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singsongone 1n
04-23

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Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing

　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。

Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing

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According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Triple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTriple squeeze of products, policies and markets Wantai Biotech suffered its first loss since listing\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪证券</strong><span class=\"h-time small\">2026-04-23 16:25</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><body><div>Look at stock trading<a href=\"https://laohu8.com/S/603586\">Golden Qilin</a>Analyst research report, authoritative, professional, timely, comprehensive, to help you tap potential theme opportunities!</p><p>Once became famous in World War I with the domestic bivalent HPV vaccine Cecolin and reached the top of A shares<a href=\"https://laohu8.com/S/000504\">biology</a>of the vaccine sector<span><a href=\"https://laohu8.com/S/603392\">Wantai Biotech</a></span><span></span>In 2025, it handed over its worst report card since going public. According to the annual report data, the company's annual operating income was 1.819 billion yuan, a year-on-year decrease of 18.99%; Net profit attributable to the parent company was-398 million yuan, a sharp decrease of 474.89% year-on-year, and the first annual net loss in history. After deducting non-recurring gains and losses, the net loss further expanded to 623 million yuan, and the weighted average return on net assets dropped to-3.30%.</p><p>Judging from the quarterly operating data, Wantai Bio's losses are increasing quarter by quarter, and the signal of operating stabilization has not appeared. In the first quarter, the company's loss was 52,776,900 yuan, the loss scale expanded to 91,435,400 yuan in the second quarter, and it briefly narrowed to 28,790,900 yuan in the third quarter. In the fourth quarter, the loss in a single quarter soared to 225 million yuan, exceeding the total loss in the first three quarters. At the same time, risks such as inventory backlog, reduced capital utilization rate, idle production capacity and asset impairment are concentrated, which not only greatly drags down the current profit, but also becomes a potential burden for subsequent operations.</p><p>　<strong>Triple squeeze of products, policies and markets, two main businesses both lost</strong></p><p>The core reason for the huge loss of Wantai Biological's performance is that its two main businesses fell into recession at the same time. The vaccine business of profitable cows in the past completely lost momentum, and the in vitro diagnosis business as a stabilizer was unable to support the bottom. Under the dual pressure, the company lost its basic performance.</p><p>Specifically, the vaccine business was once the absolute core of Wantai Biological's performance. In 2022, the bivalent HPV vaccine Cecolin contributed over 8.5 billion yuan in revenue, accounting for over 70% of the total revenue, and the gross profit margin remained above 85% for a long time, becoming the core driving force for the company's rapid growth.