Beijing Wantai Biological Pharmacy Enterprise Co. (603392) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was ¥843.56 million, down 38.25% year-over-year, mainly due to lower-than-expected vaccine sales impacted by market adjustments, government procurement, and expanded HPV vaccine indications.

• Net loss attributable to shareholders was ¥144.04 million, a decrease of 155.30% compared to a net profit of ¥260.48 million in the same period last year.

• Net profit for H1 2025 is expected to be between -160 million and -130 million RMB, indicating a loss compared to a profit in the same period last year.

• Net profit excluding non-recurring items is projected at -260 million to -230 million RMB for H1 2025.

• The loss is primarily due to significant declines in revenue and profit in both vaccine and IVD segments.

Financial highlights

• Operating income: ¥843.56 million, down 38.25% year-over-year.

• Net loss: ¥144.04 million, compared to a net profit of ¥260.48 million last year.

• Basic and diluted EPS: -¥0.11, down from ¥0.21.

• Gross margin: 60.3% (calculated from revenue and cost of goods sold).

• Cash and cash equivalents at period end: ¥1.41 billion.

Outlook and guidance

• The company is accelerating the launch and market expansion of its 9-valent HPV vaccine and pushing for international certifications to drive future growth.

• R&D pipelines in both diagnostics and vaccines are advancing, with several new products in clinical or registration phases.

• Management expects continued market challenges in the vaccine segment due to intensified competition and price pressures.

• Short-term sales in both vaccine and IVD segments are under pressure due to policy and market competition.

• Improvement in IVD segment performance is expected after a period of adjustment as favorable policies take effect.