Beijing Wantai Biological Pharmacy Enterprise Co. (603392) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was ¥2.25 billion, down 59.25% year-over-year, mainly due to a sharp decline in vaccine sales from market adjustments, government procurement, and HPV vaccine age expansion.

• Net profit attributable to shareholders was ¥106 million, a 91.49% decrease compared to the previous year.

• The company maintained strong R&D investment, with R&D expenses at ¥886 million, accounting for 44% of revenue.

• No cash dividend, bonus shares, or capital reserve to share capital conversion was proposed for 2024.

Financial highlights

• Operating income: ¥2.25 billion, down 59.25% year-over-year.

• Net profit attributable to shareholders: ¥106 million, down 91.49% year-over-year.

• Net profit after non-recurring items: -¥186 million.

• Operating cash flow: ¥355 million, down 76.91% year-over-year.

• Basic and diluted EPS: ¥0.08, down 91.92% year-over-year.

• Gross margin for vaccines: 70.43% (down 21.17 percentage points); for diagnostics: 64.97%.

Outlook and guidance

• The company will continue to focus on innovation in diagnostics and vaccines, with a strong pipeline including 9-valent HPV, 20-valent pneumococcal, and other high-value vaccines.

• Plans to expand international presence, especially in emerging markets, and further develop global partnerships.

• Emphasis on digital transformation, lean operations, and talent development to enhance competitiveness.