（文章来源：证券日报） 证券日报网讯 2月25日，康泰生物发布公告称，中信建投证券作为公司2021年向不特定对象发行可转换 公司债券的保荐机构，原指派张松先生、徐兴文先生担任公司2021年向不特定对象发行可转换公司债券 的保荐代表人。徐兴文先生现因个人工作变动原因不再担任公司2021年向不特定对象发行可转换公司债 券持续督导保荐代表人。鉴于公司向不特定对象发行可转换公司债券转股尚未完成，保荐代表人仍需对 相关事项履行督导义务并发表相关核查意见。为保证持续督导工作有序开展，中信建投证券决定委派保 荐代表人贾哲先生自2026年2月25日起接替徐兴文先生担任公司2021年向不特定对象发行可转换公司债 券保荐代表人，继续履行持续督导职责。 ...

证券代码：300601 证券简称：康泰生物 公告编号：2026-013 债券代码：123119 债券简称：康泰转 2 本次变更后，公司 2021 年向不特定对象发行可转换公司债券持续督导保荐 代表人为张松先生和贾哲先生。 公司董事会对保荐代表人徐兴文先生在公司持续督导期间所做出的贡献表 示衷心的感谢！ 贾哲先生简历请见附件。 特此公告。 深圳康泰生物制品股份有限公司 关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳康泰生物制品股份有限公司（以下简称"公司"）于近日收到中信建投 证券股份有限公司（以下简称"中信建投证券"）出具的《关于更换深圳康泰生 物制品股份有限公司向不特定对象发行可转换公司债券持续督导保荐代表人的 函》。 中信建投证券作为公司 2021 年向不特定对象发行可转换公司债券的保荐机 构，原指派张松先生、徐兴文先生担任公司 2021 年向不特定对象发行可转换公 司债券的保荐代表人。徐兴文先生现因个人工作变动原因不再担任公司 2021 年 向不特定对象发行可转换公司债券持续督导保荐代表人。鉴于公司向不特定对象 发 ...

Group 1 - The core viewpoint of the article is that the company, Kangtai Biological (300601), is committed to actively promoting vaccine awareness and enhancing public recognition and willingness to get vaccinated [1] Group 2 - The company is engaging with investors through interactive platforms to address inquiries and provide updates on its initiatives [1] - The focus on vaccine education indicates the company's strategy to improve public health outcomes and potentially increase vaccine uptake [1]

Core Viewpoint - Shenzhen Kangtai Biological Products Co., Ltd. has announced the termination of its plan to establish a vaccine joint venture with AstraZeneca Investment (China) Co., Ltd., highlighting the company's strategic challenges amid a declining vaccine industry and significant performance downturn [1][6]. Group 1: Strategic Instability and Execution Doubts - The collaboration with AstraZeneca was seen as a crucial step in the company's "external expansion" strategy, aimed at leveraging the strength of an international pharmaceutical company to expand its vaccine business [2][7]. - The termination of this partnership within a year is attributed to "dramatic changes in the market environment," marking the second major strategic adjustment for the company in recent times [2][7]. - Last year, the company also halted the development of an inactivated vaccine for the original strain of the COVID-19 virus, citing reduced economic and social benefits, indicating potential gaps in strategic planning and execution [2][7]. Group 2: Core Product Pressure and Profit Decline - The company stated that the termination of the joint venture would not significantly impact its operations; however, recent performance indicators reveal underlying pressures [3][8]. - According to a performance forecast released on January 29, the company expects its net profit attributable to shareholders to decline by 63.80% to 75.70% year-on-year for 2025, with non-recurring net profit expected to drop by 68.90% to 79.06% [3][8]. - The decline is primarily due to the impact of adjustments in immunization programs on its main product, the "four-in-one vaccine," along with rising operating costs and increased R&D investments [3][8]. Group 3: Dual Challenges Amid Industry Changes - The global vaccine industry is transitioning from a high-growth phase during the pandemic to a normalization phase, characterized by intensified competition, price pressures, and extended R&D return cycles [4][9]. - The company's recent strategic pullbacks can be viewed as a defensive measure, yet they also reveal its passive position during this industry transformation [4][9]. - The company aims to drive internationalization through a dual approach of "internal innovation + external expansion," but faces obstacles in external collaborations while its core products are squeezed by policy and cost pressures [4][9]. Conclusion - The termination of the partnership with AstraZeneca, the cessation of COVID-19 vaccine development, and the significant profit reduction reflect a challenging period for the company [5][10]. - In the context of an overall industry adjustment, the company needs to reassess its strategic pace, product structure, and risk resilience to avoid losing initiative during industry reshuffling [5][10]. - The ability to achieve a stable transformation through the "dual-driven" approach remains to be tested by the market and time [5][10].

