本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 曾经凭借国产首款HPV疫苗风光无限的万泰生物，如今正经历业绩滑铁卢。 2025年上半年，这家公司迎来了自2020年上市以来的首次半年度亏损，上半年亏损1.44亿元，净利润暴 跌155.3%，与去年同期2.64亿元的盈利形成鲜明对比。 业绩全面下滑 万泰生物2025年中报数据显示，公司上半年营业收入仅为8.44亿元，同比下降38.25%。归属于上市公司 股东的净利润为-1.44亿元，同比下降155.30%。 对此，中国城市发展研究院、农文旅产业振兴研究院常务副院长袁帅对《华夏时报》记者表示，万泰生 物近期业绩大幅下滑，是外部环境变化与内部因素共同作用的结果，但外部环境变化影响更为突出。默 沙东等国际巨头的竞争，凭借其品牌影响力和成熟的市场推广体系，抢占了部分市场份额。集采政策的 实施，直接导致产品价格下降，对营收和利润产生重大冲击。不过，内部战略和产品力问题也不容忽 视。其业务结构"单极驱动"模式，过度依赖二价HPV疫苗这一核心产品，当该产品市场受挫时，公司业 绩便大幅下滑，暴露出抗风险能力弱的风险。一旦核心产品所在市场出现波动，如竞争加剧、 ...

Core Insights - Wantaibio (603392) reported a significant decline in revenue and net profit for 2024, with revenue at 2.245 billion yuan, down 59.25% year-on-year, and net profit at 106 million yuan, down 91.49% year-on-year, marking the lowest figures since the company went public five years ago [1][2] Revenue Breakdown - The company's revenue is primarily derived from two sectors: in vitro diagnostics and vaccines. The vaccine segment has seen a drastic decline due to market adjustments, government procurement policies, and the expansion of the target population for the nine-valent HPV vaccine [2][3] - In 2024, the vaccine segment generated revenue of 606 million yuan, a decrease of 84.69% year-on-year, with a gross margin reduction of 21.17% [2] - Vaccine production volume in 2024 was 10.5932 million doses, down 64.66% year-on-year, while sales volume was 9.0492 million doses, down 42.40% year-on-year [2] Historical Performance - Wantaibio's revenue from 2020 to 2023 was as follows: 2.354 billion yuan, 5.750 billion yuan, 11.19 billion yuan, and 5.511 billion yuan, respectively. Net profits for the same years were 1.118 billion yuan, 2.021 billion yuan, 4.736 billion yuan, and 1.248 billion yuan [2][3] - The vaccine segment was a major revenue driver, contributing significantly to the company's peak performance in 2022, where total revenue reached 11.185 billion yuan and net profit was 4.736 billion yuan, with vaccines accounting for 75.93% of total revenue [3] Competitive Landscape - The nine-valent HPV vaccine faces intense competition, with market demand slowing and other companies advancing their research rapidly. The domestic market for HPV vaccines is experiencing price wars due to government procurement policies [4][5] - Wantaibio's nine-valent HPV vaccine application was accepted on August 26, 2024, making it the first domestic nine-valent HPV vaccine to apply for market approval [4][6] - Other companies, such as Watson Bio and others, are also developing nine-valent HPV vaccines, with some expected to submit their applications for approval in the coming years, posing a potential threat to Wantaibio's market position [5][6]