证券代码：603392 证券简称：万泰生物 公告编号：2025-037 北京万泰生物药业股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 业绩预告的具体适用情形：净利润为负值。 ? 北京万泰生物药业股份有限公司（以下简称"公司"）预计2025年半年 度实现归属于母公司所有者的净利润为-16,000万元到-13,000万元。 ? 公司预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的 净利润为-26,000万元到-23,000万元。 报告期内，公司疫苗板块受行业政策调整及市场竞争等因素影响，短期销售 承压，收入及利润同比显著下滑；公司IVD板块受政府集采降价、检验套餐解绑 等因素影响，在政策利好逐步释放、带动业绩向好之前，需要一段时间沉淀消化， 短期内销售收入亦承压。两者对公司整体净利润造成阶段性影响。 四、风险提示 （一）业绩预告期间 （二）业绩预告情况 利润为-16,000 万元到-13,000 万元，与上年同期相比，将出现亏损。 润为-26,000 万元到-23,000 万元。 ...

[2025 Semi-Annual Pre-Loss Announcement](index=1&type=section&id=Beijing%20Wantai%20Biological%20Pharmacy%20Enterprise%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Pre-Loss%20Announcement) [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20Overview) The company anticipates a shift from profit to loss in the first half of 2025, with estimated net profit attributable to shareholders ranging from -RMB 160 million to -RMB 130 million, and non-recurring net profit from -RMB 260 million to -RMB 230 million, based on unaudited figures 2025 Semi-Annual Performance Forecast | Indicator (2025 Semi-Annual Estimate) | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -160 million to -130 million | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | -260 million to -230 million | - The performance forecast covers the period from **January 1, 2025, to June 30, 2025**[3](index=3&type=chunk) - This performance forecast has not been audited by a certified public accountant[4](index=4&type=chunk) [Prior Period Performance Review](index=1&type=section&id=II.%20Prior%20Period%20Performance%20Overview) The announcement provides 2024 comparative earnings data, showing a net profit attributable to shareholders of RMB 260 million, non-recurring net profit of RMB 63.52 million, and basic earnings per share of RMB 0.21 for the first half of 2024 2024 Semi-Annual Performance | Indicator (2024 Semi-Annual) | Amount (RMB) | | :--- | :--- | | Total Profit | 258.15 million | | Net Profit Attributable to Parent Company Shareholders | 260.48 million | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 63.52 million | | Earnings Per Share | 0.21 | [Analysis of Main Reasons for Pre-Loss](index=1&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Pre-Loss) The pre-loss is primarily due to short-term sales pressure in two core business segments: vaccines, impacted by policy adjustments and market competition, and IVD, affected by government procurement price reductions and unbundling of testing packages - Vaccine segment: Revenue and profit significantly declined year-on-year due to industry policy adjustments and intensified market competition[7](index=7&type=chunk) - IVD (In Vitro Diagnostics) segment: Short-term sales revenue faced pressure due to factors such as government centralized procurement price reductions and unbundling of testing packages[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company confirms no significant uncertainties exist that could affect the accuracy of this performance forecast as of the announcement date - The company states there are no significant uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) [Other Explanations](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) The company emphasizes that the disclosed financial data are preliminary, with final accurate figures subject to the official 2025 semi-annual report, advising investors to be aware of investment risks - The forecast data are preliminary, and the final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[9](index=9&type=chunk)

万泰生物（603392）公告，预计2025年半年度实现归属于母公司所有者的净利润为-1.6亿元到-1.3亿 元，预计2025年半年度实现归属于母公司所有者的扣除非经常性损益的净利润为-2.6亿元到-2.3亿元。 ...

