.49%/33.09%，对 应PE 分别为43/28/21 倍，维持"推荐"评级。 风险提示：行业竞争加剧风险、产品结构较为单一风险、临床试验进展不及预期风险、市场开拓不及预 期风险、其他系统性风险等。 事件：公司于202 ...

Core Viewpoint - The HPV therapeutic vaccine developed by Anweitou (Gu'an) Biopharmaceutical Co., Ltd. has received clinical trial approval from the National Medical Products Administration, marking a significant achievement in local biopharmaceutical innovation in Hebei Province [1][2]. Group 1: Vaccine Development - The vaccine targets tumors associated with HPV types 16 and 18 and represents the first locally developed and approved therapeutic HPV vaccine in Hebei, filling a gap in the province's healthcare offerings [1]. - The company utilized lipid nanoparticle delivery technology to address challenges such as the long latency of HPV and its immune evasion capabilities, enhancing the vaccine's efficacy and safety [1]. Group 2: Industry Ecosystem and Support - The success of the project is attributed to the implementation of the Beijing-Tianjin-Hebei coordinated development strategy and the favorable industrial ecosystem in Gu'an, which provides a conducive environment for biopharmaceutical companies [2]. - The local government has offered substantial support in terms of funding and policies, facilitating the company's establishment and growth in the region [2]. Group 3: Future Plans and Impact - The vaccine has established a complete chain from "Gu'an R&D" to "Beidaihe application," with the first production base already operational since 2023 [2]. - The company plans to accelerate the second-phase project, which will integrate large-scale vaccine production and diagnostic consultation, expected to commence after the Spring Festival [2]. - The clinical advancement of this vaccine not only offers hope to patients with HPV-related diseases but also highlights the significant improvement in Hebei's capabilities in high-end biopharmaceutical R&D and tumor immunotherapy [2].

Core Insights - Beijing Xunsheng Biomedical Research Co., Ltd. (referred to as "Xunsheng Bio") has achieved a breakthrough in precision immunotherapy with its HPV therapeutic vaccine, which has been approved for clinical trials by the National Medical Products Administration (NMPA) [1][2] - The vaccine targets HPV-16 and 18 infections, addressing a significant industry pain point where existing preventive vaccines do not cover women already infected with HPV [1] - The vaccine's core competitive advantage lies in its fully proprietary sequence design and optimization platform, which has demonstrated significant efficacy in preclinical studies and early clinical explorations [1][2] Company Developments - Xunsheng Bio has established a leading dual-core technology platform in the fields of nucleic acid vaccines and cell therapy, creating differentiated competitive advantages [2] - The launch of the HPV therapeutic vaccine in the Beidaihe Pilot Zone is seen as a milestone, providing a new treatment pathway for high-risk HPV-infected populations and filling existing treatment gaps [2] - The successful implementation of the vaccine is expected to accelerate the technological transformation and industrial clustering in the gene therapy and tumor immunology sectors within Shandong's biopharmaceutical industry [2] Industry Impact - The vaccine's introduction is anticipated to generate real-world data that will help form a nationally competitive industrial cluster, breaking down international technological barriers and establishing a benchmark for "Chinese innovation" [2] - The investment philosophy of "capital empowerment + ecological synergy" by the investing entity, Source Chuang Duoying, is exemplified through the successful launch of the HPV therapeutic vaccine [2]