市值缩水超200亿元！万泰生物半年度首亏1.6亿元，九价疫苗定价499元“救市”存疑

Core Viewpoint - WanTai Biologics has announced its first half-year loss forecast since its listing, expecting a net loss of 130 to 160 million yuan for the first half of the year, with a non-recurring loss of 230 to 260 million yuan, highlighting significant challenges in both its vaccine and IVD segments [2][10][12] Financial Performance - In 2023, WanTai's revenue plummeted by 50.73% to 5.511 billion yuan, and net profit dropped by 73.65% to 1.248 billion yuan, primarily due to increased competition and reduced demand for its HPV vaccines and COVID-19 testing [3][6] - For 2024, revenue and net profit are projected to decline further by 59.25% and 91.49%, respectively, with revenue at 2.245 billion yuan and a net loss of 186 million yuan [3][6] - The company recorded a historic first-quarter loss in 2025, with revenue of 401 million yuan, down 46.76%, and a net loss of approximately 52.78 million yuan [10] Business Segment Analysis - The vaccine segment, which previously contributed significantly to revenue, saw a dramatic decline in 2023, with a revenue drop of 84.69% and a reduction in gross margin by 21 percentage points [6][11] - The IVD segment, while experiencing slight growth of 4.91%, also faced a decline in gross margin to 64.97%, indicating a loss of its previous high-margin status [6][8] Market Dynamics - The approval of the nine-valent HPV vaccine "Xin Ke Ning 9" was initially seen as a potential turnaround for WanTai, but the stock price fell significantly post-approval, indicating market skepticism about the company's ability to recover [10][11] - The pricing strategy for the new vaccine, set at 499 yuan per dose, is aimed at increasing market accessibility but may compress profit margins and intensify competition with other companies entering the market [11][12] Inventory and Financial Health - By the end of 2024, WanTai's accounts receivable reached 2.243 billion yuan, nearly equal to its annual revenue, indicating potential cash flow issues [8] - The company also faced significant inventory challenges, with 31.37 million doses of vaccines in stock, leading to a provision for inventory write-downs of 252 million yuan [8]