[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) This section provides crucial disclaimers, the report's table of contents, and definitions of key terms, ensuring clarity and context for readers [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board of Directors, Supervisory Board, and senior management guarantee the accuracy and completeness of the semi-annual report, with all directors attending the review meeting - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - Company head Li Yunchun, chief accountant Wu Changxiong, and head of accounting department Wu Changxiong declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Content | | :--- | :--- | | **Cash dividend per 10 shares** | $0.30 (tax inclusive) | | **Bonus shares** | 0 shares (tax inclusive) | | **Capital reserve to share capital** | No transfer | | **Share capital base** | Total share capital of the company on the equity registration date determined in the 2025 semi-annual equity distribution implementation announcement, deducting shares in the company's buyback special securities account | [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's eight main chapters, providing investors with a comprehensive overview of its overall structure - The report includes eight main chapters, covering comprehensive information on company operations, finance, governance, and significant matters[6](index=6&type=chunk) [Directory of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section specifies the types and location of the company's reference documents for the reporting period, all kept at the Board of Directors' office - Reference documents include financial statements signed and sealed by the legal representative, chief accountant, and head of the accounting department[8](index=8&type=chunk) - Reference documents also include the original text of the 2025 semi-annual report, sealed by the company and signed by the legal representative[9](index=9&type=chunk) - All reference documents are kept at the company's Board of Directors' office[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, covering regulatory bodies, company entities, key products, and the reporting period, ensuring clear understanding - Definitions cover regulatory bodies such as the China Securities Regulatory Commission, National Medical Products Administration, and Shenzhen Stock Exchange[11](index=11&type=chunk) - The company's main products include 13-valent pneumococcal conjugate vaccine, bivalent HPV vaccine, and 9-valent HPV vaccine[11](index=11&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents key financial data and indicators for the reporting period [I. Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) The company, Walvax Biotechnology Co., Ltd., is listed on the Shenzhen Stock Exchange under stock code 300142, with Li Yunchun as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | **Stock Abbreviation** | Walvax Bio | | **Stock Code** | 300142 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Chinese Name** | Yunnan Walvax Biotechnology Co., Ltd. | | **Legal Representative** | Li Yunchun | [II. Contact Persons and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Li Yunchun and Securities Affairs Representative is Yang Yongxiang, both reachable at 395 Kexin Road, High-tech Zone, Kunming, Yunnan, via phone/fax 0871-68312779, and email ir@walvax.com Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | **Board Secretary** | Li Yunchun | 395 Kexin Road, High-tech Zone, Kunming, Yunnan Province | 0871-68312779 | 0871-68312779 | ir@walvax.com | | **Securities Affairs Representative** | Yang Yongxiang | 395 Kexin Road, High-tech Zone, Kunming, Yunnan Province | 0871-68312779 | 0871-68312779 | ir@walvax.com | [III. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes to the company's registered address, office address, website, email, information disclosure, or registration details, as detailed in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[16](index=16&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[17](index=17&type=chunk) - The company's registration status remained unchanged during the reporting period[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue decreased by **19.47%**, net profit attributable to shareholders fell by **74.69%**, and non-recurring net profit declined by **80.52%**, while operating cash flow increased by **28.77%** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period ($) | Prior Year Period ($) | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,154,212,387.00 | 1,433,348,556.33 | -19.47% | | **Net Profit Attributable to Shareholders of Listed Company** | 43,160,638.40 | 170,560,456.72 | -74.69% | | **Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses** | 28,442,672.68 | 145,990,463.22 | -80.52% | | **Net Cash Flow from Operating Activities** | 116,657,084.35 | 90,596,392.55 | 28.77% | | **Basic Earnings Per Share** | 0.0273 | 0.1066 | -74.39% | | **Diluted Earnings Per Share** | 0.0273 | 0.1066 | -74.39% | | **Weighted Average Return on Net Assets** | 0.45% | 1.81% | -1.36% | | **Total Assets (End of Period)** | 14,002,501,832.95 | 14,724,311,909.25 | -4.90% | | **Net Assets Attributable to Shareholders of Listed Company (End of Period)** | 9,496,660,286.66 | 9,429,543,133.67 | 