证券日报网讯2月13日，康华生物（300841）在互动平台回答投资者提问时表示，公司经营情况请关注 公司定期报告。 ...

证券代码：300841 证券简称：康华生物 公告编号：2026-008 成都康华生物制品股份有限公司 关于审计机构变更质量控制复核人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 肖菲先生近三年未受到任何刑事处罚，未因执业行为受到证监会及其派出机 构、行业主管部门等的行政处罚或监督管理措施，未因执业行为受到证券交易所、 行业协会等自律组织的自律监管措施、纪律处分，不存在违反《中国注册会计师 职业道德守则》对独立性要求的情形。 三、其他说明 本次变更质量控制复核人系审计机构内部工作调整，本次变更过程中相关工 作安排已有序交接，变更事项不会对公司 2025 年度财务报表审计和 2025 年末财 务报告内部控制审计工作产生不利影响。 四、备查文件 成都康华生物制品股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开第三届董事会第六次会议和第三届监事会第六次会议，审议通过了《关于 续聘公司 2025 年度审计机构的议案》，同意公司续聘立信会计师事务所（特殊 普通合伙）（以下简称"立信"）为公司 2025 年度审计机构，具体内容详见公 司于 2 ...

张通社 zhangtongshe.com ｜立足张江，面向上海，服务科创｜ 1月28日，成都康华生物（维权）制品股份有限公司（300841.SZ，以下简称"康华生物"）召开董事会， 宣布与纳美信（上海）生物科技有限公司（以下简称"纳美信"）创始团队及现有股东签署框架文件，约 定通过分期认购新增注册资本及受让股权的方式，最终实现对纳美信生物100%控股。 本次整合并非传统意义上的"退出"路径，而是一家拥有深厚技术积淀的创新型biotech，在其发展的关键 节点，选择与成熟产业平台深度融合的战略决策。 这不仅仅是一次资产的并购重组，更体现了研发能力与产业能力的结构性互补——纳美信生物以其在 mRNA冻干工艺与AI驱动抗原设计上的突破，补强了康华生物下一代疫苗技术平台；而康华生物则以其 产业化、质量控制和商业化网络优势，为前沿技术提供了通往患者的价值通路。 ZHANG TONG SHE PART.01 纳美信生物： 在mRNA赛道上坚持差异化研发定力 基于AI的抗原与密码子优化工具（包括自主知识产权的CodonBox、AntigenBoost），提升mRNA 翻译效率与蛋白表达稳定性； 突破性的mRNA-LNP冻干 ...

Market Overview - The biopharmaceutical sector increased by 0.65% on February 4, with Weiguang Bio leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Individual Stock Performance - Weiguang Bio (002880) closed at 30.72, up 7.79% with a trading volume of 106,600 shares and a transaction value of 320 million yuan [1] - Kanglaweishi (920575) closed at 11.07, up 5.63% with a trading volume of 105,200 shares and a transaction value of 114 million yuan [1] - Kangchen Pharmaceutical (603590) closed at 41.61, up 5.61% with a trading volume of 50,700 shares and a transaction value of 208 million yuan [1] - Other notable performers include Zhifei Biological (300122) up 2.61%, Kanghong Pharmaceutical (002773) up 2.31%, and Watson Bio (300142) up 1.92% [1] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 159 million yuan from institutional investors, while retail investors saw a net inflow of 187 million yuan [2] - The overall retail investor net outflow was 28.35 million yuan [2] Detailed Capital Flow for Selected Stocks - Wanze Co. (000534) had a net inflow of 67.22 million yuan from institutional investors, while retail investors experienced a net outflow of 99.26 million yuan [3] - Kangtai Biological (300601) saw a net inflow of 15.17 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Shanghai Laisai (002252) had a net inflow of 14.01 million yuan from institutional investors, while retail investors faced a net outflow [3]

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 ...

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The vaccine industry is currently facing short-term performance pressure due to weak demand and structural oversupply, with many companies experiencing declines or losses in performance [1][7][8] - Despite the challenges, innovation and international expansion are ongoing, providing potential for medium to long-term growth [1][8] - The industry is transitioning from scale expansion to innovation-driven growth, with policy, demand, and technology as the three main driving factors for development [8][24][26] Summary by Sections Domestic and International Vaccine Dynamics - Kanghua Biotech has initiated Phase I clinical trials for its six-valent norovirus vaccine, which theoretically can prevent over 90% of norovirus infections [1] - Wantai Biopharma's bivalent HPV vaccine has successfully passed the WHO PQ periodic review [1] - Zhifei Biological's application for clinical trials of a freeze-dried inactivated vaccine for Japanese encephalitis has been accepted [1] Performance Forecasts - Chengda Bio expects a 59.34%-63.98% decrease in net profit for 2025 compared to the previous year [1] - CanSino anticipates a revenue increase of 22.88%-27.61% for 2025, with a turnaround in net profit [1] - Watson Bio forecasts a revenue of 2.4-2.43 billion yuan for 2025, a decline of approximately 14.9%-13.9% [1] - Other companies like Kangtai Bio and Wantai Bio also expect significant declines in net profit for 2025 [1] Market Performance - The vaccine sector saw a decline of 1.65% last week, with the overall pharmaceutical industry down 3.31% [2][5] - The vaccine sector has experienced a cumulative decline of 10.08% since the beginning of 2025 [5][13] Valuation Metrics - The vaccine sector's PE (ttm) is 92.01X, down 1.88X from the previous week, while the PB (lf) is 1.78X, down 0.04X [6] - The PE is at the 55.99% percentile since 2013, and the PB is at the 1.28% percentile since 2013 [6] Investment Recommendations - The vaccine industry is still under pressure, but companies are actively adjusting their pipeline strategies, focusing on technological innovation and multi-valent products [7][8] - Long-term prospects remain positive due to innovation and international market expansion, with a recommendation to focus on companies with strong R&D capabilities and differentiated product offerings, such as CanSino [8][26]

