Wantai Biotech Posts First Annual Loss Since IPO as Nine-Valent HPV Vaccine Fails to Offset Declining Revenue

Gate News message, April 21 — Wantai Biotech (603392) reported its first annual loss since listing in 2020, with 2025 net loss attributable to parent company reaching 398 million yuan (approximately $55 million), while revenue declined 18.99% year-over-year to 1.819 billion yuan. The company attributed the decline to domestic vaccine procurement policies, intensified industry competition, and consumer vaccine hesitancy.

The nine-valent HPV vaccine, which launched in 2025 as China’s first domestically developed nine-valent HPV vaccine and the world’s second, completed its first inoculation on September 9, 2025. However, the company stated in its financial report that the vaccine “remains in the market entry phase and has not yet generated scaled profit contributions,” failing to offset losses from inventory disposal of bivalent HPV vaccine and government procurement price reductions. The vaccine segment revenue fell 24.63% year-over-year to 457 million yuan, with gross margin declining 43.18 percentage points.

The diagnostic segment generated 1.309 billion yuan in revenue, down 18.65% year-over-year, impacted by procurement price cuts and medical insurance policy adjustments. International revenue, however, surged 90.85% to 412 million yuan, driven by substantial growth in bivalent HPV vaccine exports. Wantai Biotech is advancing nine-valent HPV vaccine WHO prequalification preparations and has initiated Phase 3 clinical trials for male populations, with the first participant enrolled.