Core Viewpoint - Wante Bio is expected to report a significant loss in the first half of 2025, with a projected net loss of approximately 1.3 billion to 1.6 billion yuan, marking a shift from profit to loss compared to the same period last year [1] Group 1: Financial Performance - In 2024, Wante Bio achieved a revenue of 2.245 billion yuan, a decrease of 59.25% year-on-year, and a net profit attributable to shareholders of 106 million yuan, down 91.49% year-on-year, both hitting a five-year low since the company went public [2] - From 2020 to 2023, Wante Bio's revenue figures were 2.354 billion yuan, 5.750 billion yuan, 11.19 billion yuan, and 5.511 billion yuan, while net profits were 1.118 billion yuan, 2.021 billion yuan, 4.736 billion yuan, and 1.248 billion yuan respectively [3] Group 2: Business Segments - Wante Bio's business is primarily divided into two segments: In Vitro Diagnostics (IVD) and vaccines. The IVD segment includes diagnostic reagents and instruments for diseases such as COVID-19, tumors, hepatitis, and AIDS, while the vaccine segment includes hepatitis A vaccine, bivalent HPV vaccine, and nasal spray COVID-19 vaccine [1] - The vaccine segment has been the main revenue driver for Wante Bio. In 2024, the vaccine segment generated revenue of 606 million yuan, a decrease of 84.69% year-on-year, with a gross margin decline of 21.17% [4] Group 3: Market Dynamics - The HPV vaccine market has become increasingly competitive, with the approval of Merck's nine-valent HPV vaccine in September 2022, which expanded its target demographic and increased supply, leading to a decline in sales of bivalent HPV vaccines [5][6] - Wante Bio's vaccine production volume in 2024 was 10.5932 million doses, a decrease of 64.66% year-on-year, while sales volume was 9.0492 million doses, down 42.40% year-on-year [4] Group 4: New Product Launch - Wante Bio's nine-valent HPV vaccine, "Xinkening 9," was approved for sale on June 4, 2023, covering seven high-risk types and two low-risk types of HPV, and is priced at 499 yuan per dose, approximately 40% of the price of imported nine-valent HPV vaccines [6][7] - Following the approval, Wante Bio's stock price initially surged but has since decreased significantly, indicating market volatility and investor concerns regarding the company's future performance [7]