0.71% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=%E4%BA%94%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%8F%82) During the reporting period, the company reported no differences in net profit or net assets between financial statements prepared under international or overseas accounting standards and those under Chinese accounting standards - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under International Accounting Standards versus Chinese Accounting Standards[20](index=20&type=chunk) - The company's financial reports for the reporting period show no differences in net profit and net assets when disclosed under overseas accounting standards versus Chinese Accounting Standards[21](index=21&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for the first half of 2025 amounted to **$14.72 million**, primarily from government grants and fair value changes in financial assets, notably a **$13.42 million** gain from Hong Kong-listed stock price increases 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount ($) | Explanation | | :--- | :--- | :--- | | **Gains and losses from disposal of non-current assets** | -468,892.91 | | | **Government grants recognized in current profit and loss** | 3,064,888.58 | | | **Gains and losses from changes in fair value** | 13,422,300.00 | Due to the increase in the period-end prices of shares held by the company in Hong Kong-listed Sirnaomics, Ltd. and Genor Biopharma Co., Ltd., resulting in fair value change gains of $28.357 million during the reporting period, and the comprehensive impact of fair value changes in other equity investments held by the company | | **Other non-operating income and expenses** | -666,682.33 | | | **Less: Income tax impact** | 129,080.78 | | | **Minority interests impact (after tax)** | 504,566.84 | | | **Total** | 14,717,965.72 | | - The company has no other profit and loss items that meet the definition of non-recurring gains and losses[24](index=24&type=chunk) - The company has not classified non-recurring gains and losses items as recurring gains and losses items[24](index=24&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive analysis of the company's operations, financial performance, and strategic initiatives during the reporting period [I. Main Business Activities During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) As a high-tech biopharmaceutical company, the company focuses on human vaccine R&D, production, and sales, making progress in product sales, batch release, new product development, and international cooperation during the reporting period [ (I) Overview of the Pharmaceutical Industry Development](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8C%BB%E8%8D%AF%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%A6%82%E5%86%B5) The global pharmaceutical market is projected to reach **$2.4 trillion** by 2029, driven by AI, aging populations, and biomanufacturing, with China's biopharmaceutical market also experiencing significant growth and international expansion - The global pharmaceutical market is expected to reach approximately **$2.4 trillion** by 2029, with an estimated compound annual growth rate of **5%-8%**[26](index=26&type=chunk) - The number of global drugs in development reached a new high of **23,875**, a year-on-year increase of **4.60%**, with the rise of biotechnological drugs[27](index=27&type=chunk) - China's biopharmaceutical market size is expected to reach **$162.8 billion** by 2030, accounting for **22.2%** of the global market share[29](index=29&type=chunk) - In the first half of 2025, China's pharmaceutical product exports amounted to **$54.539 billion**, a year-on-year increase of **3.8%**[31](index=31&type=chunk) [ (II) Overview of the Vaccine Industry Development](index=12&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%96%AB%E8%8B%97%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%A6%82%E5%86%B5) The global vaccine market reached **$77 billion** in 2023, with a five-year CAGR of **15%**, driven by innovative R&D and mRNA technology, while China's vaccine exports grew by **41.92%**, and Walvax's bivalent HPV vaccine achieved WHO PQ certification - The global vaccine market size reached **$77 billion** in 2023, with a five-year compound annual growth rate of **15%**[33](index=33&type=chunk) - In 2024, China's human vaccine export value was **$212 million**, a year-on-year increase of **41.92%**[38](index=38&type=chunk) - Walvax Bio's bivalent HPV vaccine passed WHO PQ certification, becoming the **11th** Chinese vaccine to receive WHO prequalification[39](index=39&type=chunk) [ (III) Significant Industry Regulations and Policy Changes](index=15&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E9%87%8D%E8%A6%81%E6%B3%95%E8%A7%84%E5%92%8C%E6%94%BF%E7%AD%96%E5%8F%98%E5%8C%96) During the reporting period, the NMPA issued several key regulations and policies, including guidelines for preventing commercial bribery, non-clinical research for mRNA vaccines, and biological product registration, to standardize the industry and support innovation - The State Administration for Market Regulation issued the "Compliance Guidelines for Pharmaceutical Enterprises to Prevent Commercial Bribery Risks"[40](index=40&type=chunk) - The Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) issued the "Technical