Recently, Wantai BioThe company disclosed its 2025 semi-annual report, showing that its operating income in the first half of the year was 844 million yuan, a year-on-year decrease of 38.25%; its net profit attributable to shareholders of the parent company turned from profit to loss to -144 million yuan, a year-on-year decrease of 155.3%; its non-net profit was as low as -243 million yuan, a year-on-year decrease of 481.93%.

Regarding the decline in revenue and net profit, Wantai Biological explained that it was mainly due to the fact that the company's vaccine segment was affected by market adjustments, government procurement and the expansion of the age limit for the nine-valent HPV vaccine, resulting in sales falling short of expectations and a decline in revenue from the vaccine segment compared with the same period last year.

Regarding the company's sharp decline in first-half performance and subsequent boosting measures, a reporter from China Business News recently wrote to and called Wantai Bio for an interview .Ministry staff said that the specific content will be based on the information disclosed in the 2025 semi-annual report.

"Blue Ocean" turns into "Red Ocean"

Wantai Bio's performance "dive" is not accidental. Since 2023, this former vaccine leader has shown signs of weak growth.

Data shows that in 2023 and 2024, the company's revenue will be 5.511 billion yuan and 2.245 billion yuan respectively, and its net profit attributable to the parent company will be 1.248 billion yuan and 106 million yuan respectively. After two consecutive years of significant performance decline, the company finally suffered its first loss in the first half of 2025.

Wantai Biological's current predicament is directly related to the market decline of its core product, the bivalent HPV vaccine "Xinkening".

Back in May 2020, Wantai Biological's independently developed domestically produced bivalent HPV vaccine, Xinkening, was approved for marketing, breaking the monopoly of imported vaccines at a price of 329 yuan per dose. At the time, the full course of the imported bivalent vaccine cost as much as 1,740 yuan, and the quadrivalent and nonavalent vaccines were even harder to come by.

Leveraging its price advantage and first-mover advantage, Xinkening saw rapid sales growth after its launch. The company's revenue soared from 2.354 billion yuan in 2020 to 11.185 billion yuan in 2022, and its net profit attributable to the parent company increased from 677 million yuan to 4.736 billion yuan, becoming a phenomenal case study in the domestic vaccine industry.

However, this "golden age" of rapid growth came to an abrupt end in 2023, during which three major factors jointly impacted the bivalent HPV vaccine market: First, MerckThe age range for the nine-valent HPV vaccine has been expanded from 16-26 to 9-45 years old, which directly diverted the potential demand for the two-valent vaccine. Secondly, Watson BioFirst, the domestically produced bivalent HPV vaccine entered the market, competing for market share through disguised price reduction methods such as "free vaccines" and "subsidies"; third, the centralized procurement price was reduced, and the winning bid price of the bivalent vaccine in some provinces dropped to less than 100 yuan, and the profit margin was compressed again.

The current HPV vaccine market has transformed from a "blue ocean" to a "red ocean." Once difficult to obtain, it is now facing a market downturn and plummeting prices.

Faced with a declining bivalent vaccine market, Wantai Biopharmaceuticals pinned its hopes on the first domestically produced nine-valent HPV vaccine, Xinkening 9. In June 2025, Xinkening 9 was approved for marketing at 499 yuan per dose, just 38% of the price of the imported nine-valent vaccine (1,318 yuan per dose), making it the world's lowest-priced nine-valent HPV vaccine.

The full cost of the domestically produced nine-valent vaccine, based on three injections, is 1,497 yuan, saving over 2,400 yuan compared to imported products, making it a significant price attraction. However, this strategy also has significant side effects. While the 499 yuan per dose pricing allows for rapid market share, it also compresses unit profit margins and may squeeze the market share of its own bivalent vaccine, creating a "two-pronged" internal competition.

On August 21, Wantai Bio announced that its wholly-owned subsidiary Xiamen Wantai Canghai Biotechnology Co., Ltd.'s nine-valent human papillomavirus vaccine (Escherichia coli) had obtained the " Biological Products Certificate" issued by the China Food and Drug Administration.Batch Issuance Certificate".

"With the nine-valent HPV vaccine product receiving the batch release certificate for the first time, it marks the official launch of the company's product on the market. This will further enrich and optimize the company's product lineup, create new revenue and profit growth points for the company, enhance the company's profitability and market competitiveness, and strengthen the company's market position." Wantai Biological stated in the announcement that the combination of the company's nine-valent HPV vaccine and the bivalent HPV vaccine on sale will build a differentiated and highly competitive product matrix to fully meet the diversified needs of different market levels and consumer groups.

The competitive landscape is rapidly restructured

In fact, Wantai Biological's predicament is not an isolated case, but a microcosm of the transformation of the entire HPV vaccine market. In the first half of 2025, the performance of three A-share listed HPV vaccine companies, including Wantai Biological, all declined.

Financial data shows that in the first half of 2025, Watson Bio achieved operating income of 1.154 billion yuan, a year-on-year decrease of 19.47%; net profit attributable to the parent company was 43.1606 million yuan, a year-on-year decrease of 74.69%.The company achieved operating revenue of 4.919 billion yuan, a year-on-year decrease of 73.06%; net profit attributable to shareholders of the parent company also turned from profit to loss, a year-on-year decrease of 126.72%, to a loss of 597 million yuan.

Faced with such a market situation, Wantai Biological is accelerating its capacity construction and internationalization strategy.

In terms of production capacity, Wantai Biological is constructing six bulk production lines for its nine-valent HPV vaccine in two phases, with a designed annual production capacity of 60 million doses. Wantai Biological disclosed on its investor engagement platform that it has completed construction of two bulk production lines in the first phase, with the approved nine-valent HPV vaccine production lines having a designed annual production capacity of 20 million doses.

In terms of internationalization, its vaccine products have received marketing authorization in 24 countries and are included in immunization programs in nine countries. The proportion of overseas revenue is expected to gradually increase. "We will accelerate the overseas registration process, expand international cooperation channels, and enhance the global accessibility of our products and the company's overall competitiveness," said Wantai Biological.

However, Wantai Bio faces many challenges in its road to success. The most pressing one is time pressure .The nine-valent vaccines of companies such as , Ruiko Bio, and Watson Bio have entered the Phase III clinical trial or marketing review stage.

Meanwhile, imported brands are actively adjusting their strategies to cope with competition. Starting in May 2025, Zhifei Biopharmaceuticals ' Merck 9-valent HPV vaccine, distributed by the company, launched "buy one, get one free" promotions in various provinces and cities. For women aged 9-14, the two-dose plan will cost only approximately 1,320 yuan, bringing the price per dose down to around 650 yuan.

Merck is also leading the way in expanding its indications . In April of this year, the National Medical Products Administration (NMPA) approved Gardasil 9 for several new indications, including for males aged 16-26. Meanwhile, Wantai Biopharmaceuticals is currently initiating a Phase III clinical trial in men and has enrolled the first patient.

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