Group 1 - Xinda Biopharmaceutical announced a strategic collaboration with Eli Lilly to advance global R&D of innovative drugs in oncology and immunology, with a total potential value of up to $88.5 billion [1] - Under the agreement, Xinda will receive an upfront payment of $350 million and may earn up to approximately $8.5 billion in milestone payments related to R&D, regulatory, and commercialization achievements [1] - Xinda retains all rights for the projects in Greater China, while Eli Lilly obtains exclusive development and commercialization rights outside this region [1] Group 2 - Kangtai Biological announced the termination of its collaboration with AstraZeneca to establish a joint venture in the vaccine sector, which was initially planned to be set up in Beijing with a registered capital of approximately 345 million yuan (about $50 million) [2] - The decision to terminate was made due to significant market changes and increased investment risks in the vaccine industry, with no adverse impact on Kangtai's operations [2] Group 3 - China Resources Pharmaceutical announced plans to sell approximately 17.87% of its stake in Tianmai Biotechnology for a base price of about 1.42 billion yuan [3] - The sale will be conducted through a public listing, and as of the announcement date, China Resources holds less than 30% of Tianmai's shares [3] Group 4 - Dong'e Ejiao plans to invest 1.485 billion yuan to construct a health consumer goods industrial park, with a construction period of approximately 22 months [4] - The project aims to support the high-quality development of the health consumer goods business, including the production of food and health products [4] Group 5 - WuXi Biologics expects a revenue increase of approximately 16.7% to 21.79 billion yuan for the fiscal year ending December 31, 2025, with a projected profit growth of 45.3% to 5.733 billion yuan [5] - The growth is attributed to successful execution of its "Follow and Win" strategy, expansion of service offerings, and increased utilization of production capacity [7] Group 6 - Kintor Pharmaceutical signed a strategic cooperation agreement to expand its CAR-T cell therapy production base in Shanghai, with a total investment of up to 370 million yuan [8] - This initiative aligns with the commercialization of multiple CAR-T products and aims to enhance production capacity to support global competitiveness [8]

Core Viewpoint - The recent announcement by Shenzhen Kangtai Biological Products Co., Ltd. regarding the termination of the concerted action agreement between its actual controllers, Du Weimin and Yuan Liping, has reignited concerns over the company's control stability and potential shareholder dilution following their high-profile divorce that split a market value of 23.5 billion yuan [3][5]. Group 1: Shareholder Dynamics - The termination of the concerted action agreement has resulted in Du Weimin's voting rights decreasing from 46.62% to 25.50%, while Yuan Liping now holds 17.07% [5]. - Yuan Liping has committed not to seek control of the company post-termination, aiming to alleviate market concerns regarding control instability [5]. - Since the divorce in 2020, Yuan Liping has reduced her holdings significantly, cashing out nearly 3 billion yuan, raising fears of further dilution of shares following the termination of the agreement [6]. Group 2: Operational Challenges - Kangtai Biological's core business includes the research, production, and sales of human vaccines, with key products such as the 13-valent pneumococcal polysaccharide conjugate vaccine and others [7]. - The company has faced significant operational challenges, including the resignation of a vice president and the termination of a joint venture with AstraZeneca, which was intended to invest approximately 2.76 billion yuan [8][10]. - The decision to terminate the joint venture was influenced by a rapidly changing market environment and increased risks associated with new investments in the vaccine industry [10]. Group 3: Financial Performance - Kangtai Biological's financial outlook is concerning, with a projected net profit for 2025 expected to decline by 63.80% to 75.70%, amounting to between 49 million and 73 million yuan [10]. - The company's performance has been volatile, with net profits peaking at 1.263 billion yuan in 2021, followed by a loss of 133 million yuan in 2022, and a recovery in 2023 and 2024, only to face another significant decline in 2025 [11]. - As of February 11, 2026, the company's stock price has plummeted nearly 90% from 146 yuan per share at the time of the divorce, reflecting a substantial decrease in valuation [11].

Core Viewpoint - The company has terminated its vaccine joint venture project with AstraZeneca due to significant market changes and increased industry pressures, leading to a projected decline in 2025 earnings by over 60% [2][4]. Recent Events - The company announced on February 6, 2026, the termination of the vaccine joint venture project with AstraZeneca, which was initially planned with an investment of approximately 2.76 billion yuan. The project had not received actual funding since its signing in March 2025 [2]. - This decision may impact the company's external expansion efforts, but the company intends to focus on internal innovation [2]. Company Status - Shareholder Yuan Liping has terminated the concerted action relationship with the actual controller Du Weimin and plans to transfer up to 22.33 million shares (2.00% of total share capital) through block trading. This change does not involve market reduction but may raise concerns about governance structure [3]. Performance and Operating Conditions - According to the earnings forecast released on January 29, 2026, the company expects a net profit attributable to shareholders of 49 million to 73 million yuan for 2025, representing a year-on-year decline of 63.8% to 75.7%. This decline is primarily due to adjustments in the immunization schedule for the quadrivalent vaccine, increased operating costs, and higher R&D investments [4]. - During the same period, overseas business revenue reached 98.84 million yuan, a significant increase of 859.40% [4]. Business and Technical Development - In 2025, the company initiated Phase III clinical trials for a domestically produced pentavalent vaccine and received approval for a 60 microgram hepatitis B vaccine aimed at "preventing reactivation," marking an extension into the therapeutic vaccine field [5]. - R&D investment was approximately 633 million yuan, reflecting a year-on-year growth of 11.25%. The company is also leveraging AI technology to enhance R&D and has expanded its global presence to over 20 countries [5]. Executive Changes - Vice President Yu Bing resigned in early February 2026 but will continue to hold other positions within the company. Market speculation suggests this may be related to performance pressures, although the company states it will not affect normal operations [6].

