Beijing Wantai Biological Pharmacy Enterprise Co. (603392) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 1.82 billion, down 18.99% year-over-year, with a net loss attributable to shareholders of RMB -398 million compared to a profit of RMB 106 million in 2024.

• The company faced significant headwinds from domestic vaccine procurement policies, intensified industry competition, and consumer vaccine hesitancy, leading to a sharp decline in both vaccine and diagnostic revenues.

• Despite the launch of the domestic first and global second nine-valent HPV vaccine, the product is still in the market entry phase and has not yet contributed significant profits.

• The company maintained a strong focus on R&D and innovation, with major advances in both vaccine and diagnostic product pipelines, and continued international expansion.

Financial highlights

• Operating revenue: RMB 1,818,967,457.87, down 18.99% year-over-year.

• Net loss attributable to shareholders: RMB -398,267,667.27, down 474.89% year-over-year.

• Gross margin for vaccines dropped sharply to 27.25% (down 43.18 percentage points), while diagnostic reagents maintained a high margin of 70.51%.

• Operating cash flow: RMB 89,754,043.10, down 74.72% year-over-year.

• R&D investment: RMB 859.8 million, accounting for 47.27% of revenue, with 34.78% capitalized.

• Basic and diluted EPS: -0.31 yuan, down from 0.08 yuan in 2024.

Outlook and guidance

• The company will continue to focus on innovation-driven growth, international expansion, and product pipeline upgrades, with a strategic emphasis on high-value vaccines and advanced diagnostics.

• Plans include further market penetration for the nine-valent HPV vaccine, expansion of overseas vaccine sales, and accelerated development of next-generation products.

• The company expects ongoing industry challenges from policy, competition, and pricing, but aims for long-term recovery through cost control, operational efficiency, and diversified growth.