Guidelines for Non-Clinical Research of Prophylactic mRNA Vaccines"[40](index=40&type=chunk) - The CDE of the NMPA issued the "Guidelines for Acceptance and Review of Biological Product Registration (Trial)"[40](index=40&type=chunk) [ (IV) Overall Operating Performance During the Reporting Period](index=15&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%80%BB%E4%BD%93%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In the first half, the company focused on its core business, achieving **$1.094 billion** in proprietary vaccine sales, a **94.82%** share of total revenue, with **6.28%** growth in 13-valent pneumococcal conjugate vaccine batch releases and **$214 million** in overseas revenue 2025 First Half Proprietary Vaccine Product Sales and Batch Release | Indicator | Amount/Quantity | | :--- | :--- | | **Proprietary vaccine product sales revenue** | $1,094.46 million | | **Percentage of total operating revenue** | 94.82% | | **Total batch release of marketed vaccine products** | 7,624,800 doses | | **13-valent pneumococcal conjugate vaccine batch release** | 1,838,280 doses | | **13-valent pneumococcal conjugate vaccine batch release year-on-year growth** | 6.28% | - The company's 20-valent pneumococcal polysaccharide conjugate vaccine received the "Drug Clinical Trial Approval Notice" and is preparing for Phase I clinical studies[43](index=43&type=chunk) - The company is actively promoting the drug registration and marketing application for its novel coronavirus variant mRNA vaccine (Omicron XBB.1.5) and its iterated vaccine, the novel coronavirus variant mRNA vaccine (Omicron JN.1) [43](index=43&type=chunk) - In the first half of 2025, the company achieved overseas business revenue of **$214 million**, with products newly exported to Ghana and Myanmar, accumulating exports to **24** countries and regions[46](index=46&type=chunk) - Subsidiary Yuxi Walvax continues to advance its integration of industrialization and informatization project, having completed the core business management platform, IT infrastructure data center, and information security center, with plans to upgrade its digital platform based on AI technology[48](index=48&type=chunk) - The company revised several policies, including the "Board Audit Committee Work Rules," "Internal Audit Work System," and "Sustainable Development Management System," to improve its compliance and risk prevention system[49](index=49&type=chunk) [ (V) Company's Main Business Model](index=20&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs a hybrid R&D model, combining in-house, collaborative, and licensed projects, with established bacterial and recombinant protein vaccine platforms, and a focus on stringent supplier management, compliant subsidiary production, and market-specific sales strategies - The company adopts a research and development model that emphasizes independent R&D, collaborative R&D, and project introduction, focusing on developing varieties with high medical value, high social value, and urgent market demand[50](index=50&type=chunk) - The procurement model through establishing a systematic supplier management and evaluation system, selects competitive suppliers, and reduces supply chain costs[50](index=50&type=chunk) - All marketed vaccine products are independently produced by subsidiaries Yuxi Walvax and Yuxi Zerun, with production processes strictly adhering to regulations such as the "Drug Administration Law" and "Vaccine Administration Law"[51](index=51&type=chunk) - Domestic market sales adopt a business model primarily based on partner services, while international market sales are determined by the target market's regulations, culture, and management model[52](index=52&type=chunk) [II. Analysis of Core Competitiveness](index=21&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company has built comprehensive core competencies through its forward-looking industry insights, strong proprietary product pipeline, advanced technology platforms, professional marketing, robust industrialization capabilities, leading international presence, and strengthened compliance, notably being the first in China and second globally to market 13-valent pneumococcal conjugate vaccine - The company's board members and core management team possess keen industry insights and strong execution capabilities, ensuring the forward-looking layout of key products and technology platforms[53](index=53&type=chunk) - The company owns **8** independently developed and marketed vaccine products (**14** specifications), covering pneumonia, meningitis, HPV, Hib, and DPT vaccines, making it currently the only vaccine enterprise in China with proprietary products covering the world's top three varieties[54](index=54&type=chunk)[55](index=55&type=chunk) - The company has built an independently controllable and rapidly iterative mRNA vaccine technology platform, as well as mature and stable bacterial vaccine and recombinant protein vaccine technology platforms[55](index=55&type=chunk) - The company has established a "offline promotion service + online marketing" sales model, with products fully covering major CDCs and vaccination units in **31** provinces (autonomous regions, municipalities) nationwide[56](index=56&type=chunk) - The company has built a high-standard, large-scale, modernized