Core Viewpoint - WanTai Bio is a leading supplier of in vitro diagnostic reagents and vaccines in China, with strong R&D capabilities and a wide product line [1] Group 1: Business Performance - For Q3 2025, WanTai Bio reported revenue of 1.498 billion yuan, ranking 6th among 14 companies in the industry, while the industry leader, Liaoning Chengda, had revenue of 8.114 billion yuan [2] - The net profit for the same period was -174 million yuan, placing the company 12th in the industry, with the top performer, Liaoning Chengda, achieving a net profit of 1.453 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, WanTai Bio's debt-to-asset ratio was 14.60%, slightly up from 14.45% year-on-year, and significantly lower than the industry average of 27.82% [3] - The gross profit margin for Q3 2025 was 53.58%, down from 71.83% year-on-year, and below the industry average of 63.72% [3] Group 3: Executive Compensation - The chairman, Qiu Zixin, received a salary of 1.8 million yuan in 2024, a decrease of 249,200 yuan from 2023 [4] - The general manager, Jiang Zhiming, earned 2.2808 million yuan in 2024 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 9.41% to 42,000, while the average number of shares held per shareholder decreased by 8.60% to 30,100 shares [5] - Hong Kong Central Clearing Limited was the fifth-largest shareholder, holding 12.8991 million shares, a decrease of 9.8553 million shares from the previous period [5] Group 5: Future Outlook - According to Guotou Securities, WanTai Bio's Q1 2025 performance was under pressure, with revenue of 401 million yuan, a year-on-year decline of 46.76%, and a net loss of 53 million yuan [6] - The company is progressing well with its nine-valent HPV vaccine, which is in the listing application stage, and several innovative vaccine pipelines are advancing as planned [6] - Guotou Securities projects revenues of 3.17 billion yuan, 11.4 billion yuan, and 28.63 billion yuan for 2025 to 2027, with corresponding net profits of 350 million yuan, 2.13 billion yuan, and 6.01 billion yuan [6]

Core Points - The Chinese government has included the HPV vaccine in the national immunization program, offering free vaccinations to girls born after November 10, 2011, who are at least 13 years old [1][2] - This marks the first significant expansion of the immunization program in 18 years, indicating an improvement in vaccine research and production capabilities in China [1][2] - The HPV vaccine is crucial for reducing the risk of cervical cancer, with over 70% of cases preventable through vaccination [2][3] Group 1: Policy and Health Impact - The inclusion of the HPV vaccine aims to address the rising incidence and mortality rates of cervical cancer in China, with 151,000 new cases and 56,000 deaths reported in 2022 [2][3] - Vaccination before the onset of sexual activity is emphasized for optimal protection, as studies show that girls aged 9 to 14 produce over twice the antibody levels compared to those over 15 [3][4] - The initiative is expected to promote health equity by reducing disparities in vaccination rates across different regions and income groups [2][3] Group 2: Market Dynamics - The market for the HPV vaccine is projected to reach approximately 3.8 billion RMB from 2025 to 2030, driven by both existing and new demand [6][8] - The existing market consists of girls aged 9 to 15 who missed vaccination, estimated at around 40.75 million, potentially generating a market size of about 2.24 billion RMB [7] - The new market includes approximately 43.7 to 49.5 million girls entering the vaccination age annually, contributing an estimated 1.6 billion RMB over six years [8] Group 3: Pricing Trends - The price of the HPV vaccine has significantly decreased, with the national procurement price set at approximately 27.5 RMB per dose for the 2025 immunization program [5][9] - Competitive bidding has led to prices dropping from over 300 RMB to as low as 29.50 RMB, indicating a price war among suppliers [5][9] - The cost breakdown for vaccine production shows a profit margin of 17% at the new procurement price, raising questions about sustainability in the long term [9][10] Group 4: Company Responses - Currently, only two companies, Wantai Biological Pharmacy and Watson Bio, supply the bivalent HPV vaccine in China, with Wantai being the only one to report significant production in the first half of the year [1][10] - Watson Bio has indicated that it will adjust its production and sales strategies in response to market conditions following the immunization program's changes [1][10]