Group 1: ETF Performance and Liquidity - The biopharmaceutical vaccine ETF has a turnover rate of 1.9% during trading, with a transaction volume of 4.8922 million yuan [3] - Over the past two weeks, the biopharmaceutical vaccine ETF has seen a scale increase of 8.7844 million yuan, ranking first among comparable funds [3] - As of July 10, the biopharmaceutical vaccine ETF has achieved a net value increase of 22.89% over the past year [3] - The ETF's highest monthly return since inception is 26.27%, with the longest consecutive monthly gain being 3 months and the longest gain percentage being 14.87% [3] - The average return during the months of increase is 6.41% [3] Group 2: Index Valuation and Composition - The index tracked by the ETF, the CSI Vaccine and Biotechnology Index, is currently valued at a historical low, with a price-to-book ratio (PB) of 2.6 times, which is lower than 88.03% of the time over the past three years, indicating strong valuation attractiveness [3] - The CSI Vaccine and Biotechnology Index includes no more than 50 companies involved in vaccine research, production, and related biotechnology sectors, reflecting the overall performance of listed companies in this theme [3] Group 3: Major Stocks and Market Trends - As of June 30, 2025, the top ten weighted stocks in the CSI Vaccine and Biotechnology Index include Zhifei Biological Products, Wantai Biological Pharmacy, Watson Bio, and others, collectively accounting for 48.14% of the index [4] - The top weighted stocks and their respective weights are: Zhifei Biological (10.06%), Wantai Biological (8.43%), Watson Bio (6.19%), and others [6] - On July 8, the National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, proposing 16 supportive policies [6] Group 4: International Market Opportunities - Institutions are focusing on the opportunities for Chinese vaccines in international markets under the "World Shared Market" concept, particularly in Belt and Road countries [7] - Chinese vaccines are expected to leverage cost advantages to expand into the pharmaceutical markets of Belt and Road countries, especially in light of supply chain risks faced by non-U.S. countries [7] - The vaccine market is sensitive to population variables, and Chinese companies have established production capacity and distribution channels in Belt and Road countries, laying a solid foundation for international expansion [7]

Core Viewpoint - The company is focusing on its strengths in the vaccine and in vitro diagnostic fields, emphasizing its international strategic layout and future growth potential during a recent capital market research conference [2][3]. Group 1: Company Overview - The research conference attracted over 20 securities analysts from firms such as CITIC Securities and Guolian Minsheng Securities, highlighting significant interest in the company's developments [3]. - The general manager of the company, Jiang Zhiming, reviewed the company's 30-year development history and outlined its strategic layout, focusing on product advantages, innovative models, and international expansion [3]. Group 2: Market Opportunities - The HPV vaccine market in China shows significant potential, with a first-dose coverage rate of 27.43% among women aged 9-45, compared to 67% in Western countries, indicating a theoretical market of over 100 million people [4]. - The company plans to implement differentiated sales strategies based on regional demographics, consumer capabilities, and healthcare resource distribution to tap into this market [4]. Group 3: Innovation and Development - The company has established a comprehensive technical platform covering vaccines and in vitro diagnostics, focusing on products with broad market prospects and committing to increased innovation investment [5]. - The recent research conference served as an important opportunity for the company to enhance communication with the capital market, showcasing its core competitiveness and global strategy in the vaccine and in vitro diagnostic sectors [5].

