Financial Performance - Total revenue for Q3 2025 was ¥654,808,087.04, representing a year-on-year increase of 12.50%[3] - The total profit for Q3 2025 was -¥46,173,564.84, a decrease of 138.31% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2025 was -¥29,383,823.61, reflecting a decline of 576.34% year-on-year[3] - Basic earnings per share for Q3 2025 was -¥0.02, a decrease of 500.00% from the same period last year[4] - Total operating revenue for the first three quarters of 2025 was CNY 1,498,369,947.13, a decrease of 23.1% compared to CNY 1,948,111,396.63 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was a loss of CNY 173,891,354.56, compared to a profit of CNY 270,486,136.27 in the same period of 2024[20] - The total comprehensive income attributable to the parent company was -¥173,421,950.63, compared to ¥266,649,096.74 in the previous year, reflecting a significant decline[21] - Basic and diluted earnings per share were both -¥0.14, down from ¥0.21 in the same period last year[21] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥7,284,554.67, down 96.32% compared to the previous year[3] - The net cash flow from operating activities for the first three quarters of 2025 was ¥7,284,554.67, a significant decrease from ¥197,795,259.27 in the same period of 2024[24] - The total cash outflow from operating activities was ¥1,913,768,403.48, compared to ¥2,684,463,229.33 in the same period of 2024, showing a decrease[24] - Cash and cash equivalents were CNY 2,339,511,140.44 as of September 30, 2025, compared to CNY 2,387,852,812.94 at the end of 2024[16] - The total cash and cash equivalents at the end of the period were ¥1,963,806,758.56, down from ¥2,516,340,519.43 at the end of the previous year[25] Shareholder Information - The total number of common shareholders at the end of the reporting period was 41,996[9] - The largest shareholder, Yangshengtang Co., Ltd., holds 705,807,928 shares, accounting for 55.79% of total shares[10] - Shareholders' equity attributable to the parent company was ¥12,089,453,978.52, down 1.41% from the end of the previous year[4] - The company's equity attributable to shareholders was CNY 12,089,453,978.52 as of September 30, 2025, compared to CNY 12,262,802,018.66 at the end of 2024[17] Research and Development - The company has increased its R&D investment to provide comprehensive solutions for medical laboratories, driving steady growth in its diagnostic business[11] - Research and development expenses for the first three quarters of 2025 amounted to CNY 445,519,959.69, a decrease of 38.7% from CNY 726,214,438.31 in 2024[20] - The company has launched a new respiratory pathogen nucleic acid detection kit, enhancing its molecular diagnostic product line[12] Market and Product Development - The company experienced a significant decline in profit due to market adjustments and government procurement affecting the vaccine and IVD sectors[7] - The international business of the HPV vaccine has seen robust growth, with approximately 15.05 million doses exported, a threefold increase compared to 2024 and sixfold compared to 2023[13] - The company has achieved market access for its HPV vaccine in 24 overseas countries, expanding its international footprint[13] - The company is focusing on "differentiated innovation" to strengthen its market share amid increasing industry competition[11] - The Wan 600 automated chemiluminescence immunoassay analyzer has been introduced to top hospitals, increasing penetration in high-end clients[12] - The company has received a gold patent award for its core technology in the HPV vaccine, showcasing its leadership in biotechnological innovation[13] - The company is actively pursuing regulatory approvals for new products to establish a compliant foundation for future large-scale sales[12] Liabilities and Financial Position - Total assets at the end of Q3 2025 were ¥14,370,757,786.98, a decrease of 2.17% from the end of the previous year[4] - Total liabilities as of September 30, 2025, were CNY 2,097,612,719.45, down from CNY 2,241,436,443.70 at the end of 2024[17] - The company's inventory as of September 30, 2025, was CNY 831,259,366.79, slightly down from CNY 863,192,935.30 at the end of 2024[16] Investment Activities - Total cash inflow from investment activities was ¥4,087,759,401.77, compared to ¥3,951,015,258.14 in the previous year, indicating a slight increase[25] - The net cash flow from financing activities was ¥11,183,715.36, a recovery from a negative cash flow of -¥619,648,639.93 in the same period last year[25] Other Information - The company reported a decrease in cash received from sales due to a decline in product sales volume, impacting overall cash flow[8] - The company did not execute any mergers or acquisitions during the reporting period[26] - The company reported a financial income of CNY 11,342,308.57 for the first three quarters of 2025, compared to a financial expense of CNY 41,812,576.41 in the same period of 2024[20] - The company reported a net loss attributable to minority shareholders of -¥469,403.93, compared to a profit of ¥3,837,039.53 in the previous year[21]