vaccine industrialization base, possessing the capability for large-scale production of multi-variety vaccine products, and actively exploring new businesses such as synthetic biology[57](index=57&type=chunk)[58](index=58&type=chunk) - The company's vaccine products have been exported to **24** countries, with two key products included in Morocco's and Egypt's National Expanded Program on Immunization (EPI), and strengthened cooperation with global health organizations and research institutions[58](index=58&type=chunk) - The company has established a work model guided by risk management and focused on compliance supervision, building "three lines of defense" for compliance management, internal control, and risk management[59](index=59&type=chunk) [III. Analysis of Main Business](index=24&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's main business revenue decreased by **19.47%** due to reduced vaccine sales, while operating costs increased by **19.65%**, sales expenses decreased by **24.71%**, R&D investment significantly dropped by **48.53%**, and net cash flow from operating activities grew by **28.77%** Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period ($) | Prior Year Period ($) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 1,154,212,387.00 | 1,433,348,556.33 | -19.47% | Decrease in vaccine product sales revenue | | **Operating Cost** | 343,069,354.13 | 286,728,270.15 | 19.65% | Increase in fixed depreciation and amortization cost per vaccine dose due to reduced vaccine product quantity and changes in the proportion of low-price sales | | **Selling Expenses** | 376,601,671.18 | 500,217,977.21 | -24.71% | Decrease in vaccine product sales revenue | | **Administrative Expenses** | 170,282,241.23 | 123,168,369.15 | 38.25% | Vaccine product expiry and destruction | | **Financial Expenses** | -44,499,651.25 | -27,765,285.34 | -60.27% | Decrease in interest expense due to reduced bank borrowings, offset by fiscal subsidies, and increase in deposit interest income | | **Income Tax Expense** | 19,136,733.95 | 20,177,116.10 | -5.16% | Decrease in total profit | | **R&D Investment** | 161,361,320.05 | 313,515,090.56 | -48.53% | Decrease in R&D investment | | **Net Cash Flow from Operating Activities** | 116,657,084.35 | 90,596,392.55 | 28.77% | Decrease in vaccine product sales collection, decrease in operating expenses | | **Net Cash Flow from Investing Activities** | -141,287,435.71 | -1,036,935,997.86 | 86.37% | Decrease in vaccine product industrialization investment, time deposits, and investment payments | | **Net Cash Flow from Financing Activities** | -1,201,934,595.64 | -84,052,630.02 | -1,329.98% | Decrease in bank borrowings, decrease in repayment of bank borrowings, cash dividends from subsidiaries, payment for acquisition of minority shareholder equity | | **Net Increase in Cash and Cash Equivalents** | -1,225,331,501.46 | -1,029,555,288.43 | -19.02% | Decrease in vaccine product sales collection, cash dividends from subsidiaries, payment for acquisition of minority shareholder equity | Products or Services Accounting for More Than 10% of Revenue | Product or Service Segment | Operating Revenue ($) | Operating Cost ($) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Non-EPI Vaccines** | 1,051,603,657.29 | 265,070,573.78 | 74.79% | -19.61% | 22.97% | -8.73% | - The company's profit structure or sources of profit did not undergo significant changes during the reporting period[63](index=63&type=chunk) [IV. Analysis of Non-Core Business](index=25&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Non-core business significantly impacted total profit, with fair value changes contributing **$13.42 million** (111.46% of total profit) from Hong Kong stock gains, while asset impairment losses reached **-$192.72 million** (-1,600.33% of total profit), primarily due to a **$76.30 million** impairment on bivalent HPV vaccine intangible assets Impact of Non-Core Business on Total Profit | Item | Amount ($) | Percentage of Total Profit | Explanation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | **Investment Income** | -486,057.34 | -4.04% | Investment income from joint ventures and associates recognized using the equity method | Partially sustainable | | **Gains and losses from changes in fair value** | 13,422,300.00 | 111.46% | Increase in period-end prices of shares held in Hong Kong-listed companies | Partially sustainable | | **Asset Impairment** | -192,719,154.70 | -1,600.33% | Impairment provisions for inventory, accounts receivable, intangible assets, etc., including a **$76.30 million** impairment for bivalent HPV vaccine intangible assets | Partially sustainable | | **Non-operating Income** | 682,363.21 | 5.67% | Debt restructuring and asset disposal gains | No | | **Non-operating Expenses** | 2,568,147.84 | 21.33% | External donations and other items | No | [V. Analysis of Assets and Liabilities](index=26&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets were **$14.003 billion**, a **4.90%** decrease, with cash and equivalents down **7.43%** due to reclassification, dividends, and equity payments, while construction in progress increased by **1.06%** from industrialization investments, and **$972.32 million** in financial assets were measured at fair value Significant