Kanghua Biological
One of the 13 enterprises with full vaccine production capacity in Chengdu Economic and Technological Development Zone, covering an area of 30000 square meters.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| N/A | €0.0 | round | |
* | N/A | Post IPO Equity | |
| Total Funding | 000k | ||
| CNY | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | 24 % | 12 % | 9 % | (9 %) | 8 % | 6 % | 5 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | 74 % | 53 % | 43 % | 44 % | 40 % | 42 % | 44 % |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | 64 % | 41 % | 32 % | 28 % | 31 % | 44 % | 34 % |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| R&D % of revenue | 6 % | 12 % | 16 % | 9 % | - | - | - |
Source: Company filings or news article, Equity research estimates
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Chengdu Kanghua Biological Products Co., Ltd. (Kanghua Biological) is a biopharmaceutical firm focused on the research, development, manufacturing, and sale of preventative biological products, primarily vaccines. Established in 2004, the company has positioned itself as a key player in China's vaccine industry. The company's legal representative and chairman is Wang Zhentao, who also chairs the footwear supplier Zhejiang Aokang Shoes. Kanghua Biological successfully listed on the Shenzhen Stock Exchange in June 2020.
The core business revolves around the production and distribution of human vaccines. Kanghua Biological's product portfolio is anchored by two main products: a freeze-dried human rabies vaccine derived from human diploid cells (HDCV) and the Group ACYW135 Meningococcal Polysaccharide Vaccine. The company was the first domestic entity in China to produce and sell the human diploid cell rabies vaccine, a flagship product that has been safely used for over a decade. The business model encompasses the entire value chain, from R&D and production to sales and technical services, distributing its products in both domestic and overseas markets.
Operationally, Kanghua Biological is equipped with advanced facilities, including a biotechnology experimental center, an SPF experimental animal center, and high-tech GMP-certified production workshops for bacterial and viral vaccines. In September 2018, the company expanded its footprint by signing an agreement to establish a new vaccine research and development base in Chengdu. The firm has demonstrated a strong commitment to R&D, undertaking numerous scientific projects and applying for over 100 patents. This focus is further evidenced by a recent exclusive license agreement with HilleVax for its hexavalent norovirus vaccine candidate outside of Greater China. In July 2025, it was announced that Shanghai Healthcare M&A Fund intended to acquire a strategic stake in the company to help expand its vaccine pipeline and create an integrated ecosystem.
Keywords: vaccine manufacturing, biopharmaceutical, Chengdu Kanghua Biological, human diploid cell rabies vaccine, meningococcal polysaccharide vaccine, biological products, preventative medicine, GMP certification, vaccine R&D, Shenzhen Stock Exchange, Wang Zhentao, ACYW135, HDCV, norovirus vaccine, clinical development, biotechnology, pharmaceutical sales, life sciences, animal testing center, China healthcare
