--- title: "Financial Report Comparison | WALVAX increases profit without increasing revenue, Wantai Biological reports first loss since listing, where to next?" type: "News" locale: "en" url: "https://longbridge.com/en/news/283870799.md" description: "WALVAX and Wantai Biological both reported a decline in revenue in their 2025 financial statements. WALVAX achieved an operating income of 2.418 billion yuan, a year-on-year decrease of 14.29%, with a net profit of 178 million yuan, a year-on-year increase of 25%; Wantai Biological reported an operating income of 1.819 billion yuan, a year-on-year decrease of 18.99%, and a first-time loss of 398 million yuan. The performance decline of both companies is mainly affected by the vaccine business, with increased industry competition and policy pressure" datetime: "2026-04-23T13:16:14.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283870799.md) - [en](https://longbridge.com/en/news/283870799.md) - [zh-HK](https://longbridge.com/zh-HK/news/283870799.md) --- # Financial Report Comparison | WALVAX increases profit without increasing revenue, Wantai Biological reports first loss since listing, where to next? Zhongxin Jingwei, April 23 (Lin Wansi) Recently, domestic vaccine companies WALVAX and Wantai Biological have successively submitted their "report cards" for 2025. Data shows that both companies experienced a year-on-year decline in revenue for 2025, with WALVAX's net profit attributable to the parent company increasing by 25% year-on-year, while Wantai Biological recorded its first loss since going public. The decline in performance is attributed to the vaccine business. The bivalent HPV vaccines from Wantai Biological and WALVAX are the first and second domestically approved vaccines in China, respectively. As the HPV vaccine market becomes a "red ocean," where will their next stop be? **Wantai Biological's First Loss Since Going Public** In terms of revenue scale, in 2025, WALVAX achieved operating revenue of 2.418 billion yuan, a year-on-year decrease of 14.29%; Wantai Biological achieved operating revenue of 1.819 billion yuan, a year-on-year decrease of 18.99%. Both companies saw a decline in revenue, with Wantai Biological experiencing a larger drop. The reasons for the decline in performance point to the vaccine business. Wantai Biological stated in its 2025 annual report that its operating revenue was mainly affected by multiple factors such as domestic vaccine centralized procurement policies, industry competition, and consumer vaccine hesitancy, leading to overall pressure on the domestic vaccine market and a significant decline in industry revenue. WALVAX indicated in its 2025 performance forecast that the main factors affecting performance changes in 2025 are that the domestic and international vaccine markets are still in a downward cycle, with total revenue from the company's vaccine products decreasing by about 8% compared to the same period last year. The decline in revenue from domestic vaccine products has narrowed and stabilized, while revenue from foreign vaccine products continues to grow, with export vaccine product revenue increasing by about 35% compared to the same period last year. From the perspective of the vaccine industry, Wantai Biological's vaccine products achieved revenue of 457 million yuan, a year-on-year decline of 24.63%; WALVAX's self-developed vaccine products achieved revenue of 2.152 billion yuan, a year-on-year decline of 15.34%, accounting for 89% of total revenue. **In terms of profit, in 2025, WALVAX achieved a net profit attributable to the parent company of 178 million yuan, a year-on-year increase of 25.03%; Wantai Biological reported a net loss attributable to the parent company of 398 million yuan, compared to a profit of 106 million yuan in the same period last year, a year-on-year decline of 474.89%. Wind data shows that this is the first annual loss for Wantai Biological since going public.** Wantai Biological pointed out in its 2025 annual report that the company faces significant challenges in operations in 2025, affected by multiple external factors such as industry policy adjustments and intensified market competition, with both core business segments (vaccines and diagnostic reagents) experiencing phase-specific operational pressure. **"Although the nine-valent HPV vaccine has been successfully launched, it is still in the market access stage and has not yet formed a scaled profit contribution, making it difficult to effectively offset the performance impact of disposing of bivalent HPV vaccine inventory and government procurement price reductions; the diagnostic reagent business is affected by centralized procurement price reductions and adjustments in medical insurance policies. Although the specialty testing business and equipment installations have achieved steady growth, the growth momentum is still insufficient to counteract the overall market decline pressure, resulting in an annual loss for the company," Wantai Biological further pointed out.** **The 2025 annual report shows that Wantai Biological's vaccine segment has a gross margin of 27.25%, a decrease of 43.18 percentage points year-on-year. WALVAX's non-immunization program vaccine has a gross margin of 80.14%, down 3.79% year-on-year.