Kangtai Biological Performance "Face" stock price plummeted: the new crown vaccine market becomes saturated, and the founder is cash out at a high level

On July 24, Kangtai Bio, which is mainly engaged in the vaccine business, released the semi -annual performance forecast of 2022, and is expected to decrease by 70.29%-61.37%year -on -year net profit.

After the release of the semi -annual performance trailer for Kangtai Bio, the stock also fell. On July 25, the Kangtai Bio opened sharply, the closing price of 36.32 yuan/share, down 4.92%; as of the close of July 27 Submit 35 yuan/share.

The announcement pointed out that the main reasons for the decline in performance are the impairment of the assets related to the new crowned vaccine and the cost of clinical expenditure phase III. The company said that since the second quarter, the new crown vaccination environment at home and abroad has changed significantly, the demand for new crown vaccines has decreased rapidly, and the company's new crown vaccine sales have fallen rapidly.

Will the decline in sales of new crown vaccines become a trend?

The actual controller cash out nearly 100 million last year

It is worth mentioning that Kangtai's biological stock price has been chatting since last year; on February 10, 2021, the company disclosed that the controlling shareholder and actual controller Du Weimin intends to reduce the holdings of not more than 2 million shares (0.29%of the company's total share capital) ; According to the announcement of Kangtai Biological on September 11, 2021, from May 21, 2021 to May 25, 2021, Du Weimin reduced its holdings of 516,000 shares at an average price of 180.84 yuan/share, and successfully cash more than 93 million.

Although his personal cash withdrawal was cash at a high level, on September 17, Du Weimin issued an initiative in his personal name, calling on the Kangtai biological employees to buy the stock of Kangtai Bio in the stock market.

In the initiative, Du Weimin promised, "Everyone who bought Kangtai Biological Stocks, which was purchased from September 22, 2021 to October 29, 2021, and held employees who held more than 12 months in a row. The losses generated by buying Kangtai Biological Stocks are compensated by Mr. Du Weimin. "

At that time, Kangtai Bio's stock price was about 70 yuan/share. Compared to the current stock price, employees who increased at that time had lost about half.

According to the semi-annual results of the 2022 semi-annual results disclosed by Kangtai Bio, it is expected that the operating income will be 1.828 billion yuan in the first half of this year, an increase of 73.72%year-on-year; %.

The demand for the new crown vaccine decreases, and sales have fallen rapidly

Why does the income increase in the second quarter not profit?

Regarding the increase in revenue, Kangtai Biological Announcement pointed out that the main product of the four combined seedlings (Note: Cell without cells, Bai Bai Bai Babo Byl B vaccine, for infants and young children over March to prevent Bacteria, White Bacillus, Tomb Wind Wind at the same time Sales revenue of infectious diseases caused by Bacteria and B.lier B.) sales revenue increased by about 60.13%from the same period last year. The sales revenue of hepatitis B vaccine increased by about 20.76%compared with the same period of the previous year. Polysaccharide polysaccharides with pneumonia is gradually measured.

Regarding the decline in profits, Kangtai Bio said that the main reason is the impairment of the assets related to the new crowned vaccine and the cost of clinical expenditure phase III. "Since the second quarter, the new crown vaccination environment at home and abroad has changed significantly, the demand for new crown vaccines has declined, and the company's new crown vaccine sales have fallen rapidly; Ukraine phase III clinical data is dismantling blindly, and subsequent sales are great uncertainty. "

Kangtai Bio said that the company's new crown vaccine -related inventory products, raw and auxiliary materials, self -made semi -finished products, and the new crown vaccine development expenditure for the end of March 2022 will be prepared for asset impairment preparations for the development expenditure. The cost of the new crown vaccine research and development expenditure is 140 million yuan. The total of the above matters reduced the total profit of 555 million yuan, considering the impact of deducting deductions, and reducing net profit by 452 million yuan.

Kangtai Bio was founded in September 1992 and is headquartered in Shenzhen. It started with vaccine. It was listed on the GEM of the Shenzhen Stock Exchange on February 7, 2017, with a maximum market value of more than 100 billion yuan. According to the 2021 report, the main products of Kangtai Biological include reorganization of hepatitis B vaccine (brewing yeast), 13 -valent pneumococcal polysaccharide vaccine, type B influenzaobacillus combined vaccine, measles rubella combined with poisoning vaccine, and cytophyllless Bai Bai B. Bacteria of Bacteria of Bacteria, combined with vaccine, 23 -valent pneumococcal polysaccharide vaccine.

The new crowns developed by Kangtai Biological were approved in China in May 2021 and were approved in China. They were sold in China in June 2021. They became the sixth domestic paragraphs of new crown vaccines approved for emergency use or listing. According to the company disclosed "Issuance of Convertible Company Bonds Raising instructions", the "Baiwangxin Emergency Project Construction Project" is mainly used for the production of new crowns and active vaccines. The total investment of the project is 2.381 billion yuan, and the project operation period is 10 In the year, the design capacity is 200 million doses/year.

In addition, the new crown vaccine of the adenovirus carrier of Kangtai Biological and Astraon was urgently authorized by the Indonesian National Pharmaceutical and Food Regulatory Administration in October 2021 and achieved exports. In 2021, Kangtai Bio achieved revenue of 3.652 billion yuan, of which export revenue reached 957 million yuan, an increase of 39020.94%year -on -year. The company did not disclose the specific sales of the new crown vaccine last year. However, according to CITIC Construction Investment Securities, the new crown vaccine contributed more than 50%of the company's revenue in 2021.

The future market of the new crown vaccine tends to be saturated

Whether the new crown vaccine market has tended to be saturated. In response, Li Qian, senior consulting director of the medical industry in the Greater China of Salvin, pointed out that the situation of the downturn of Kangtai Bio's vaccine sales may not be an individual phenomenon. As demand decreases, the sales of new crown vaccines show a certain decline.

According to data from the National Health and Health Commission, as of July 23, 2022, the basic immune vaccination rate in China was 89.7%, and the immune vaccination rate was 71.7%. Among them, at least 1 dose of vaccination rate for the elderly over 60 years of age is 89.6%, the entire vaccination rate is 84.7%, and the immunization vaccination rate is 67.3%.

At present, a total of seven companies can be sold in China. Except for the new crown vaccine of Zhifei Bio, the new crown vaccine of Kangshino's adenovirus carrier, the rest are new crowned vaccines.

As for the future of the new crown vaccine manufacturer, Li Qian pointed out that although the overall market space of the new crown vaccine is not as broad as the early stage of the epidemic, the development and production of the new crown vaccine brings rapid technological progress, and at the same time, the new vaccine is largely improved. The clinical development capabilities of the platform have promoted the process of large -scale production and opened up the degree of commercialization.

"From a long -term perspective, vaccine manufacturers can turn to other diseases fields with accumulated research and development experience and verified technology platforms, not limited to the new crown vaccine. In the future, the manufacturers of new crown vaccines can apply these new cultivation capabilities to other capabilities to other capabilities to other capabilities in other. The development of vaccines, drugs and treatment methods. "Li Qian said.

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