Kangtai Biological's Q3 2025 results show profit decline amid governance changes

Shenzhen Kangtai Biological Products reported Q3 2025 revenue of 671.38m yuan, a 17.74% decrease year-over-year, and net profit of 11.62m yuan, down 93.74%. Year-to-date revenue reached 2.06bn yuan, up 2.24%, with net profit at 49.16m yuan, down 86.00%. The company is pursuing international expansion, with its 13-valent pneumococcal polysaccharide conjugate vaccine receiving GMP certification in Turkey and drug registration in Indonesia and Nicaragua in 2025.

In parallel with its financial reporting, the company announced several critical governance changes. The board approved revisions to the Articles of Association and various internal management systems, including investment and financing, entrusted wealth management, and compensation for directors and senior management. These changes aim to align with evolving regulatory requirements and enhance corporate governance.

Additionally, the company will implement a change in accounting estimates for R&D expenditure capitalization, effective October 1, 2025. This is expected to increase net profit by 47.33m yuan and 56.05m yuan for 2024 and 2025 half-year, respectively. The board also approved a provision for asset impairment totaling 163.06m yuan for the first nine months of 2025.