Beijing Wantai Biological Pharmacy Enterprise Co. (603392) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was RMB 1.95 billion, down 60.79% year-over-year, mainly due to HPV vaccine market competition and inventory reduction.

• Net profit attributable to shareholders for the same period was RMB 266.65 million, a decrease of 85.25% year-over-year.

• The diagnostics segment maintained double-digit growth, benefiting from accelerated large projects and strong performance in chemiluminescence products.

Financial highlights

• Q3 revenue was RMB 582.07 million, down 27.72% compared to Q3 2023.

• Q3 net profit attributable to shareholders was RMB 6.17 million, down 94.18% year-over-year.

• Basic and diluted EPS for Q3 were both RMB 0.005, down 93.75% year-over-year.

• Operating cash flow for the first nine months was RMB 197.80 million, down 77.80% year-over-year.

• Total assets at Q3-end were RMB 14.74 billion, down 6.21% from year-end 2023.

Outlook and guidance

• The company is accelerating industrialization of the 9-valent HPV vaccine, with over RMB 40 million additional investment year-over-year.

• Strategic focus on differentiated competition, strengthening sales teams, expanding international markets, and optimizing inventory management.