股价方面，万泰生物近期表现疲软，截至2026年2月11日收盘报41.34元，年初至今累计下跌8.01%。成 交金额萎缩，市场交投清淡，资金流向显示主力资金净流出。 经济观察网近期，万泰生物（603392）董事长邱子欣计划减持不超过500万股股份，同时公司实际控制 人钟睒睒辞任董事长，由邱子欣接任，引发投资者对公司战略稳定性的担忧。此外，疫苗行业面临业绩 压力，万泰生物作为HPV疫苗龙头受集采降价和竞争加剧影响。 股票近期走势 机构对万泰生物评级偏中性，盈利预测显示2025年净利润预计增长，但当前市盈率为负值。市场关注九 价疫苗放量进度及减持计划对股价的潜在压力。 以上内容基于公开资料整理，不构成投资建议。 机构观点 ...

（记者 王晓波） 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 每经AI快讯，万泰生物1月29日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为-4.1亿元到-3.3亿元，与上年同期相比，将出现亏损。业绩变动主要原因是：疫苗板块，受国内疫苗 集采政策、行业竞争、消费者疫苗犹豫等多重因素影响，国内疫苗市场整体承压，行业收入、利润均大 幅下滑。对于公司而言，在收入端以及生产端都面临严峻挑战，二价HPV疫苗受默沙东九价HPV疫苗扩 龄、政府采购大幅降价、消费需求不足等影响，导致公司二价HPV疫苗产品出现近效期无法销售、库存 无法变现的不利影响。公司从夯实资产质量和消除对经营影响的角度，对市场端和生产端产品进行积极 处理，并计提相应减值准备。整体预计影响净利润5-6亿元左右，是本期利润大幅下滑的原因之一。为 应对二价HPV疫苗的不利影响，公司积极开拓国际市场，并加快创新产品的研发和上市，取得了一定的 成效。国际市场方面，2025年，二价HPV疫苗营收实现倍数级增长；国内首家创 ...

Core Viewpoint - WanTai Biologics (603392.SH) reported a significant decline in performance, with a 91.49% drop in net profit for 2024, attributed to challenges in the vaccine sector, including competition and government procurement impacts [1][2][9]. Financial Performance - For 2024, WanTai Biologics reported total revenue of 2.245 billion yuan, a decrease of 59.25% compared to 2023, and a net profit of 106 million yuan, down 91.49% year-on-year [2][3]. - The company recorded a non-recurring net profit of -186 million yuan, reflecting a change of -117.29% year-on-year [2][3]. - In the first quarter of 2025, the company continued to experience a downward trend, with revenue of 401 million yuan, a decline of 4.76%, and a net loss of 52.78 million yuan, marking a 141.98% decrease year-on-year [2][3]. Vaccine Sector Challenges - The decline in performance is primarily due to the vaccine segment facing market adjustments, government procurement pressures, and competition from domestic rivals [9][20]. - The price of the company's bivalent HPV vaccine has been under pressure, with the bidding price range dropping from 329-344 yuan per bottle in 2020-2022 to 63-344 yuan in 2024 [20][21]. - The company’s vaccine sales have significantly decreased, with inventory levels showing a substantial drop in production and sales compared to previous years [24][25]. Clinical Development and Market Position - WanTai Biologics is advancing its nine-valent HPV vaccine, which is currently in Phase III clinical trials, with plans for commercialization pending regulatory approval [16][19]. - The company has developed the first domestic bivalent HPV vaccine, which has gained market access in China and 21 other countries [9][12]. - The competitive landscape is intensifying, with other companies like Watson Bio also entering the HPV vaccine market, further impacting WanTai's market share [20][19]. Future Outlook - The company is focusing on its in vitro diagnostic business, which has shown more stability compared to the vaccine sector, and has appointed a new general manager with extensive experience in diagnostics [25].

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]