The evening of April 20, Kangtai Biological (300601) released its 2024 annual report and 2025 first quarter report. The company achieved operating income of 2.652 billion yuan in 2024 and a net profit of 246 million yuan attributable to the parent company after deducting non-recurring items; operating income in the first quarter of 2025 was 645 million yuan, a year-on-year increase of 42.85%; net profit attributable to the parent company after deducting non-recurring items was 17 million yuan, a year-on-year increase of 17.56%.

The annual report shows that Kangtai Biological's R&D investment in 2024 was 569 million yuan, accounting for 21.47% of the operating income of the year, and the cumulative R&D investment in the past three years was 2.105 billion yuan, accounting for 22.67% of the cumulative operating income in the past three years.

During the reporting period, Kangtai Biological's new vaccine R&D pipeline has made a number of progress: the pentavalent vaccine has completed the Phase I clinical field work, and after the Phase I clinical trial is completed, it will directly enter the Phase III clinical trial; the production registration application for the quadrivalent influenza virus split vaccine (people aged 3 and above) has been accepted, and the quadrivalent influenza virus split vaccine (MDCK cells) has obtained the clinical trial approval notice, forming the domestic leading two influenza vaccine technology route layout.

Since the beginning of this year, Kangtai Biological's quadrivalent enterovirus inactivated vaccine (Vero cells) has started Phase I clinical trials, 20-valent pneumococcal polysaccharide conjugate vaccine has started Phase II clinical trials, and oral pentavalent reassortant rotavirus attenuated live vaccine (Vero cells) has started Phase III clinical trials. Including the above, the company currently has a total of nearly 30 products under development, covering advanced adult vaccines such as 24-valent pneumococcal polysaccharide conjugate vaccine, herpes zoster vaccine, respiratory syncytial virus vaccine (RSV), and the R&D pipeline continues to be enriched and improved, covering the entire life cycle of children and adults.

In the face of growing market demand, Kangtai Biological's freeze-dried human rabies vaccine (human diploid cells) was officially launched in April 2024 with its advanced technology route and the first "four-injection" vaccination procedure in China. It has been approved for sale in 29 provinces (autonomous regions, municipalities directly under the central government) and its annual sales revenue in 2024 reached 337 million yuan. The company expects that with the continuous penetration and replacement of traditional rabies vaccine technology by human diploid technology in the future, the market share of this variety is expected to continue to increase.

Kangtai Biological's other new product, the live attenuated varicella vaccine, has also been approved for sale in 21 provinces (autonomous regions, municipalities directly under the central government). The launch of this variety has become another growth point for the company's performance. At the same time, it has the research and development foundation for the measles, mumps, rubella and varicella quadrivalent vaccine, and continues to consolidate the company's leading position in the field of multi-component and multivalent vaccines.

Since 2024, Kangtai Biological has continued to deepen the layout of vaccine cooperation with countries co-constructing the "Belt and Road" and achieved more positive results. In August 2024, the first batch of finished products of the "dual-vector" 13-valent pneumococcal conjugate vaccine independently developed and produced by Kangtai Biological was successfully shipped to Indonesia; the company has signed agency or technology transfer agreements with Indonesia, Egypt, Bangladesh and other countries around 13-valent/23-valent pneumococcal vaccines and pentavalent vaccines, and reached cooperation intentions with health departments of Turkey, Ethiopia and other countries, and established more in-depth communication and contact with international organizations such as the Global Vaccine Alliance (GAVI) and the Coalition of Vaccine Manufacturers of Developing Countries (DCVMN).

In March 2025, Kangtai Biological and AstraZeneca signed an agreement. The two parties intend to focus on the vaccine field and establish a deep strategic partnership. It is expected to jointly invest approximately US$400 million to jointly carry out the research and development and commercialization of global innovative vaccines, and supply them to the Chinese market and emerging markets in the future, adding new momentum to the globalization of vaccine products.

In 2024, Kangtai Biological's net operating cash flow was 603 million yuan, and the total cash held at the end of the reporting period was approximately 3.48 billion yuan. On this basis, the company plans to distribute dividends of 101 million yuan in 2024, accounting for 49.85% of the net profit attributable to shareholders of the listed company in 2024. Statistics show that since its listing in 2017, Kangtai Biological has distributed a total of 1.885 billion yuan in cash dividends (including the proposed dividend amount in 2024), and the total amount of cash dividends accounts for 45.06% of the total net profit attributable to shareholders of the listed company.

https://finance.eastmoney.com/a/202504203382138388.html