Changes in Asset Composition | Item | Amount at End of Current Period ($) | Percentage of Total Assets | Amount at End of Prior Year ($) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 2,538,243,443.94 | 18.13% | 3,763,574,789.88 | 25.56% | -7.43% | Reclassification of time deposits, subsidiary dividends, and equity acquisition payments | | **Accounts Receivable** | 2,366,400,917.07 | 16.90% | 2,409,639,849.34 | 16.37% | 0.53% | Decrease in vaccine sales revenue | | **Inventories** | 622,759,912.06 | 4.45% | 752,587,288.16 | 5.11% | -0.66% | Reduction in raw material reserves and vaccine product stockpiles | | **Construction in Progress** | 2,158,520,168.57 | 15.42% | 2,113,826,293.63 | 14.36% | 1.06% | Increase in vaccine product industrialization investment | | **Right-of-Use Assets** | 32,687,340.61 | 0.23% | 19,782,809.91 | 0.13% | 0.10% | Increase in leases | | **Contract Liabilities** | 29,799,779.72 | 0.21% | 39,853,893.86 | 0.27% | -0.06% | Decrease in sales shipments | | **Long-term Borrowings** | 428,826,162.04 | 3.06% | 433,336,162.04 | 2.94% | 0.12% | Repayment of principal and interest on borrowings | | **Lease Liabilities** | 22,166,793.16 | 0.16% | 11,767,443.40 | 0.08% | 0.08% | Increase in leases | Key Overseas Assets | Specific Asset Content | Asset Scale (RMB) | Location | Profit/Loss Status ($) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | **Walvax Jiahe (investment in Cayman Genor equity assets only)** | $82.894 million | British Virgin Islands | 22,719,000.00 | 0.87% | | **SIRNAOMICS, LTD (Cayman Sirnaomics)** | $14.846 million | Cayman Islands | 3,331,000.00 | 0.16% | Financial Assets Measured at Fair Value | Item | Amount at End of Period ($) | Amount at Beginning of Period ($) | | :--- | :--- | :--- | | **Other equity instrument investments** | 555,000,000.00 | 508,000,000.00 | | **Other non-current financial assets** | 417,322,000.00 | 403,899,700.00 | | **Subtotal of financial assets** | 972,322,000.00 | 911,899,700.00 | - As of June 30, 2025, among the period-end balance of monetary funds, **$4.4721 million** was for performance bond deposits exceeding three months, subject to usage restrictions[73](index=73&type=chunk) [VI. Analysis of Investment Status](index=27&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's total investment reached **$1.053 billion**, a **1,362.57%** increase, including a **$938 million** acquisition of a **4.9733%** minority stake in Yuxi Walvax, and new investments in two subsidiaries, while overall raised capital utilization was **95.33%** Investment Amount During the Reporting Period | Indicator | Amount ($) | Change | | :--- | :--- | :--- | | **Investment amount during the reporting period** | 1,053,050,000.00 | 1,362.57% | | **Investment amount in the prior year period** | 72,000,000.00 | | - The company acquired a total of **4.9733%** minority equity in Yuxi Walvax from Guolian Shuoying Fund and Yingrong Fund for **$938 million**, with **$738.54 million** paid as of June 30, 2025[75](index=75&type=chunk) Significant Equity Investments Acquired During the Reporting Period | Investee Company Name | Investment Method | Investment Amount ($) | Shareholding Ratio | | :--- | :--- | :--- | :--- | | **Aisenze Biotechnology (Kunming) Co., Ltd.** | New establishment | 55,250,000.00 | 85.00% | | **Guangzhou Bainuokesi Biotechnology Co., Ltd.** | New establishment | 59,800,000.00 | 100.00% | | **Total** | -- | 115,050,000.00 | -- | Overall Utilization of Raised Funds | Fundraising Year | Net Raised Funds (ten thousand yuan) | Total Raised Funds Used in Current Period (ten thousand yuan) | Total Raised Funds Used Cumulatively (ten thousand yuan) | Utilization Ratio of Raised Funds at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | **2016** | 58,056.66 | 695.57 | 55,347.84 | 95.33% | - The implementation completion time for the Yuxi Walvax Integration of Industrialization and Informatization project has been adjusted to December 31, 2026, to ensure deep alignment of digital construction with the company's international strategy and industry development needs[85](index=85&type=chunk) [VII. Significant Asset and Equity Sales](index=34&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell significant assets during the reporting period[94](index=94&type=chunk) - The company did not sell significant equity during the reporting period[95](index=95&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=34&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%90%A5%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's key subsidiaries include Yuxi Walvax, Shanghai Zerun, and Guangzhou Walvax; Yuxi Walvax was a major profit contributor with **$188 million** net profit, while Shanghai Zerun, in R&D, reported a **-$140 million** net loss, and the company established two new subsidiaries while deregistering one Financial Performance of Major Holding and Participating Companies (2025 Semi-Annual) | Company Name | Company Type | Main Business | Registered Capital (RMB ten thousand) | Total Assets ($) | Net Assets ($) | Operating Revenue ($) | Operating Profit ($) | Net Profit ($) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Yuxi Walvax** | Subsidiary | Production and Sales | 138,736.6389 | 7,986,923,146.26 | 4,043,838,332.58 | 1,123,910,241.32 | 216,720,161.94 | 188,499,455.57 | | **Shanghai Zerun** | Subsidiary | Research and Development | 108,516.9804 | 1,476,093,099.52 | 852,943,739.16 | 39,105,548.17 | -139,556,271.39 | -140,096,240.08 | | **Guangzhou Walvax** | Subsidiary | Promotion Services | 5,000 | 1,280,704,018.41 | 208,490,385.88 | 302,368,233.22 | 25,778,959.12 | 20,304,470.63 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition and Disposal | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | **Aisenze Biotechnology (Kunming) Co., Ltd.