新京报贝壳财经讯（记者阎侠）8月21日，万泰生物的2025年半年度报告出炉。2025年上半年，万泰生物实现营业收入约 8.44亿元，同比下滑38.25%；归属于上市公司股东的净利润约-1.44亿元，同比下降155.30%；归属于上市公司股东的扣除非 经常性损益的净利润约-2.43亿元，同比下降481.93%。公司基本每股收益为-0.11元，同比下降152.38%。 记者注意到，万泰生物于2020年4月29日在上海证券交易所上市，这是首次出现半年度业绩亏损的情况。 万泰生物在疫苗领域的研发进展。公告截图 谈及竞争风险，万泰生物表示，今年上半年，中国疫苗行业竞争格局持续加剧，企业面临多重挑战。作为全球第二大疫苗 市场，中国凭借庞大的人口基数和增长潜力，持续吸引众多企业加码布局，导致重点品类产品同质化加剧。多个细分领域 竞争激烈，临床及注册阶段的产品数量不断增长，供给端持续扩张，行业"内卷"现象愈发显著。在此背景下，价格竞争趋 于常态化。部分地区二类疫苗价格体系持续下探，多个品种价格波动明显。另一方面，行业内亦出现多种形式的促销与让 利行为，如以优惠套餐、增值赠送等方式争夺终端市场，进一步压缩产品价格空间。 同时， ...

Core Viewpoint - WanTai Bio's 2025 semi-annual report reveals significant declines in revenue and profit, marking the first half-year loss since its listing in 2020, primarily due to market adjustments and government procurement impacts on its vaccine segment [1][2][3]. Financial Performance - In the first half of 2025, WanTai Bio achieved revenue of approximately 844 million yuan, a year-on-year decline of 38.25% [1]. - The net profit attributable to shareholders was approximately -144 million yuan, a decrease of 155.30% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was approximately -243 million yuan, down 481.93% year-on-year [1]. - Basic earnings per share were -0.11 yuan, a decline of 152.38% year-on-year [1]. Business Overview - WanTai Bio, established in 1991, operates primarily in two sectors: in vitro diagnostics and vaccines [4]. - The company has developed a diversified pipeline centered around HPV vaccines, including the world's only hepatitis E vaccine and a two-valent HPV vaccine that has received WHO-PQ certification [4]. - The nine-valent HPV vaccine has been approved for market release, becoming the first domestically produced and the second globally approved nine-valent HPV vaccine [4]. Research and Development Progress - The R&D expenses decreased by 42.39% year-on-year, mainly due to reduced costs associated with the transition of the nine-valent HPV vaccine [3]. - Various vaccines are in different stages of development, including: - Nine-valent HPV vaccine: Approved for market release and male Phase III clinical trials initiated [5]. - 20-valent pneumonia conjugate vaccine: Phase I clinical trials progressing as planned [5]. - Recombinant shingles vaccine: IND registration application in progress [5]. - Other vaccines, including live attenuated varicella vaccines and universal nasal spray influenza vaccines, are also advancing as scheduled [5]. Industry Competition - The vaccine industry in China is experiencing intensified competition, with increasing product homogeneity and price competition becoming the norm [6]. - Domestic companies are expanding into overseas markets, while multinational corporations are increasing investments in China, leading to heightened competition on a global scale [6]. - WanTai Bio is actively optimizing its response mechanisms across R&D, production, marketing, and internationalization to address these competitive risks [7].