Core Viewpoint - The Chinese government has officially included the HPV vaccine in the national immunization program, initiating centralized procurement for the bivalent HPV vaccine, with a total procurement quantity of 15.4465 million doses and a budget of approximately 425 million yuan [1][3]. Group 1: Procurement Details - The centralized procurement for the bivalent HPV vaccine is set for October to December 2025, with a unit price of approximately 27.5 yuan per dose, which is expected to cover 7.72325 million girls aged 9 to 14 years [1][2]. - The procurement is managed by the Chinese Center for Disease Control and Prevention, with a total budget of 424.78 million yuan [2]. Group 2: Market Analysis - The market for the bivalent HPV vaccine consists of two segments: the existing market for girls aged 9 to 14 and the annual new entrants into this age group [5]. - From 2025 to 2030, the female population aged 9 to 14 is projected to be approximately 48.9 million to 43.7 million, with a cumulative incremental market size estimated at around 1.6 billion yuan [5][6]. - The total market size for the national immunization program from 2025 to 2030 is expected to be around 3.8 billion yuan, considering both the existing and incremental markets [8][9]. Group 3: Competitive Landscape - A price war has emerged between Watson Bio and Wantai Bio over the bivalent HPV vaccine, with the winning bid price dropping from an initial range of 329 to 344 yuan per dose to the current price of 27.5 yuan [9][10]. - The competitive dynamics shifted significantly after the National Health Commission announced plans to promote free HPV vaccinations, leading to rapid market expansion [9]. - Wantai Bio has engaged in aggressive pricing strategies, with bids as low as 63 yuan per dose in 2024, indicating a continued trend of price reductions in the market [10].

Core Insights - Beijing Zhongke Gene Technology Co., Ltd. (Zhongke Gene) has disclosed its progress report on the guidance for its initial public offering (IPO) [2] - The guidance agreement with Guotai Junan was signed in March 2021, with the guidance period set from July 2025 to September 2025 [2] Company Overview - Zhongke Gene was established on April 22, 2016, and specializes in third-party veterinary testing services, veterinary diagnostic products, and related biological materials [2] - The company is one of the first independent third-party veterinary testing laboratories in China to obtain CMA certification [2] - The registered capital of Zhongke Gene is 93.2819 million yuan [2] Ownership Structure - The actual controller of Zhongke Gene is Zhang Xuke, who holds a total shareholding ratio of 35.58% and a voting power of 78.48% [2] - Other shareholders include PlaiKe, CITIC Agriculture, Da'an Gene, and Wantai Biological Pharmacy [2] Leadership Profile - Zhang Xuke has a bachelor's degree and is a researcher with special government allowances [4] - He has held various positions, including veterinarian at the Luoyang Railway Veterinary Quarantine Station and executive director at Luoyang PlaiKe Biological Engineering Co., Ltd. [4] - Currently, he serves as the chairman of the fifth board of directors of PlaiKe and holds several leadership roles in veterinary associations [4]

北 京 万 泰 生 物 药 业 股 份 有 限 公 司 2025 年第一次临时股东会会议资料 股票简称：万泰生物 股票代码：603392 2025 年 10 月 1 北京万泰生物药业股份有限公司 2025年第一次临时股东会会议资料 北京万泰生物药业股份有限公司 2025年第一次临时股东会会议资料 北京万泰生物药业股份有限公司 会议资料目录 三、会议议案 议案 1：《关于变更部分回购股份用途并注销的议案》 2 一、股东会须知 二、会议议程 北京万泰生物药业股份有限公司 2025年第一次临时股东会会议资料 2025 年第一次临时股东会须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东会规则》以及《北京万泰生物药业股份有限公司章程》《北京万泰生物 药业股份有限公司股东会议事规则》的相关规定，特制定 2025 年第一次临时股 东会会议须知： 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次会议的严肃性和正常秩序，切 ...

Core Viewpoint - The company plans to change the purpose of repurchased shares from employee stock ownership plans to cancellation and reduction of registered capital, which will slightly decrease the total share capital without significant financial impact [1] Summary by Relevant Sections - **Shareholder Meeting**: The company will hold its first extraordinary general meeting of 2025 on October 31, 2025, to discuss the proposal regarding the change in the use of repurchased shares [1] - **Share Repurchase Details**: The company intends to repurpose 729,970 shares that have been repurchased but not yet utilized, changing their use from "for employee stock ownership plans or equity incentives" to "for cancellation and reduction of registered capital" [1] - **Impact on Total Share Capital**: Following the cancellation, the total share capital will decrease from 1,265,122,774 shares to 1,264,392,804 shares, indicating a minor adjustment in the company's capital structure [1] - **Financial Implications**: The proposed changes are not expected to have a significant impact on the company's financials and do not harm shareholder interests [1]

