Beijing Wantai Biological Pharmacy Enterprise Co. (603392) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was RMB 1.50 billion, down 23.1% year-over-year, with a net loss attributable to shareholders of RMB 173.4 million, reversing a profit in the prior year.

• The company faced significant declines in profit due to market adjustments and government procurement impacts on vaccine and IVD segments.

• Despite financial setbacks, the company advanced product innovation, expanded international vaccine sales, and achieved key regulatory milestones.

Financial highlights

• Operating income for Q3 2025 was RMB 654.8 million, up 12.5% from the same quarter last year.

• Net loss for Q3 was RMB 29.4 million, a 576.3% increase in losses year-over-year.

• Net cash flow from operating activities for the first nine months was RMB 7.3 million, down 96.3% year-over-year.

• Basic and diluted EPS for the first nine months were both -0.14, compared to 0.21 last year.

• Total assets at September 30, 2025, were RMB 14.37 billion, down 2.2% from year-end 2024.

Outlook and guidance

• The company is focusing on differentiated innovation, strengthening its sales network, and accelerating international market expansion to foster new growth drivers.

• Continued investment in R&D and product quality aims to support stable growth in diagnostic and vaccine businesses.