Group 1 - The price of the imported Merck nine-valent HPV vaccine has significantly decreased in several cities, with promotional offers reducing the effective price to around 700 yuan per dose from the original price of 1320 yuan [1][2] - The market for the nine-valent HPV vaccine has shifted dramatically, with the once exclusive Merck vaccine facing competition from domestic manufacturers, leading to a more accessible supply [2][4] - The inventory pressure on Zhifei Biological, the agent for Merck's vaccine, is evident, with a 14.8% year-on-year decline in the batch issuance of the nine-valent vaccine and a staggering 95.49% drop for the four-valent vaccine [3] Group 2 - The approval of the domestic nine-valent HPV vaccine "Xinkening 9" by Wantai Biological has disrupted the market, with a potential price point around 700 yuan, effectively halving the original price of the imported vaccine [4] - Other domestic companies, including Kanglaisheng, Watson Bio, and Shanghai Bowei, are also nearing the launch of their nine-valent HPV vaccines, which is expected to reignite price competition in the market [5] - The anticipated release of more domestic nine-valent vaccines marks the beginning of a trend towards greater affordability and accessibility in the HPV vaccine market [5]

事实上，在对手到来之前，智飞生物就发现，九价HPV疫苗很 难卖动了。严重滞销和压货、艰难的回款，让其近一年多来业 绩暴跌。 作者：张铃 封图：图虫创意 2025年6月以来，在智飞生物（300122.SZ）总部所在地重庆市，九价HPV疫苗惠民活动在多个区 县陆续启动，全程接种"免费送1针"，预计能省1300元。 一位疾控人士告诉经济观察报："智飞生物这样做是在去库存，同时在对手到来前努力占市场。" 6月4日，由中国首富钟睒睒实际控制的万泰生物（603392.SH）的九价HPV疫苗上市，成为全球第 二款同类疫苗，直接与智飞生物短兵相接。 事实上，在对手到来之前，智飞生物就发现，九价HPV疫苗很难卖动了。严重滞销和压货、艰难 的回款，让其近一年多来业绩暴跌。 2025年5月，在一场业绩交流会上，智飞生物包括创始人蒋仁生在内的管理层罕见坦言：从总体经 营情况看，公司当前确实遇到了经营困难。 经济观察报注意到，2025年4月以来，在重庆市之外，还有福建福州、陕西西安、湖南长沙、河北 秦皇岛、河北衡水、黑龙江哈尔滨等地推出九价HPV疫苗惠民活动。这是九价HPV疫苗第一次大 规模开展惠民活动，这类优惠活动以往一般只在2价和 ...

证券代码：603392 证券简称：万泰生物 公告编号：2025-035 北京万泰生物药业股份有限公司 关于使用部分闲置募集资金 进行现金管理的进展公告 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： 履行的审议程序：北京万泰生物药业股份有限公司（以下简称"公司"） 于2025年1月14日召开第六届董事会第六次会议、第六届监事会第六次会议， 审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司 使用最高额度不超过人民币15亿元（含）的暂时闲置非公开发行股票募集资 金适时投资安全性高、流动性好的保本型产品，单项产品期限最长不超过12 个月。该额度自公司董事会审议通过之日起12个月内有效，可由公司及全资 子公司共同循环滚动使用。具体内容详见公司于指定信息披露媒体披露的 《北京万泰生物药业股份有限公司关于使用部分闲置募集资金进行现金管 理的公告》（公告编号：2025-004）。 一、本次现金管理概况 （一）现金管理目的 鉴于公司募投项目均有一定的实施周期，为提高募集资金的使用效率和资金 效益，公司在确保不 ...

Core Viewpoint - The company has approved the use of idle fundraising for cash management, allowing investment in safe, liquid principal-protected products up to a maximum of RMB 1.5 billion [2][11]. Group 1: Cash Management Overview - The company plans to use idle funds from its non-public stock issuance to invest in principal-protected financial products, enhancing the efficiency and returns of the raised funds while ensuring no impact on ongoing projects [4][9]. - The cash management will involve a maximum of RMB 800 million in a structured deposit product from Hangzhou Bank, with a term of 364 days [6][10]. Group 2: Financial Product Redemption - The company redeemed a structured deposit product from Hangzhou Bank worth RMB 50 million, receiving the principal and a return of RMB 585,900 on June 6, 2025 [3]. Group 3: Financial Situation and Impact - As of March 31, 2025, the company's cash reserves were RMB 1,874.59 million, with the cash management investment representing 4.27% of total cash, indicating minimal impact on financial health [11]. - The use of idle funds for cash management is expected to improve fund utilization efficiency and generate returns for shareholders without affecting the company's operational projects [11].

