9月29日，由北京市委网信办主办、新京报贝壳财经承办的"京彩不设限·经济热力站"月度主题走访活动 在北京举办，本期主题为"创新策源 健康领航"。 活动亮点纷呈，数十位主流媒体记者与网络大V一同走访调研了中关村生命科学园展厅、新生巢创新中 心、北京万泰生物（603392）药业股份有限公司、华辉安健（北京）生物科技有限公司、北京诺诚健华 医药科技有限公司等企业，深入拆解"明星"创新药从靶点发现到临床获批的完整路径。 这些企业不仅见证了北京在医药健康领域前沿技术赛道的重点布局，也记录下一座城如何以临床需求为 牵引、以政策赋能为支撑，撬动资本、人才、平台、数据等全要素，加速医药创新从"书架"走向"货 架"，为首都经济高质量发展注入源源不断的健康动能。 据中关村生命科学园展厅工作人员张祎介绍，经过多年发展，中关村生命科学园已成为中国生命科学领 域创新资源最密集的区域之一。园区聚集了北京生命科学研究所、国家蛋白质科学中心等一批国家级研 发机构，已建设10余个国家和省部级重点研发中心，入驻创新型医药企业1000多家。园区及周边布局了 北大国际医院、北大第六医院、高博医院等医疗机构，总床位数3000余张。其中，高博医院是全国 ...

Core Viewpoint - WanTai Biologics has announced its first half-year loss forecast since its listing, expecting a net loss of 130 to 160 million yuan for the first half of the year, with a non-recurring loss of 230 to 260 million yuan, highlighting significant challenges in both its vaccine and IVD segments [2][10][12] Financial Performance - In 2023, WanTai's revenue plummeted by 50.73% to 5.511 billion yuan, and net profit dropped by 73.65% to 1.248 billion yuan, primarily due to increased competition and reduced demand for its HPV vaccines and COVID-19 testing [3][6] - For 2024, revenue and net profit are projected to decline further by 59.25% and 91.49%, respectively, with revenue at 2.245 billion yuan and a net loss of 186 million yuan [3][6] - The company recorded a historic first-quarter loss in 2025, with revenue of 401 million yuan, down 46.76%, and a net loss of approximately 52.78 million yuan [10] Business Segment Analysis - The vaccine segment, which previously contributed significantly to revenue, saw a dramatic decline in 2023, with a revenue drop of 84.69% and a reduction in gross margin by 21 percentage points [6][11] - The IVD segment, while experiencing slight growth of 4.91%, also faced a decline in gross margin to 64.97%, indicating a loss of its previous high-margin status [6][8] Market Dynamics - The approval of the nine-valent HPV vaccine "Xin Ke Ning 9" was initially seen as a potential turnaround for WanTai, but the stock price fell significantly post-approval, indicating market skepticism about the company's ability to recover [10][11] - The pricing strategy for the new vaccine, set at 499 yuan per dose, is aimed at increasing market accessibility but may compress profit margins and intensify competition with other companies entering the market [11][12] Inventory and Financial Health - By the end of 2024, WanTai's accounts receivable reached 2.243 billion yuan, nearly equal to its annual revenue, indicating potential cash flow issues [8] - The company also faced significant inventory challenges, with 31.37 million doses of vaccines in stock, leading to a provision for inventory write-downs of 252 million yuan [8]