** WALVAX stated in its 2025 performance forecast that the company continues to strengthen a series of cost reduction and efficiency enhancement measures, with operational management capabilities continuously improving, resulting in a net profit attributable to shareholders of the listed company increasing compared to the same period last year. Although WALVAX achieved profitability in 2025, it still needs to make provisions for asset impairment related to HPV vaccine-related intangible assets. WALVAX's 2025 annual report shows that the competitive environment in the HPV vaccine market has changed. The company commissioned Shanghai Lixin Asset Appraisal Co., Ltd. to conduct impairment testing on its HPV vaccine-related intangible assets and development expenditures, and issued an impairment testing valuation report. **According to the impairment testing valuation report, the company made an asset impairment provision of 76.2951 million yuan for HPV vaccine-related intangible assets.** **Significant Price Reduction for HPV Vaccines** In May 2020, Wantai Biological's bivalent HPV vaccine was launched for sale in mainland China (excluding Hong Kong, Macau, and Taiwan), marking the first product in China for the prevention of cervical cancer. Currently, Wantai Biological has established a complete industrial chain layout covering vaccines and in vitro diagnostics. In 2025, Wantai Biological successfully launched China's first and the world's second nine-valent HPV vaccine. At the same time, its bivalent HPV vaccine was included in the 2025 national immunization program centralized procurement in China. The 2025 annual report shows that WALVAX is a company specialized in the research, development, production, and sales of biotechnological products such as human vaccines, and it is the second company in China and the fourth in the world to independently develop and successfully launch an HPV vaccine. Currently, WALVAX has a total of 8 self-developed vaccine products, including the 13-valent pneumococcal conjugate vaccine, bivalent HPV vaccine, and 23-valent pneumococcal polysaccharide vaccine. In March 2022, WALVAX's bivalent HPV vaccine was officially launched, becoming the second domestically produced bivalent HPV vaccine. The bivalent HPV vaccine is currently the lowest-priced cervical cancer vaccine, which can only prevent infections from HPV types 16 and 18. As Merck's nine-valent HPV vaccine officially expanded its age range to suitable women aged 9-45, the market for the bivalent HPV vaccine quickly transformed from a "blue ocean" to a "red ocean." The market competition between WALVAX and Wantai Biological is also intensifying. In May 2022, WALVAX and Wantai Biological's bivalent HPV vaccines jointly won the bid for the Jiangsu provincial government procurement project, with WALVAX's proposed bid price at 246 yuan per dose and Wantai Biological's proposed bid price at 329 yuan per dose. **In December 2025, Wantai Biological and WALVAX respectively announced that they were both included in the 2025 national immunization program vaccine centralized procurement project—the bivalent human papillomavirus vaccine procurement project, with an inclusion unit price of 27.5 yuan. In just three and a half years, the price has dropped by about 90%.** \*\* Starting from November 10, 2025, the HPV vaccine will be included in the national immunization program, and girls who turn 13 years old after November 10, 2011, will receive two doses of the bivalent HPV vaccine for free (with an interval of 6 months). In the increasingly fierce market competition for bivalent HPV vaccines in 2025, WALVAX chose to cross into two new tracks: micro-ecological health and biomanufacturing. In terms of vaccine products, WALVAX's nine-valent HPV vaccine is still in Phase III clinical trials. In 2025, WALVAX signed an "Exclusive Re-licensing Agreement" and an "Amendment to the Exclusive Re-licensing Agreement" with Notitia Biotechnologies Company (hereinafter referred to as Notitia). Notitia granted WALVAX the exclusive rights to develop, manufacture, and commercialize its core microbiome analysis, microbiome-targeted transplantation, and nutritional formula technologies for disease populations and non-patient groups in mainland China, Hong Kong, and Macau. WALVAX stated that the signing of the above agreements marks the company's implementation of a dual-track layout in the field of intestinal microbiota, focusing on "disease treatment intervention" and "chronic disease prevention + health nutrition." Although Wantai Biological's nine-valent HPV vaccine is still in the market access stage, and the Phase III clinical study for males is ongoing, the company is also actively developing a third-generation HPV vaccine, which is currently in the preclinical stage. In 2025, Wantai Biological's nine-valent HPV vaccine has already obtained market access in 27 provinces in China, entering 1,665 disease control centers, and is continuously accelerating the coverage and matrix layout of over 30,000 vaccine injection points nationwide. In the international market, Wantai Biological is orderly promoting the market expansion of the nine-valent HPV vaccine targeting high-income countries, middle-income countries, and GAVI (Global Alliance for Vaccines and Immunization) countries. (For more reporting clues, please contact the author Lin Wansi: linwansi@chinanews.com.cn) (China News APP) ### Related Stocks - [300142.CN](https://longbridge.com/en/quote/300142.CN.md) - [603392.CN](https://longbridge.com/en/quote/603392.CN.md) - [MRK.US](https://longbridge.com/en/quote/MRK.US.md) ## Related News & Research - [Bessent: Trump tariffs are an aggressive approach forcing trading partners to the negotiating table](https://longbridge.com/en/news/290718328.md) - [One advisor quotes Mike Tyson to frame the Iran war selloff: 'Everyone has a plan until they get hit in the mouth.' 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