万泰生物去年净利润下降超九成

Core Insights - Wantaibio (603392) reported a significant decline in revenue and net profit for 2024, with revenue at 2.245 billion yuan, down 59.25% year-on-year, and net profit at 106 million yuan, down 91.49% year-on-year, marking the lowest figures since the company went public five years ago [1][2] Revenue Breakdown - The company's revenue is primarily derived from two sectors: in vitro diagnostics and vaccines. The vaccine segment has seen a drastic decline due to market adjustments, government procurement policies, and the expansion of the target population for the nine-valent HPV vaccine [2][3] - In 2024, the vaccine segment generated revenue of 606 million yuan, a decrease of 84.69% year-on-year, with a gross margin reduction of 21.17% [2] - Vaccine production volume in 2024 was 10.5932 million doses, down 64.66% year-on-year, while sales volume was 9.0492 million doses, down 42.40% year-on-year [2] Historical Performance - Wantaibio's revenue from 2020 to 2023 was as follows: 2.354 billion yuan, 5.750 billion yuan, 11.19 billion yuan, and 5.511 billion yuan, respectively. Net profits for the same years were 1.118 billion yuan, 2.021 billion yuan, 4.736 billion yuan, and 1.248 billion yuan [2][3] - The vaccine segment was a major revenue driver, contributing significantly to the company's peak performance in 2022, where total revenue reached 11.185 billion yuan and net profit was 4.736 billion yuan, with vaccines accounting for 75.93% of total revenue [3] Competitive Landscape - The nine-valent HPV vaccine faces intense competition, with market demand slowing and other companies advancing their research rapidly. The domestic market for HPV vaccines is experiencing price wars due to government procurement policies [4][5] - Wantaibio's nine-valent HPV vaccine application was accepted on August 26, 2024, making it the first domestic nine-valent HPV vaccine to apply for market approval [4][6] - Other companies, such as Watson Bio and others, are also developing nine-valent HPV vaccines, with some expected to submit their applications for approval in the coming years, posing a potential threat to Wantaibio's market position [5][6]