Core Insights - The first domestic nine-valent HPV vaccine was administered in Shenzhen, marking China as the second country globally to independently supply high-cost HPV vaccines [1] Group 1: HPV Vaccine Overview - The nine-valent HPV vaccine is approved for women aged 9 to 45, targeting two peak infection age groups: under 25 and 40-44 [3] - The vaccine covers nine types of HPV, including seven high-risk types, and has a pricing structure of 520 yuan per dose, making it more accessible [3] - The vaccination schedule varies by age: two doses for girls aged 9-17 and three doses for women aged 18-45 [3] Group 2: Cervical Cancer Statistics - Cervical cancer is a significant health threat in China, with 151,000 new cases reported in 2022, the highest globally [2] - The incidence of cervical cancer has been rising since 2000, with a trend towards younger age groups, particularly among women under 25 [2] Group 3: Public Health Initiatives - There are initiatives to promote HPV vaccination among schoolgirls, particularly in Guangdong Province, where a free vaccination program is available for first-year middle school girls [4] - The health authorities are conducting public awareness campaigns to educate women about the benefits of vaccination and cervical cancer prevention [4] Group 4: Clinical Efficacy and Safety - Clinical studies indicate that the domestic nine-valent HPV vaccine provides 100% protection against persistent infection from high-risk HPV types [4] - Most observed adverse events are mild to moderate and typically resolve on their own, similar to common reactions from other vaccines [4][5] Group 5: Research and Development - The vaccine was developed by a team from Xiamen University and Wantai Biological Pharmacy, utilizing a novel technology platform that has established a complete system of independent intellectual property rights [5]

Core Viewpoint - The first domestic nine-valent HPV vaccine in China has been administered in Shenzhen, marking a significant step in the country's ability to independently supply high-quality HPV vaccines, making China the second country globally to achieve this milestone [1][6]. Group 1: HPV Vaccine Introduction - The nine-valent HPV vaccine is approved for women aged 9 to 45, targeting two peak infection age groups: under 25 and 40-44 [6]. - The vaccine covers nine types of HPV, including seven high-risk types, and offers a reduced dosage schedule for younger girls, requiring only two doses for those aged 9-17, while women aged 18-45 need three doses [6]. - The price of the vaccine is set at 520 yuan per dose, making it more accessible and affordable for the public [6]. Group 2: Cervical Cancer Statistics and Prevention - Cervical cancer poses a significant health threat to women in China, with 151,000 new cases reported in 2022, the highest globally [5]. - The incidence of cervical cancer in China has been rising since 2000, with a trend towards younger age groups, particularly among women under 25 [5]. - HPV is responsible for 99.7% of cervical cancer cases, and vaccination is recognized as one of the safest and most effective preventive measures [5]. Group 3: Vaccine Development and Technology - The nine-valent HPV vaccine was developed by a team led by Academician Xia Ning Shao from Xiamen University in collaboration with Wantai Biological Pharmacy [7]. - The vaccine utilizes a globally innovative E. coli virus-like particle expression technology platform, overcoming long-standing technical barriers and establishing a complete system of independent intellectual property rights [7]. Group 4: Expert Recommendations - Experts emphasize the importance of vaccination to prevent persistent HPV infections, which are a significant risk factor for cervical cancer [7]. - It is recommended that eligible women, especially girls aged 9-14, should receive the HPV vaccine to protect themselves effectively [6][7].

Core Viewpoint - The company aims to build a comprehensive R&D system by benchmarking against world-class vaccine enterprises through a diversified model of "independent research + external cooperation + technology introduction" [1] Group 1 - The company is actively promoting international market expansion [1] - The company is enriching its product pipeline and diversifying its business layout [1] - The company is enhancing brand value and facilitating global cooperation [1] Group 2 - The company seeks to improve international brand influence through coordinated efforts across the entire industry chain [1]

Core Insights - The company has successfully sold its bivalent HPV vaccine in multiple overseas markets including Angola, Pakistan, Belarus, Cuba, Madagascar, Nicaragua, Nepal, El Salvador, Thailand, Tunisia, and Guatemala [1] Summary by Categories - **Product Development** - The bivalent HPV vaccine has achieved sales in various international markets, indicating successful product penetration and acceptance [1] - **Market Expansion** - The company has expanded its market reach to 11 countries, showcasing its international growth strategy and potential for further expansion [1]

Group 1 - The company has successfully sold its bivalent HPV vaccine in several countries, including Angola, Pakistan, Belarus, Cuba, Madagascar, Nicaragua, Nepal, El Salvador, Thailand, Tunisia, and Guatemala [1]