** | New establishment | -$14,722.78 | | **Guangzhou Bainuokesi Biotechnology Co., Ltd.** | New establishment | $0.00 | | **Beijing Zerun Innovation Biotechnology Co., Ltd.** | Deregistration | -$18.19 | [IX. Structured Entities Controlled by the Company](index=34&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[97](index=97&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=35&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces R&D, market competition, accounts receivable, policy, adverse reaction, and quality risks, which it addresses by prudent project selection, accelerated industrialization, stringent receivables control, continuous standard improvement, and robust quality management systems - R&D of pipeline products involves high investment, long cycles, and high risks; the company will prudently select R&D projects and strictly adhere to R&D principles[98](index=98&type=chunk) - Vaccine market competition continues to intensify; the company will accelerate new product R&D and industrialization, strengthen quality awareness, and enhance brand image[98](index=98&type=chunk) - Accounts receivable have long recovery cycles; the company will take active measures to strictly control the amount and recovery cycle of accounts receivable[98](index=98&type=chunk) - Pharmaceutical industry regulatory policies are continuously strengthening; the company needs to continuously improve its standards and actively adapt to policy changes[99](index=99&type=chunk) - Vaccines carry the risk of adverse reactions; the company will improve its quality management system and formulate adverse reaction emergency response systems and plans[100](index=100&type=chunk) - Vaccine production processes are complex and distribution requirements are high; the company will simultaneously conduct industrialization research and adopt scientific risk management techniques to reduce quality risks[100](index=100&type=chunk) [XI. Registration Form for Investor Relations Activities During the Reporting Period](index=36&type=section&id=%E5%8D%81%E4%B8%80%E3%

Core Viewpoint - The HPV vaccine industry has rapidly transitioned from a blue ocean to a red ocean, facing significant challenges due to oversupply and declining demand, leading to substantial revenue and profit declines for major companies like Zhifei Biological and Wantai Biological [1][2][3]. Group 1: Industry Overview - The HPV vaccine market is experiencing a "winter" characterized by a rational return of demand after previous oversupply, compounded by intensified competition [2]. - Major companies have reported significant revenue declines, with Zhifei Biological's revenue dropping 73.06% to 4.919 billion yuan and a net loss of 597 million yuan, while Wantai Biological reported an 38.25% revenue decline to 844 million yuan and a net loss of 144 million yuan [1][3]. - The market's supply-demand relationship has fundamentally reversed, indicating a structural adjustment within the industry [1]. Group 2: Demand and Supply Dynamics - The cumulative vaccination rate for HPV among women aged 9-45 in China is nearing 20%, suggesting that the primary target demographic has largely completed vaccinations, with remaining unvaccinated individuals often constrained by economic factors [4]. - The current product structure is imbalanced, with a predominance of two-valent vaccines and a reliance on imported nine-valent vaccines, which limits the growth potential of domestic vaccines [4]. - The price competition has intensified, with two-valent vaccines priced between 200-300 yuan, while imported nine-valent vaccines have also seen price reductions through subsidies and group purchase discounts [2][4]. Group 3: Market Challenges - The supply side faces common issues, including high inventory levels due to previous overproduction and a lag in research and development compared to international competitors [5]. - Domestic vaccine companies are behind in clinical progress for male indications, which limits their market opportunities as international competitors advance [5][10]. - The public's awareness and acceptance of male HPV vaccination remain low, creating a barrier to market growth despite the potential for significant demand [10]. Group 4: Future Growth Opportunities - Expanding into the male HPV vaccination market presents a significant opportunity, with the potential to double the target population from approximately 300 million women to over 600 million men [12]. - Companies are also focusing on international expansion, with Wantai Biological's vaccines already approved in 21 countries, highlighting the global market potential [12][13]. - The industry is urged to enhance public education on HPV vaccination, particularly among men, to foster a broader acceptance and understanding of the vaccine's benefits [14].

