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].

万泰生物（603392）近日发布的年报显示，2024年公司营业收入为22.45亿元，同比下降59.25%；归属 于上市公司股东的净利润为1.06亿元，同比下降91.49%。此次万泰生物2024年的营收、净利润均创公司 上市5年来新低。 九价HPV疫苗面临竞争压力 2024年，万泰生物体外诊断板块实现营收16.09亿元，同比增长4.91%。不难看出，体外诊断收入微弱的 增势，在短时间内无法弥补疫苗销售收入的下降。 业绩承压下，部分投资者将希望寄托在万泰生物的九价HPV疫苗上。但目前九价HPV疫苗的市场竞争激 烈，HPV疫苗市场需求放缓，且其他企业的研发进展较快，万泰生物九价产品的优势并不明朗。 疫苗板块收入下降 万泰生物的业务主要涉及体外诊断及疫苗两大领域。其中，体外诊断产品涉及新冠、肿瘤标志物、肝 炎、艾滋病等疾病的体外诊断试剂及诊断仪器；疫苗业务主要有戊肝疫苗、二价HPV疫苗和鼻喷新冠疫 苗。 新京报记者注意到，此次万泰生物2024年的营收、净利润均创公司上市5年来新低，净利润更是回到了 10年前。数据显示，2020年至2023年，万泰生物实现营业收入分别为23.54亿元、57.50亿元、111.9亿 元、 ...