万泰生物年度业绩首亏，股价较高点回落超70%！为回馈母校，董事长拟二级市场减持股份！投资者提出疑问

Core Viewpoint - The chairman of Wantai Biological Pharmacy, Qiu Zixin, plans to reduce his shareholding through a centralized bidding method, with all proceeds from the sale intended for donation to Xiamen University Education Development Foundation and Xiamen No.1 Middle School [2][5]. Company Overview - Wantai Biological Pharmacy was established in 1991 and focuses on the research, production, and sales of diagnostic reagents, vaccines, and medical devices. The company operates mainly in two sectors: in vitro diagnostics and vaccines [2]. - The actual controller of Wantai Biological is Zhong Shanshan, who holds 73.49% of the company's shares [2]. HPV Vaccine Development - Wantai Biological has a strong presence in the HPV vaccine sector, having launched its self-developed bivalent HPV vaccine (Xinkening) in 2019, which was the first domestically produced bivalent HPV vaccine in China. The nine-valent HPV vaccine (Xinkening 9) is expected to be approved for market release in 2025, marking it as the first domestically produced nine-valent HPV vaccine [2]. Shareholding Reduction Plan - Qiu Zixin announced a plan to reduce his shareholding by up to 5 million shares, which represents no more than 0.3954% of the company's total share capital. The reduction period is set from March 12, 2026, to June 11, 2026 [5]. - As of now, Qiu Zixin holds 3.5469% of Wantai Biological's shares [2]. Financial Performance and Market Reaction - In 2021, Wantai Biological's stock price peaked at 146.54 yuan, with a net profit exceeding 2 billion yuan. However, in 2025, the company's stock price fell by 36.22%, and it is projected to report a net loss of 330 million to 410 million yuan for the year [6]. - Following the announcement of the share reduction plan, Wantai Biological's stock price experienced a slight decline over three consecutive days, closing at 40.47 yuan, with a market capitalization of approximately 51.17 billion yuan. The stock has seen a decline of over 70% from its historical peak [6]. Investor Concerns - Investors have expressed concerns regarding the potential impact of the share reduction on market liquidity, questioned the choice of centralized bidding over block trading, and raised doubts about the complexity of the donation process [7].