分阶段估值绑定研发里程碑 本次交易采用了分阶段估值并与研发进展挂钩的支付模式。根据意向书，纳美信的投前估值在首期、第 二期及第三期交易中，将分别设定为不超过3.2亿元、不超过4.4亿元和不超过8.3亿元。最终交易情况将 直接与RSV疫苗的临床数据、HPV治疗性疫苗项目的剂量爬坡试验结果等关键研发里程碑挂钩。这种结 构被市场分析认为，有助于康华生物在获取前沿技术的同时，有效控制研发风险。 根据交易安排，本次收购将分三步推进。首期交易，康华生物将以不超过1.2亿元认购纳美信新增注册 资本，交易完成后持股比例达到27.27%。后续两期交易将根据纳美信核心产品——呼吸道合胞病毒 (RSV)mRNA疫苗的临床进展，以及人乳头瘤病毒(HPV)治疗性疫苗项目的研发里程碑，分步实施并最 终实现全资控股。为锁定交易，康华生物将支付2000万元意向金，该款项将在首期交割时转为部分交易 价款。 成都康华生物（300841）制品股份有限公司(以下简称"康华生物")近日发布公告，宣布拟通过分期增资 及股权受让方式，收购纳美信(上海)生物科技有限公司(以下简称"纳美信")100%股权。此举旨在整合纳 美信在mRNA(信使核糖核酸)疫苗领 ...

1月28日，康华生物发布公告，公司总裁吴红波因个人原因辞职，其原定任期为2024年7月16日至2027年 7月15日。辞职后其职务暂由常务副总裁樊长勇代行。 资料显示，吴红波历任葛兰素史克（中国）投资有限公司疫苗部全国商务总监、全国销售总监、中国香 港区总部秘书等职务，广州峰申信息科技有限公司执行董事、总经理等职务。在康华生物的公开年薪为 173万元。 业内猜测，此次提前辞职，或与该公司业绩大幅下滑有关。康华生物最新业绩预告显示，2025年归属于 上市公司股东的净利润预计在1.91亿元至2.33亿元之间，较上年同期的3.99亿元大幅下滑。扣除非经常 性损益后的净利润预计为2.08亿元至2.30亿元，同比下降49.73%至54.54%。 康华生物解释称，业绩下滑主要源于两方面原因：一是受行业政策调整、市场竞争等因素影响，疫苗销 售收入同比下降约11%，销售利润率下降。二是2024年公司取得了重组六价诺如病毒疫苗海外许可收入 1.06亿元，贡献利润9030.44万元，2025年度未取得海外授权阶段性收入。 该公司业绩下滑最核心的原因在于，康华生物的产品结构过于单一，仅靠冻干人用狂犬病疫苗（人二倍 体细胞）支持营收 ...

Group 1 - The core point of the article highlights the acceleration of domestic pharmaceutical mergers and acquisitions (M&A), with companies like Kanghua Biotech and China Biopharmaceutical leading the trend [1][5][8] - Kanghua Biotech announced its acquisition of Nameixin through capital increase and equity transfer, marking a significant move in the domestic M&A landscape [1] - The trend of M&A in China's innovative drug sector is seen as a response to the need for companies to enhance their capabilities and integrate resources [5][7] Group 2 - Historically, M&A activities in China's innovative drug sector have been limited due to various factors, including the ambition of biotech companies to grow independently and the insufficient quality of innovations [4][3] - The financial strength of domestic pharmaceutical companies is relatively lower compared to their international counterparts, with leading domestic firms holding around $20 billion in cash compared to over $300 billion for top global firms [4] - Recent M&A activities, although smaller in scale compared to international deals, indicate a shift towards realizing the value of existing capabilities within leading domestic companies [5][6] Group 3 - The M&A trend is driven by the need for domestic companies to leverage their clinical development and commercialization capabilities, as seen in the case of Kanghua Biotech and Nameixin [6][7] - The integration of resources through M&A is expected to enhance the competitive edge of domestic firms, allowing them to quickly fill technological gaps and expand their product pipelines [8][9] - The acceleration of internal circulation in the industry is anticipated to create a more favorable ecosystem for both large pharmaceutical companies and smaller biotech firms, fostering innovation and addressing unmet clinical needs [9][10]

杰普特1月29日公告，预计2025年度实现营业收入19.87亿元-21.52亿元，同比增长约36.67%-48.02%；预 计2025年度归母净利润2.62亿元-3.09亿元，同比增长约97.69%-132.88%。报告期内公司受益于全球范围 内激光器需求提升，在新能源动力电池精密加工及消费级激光器领域实现销售收入的较快增长，同时公 司光通信业务快速切入市场并实现显著增长。受上述综合因素推动，公司预计2025 年度营业收入、归 属母公司所有者的净利润及归属母公司所有者的扣除非经常性损益后的净利润同比均实现显著增长。 ...