</p><p>However, since 2023, the vaccine business took a sharp turn. In 2024, the revenue has plummeted to about 600 million yuan, and the decline has further intensified in 2025. During the reporting period, the revenue of the vaccine business was 457 million yuan, a year-on-year decline of 24.63%, and the gross profit margin plummeted by more than 43 percentage points.</p><p>The collapse of the vaccine business is the result of the superposition of policy, market and product factors. At the policy level, since 2023, centralized procurement of HPV vaccines has been launched in many places across the country, and bivalent HPV vaccines have become the key target of centralized procurement. The winning bid price of Wantai Biotech Cecolin has plummeted from 329 yuan for a single dose to about 30 yuan, with a price reduction of over 90%. The cliff-like decline in prices has caused the gross profit margin of bivalent vaccines to plummet from more than 90% at its peak to less than 30% in 2025, and the profit of a single dose has almost returned to zero.</p><p>At the market level, the dual competitive pressure has significantly shrunk the demand for bivalent vaccines. On the one hand,<span><a href=\"https://laohu8.com/S/300142\">Watson Bio</a></span><span></span>Waiting for domestic bivalent HPV vaccines to be launched one after another, participating in market competition at a lower price, further dividing the existing market, Wantai Biotech lost its price advantage; On the other hand, in 2023, the approved applicable age of imported nine-valent HPV vaccines will be expanded from 16-26 years old to 9-45 years old, covering the core target population of bivalent vaccines, and consumers will give priority to nine-valent vaccines with wider protection, resulting in a cliff-like decline in the market demand for bivalent vaccines.</p><p>Cecolin 9, the first nine-valent HPV vaccine made in China, which is regarded by the company as the hope of a comeback, has a commercialization performance far below expectations after being approved for listing in June 2025. In order to quickly seize the market, Cecolin 9 is priced at only 499 yuan/piece, which is imported<a href=\"https://laohu8.com/S/MRK\">Merck</a>About 38% of the nine-valent vaccine, but the low-price strategy did not bring a sales outbreak. The company's annual vaccine business revenue was less than 500 million yuan, a record low, and the performance gap of bivalent vaccine is still difficult to make up.</p><p><div><img src=\"https://n.sinaimg.cn/finance/transform/113/w630h283/20260423/7a27-af4cc76d68728ff33b2277a70da63f22.png\"/><span></span></div>At the same time, the domestic nine-valent vaccine track has become extremely crowded,<span>Recreation Guard</span><span></span>Domestic nine-valent vaccines such as Bowei Bio and Bowei Bio have entered the third phase of clinical trials and are expected to be launched one after another in 2026. In the future, Cecolin 9 will face the double encirclement and suppression of domestic competing products and imported products, making it difficult to break through the market.</p><p>In addition to HPV vaccines, the revenue scale of the company's traditional vaccines such as chickenpox and herpes zoster is less than 100 million yuan. Products under development such as 20-valent pneumonia and 11-valent HPV are still in the early clinical stage and are expected to be listed after 2030 to contribute revenue. The vaccine business has no new performance growth points in the short term, and there is no hope of warming up.