北京商报讯（记者 丁宁）1月29日晚间，万泰生物（603392）发布2025年业绩预告显示，预计2025年实 现归属净利润为-3.3亿元至-4.1亿元，同比由盈转亏。 万泰生物表示，疫苗板块方面，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5亿元至6 亿元左右，是本期利润大幅下滑的原因之一。 万泰生物提到，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；国内首家创新产 品九价HPV疫苗成功上市，并积极推广。截至本报告期末，公司九价HPV疫苗已完成27个省份的准入落 地，并持续加快全国3万多个POV终端的覆盖及矩阵布局，加 ...

Core Viewpoint - WanTai Bio announced a significant expected net loss for 2025, projecting a net profit attributable to the parent company of between -330 million yuan and -410 million yuan, primarily due to challenges in both the vaccine and diagnostic segments [1] Vaccine Segment - The vaccine sector is under pressure from multiple factors including domestic vaccine procurement policies, industry competition, and consumer hesitancy, leading to a substantial decline in revenue and profit [1] - The company's bivalent HPV vaccine is adversely affected by the market presence of Merck's nine-valent HPV vaccine, significant price reductions in government procurement, and insufficient consumer demand, resulting in unsold near-expiry products and unconvertible inventory [1] - The company is actively addressing market and production challenges by managing product quality and has made provisions for impairment, which is expected to impact net profit by approximately 500 to 600 million yuan, contributing to the overall profit decline [1] Diagnostic Segment - The diagnostic segment is experiencing a decline in revenue and profit year-on-year due to national price reductions in diagnostic reagent procurement and changes in medical insurance policies [1] - The company is increasing investment in independent research and development, accelerating major projects such as installation and production lines, which has led to double-digit growth in specialty testing services for infectious diseases and thyroid function [1]