Beijing Wantai Biological Pharmacy Enterprise Co. (603392) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached ¥1.05 billion, up 24.29% year-over-year, driven by strong growth in the vaccine segment, especially the 9-valent HPV vaccine.

• Net loss attributable to shareholders narrowed to ¥128 million from ¥144 million in H1 2025, reflecting improved profitability as vaccine sales scaled.

• Cash flow from operations was negative ¥81 million, impacted by increased procurement and tax payments amid business expansion.

• The company maintained its leadership in both in-vitro diagnostics and innovative vaccines, with significant progress in internationalization and product pipeline.

Financial highlights

• Operating income: ¥1,048 million (+24.29% YoY); net loss: ¥128 million (vs. ¥144 million loss YoY).

• Gross margin improved as vaccine sales, especially 9-valent HPV, increased.

• R&D expenses: ¥261 million; sales expenses rose 45% YoY due to vaccine marketing.

• Total assets: ¥13.7 billion; equity: ¥11.7 billion.

• Basic EPS: -¥0.10 (vs. -¥0.11 YoY); net cash from operations: -¥81 million.

Outlook and guidance

• Continued expansion of 9-valent HPV vaccine coverage in China and acceleration of international market entry.

• Ongoing R&D in next-generation vaccines (e.g., 20-valent pneumococcal, third-gen HPV, RSV, rotavirus) and diagnostics.

• Focus on digitalization, supply chain resilience, and cost control to support sustainable growth.