</p><p>As a former performance stabilizer, the in vitro diagnostics business also performed sluggishly in 2025, failing to hedge the loss of the vaccine business. In 2025, Wantai Biotech's in vitro diagnostic business achieved revenue of 1.308 billion yuan, a year-on-year decrease of 18.65%, and its gross profit margin decreased by 7.98 percentage points to 56.99% compared with 2024, with both revenue and profit decreasing.</p><p>　　<strong>Impairment, receivables and depreciation are heavy burdens for future operations</strong></p><p>At the same time as the core business collapsed, Wantai Bio also exposed multiple serious problems in asset operation and financial management. Risks such as cash flow pressure, inventory backlog, high accounts receivable, and idle asset impairment continued to ferment, which not only aggravated the losses in 2025, but also became a potential burden for 2026 and future operations.</p><p>Among them, inventory impairment has become an important factor devouring the company's profits, and the inventory pressure of vaccine products has not been fully released. At the end of 2025, the company's inventory balance decreased by 30.97% year-on-year to 21.6584 million units, but it was mainly the result of passive cleanup of bivalent HPV vaccine and large provision for impairment.</p><p>In 2025, the company's asset impairment loss reached 215 million yuan, almost all of which came from the impairment of inventory and contract assets, most of which were the impairment provision of bivalent HPV vaccine. This part of the impairment loss accounted for 54% of the company's current loss, which was an important driver of the company's turn from profit to loss.</p><p>By the end of 2025, the book value of the company's inventory goods after provision is 269 million yuan. If the subsequent market promotion of nine-valent HPV vaccine is less than expected, or the inventory clearing progress of bivalent HPV vaccine slows down, the company will still have the risk of continuous provision for asset impairment in the future, further squeezing profit margins.</p><p>In terms of accounts receivable, the company's accounts and bills receivable amounted to RMB1.625 billion at the end of 2025. From 2021 to 2025, the Company's accounts receivable turnover days were 92.26 days, 99.7 days, 226.37 days, 403.36 days and 361.92 days, respectively. Although it was shortened in 2025, it was still at a historically high level, and the capital turnover efficiency was not good.</p><p>In terms of fixed asset depreciation, in 2025, the company will invest 350 million yuan in fixed assets to expand the production of nine-valent HPV vaccine and update diagnostic equipment, and the balance of fixed assets will reach 2.87 billion yuan. However, the current capacity utilization rate of vaccine and diagnostic business is insufficient, a large number of fixed assets are idle, and the depreciation expenses of fixed assets will increase by 14.7% year-on-year to 263 million yuan.</p><p>Overall, Wantai Biotech's huge loss in 2025 is the result of the concentrated outbreak of multiple problems such as the loss of power in its core business, market response errors, and improper asset management and control. It once relied on a single vaccine product to create<a href=\"https://laohu8.com/S/002296\">brilliant</a>The curtain had already ended. At present, problems such as commercialization of nine-valent vaccines and inventory resolution remain to be solved, and it remains to be seen whether the company can get rid of operating difficulties.