Core Viewpoint - The inclusion of the HPV vaccine in the national immunization program is set to significantly reduce disease burden and enhance public health, while intensifying market competition and accelerating industry restructuring [2][6]. Group 1: National Immunization Program - The National Health Commission and seven other departments announced that the HPV vaccine will be included in the national immunization program starting November 10, 2025, providing free vaccinations for girls born after November 10, 2011, who are at least 13 years old [1][7]. - Approximately 60% of eligible girls in China have already benefited from local government initiatives providing free HPV vaccinations [1][6]. - The program aims to address the rising incidence and mortality rates of cervical cancer in China, particularly among younger women [6][7]. Group 2: Market Dynamics - The government procurement project for the HPV vaccine has a budget of approximately 425 million yuan, with a total of 15.4465 million doses planned, and a maximum price of 27.5 yuan per dose [10][12]. - Currently, three bivalent HPV vaccines are approved in China, with increasing competition as domestic products enter the market, challenging the previous foreign monopolies [10][12]. - The HPV vaccine market is experiencing intensified competition, leading to structural adjustments within the industry [11][12]. Group 3: Financial Performance - Major companies in the HPV vaccine market, such as Wantai Biological Pharmacy and Watson Bio, are facing significant revenue declines, with Wantai's revenue dropping by 23.09% in the first three quarters of 2023 [12][13]. - Watson Bio's revenue also decreased by 19.73% in the same period, indicating a challenging financial environment for leading firms [12][13]. - Despite short-term pressures, the long-term growth potential of the HPV vaccine market remains strong, with projections estimating the market size to reach 69 billion yuan by 2030 [13].

Core Viewpoint - The inclusion of the HPV vaccine in the national immunization program is expected to significantly reduce the disease burden and improve public health, while also intensifying market competition and accelerating industry restructuring [2][4]. Group 1: National Immunization Program - The National Health Commission and other departments have announced that starting from November 10, 2025, the HPV vaccine will be included in the national immunization program, providing free vaccinations for girls born after November 10, 2011, who are at least 13 years old [1][5]. - Currently, three types of bivalent HPV vaccines are approved in China, including those from WanTai Bio and Watson Bio, as well as GSK's Cervarix [1][8]. Group 2: Market Dynamics - The government procurement project for the bivalent HPV vaccine has a budget of approximately 425 million yuan, with a total of 15.4465 million doses planned, indicating a competitive landscape with only two manufacturers involved [8]. - The HPV vaccine market in China is experiencing increased competition, with prices for bivalent vaccines dropping significantly; for instance, the price fell from 329 yuan at launch to as low as 27.5 yuan in recent government procurement projects [9][10]. Group 3: Industry Challenges and Opportunities - Major companies like WanTai Bio and Watson Bio are facing significant revenue declines, with WanTai's revenue dropping by 23.09% in the first three quarters of 2023, marking its first loss since going public [10]. - Despite short-term challenges, the long-term growth potential of the HPV vaccine market remains strong, with projections indicating the market could grow from 13.5 billion yuan in 2020 to 69 billion yuan by 2030 [10].

北京市中伦律师事务所 关于北京万泰生物药业股份有限公司 2025 年第一次临时股东会的法律意见书 二〇二五年十月 北京市中伦律师事务所 关于北京万泰生物药业股份有限公司 2025 年第一次临时股东会的法律意见书 致：北京万泰生物药业股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受北京万泰生物药业股份有限 公司（以下简称"公司"）的委托，就公司 2025 年第一次临时股东会（以下简称 "本次会议"）相关事宜，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》《上海证券交易所股票上市规则》等法律、法规和 规范性文件及现行有效的《北京万泰生物药业股份有限公司章程》（以下简称《公" 司章程》"），依法出具本法律意见书。 本法律意见书仅就本次会议的召集和召开程序、出席会议人员资格、召集人 资格、本次会议表决程序及表决结果等事项发表法律意见，并不对本次大会所审 议议案的内容以及前述议案所表述的事实或数据的真实性和准确性发表意见。本 所律师并假定：公司提交给本所律师的所有资料（包括但不限于有关人员的居民 身份证、授权委托书、营业执照、股东名册、网络投票结果等）均真实、准确、 完整；该等资 ...

证券代码：603392 证券简称：万泰生物 公告编号：2025-054 北京万泰生物药业股份有限公司 2025年第一次临时股东会决议公告 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： 本次会议是否有否决议案：无 二、 议案审议情况 (一)非累积投票议案 一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 10 月 31 日 (二)股东会召开的地点：北京市昌平区科学园路 31 号公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 618 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 989,569,982 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 78.2644 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等 本次股东会由公司董事会召集并发布公告通知，由公司董事长邱子欣先生主 持。会议表决方式为现场和网络投 ...

