万泰生物预计2025年净亏损3.3亿—4.1亿元，同比转亏

Core Viewpoint - Wantai Biological (603392) is expected to report a net loss attributable to shareholders of the parent company between 330 million to 410 million yuan for 2025, marking a shift from profit to loss year-on-year [1] Financial Performance - The projected net loss excluding non-recurring gains and losses is estimated to be between 530 million to 660 million yuan for 2025 [1] - The performance decline is primarily attributed to the two-valent HPV vaccine facing multiple challenges, including near-expiry products that could not be sold and inventory impairment, which is expected to impact net profit by approximately 500 million to 600 million yuan [1] Market Conditions - The nine-valent HPV vaccine is still in the market access phase, and its profit contribution has not yet been fully realized [1] - The diagnostics segment has also been affected by price reductions from centralized procurement and changes in medical insurance policies, leading to a year-on-year decline in revenue and profit [1]