Core Viewpoint - The approval and launch of the domestic nine-valent HPV vaccine "Xinkening®9" marks a significant milestone for China's biopharmaceutical industry, breaking the global monopoly of high-priced imported HPV vaccines and establishing China as the second country after the United States capable of independently supplying such vaccines [2][9]. Group 1: Vaccine Development and Approval - The nine-valent HPV vaccine was developed through a collaboration between Xiamen University, Xiang'an Innovation Laboratory, and Wantai Biological Pharmacy, taking 18 years from inception to approval [2]. - The vaccine covers nine HPV types (6, 11, 16, 18, 31, 33, 45, 52, 58) and utilizes an innovative E. coli expression platform, which has reduced production costs and validated safety and efficacy through key clinical trials [2][3]. Group 2: Clinical Trials and Efficacy - Since 2019, five clinical trials have been conducted across China, enrolling over 11,000 healthy volunteers aged 9 to 45, providing robust research data [2]. - The vaccine shows comparable protection rates against HPV16/18-related lesions to imported vaccines and over 98% protection against persistent infections from other high-risk types [3]. Group 3: Market Position and Pricing - The pricing of "Xinkening®9" is set at 499 yuan per dose, approximately 40% of the price of imported vaccines, which were previously monopolized by Merck & Co. at around 1300 yuan per dose [3][9]. - The vaccine has received WHO PQ certification and has gained market access in over 20 countries, being included in immunization programs in four countries, thus positioning it as a "Chinese solution" in global public health [3][9]. Group 4: Industry Context and Future Outlook - The global market for HPV vaccines is projected to grow at an annual rate of 8%, potentially reaching nearly $10 billion by 2027, driven by the increasing inclusion of vaccines in national immunization programs [8]. - The successful launch of "Xinkening®9" exemplifies China's capability in biopharmaceutical innovation and is expected to enhance the competitiveness of Chinese companies in the international market while contributing to global cervical cancer prevention efforts [9].

Core Viewpoint - The introduction of the domestic nine-valent HPV vaccine "Xinkening®9" at a price of 499 yuan per dose intensifies competition in the HPV vaccine market, prompting a potential price war among manufacturers [1][8]. Market Expansion - The global coverage rate for the first dose of the HPV vaccine among girls is projected to reach 27% by 2024, while the coverage rate for women aged 9 to 45 in China is only 10.15%, showing significant room for growth compared to the global average and the 67% coverage in Western countries [5][6]. Market Challenges - Expanding market space is a major challenge for all companies involved in HPV vaccine development. Companies are actively seeking to open up the market, with the approval of new indications for the "Jiadaxiu9" vaccine, which is now the first and only nine-valent HPV vaccine approved for both males and females in China [7][8]. Competitive Landscape - Domestic HPV vaccine manufacturers are shifting focus to price competition after missing the first-mover advantage. However, raising public awareness and vaccination rates is seen as a more effective strategy than price cuts [9][10]. Vaccine Efficacy Evidence - Real-world studies have shown significant reductions in HPV infection rates and cervical cancer cases due to vaccination, with a Scottish study indicating a 90% decrease in HPV infections since the vaccine's introduction in 2008 [11][12]. Conclusion - The competition in the HPV vaccine market is expected to evolve, with data on vaccine efficacy becoming a crucial factor in establishing trust and market presence for new entrants [12].

Core Insights - The first domestically produced nine-valent HPV vaccine "Xinkening 9" by Wantai Biological has been priced at 499 yuan per dose, approximately 40% of the price of imported counterparts [1] - The vaccine was developed in collaboration with Xiamen University and has undergone 18 years of research, with an investment of around 1 billion yuan by 2025 [1] - The approval of "Xinkening 9" marks a significant milestone in the domestic HPV vaccine market, previously dominated by Merck's "Gardasil 9" [1][2] Pricing and Market Impact - The full vaccination cost for the imported vaccine is nearly 4000 yuan, while the domestic vaccine reduces this to about 1500 yuan, and for ages 9-17, the cost is only 998 yuan for two doses [1] - The approval of "Xinkening 9" is expected to enhance HPV vaccination rates in China, which currently stands at 27.43% for the first dose among women aged 9-45, compared to 67% in Western countries [3] Marketing and Distribution Strategy - The company plans to implement a new marketing strategy that combines regional grid management, digital management, and personalized services to cater to different demographics and healthcare resources [3] - Wantai Biological is actively pursuing WHO PQ certification for the nine-valent HPV vaccine and aims to expedite its international market entry based on its previous successes with its bivalent HPV vaccine [3] Financial Performance - Wantai Biological reported a revenue of 2.245 billion yuan for 2024, a decline of 59.25% year-on-year, with a net profit of 106 million yuan, down 91.49%, marking a five-year low [5] - In the first quarter of 2025, the company reported a net loss of 52.78 million yuan, a significant drop from a profit of 126 million yuan in the same period the previous year [5] Competitive Landscape - The nine-valent HPV vaccine market is becoming increasingly competitive, with several domestic companies like Watson Bio, Kangla Weishi, and Ruike Bio also preparing to launch their products [4]