Core Viewpoint - Watson Bio (300142) emphasizes its commitment to innovation in the human vaccine sector, leveraging over 20 years of experience and aligning with national biomanufacturing strategies [1] Company Development - The company is focused on continuously expanding its product pipeline by actively monitoring advancements in new technologies [1] - Watson Bio encourages stakeholders to refer to official announcements for updates on technology and product research and development progress [1]

Group 1 - Watson Bio announced the postponement of its 2025 semi-annual report disclosure to August 26, 2025, to ensure the accuracy and completeness of information disclosure [2] - The postponement was approved by the Shenzhen Stock Exchange [2]

格隆汇8月20日丨沃森生物(300142.SZ)公布，公司原定于2025年8月22日披露《2025年半年度报告》， 由于半年度报告工作量大、过程繁杂，相关的工作仍在进行中，报告内容还需进一步完善，根据目前报 告编制工作的进展情况，本着审慎原则及对广大投资者负责的态度，为保证信息披露的准确性和完整 性，经深圳证券交易所同意，公司将《2025年半年度报告》的披露时间延期至2025年8月26日。 ...

证券代码：300142 证券简称：沃森生物 公告编号：2025-041 云南沃森生物技术股份有限公司 公司郑重提醒广大投资者：公司指定信息披露媒体为《中国证券报》《上海 证券报》《证券时报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）。公 司所有信息均以在上述指定媒体披露的信息为准，敬请广大投资者关注公司公告 并注意投资风险。 特此公告。 云南沃森生物技术股份有限公司 董事会 关于延期披露公司2025年半年度报告的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 云南沃森生物技术股份有限公司（以下简称"公司"）原定于 2025 年 8 月 22 日披露《2025 年半年度报告》，由于半年度报告工作量大、过程繁杂，相关 的工作仍在进行中，报告内容还需进一步完善，根据目前报告编制工作的进展情 况，本着审慎原则及对广大投资者负责的态度，为保证信息披露的准确性和完整 性，经深圳证券交易所同意，公司将《2025 年半年度报告》的披露时间延期至 2025 年 8 月 26 日。 目前，公司及子公司生产经营一切正常。公司不存在按《深圳证券交易所创 业板 ...

公募基金二季报本周进入密集披露期，部分头部基金及知名基金经理的调仓动向也备受市场关注。 综合来看，各家基金在二季度保持了高仓位运作，新能源产业链、医药消费等成为关注重点。 此外，睿远基金傅鹏博管理的基金则对光伏行业板块个股更为关注。综合季报，通威股份、迈为股 份等新晋十大重仓股，大族激光、先导智能等退出前十大重仓股序列；由傅鹏博、朱璘管理的睿远成长 价值混合基金前十大重仓股为三安光电、中国移动、立讯精密、东方雨虹、万华化学、通威股份、吉利 汽车、沃森生物、迈为股份、国瓷材料。相比一季度，该基金新进持仓了通威股份、吉利汽车、迈为股 份，而先导智能、大族激光、卫宁健康则被调出十大重仓股序列；广发基金刘格菘持仓结构没有出现大 幅调整。其前十大重仓股当中，亿纬锂能、龙佰集团的持仓量不变，国联股份、福莱特分别新晋成为第 七大重仓股和第九大重仓股。另外，晶澳科技、隆基绿能、锦浪科技等多只个股持股数量均较一季度末 有所增长。 Wind数据显示，截至7月20日记者发稿时，已经有多家基金公司旗下1338只股票型开放式基金（未 合并A/C）发布了二季度报告，其中不乏头部基金公司和张坤、刘格菘、傅鹏博、李晓星等知名基金经 理。易方 ...