</p><p><div></div><div><div><img src=\"\"/></div><div>Massive information and accurate interpretation, all in Sina Finance APP</div></div>Editor-in-Charge: Company Watch</p><p></div></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml\">新浪证券</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"603392":"万泰生物","IPOS":"Renaissance International IPO ETF","09633":"农夫山泉","BK0239":"医药制造","BK1589":"北水核心资产","LU1981816686.USD":"EASTSPRING INV ASIAN MULTI FACTOR EQUITY \"A\" (USD) ACC","BK1200":"软饮料"},"source_url":"https://finance.sina.com.cn/stock/observe/2026-04-23/doc-inhvnnxa8699316.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2629886124","content_text":"炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 　　曾凭借国产二价HPV疫苗馨可宁一战成名，登顶A股生物疫苗板块的万泰生物在2025年交出了上市以来最差成绩单。年报数据显示，公司全年实现营业收入18.19亿元，同比下降18.99%；归母净利润-3.98亿元，同比大幅下滑474.89%，历史首次出现年度净亏损。扣除非经常性损益后净亏损进一步扩大至6.23亿元，加权平均净资产收益率跌至-3.30%。\n　　从季度经营数据来看，万泰生物的亏损呈现逐季加剧态势，经营企稳信号迟迟未现。一季度公司亏损5277.69万元，二季度亏损规模扩大至9143.54万元，三季度短暂收窄至2879.09万元，四季度单季亏损却飙升至2.25亿元，单季度亏损额超过前三季度亏损总和。与此同时，库存积压、资金使用率降低、产能闲置、资产减值等风险集中显现，不仅大幅拖累当期利润，更成为后续经营的潜在包袱。\n　　产品、政策、市场三重挤压 两大主营业务双双失守\n　　万泰生物业绩巨亏的核心原因，是两大主营业务同时陷入衰退，昔日利润奶牛的疫苗业务彻底失势，而作为稳定器的体外诊断业务亦无力托底，双重压力下公司失去业绩基本盘。\n　　具体而言，疫苗业务曾是万泰生物绝对的业绩核心，2022年凭借二价HPV疫苗馨可宁贡献超85亿元营收，占总营收比重超70%，毛利率长期维持在85%以上，成为公司高速增长的核心动力。\n　　但从2023年开始，疫苗业务急转直下，2024年营收已暴跌至6亿元左右，2025年颓势进一步加剧，报告期内疫苗业务营收4.57亿元，同比下滑24.63%，毛利率更是暴跌超43个百分点。\n　　疫苗业务的溃败，是政策、市场、产品三重因素叠加的结果。政策层面，2023年起全国多地启动HPV疫苗集中带量采购，二价HPV疫苗成为集采重点对象，万泰生物馨可宁中标价格从单支329元暴跌至30元左右，降价幅度超90%。价格的断崖式下跌导致二价疫苗毛利率从巅峰时期的90%以上，暴跌至2025年的不足30%，单支利润几乎归零。\n　　市场层面，双重竞争压力让二价疫苗需求显著萎缩。一方面，沃森生物等国产二价HPV疫苗陆续上市，以更低价格参与市场竞争，进一步瓜分存量市场，万泰生物失去价格优势；另一方面，2023年进口九价HPV疫苗获批适用年龄从16-26岁扩至9-45岁，覆盖二价疫苗核心目标人群，消费者优先选择防护范围更广的九价疫苗，导致二价疫苗市场需求出现断崖式下滑。\n　　而被公司视为翻盘希望的国产首款九价HPV疫苗馨可宁9，2025年6月获批上市后商业化表现远不及预期。为快速抢占市场，馨可宁9定价仅499元/支，为进口默沙东九价疫苗的约38%，但低价策略并未带来销量爆发，公司全年疫苗业务收入不足5亿元，创历史新低，二价疫苗的业绩缺口仍难以弥补。\n\n　　与此同时，国产九价疫苗赛道已变得极度拥挤，康乐卫士、博唯生物等国产九价疫苗已进入临床三期，预计2026年陆续上市，未来馨可宁9将面临国产竞品与进口产品的双重围剿，市场突围难度较大。\n　　除HPV疫苗外，公司水痘、带状疱疹等传统疫苗营收规模不足亿元，20价肺炎、十一价HPV等在研产品尚处临床早期，预计2030年后才能上市贡献营收，疫苗业务短期内无新的业绩增长点，转暖无望。\n　　作为曾经的业绩稳定器，体外诊断业务在2025年同样表现低迷，未能对冲疫苗业务的亏损。2025年，万泰生物体外诊断业务实现营收13.08亿元，同比下降18.65%，毛利率较2024年下滑7.98个百分点至56.99%，营收与盈利双降。\n　　减值、应收、折旧三座大山 未来经营包袱沉重\n　　在核心业务溃败的同时，万泰生物在资产运营与财务管理层面同样暴露出多重严重问题，现金流承压、库存积压、应收账款高企、资产闲置减值等风险持续发酵，不仅加剧了2025年的亏损，更成为2026年及未来经营的潜在包袱。\n　　其中，存货减值成为吞噬公司利润的重要因素，疫苗产品的库存压力尚未完全释放。2025年末公司存货余额同比下降30.97%至2165.84万支，但主要是二价HPV疫苗被动清理与大额计提减值的结果。\n　　2025年公司资产减值损失达2.15亿元，几乎全部来自存货与合同资产减值，其中绝大部分为二价HPV疫苗的减值计提，该部分减值损失占公司当期亏损额的54%，是导致公司由盈转亏的重要推手。\n　　截至2025年末，公司计提后库存商品账面价值为2.69亿元，若后续九价HPV疫苗市场推广不及预期，或二价HPV疫苗库存清理进度放缓，公司未来仍存在持续计提资产减值的风险，进一步挤压利润空间。\n　　应收账款方面，2025年末公司应收账款及票据为16.25亿元。2021年-2025年，公司应收账款周转天数分别为92.26天、99.7天、226.37天、403.36天、361.92天，2025年虽有所缩短但仍处于历史高位，资金周转效率欠佳。\n　　固定资产折旧方面，2025年公司为九价HPV疫苗扩产、诊断设备更新，新增固定资产投资3.5亿元，固定资产余额达28.7亿元，但当前疫苗、诊断业务产能利用率不足，大量固定资产闲置，固定资产折旧费用同比增长14.7%至2.63亿元。\n　　整体来看，万泰生物2025年的巨亏是核心业务失势、市场应对失误、资产管控失当等多重问题集中爆发的结果，曾经依靠单一疫苗产品缔造的辉煌已然落幕。眼下，九价疫苗商业化、化解库存等问题仍待解决，公司能否摆脱经营困境仍有待观察。\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：公司观察","news_type":1,"symbols_score_info":{"603392":1.5,"09633":1.5,"IPOS":1.5}},"isVote":1,"tweetType":1,"viewCount":11,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}