证券代码：603392 证券简称：万泰生物 公告编号：2025-055 北京万泰生物药业股份有限公司 关于注销部分回购股份并减少注册资本 暨通知债权人的公告 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。 本次回购股份注销完成后，公司股份总数将由1,265,122,774股减少至 1,264,392,804股，注册资本将由1,265,122,774元减少为1,264,392,804元。 二、需债权人知晓的相关信息 一、通知债权人的原由 北京万泰生物药业股份有限公司（以下简称"公司"）于2025年10月15日召 开第六届董事会第十次会议、第六届监事会第十次会议，审议通过了《关于变更 部分回购股份用途并注销的议案》。公司拟将回购专用证券账户中已回购但尚未 使用的729,970股股份用途由"用于员工持股计划或股权激励"变更为"用于注 销并减少注册资本"。以上议案已经2025年10月31日召开的公司2025年第一次临 时股东会审议通过。具体内容详见公司于2025年10月16日、2025年11月1日在指 定信息披露媒体披露的《北京万泰生 ...

Group 1 - The core point of the article is the inclusion of the HPV vaccine in the national immunization program starting from November 10, 2025, providing free vaccinations for girls born after November 10, 2011, who are 13 years old or older [1] - The initiative aims to maximize prevention effectiveness and reduce the incidence and mortality rates of cervical cancer, based on WHO recommendations and China's national conditions [1] - The Chinese Center for Disease Control and Prevention (CDC) will be responsible for aggregating vaccine demand and conducting centralized procurement, with a budget of 425 million yuan [1] Group 2 - The HPV vaccine to be provided is the bivalent type, with a recommended two-dose schedule spaced six months apart [1] - The suppliers for the vaccine will be Wantai Biological Pharmacy and Watson Biotech, which is expected to enhance vaccination rates and promote health equity [1]

Group 1 - The inclusion of the HPV vaccine in the national immunization program marks a significant breakthrough in public health in China, with over 10 million eligible girls expected to benefit annually from the free vaccination policy starting November 10, 2025 [1][2] - The two-valent HPV vaccine can prevent approximately 70% of cervical cancer cases, which is a major advancement in cervical cancer prevention [1][5] - The market demand for HPV vaccines is projected to reach tens of millions of doses annually, with the market size expected to exceed 10 billion RMB, indicating a substantial growth opportunity for domestic vaccine manufacturers [1][5][6] Group 2 - The government has allocated a budget of approximately 425 million RMB for the centralized procurement of the two-valent HPV vaccine, with an estimated procurement price of 27.5 RMB per dose [5] - The total market size for the national immunization program from 2025 to 2030 is estimated to be around 3.8 billion RMB, which includes both new eligible girls and existing populations needing booster shots [5][6] - The policy is expected to enhance public awareness and willingness to receive HPV vaccinations, potentially increasing demand for self-paid vaccinations among other age groups [5][6] Group 3 - Domestic vaccine companies such as Wantai Biological Pharmacy and Watson Bio are leading the charge in the HPV vaccine market, with significant advancements in technology and production capacity [6][8] - Wantai Biological's two-valent HPV vaccine was the first domestically produced vaccine to break the monopoly of imported vaccines, and the company has also developed the first nine-valent HPV vaccine in China [8][9] - The competition among domestic companies is expected to ensure supply security and drive technological innovation, while also reducing costs and enhancing industry safety and self-sufficiency [9]

Core Insights - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with total revenue at 1.5 billion yuan, down 23.1% year-on-year, and a net loss of 173 million yuan, down 165.0% year-on-year [1] - In Q3 2025, the company experienced a revenue increase of 12.5% year-on-year, totaling 655 million yuan, but still reported a net loss of 29.38 million yuan, a decline of 576.3% year-on-year [1] - The company’s non-recurring net profit also worsened, with a loss of 650.1 million yuan compared to a loss of 225.2 million yuan in the same period last year, marking an 850.4% decline [1] Business Developments - During the reporting period, the company completed the batch release of 9 batches of its nine-valent HPV vaccine, gained access in 16 provinces, and initiated first vaccinations in 7 provinces/regions [1] - The international business of the vaccine showed robust growth, with approximately 15.05 million doses exported, representing a threefold increase compared to 2024 and a sixfold increase compared to 2023 [1] - As of the end of the reporting period, the company’s vaccine received market access in 24 overseas countries, including Angola, Pakistan, and Belarus [1]