Beijing Wantai Biological Pharmacy Enterprise Co. (603392) Q1 2026 earnings summary

Executive summary

• Revenue grew 30.63% year-over-year to RMB 523.34 million, driven by strong HPV vaccine sales.

• Net loss attributable to shareholders narrowed to RMB -42.98 million from RMB -52.78 million year-over-year.

• Excluding non-recurring items, net loss reduced significantly, reflecting improved operational quality.

Financial highlights

• Operating cash flow was negative at RMB -232.04 million, down from RMB -85.97 million year-over-year.

• Basic and diluted EPS both at RMB -0.03, improved from RMB -0.04 year-over-year.

• Gross margin and vaccine segment profitability improved, with the vaccine business turning profitable after several quarters.

• Weighted average ROE improved by 0.07 percentage points to -0.36%.

Outlook and guidance

• HPV vaccine expected to remain the core growth driver.

• Diagnostic business showing signs of recovery after policy-driven headwinds, with mid-single-digit growth in Q1.

• Laboratory automation projects expanding rapidly, with over 100% year-over-year growth.