Core Insights - The HPV vaccine market in China is experiencing significant growth, with a total of 322 batches approved in the first half of 2023, representing a year-on-year increase of 79.20% [1] - Watson Bio's 2-valent HPV vaccine achieved 414.39 million doses approved, marking a staggering year-on-year growth of 368.42% [1] - The sales of HPV vaccines are contributing positively to the financial performance of related companies, with Watson Bio reporting a net profit of 455 million yuan, an increase of 8.13% year-on-year [1] Group 1: Market Performance - Watson Bio's 2-valent HPV vaccine had a successful first half of 2023, winning government procurement projects for 1.686 million doses [3] - WanTai Bio reported sales of over 10 million doses of its 2-valent HPV vaccine during the same period [3] - The penetration rate of the 2-valent HPV vaccine among eligible women is estimated to be less than 10%, indicating substantial growth potential as health awareness increases [3] Group 2: Competitive Landscape - The market for 2-valent HPV vaccines is primarily driven by women aged 9 to 45, but competition from imported 9-valent vaccines is increasing, particularly in the market for women over 30 [3][4] - Five Chinese manufacturers have entered the clinical phase III trials for 9-valent HPV vaccines, indicating a potential surge in domestic competition [4] Group 3: International Expansion - Domestic vaccine companies are accelerating their international market expansion, with WanTai Bio successfully exporting its 2-valent HPV vaccine to Thailand and obtaining licenses in Cambodia and Ethiopia [5] - Watson Bio is collaborating with Indonesian partners for local production of 2-valent HPV vaccines, laying the groundwork for future cooperation [5] - The expansion into international markets is expected to enhance brand value and increase revenue streams for these companies [6]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][10][29] Core Viewpoints - The vaccine industry is experiencing significant innovation breakthroughs both domestically and internationally, with multiple companies achieving clinical trial approvals for new vaccines [2][6][10] - The industry is currently facing performance pressure due to supply-demand imbalances, with high competition leading to price declines for some products [10][29] - Long-term prospects remain positive, driven by policy support, increasing demand due to aging populations, and ongoing technological advancements in vaccine development [11][31] Summary by Sections Recent Developments - Watson Bio's mRNA vaccine for respiratory syncytial virus (RSV) has received clinical trial approval, marking a significant step in domestic vaccine innovation [5][6] - The first phase trial of China's Tian Tan strain HIV vaccine has been successfully completed, indicating progress in HIV vaccine research [5][6] - Pfizer reported a 10% revenue growth in Q2 2025, exceeding market expectations, with significant contributions from its anticoagulant and COVID-19 products [5][6] Market Performance - The vaccine sector saw a slight decline of 0.44% last week, while the overall pharmaceutical sector dropped by 0.84% [7][8] - The vaccine industry has shown a cumulative increase of 0.96% since the beginning of 2025, indicating a recovery trend [7][8] Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio is 80.76X, with a recent decrease of 0.33X, while the price-to-book (PB) ratio stands at 1.96X [9][10] - The PE ratio is within the 48.20% percentile since 2013, indicating a relatively high valuation compared to historical data [9][10] Investment Recommendations - The report suggests focusing on companies with strong innovation capabilities and differentiated products, recommending companies like CanSino and Kanghua Bio [10][31] - The long-term outlook emphasizes the importance of innovation and international expansion as key drivers for growth in the vaccine industry [10][31]

Core Viewpoint - The RSV mRNA vaccine developed by Watson Bio, in collaboration with Fudan University and Shanghai Bluebird Bio, has received clinical trial application acceptance from the National Medical Products Administration, marking a significant step in a market that currently lacks approved domestic vaccines [2][4]. Industry Overview - RSV is a common pathogen causing acute lower respiratory infections in infants and the elderly, leading to severe diseases such as pneumonia and bronchitis. Despite its prevalence, vaccine development has faced numerous challenges, leaving a gap in the Chinese market [4][5]. - Globally, only three RSV vaccines have been approved: GSK's Arexvy, Pfizer's Abrysvo, and Moderna's mRESVIA, with a projected global sales of approximately $4 billion for the 2023-2024 period [4][5]. - The global RSV vaccine market is expected to grow from $1.8 billion in 2020 to $12.8 billion by 2030, with a compound annual growth rate exceeding 20% [5]. Company Developments - Watson Bio's RSV mRNA vaccine represents the second major focus in its mRNA pipeline, following its previous efforts in the COVID-19 vaccine space [3][11]. - The collaboration with Bluebird Bio and Fudan University leverages established relationships and expertise in mRNA technology, with Fudan University holding several patents in mRNA delivery systems [5][10]. - Watson Bio has built a modular mRNA production line capable of producing 200 million doses annually, aligning its production strategy with international leaders like Moderna [10]. Competitive Landscape - The domestic RSV vaccine market is highly competitive, with over 20 companies, including Aidi Weixin, Maikang Bio, and Afana Bio, already making significant clinical progress ahead of Watson Bio [4][6]. - Aidi Weixin's ADV110 and Maikang Bio's MKK900 are among the leading candidates, with clinical trials advancing rapidly [6]. - Watson Bio's ability to catch up in this competitive landscape will depend on efficient clinical progression, optimization of production processes, and effective regulatory communication [6][8].