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]

Core Viewpoint - Wantaibio is experiencing a significant decline in performance, attributed mainly to a sharp drop in its vaccine business, marking the most severe downturn in its history since going public [2][3][4]. Financial Performance - In 2024, Wantaibio's revenue was 2.245 billion yuan, a year-on-year decrease of 59.25%, following a revenue of 5.511 billion yuan in 2023, which was down 50.73% [3]. - The net profit attributable to shareholders in 2024 was 106 million yuan, down 91.49%, the lowest since the company was listed; the net profit after excluding non-recurring gains and losses was -186 million yuan, a decline of 117.29% [3]. - For Q1 2025, the company reported approximately 400 million yuan in revenue, a year-on-year decrease of 46.76%, with a net profit of -52.78 million yuan, a significant drop of 141.98% compared to a profit of 126 million yuan in the same period last year [4]. Vaccine Business Decline - The vaccine segment's revenue plummeted over 80%, with 2024 vaccine revenue at 606 million yuan, down 84.69% from 4.111 billion yuan the previous year [5]. - The production volume of vaccines in 2024 was 10.59 million doses, a decrease of 64.66%, while sales volume was 9.0492 million doses, down 42.4% [5]. - The market for HPV vaccines is facing intense competition, particularly from Watson Biotech and Merck's nine-valent HPV vaccine, which has further pressured Wantaibio's market share [6][9]. Future Prospects - Wantaibio is heavily investing in the development of its nine-valent HPV vaccine, with total R&D expenditures reaching 283 million yuan in 2024, accounting for 12.65% of its revenue [7]. - The company has committed 590 million yuan to the second-phase expansion of the nine-valent HPV vaccine project, which is 47% of the total project cost [7]. - Despite the challenges, Wantaibio aims to leverage the nine-valent HPV vaccine as a flagship product while expanding its portfolio of high-value vaccines to meet market demands [7][8].

近期万泰生物（603392）（603392.SH）交出了一份上市以来最惨淡的成绩单。2024年年报数据显示，公司全年营业收入22.45亿元，同比暴跌59.25%；归母 净利润1.06亿元，较2023年的12.48亿元蒸发超九成；扣非净利润首次转负至-1.86亿元，主营业态造血能力亮起红灯。作为曾经的国产HPV疫苗龙头，万泰 生物的核心业务——疫苗板块收入仅6.06亿元，同比缩水84.69%。这一业绩滑坡的背后，既是HPV疫苗市场格局剧变的直接冲击，也暴露出公司在战略布局 与抗风险能力上的深层隐忧。 | ( | | 603392- | | --- | --- | --- | | 重要指标 | 资产负债表 | | | 报告期 单季度 ○同比 | 2024年报 | 2023年折 | | 成长能力指标 | | | | 归母净利润 | 1.06亿 | 12.48亿 | | 归母净利润同比增长率 | -91.49% | -73.65% | | 扣非净利润 | -1.86亿 | 10.78亿 | | 扣非净利润同比增长率 | -117.29% | -76.12% | | 营业总收入 | 22.45亿 | 55.11亿 | ...

Core Viewpoint - WanTai Biologics, once a leader in the domestic HPV vaccine market, is facing a significant downturn, with its 2024 annual report revealing a first-ever loss in net profit excluding non-recurring items, alongside a dramatic decline in revenue and net profit, raising concerns about its future under the dual pressures of policy changes and price competition [1][2]. Financial Performance - In 2024, WanTai Biologics reported revenue of 2.245 billion yuan, a staggering decline of 59.25% year-on-year, with net profit attributable to shareholders dropping to 106 million yuan, a decrease of over 90% compared to the previous year [1]. - The company's net profit excluding non-recurring items turned negative for the first time, reaching -186 million yuan, indicating a critical issue with its core business operations [1]. - The vaccine segment, which is the core business, generated only 606 million yuan in revenue, a year-on-year decrease of 84.69%, significantly impacted by the expansion of the nine-valent HPV vaccine age range and price pressures from centralized procurement [1]. Accounts Receivable and Cash Flow - As of the end of 2024, the company's accounts receivable stood at 2.041 billion yuan, more than 19 times its net profit, highlighting a potential cash flow crisis [2]. - The lengthening collection period, exacerbated by local fiscal pressures, poses a risk of bad debts, further straining the already tight cash flow situation [2]. Strategic Challenges and Future Outlook - The company plans to implement a dual-driven strategy of "technology + market" through strategic acquisitions, focusing on innovative technologies in the vaccine and diagnostics sectors [3]. - WanTai Biologics faces several immediate challenges, including a lack of product diversification, as HPV vaccine revenue previously accounted for over 70% of total income, and the need to develop a second growth curve [3]. - The company is also lagging in the clinical trial progress of its nine-valent HPV vaccine compared to competitors, complicating its path to recovery [3]. - The difficulties in international expansion, despite some success in overseas government procurement, indicate that these orders cannot quickly compensate for domestic market losses [3]. Conclusion - From a peak revenue of 2.354 billion yuan in its first year of listing in 2020 to 2.245 billion yuan in 2024, WanTai Biologics has experienced a full cycle of growth, peak, and decline within five years [4]. - The company is now at a critical juncture, facing intense market competition and the withdrawal of policy benefits, raising questions about its survival strategy and potential for recovery [4].