Core Viewpoint - The launch of the domestic nine-valent HPV vaccine "Xinkening 9" by Wantai Biological Pharmacy at a price of 499 yuan per dose, significantly lower than the imported vaccine priced at approximately 1318 yuan, ignites a price war in the HPV vaccine market [1][3][5] Pricing Strategy - Wantai's pricing strategy directly addresses market pain points, offering a two-dose regimen for females aged 9-17 at a total cost of 998 yuan and a three-dose regimen for those aged 18-45 at 1497 yuan, representing a price reduction of about 60% compared to imported options [3][4] - The imported nine-valent HPV vaccine from Merck costs around 1318 yuan per dose, with total costs for two doses for ages 9-14 reaching approximately 2636 yuan and three doses for ages 15-45 amounting to 3954 yuan [3][5] Market Potential - A study from the Chinese Center for Disease Control and Prevention indicates that the HPV vaccine first-dose coverage rate among women aged 9-45 in China is only 27.43%, compared to about 67% in Western countries, suggesting significant room for growth in vaccine penetration [3][4] - Wantai emphasizes that its vaccine is the only one approved for a "two-dose regimen" for ages 9-17, which could enhance vaccination compliance among younger populations [3][4] Competitive Landscape - The HPV vaccine market has shifted from scarcity and high prices to increased supply and competitive pricing, with Wantai's low-cost strategy posing a challenge to both imported products and other domestic competitors like Kanglaisheng, Ruike Biological, and Shanghai Bowei, which are also in the process of launching their nine-valent vaccines [5][6] - Merck's HPV vaccine sales have also seen a decline, with the company announcing a suspension of supply to China starting February 2025 [5][6] Future Growth Opportunities - Domestic vaccine companies, including Wantai, are exploring international markets, particularly in countries with lower HPV vaccination rates, to leverage their cost advantages [6] - The ongoing research into male-targeted HPV vaccines presents another potential growth avenue for the industry [6] - The price competition in the HPV vaccine market is expected to advance cervical cancer prevention efforts, making vaccines more accessible as multiple products enter the market [6]

Group 1 - A total of 33 companies were investigated by institutions on July 8, with 18 companies specifically receiving attention from funds [1] - Zhongrun Resources was the most popular, with 10 funds participating in its investigation, followed by Wantai Biological Pharmacy and Baoming Technology with 9 and 6 funds respectively [1] - The companies investigated belong to various sectors, with the basic chemical industry having the highest representation at 4 companies, followed by power equipment and pharmaceutical biology with 3 and 2 companies respectively [1] Group 2 - Among the companies investigated, only one had a total market capitalization exceeding 50 billion yuan, while 11 companies had market capitalizations below 10 billion yuan [1] - In terms of market performance, 9 out of the investigated stocks increased in value over the past 5 days, with Zhongrun Resources, Jiayuan Technology, and Baoming Technology leading the gains at 10.01%, 9.23%, and 7.81% respectively [1] - Conversely, 8 stocks experienced declines, with the largest drops seen in Boshijie, Sanbo Brain Science, and Boyuan Shares at 6.72%, 5.42%, and 4.09% respectively [1] Group 3 - In terms of net capital inflow over the past 5 days, 4 stocks saw positive inflows, with Jiayuan Technology receiving the most at 79.24 million yuan [2] - Baoming Technology and Songsheng Shares also had significant net inflows of 35.02 million yuan and 0.563 million yuan respectively [2] - Among the companies investigated, only one provided a half-year earnings forecast, with Yanjing Beer expecting a net profit of 1.099 billion yuan, representing a year-on-year increase of 45% [2]