证券代码：603392 证券简称：万泰生物 公告编号：2025-034 北京万泰生物药业股份有限公司 关于使用部分闲置募集资金进行现金管理 到期赎回并继续进行现金管理的公告 （一）现金管理目的 鉴于公司募投项目均有较长的实施周期，为提高募集资金的使用效率和资金 效益，公司在确保不影响募集资金投资项目建设和募集资金使用的情况下，使用 部分闲置募集资金投资保本型理财产品，有利于提高募集资金的使用效率，增加 公司收益，保证股东利益最大化。 （二）资金来源 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： 履行的审议程序：北京万泰生物药业股份有限公司（以下简称"公司"） 于2025年1月14日召开第六届董事会第六次会议、第六届监事会第六次会议，审 议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司使用最 高额度不超过人民币15亿元（含）的暂时闲置非公开发行股票募集资金适时投资 安全性高、流动性好的保本型产品，单项产品期限最长不超过12个月。该额度自 公司董事会审议通过之日起12个月内有效，可由公司及全资子公 ...

Investment Rating - Investment Rating: Positive [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 3.36%, ranking 6th among 31 primary industries, outperforming the CSI 300 index, which decreased by 0.21% [5][17] - The valuation of the pharmaceutical and biotechnology industry as of June 6, 2025, is 28.24x (TTM, excluding negative values), up from 27.60x in the previous period, indicating an upward trend but still below the average [5][23] - Notable sub-industry performance includes chemical preparations and other biological products, with increases of 5.77% and 4.68% respectively, while offline pharmacies saw a decline of 1.15% [5][17] Industry Review - The report highlights three major investment opportunities: 1) Companies with dual-antibody/multi-antibody technology platforms that have differentiated target design capabilities and clinical advancement efficiency are likely to attract international giants [9] 2) Areas with unmet clinical needs, such as advanced liver cancer and non-small cell lung cancer, are promising for dual-antibody therapy development [9] 3) Potential license-out candidates, as domestic innovative pharmaceutical companies continue to engage in global collaborations [9] Important Industry News - CDE launched the "Star Plan" to encourage the development of pediatric anti-cancer drugs, addressing significant unmet clinical needs in this area [7][32] - Alcon's dry eye medication "Tryptyr" received FDA approval, marking it as the first of its kind globally [39] - Hansoh Pharmaceutical's third-generation EGFR-TKI "Amivantamab" was approved in the UK for first-line treatment of NSCLC, becoming the first domestically developed EGFR-TKI approved overseas [42] - BMS and BioNTech entered a collaboration for the dual-antibody candidate BNT327, with an upfront payment of $1.5 billion and potential milestone payments of $7.6 billion [51] Company Dynamics - Stone Pharmaceutical is negotiating three potential deals totaling $5 billion, involving several products including EGFR ADCs [49] - BMS's "Rotecip" was approved for treating lower-risk myelodysplastic syndromes, marking a significant innovation in this therapeutic area [45] - AbbVie’s JAK inhibitor "Upadacitinib" was approved for treating giant cell arteritis, becoming the first approved treatment for this condition in China [48]

Core Viewpoint - The approval of the first domestic nine-valent HPV vaccine, Xinkening®9, by Wantai Biological Pharmacy, marks a significant breakthrough in China's vaccine industry, challenging Merck's long-standing monopoly in the market [1][26]. Summary by Sections R&D and Product Value - Wantai Biological invested approximately 1 billion yuan over 18 years to develop Xinkening®9, achieving three major breakthroughs in vaccine technology [3][12]. - The vaccine utilizes an innovative E. coli expression system, resulting in higher immunogenicity, cost-effectiveness, and complete proprietary intellectual property [5][6]. Efficacy and Safety - Xinkening®9 can prevent infections from nine HPV types, covering over 90% of HPV-related infections, with proven efficacy and safety comparable to imported vaccines [6][7]. - A head-to-head study published in The Lancet confirmed that both domestic and imported vaccines had a 100% seroconversion rate for neutralizing antibodies [7]. Administration and Accessibility - The vaccine offers flexible dosing schedules: a two-dose regimen for females aged 9-17 and a three-dose regimen for those aged 18-45, making it more accessible compared to imported alternatives [11][12]. Pricing Strategy - The market is keenly awaiting the pricing strategy for Xinkening®9, with current expectations based on the pricing of the only other available nine-valent HPV vaccine, Gardasil®9, which costs around 1300 yuan per dose [13][14]. - Two main pricing strategies are anticipated: an aggressive pricing approach or a price set at 50%-70% of the imported vaccine's cost [14][15]. Market Potential and Growth - If priced between 700 to 800 yuan per dose, Xinkening®9 could balance commercial viability and social responsibility, addressing the significant gap in HPV vaccination rates in China [16][17]. - The global demand for HPV vaccines is robust, with projections estimating Xinkening®9 could reach sales of 22.8 billion yuan [23]. Future Expansion - Wantai Biological plans to expand into the male market and pursue international opportunities, leveraging its WHO pre-certification and existing market access in various countries [25]. - The approval of Xinkening®9 signifies a shift in China's vaccine industry from catching up to leading in core product development [26].