Core Viewpoint - The collaboration between Kangtai Biological and AstraZeneca has ended, reflecting the significant challenges and structural issues facing the vaccine industry in China, particularly in light of changing market conditions and increased investment risks [1][2]. Group 1: Collaboration and Market Changes - Kangtai Biological and AstraZeneca established a strategic partnership in March 2025, with a total investment of approximately $400 million, each holding a 50% stake in a joint venture [1]. - On February 6, 2026, Kangtai announced the termination of its collaboration with AstraZeneca due to drastic changes in the market environment and significant downward pressure on the vaccine industry [1]. Group 2: Industry Performance and Financial Struggles - The year 2025 marked a downturn for the Chinese vaccine industry, with major players facing significant financial pressure; Kangtai's net profit is projected to decline by 63.8% to 75.7%, amounting to only 49 million to 73 million yuan [2]. - Zhifei Biological, once a leading company, is expected to report a net loss of 10.698 billion to 13.726 billion yuan for the first time since its listing, far exceeding market expectations [2]. - Watson Bio's revenue is projected to be around 2.4 billion yuan, a 14% decline year-on-year, with net profit dropping by 9% to 22% [2]. Group 3: Clinical Trials and Financial Issues - Kanglao Health has faced severe financial issues, leading to the suspension of clinical trials for its HPV vaccines due to overdue payments and funding shortages [3]. - The company has previously defaulted on a bank loan of 15.21 million yuan, resulting in account freezes, highlighting ongoing financial instability [3]. Group 4: Market Demand and Competitive Pressure - Kangtai's declining performance is attributed to changes in the immunization schedule for the DTP vaccine, which negatively impacted the uptake of its four-component vaccine [4][5]. - The HPV vaccine market has seen a decrease in demand due to economic cycles and increased competition, leading to price wars among numerous entrants [6]. Group 5: Industry Challenges and Future Outlook - The vaccine industry is currently facing significant internal competition and structural challenges following a period of rapid expansion [7]. - The historical weaknesses in China's vaccine industry have led to a situation where many companies are now struggling to maintain profitability amidst increased competition and changing market dynamics [8].

Group 1 - The core project "Rapid Confirmation and Precise Prevention and Control of Emerging Viral Infectious Diseases" won the second prize of Jiangsu Province Science and Technology Progress Award, highlighting the company's achievements in technological innovation [1] - The project was led by Jiangsu Provincial Center for Disease Control and Prevention, with the company contributing core technological innovations in the field of inactivated enterovirus vaccines [1] - The project addresses key challenges in the prevention and control of emerging viral infectious diseases, establishing an efficient response system [1] Group 2 - The company has developed bivalent and quadrivalent inactivated enterovirus vaccines (Vero cells), which received clinical trial approval from the National Medical Products Administration in February 2025 [2] - Currently, there are no approved bivalent or quadrivalent enterovirus vaccines available globally, indicating a significant market opportunity for the company [2] - Successful development of these vaccines will enhance the company's multi-valent vaccine portfolio, strengthening its core competitiveness and market position [2]

Core Viewpoint - Shenzhen Kangtai Biological Products Co., Ltd. has achieved significant recognition in the field of vaccine research and development, particularly through its subsidiary Beijing Minhui Biological Technology Co., Ltd., which recently won the second prize of the Jiangsu Provincial Science and Technology Progress Award for its project on rapid confirmation and precise prevention of emerging viral infectious diseases [1][2]. Group 1: Project Recognition - The project "Key Technology Innovation and Application for Rapid Confirmation and Precise Prevention of Emerging Viral Infectious Diseases" addresses critical challenges in the prevention and control of new viral infectious diseases [1]. - The project was led by the Jiangsu Provincial Center for Disease Control and Prevention and nominated by the Provincial Health Commission, highlighting the importance of collaboration in public health initiatives [1]. Group 2: Vaccine Development - Minhui Biological's independently developed inactivated virus vaccine platform is a core component of the project, receiving high recognition for its innovation, practicality, and scientific value [2]. - The company has successfully obtained clinical trial approval from the National Medical Products Administration for its bivalent and quadrivalent inactivated enterovirus vaccines, with the quadrivalent vaccine currently in Phase I clinical trials [2]. - There are currently no approved bivalent or quadrivalent enterovirus vaccines available globally, indicating a significant market opportunity for the company [2]. Group 3: Strategic Implications - The recent award is seen as a validation of the company's commitment to independent innovation and its comprehensive strength in vaccine research and development, which is expected to enhance its core competitiveness and influence in the market [2]. - Successful development of these vaccines could further enrich the company's multi-valent vaccine portfolio, solidifying its market position and providing a strong foundation for sustainable growth [2].