沃森生物(300142.SZ)：预计2025年净利润同比增长13%～34%

Core Viewpoint - Watson Bio (300142.SZ) expects a net profit attributable to shareholders of 160 million to 190 million yuan for 2025, representing a year-on-year growth of 13.00% to 34.00% [1] Financial Performance - The company's operating revenue is projected to be between 240 million and 243 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to be between 85 million and 99 million yuan, reflecting a decline of 22.00% to 9.00% compared to the same period last year [1] Market Conditions - The domestic and international vaccine markets are still in a downward cycle, with total revenue from vaccine products declining by approximately 8% year-on-year [1] - Domestic vaccine product revenue has seen a narrowing decline and is stabilizing, while international vaccine product revenue continues to grow, with export vaccine product revenue increasing by about 35% year-on-year [1] Operational Efficiency - The company is enhancing cost reduction and efficiency measures, leading to improved operational management capabilities [1] - The amount of non-recurring gains and losses for the reporting period is approximately 80 million yuan, compared to 33.76 million yuan in the same period last year [1]