Core Viewpoint - Wantai Biological's 9-valent HPV vaccine has been approved in China, breaking the long-standing foreign monopoly and potentially reversing the company's declining revenue and profit trend [1][2]. Group 1: Company Performance - Wantai Biological's revenue and profit have been declining for several years, with reported revenues of 111.85 billion yuan in 2022, 55.11 billion yuan in 2023, and a projected 22.45 billion yuan in 2024. Net profits were 47.36 billion yuan, 12.48 billion yuan, and 1.06 billion yuan for the same years [4]. - In Q1 2025, the company continued to face challenges, with revenue of 4.01 billion yuan, a year-on-year decline of 46.76%, and a net loss of 0.53 billion yuan, a staggering decline of 141.98% [4]. Group 2: Market Dynamics - The approval of the 9-valent HPV vaccine is expected to boost Wantai's performance in 2025, as it can capture market share from Merck, which currently has the only competing product [8]. - The 9-valent HPV vaccine offers broader protection compared to the 2-valent version, which may enhance its market appeal [8]. Group 3: Competitive Landscape - The domestic HPV vaccine market has become increasingly competitive, with prices for the 2-valent HPV vaccine dropping significantly from 329 yuan to 86 yuan, leading to a substantial revenue decline for Wantai's vaccine segment [6][10]. - The market is expected to see more competitors entering with their own 9-valent HPV vaccines by 2026, which could lead to further price wars and impact Wantai's ability to maintain growth [15][16]. Group 4: Future Outlook - While the approval of the 9-valent HPV vaccine is a positive development for Wantai, the long-term growth outlook remains uncertain due to potential pricing pressures and increased competition from other domestic manufacturers [16].

证券代码：603392 证券简称：万泰生物 公告编号：2025-033 北京万泰生物药业股份有限公司 关于使用部分闲置募集资金 进行现金管理到期赎回的公告 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。 公司购买上述理财产品的具体情况详见公司于2024年6月6日在指定信息披 露媒体披露的《北京万泰生物药业股份有限公司关于使用部分闲置募集资金进行 现金管理的进展公告》（公告编号：2024-045）。 二、截至本公告日，公司最近十二个月使用募集资金理财的情况 | 序号 | 现金管理产品名称 | 实际投入金额 | 实际收回本金 | 实际收益 | 尚未收回 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 本金金额 | | | 1 | 工商银行理财产品 | 180,000.00 | 110,000.00 | 1,650.98 | 70,000.00 | | | 2 | 宁波银行理财产品 | 40,000.00 | 40,000.00 | 1,153.64 | | - ...

Core Viewpoint - WanTai Biologics has received approval for its nine-valent HPV vaccine, making it the first domestic and second globally to be approved for market release, which is expected to help restore the company's financial performance after recent declines [1][2][7]. Group 1: Product Approval and Market Impact - The nine-valent HPV vaccine, named "Xinkening 9," is approved for women aged 9 to 45, with different dosing schedules for different age groups [2][3]. - The vaccine covers seven high-risk HPV types and two low-risk types, aiming to prevent related diseases, including cervical cancer, which is the most common malignant tumor among women [2][3]. - WanTai Biologics has invested approximately 1 billion yuan in the development of the nine-valent HPV vaccine [1][6]. Group 2: Financial Performance and Challenges - WanTai Biologics previously achieved significant revenue growth, with annual revenues of 23.54 billion yuan, 57.50 billion yuan, and 111.85 billion yuan from 2020 to 2022, alongside net profits of 6.77 billion yuan, 20.21 billion yuan, and 47.36 billion yuan during the same period [4]. - However, in 2023, the company faced a sharp decline in performance, with revenues and net profits dropping to 55.11 billion yuan and 12.48 billion yuan, respectively, marking decreases of 50.73% and 73.65% [5]. - The vaccine segment's revenue fell by 53.37% to 39.60 billion yuan, with the two-valent HPV vaccine's revenue declining by approximately 4.2 billion yuan compared to the previous year [5]. Group 3: Market Sentiment and Future Outlook - The approval of the nine-valent HPV vaccine is seen as a potential catalyst for revenue growth, although concerns remain about the sustainability of this growth due to previous price wars in the two-valent HPV vaccine market [7][8]. - The stock price of WanTai Biologics has recently surged, reaching a new high of 78.36 yuan per share, reflecting a 30% increase over two months [8].