Watson Bio: Net profit of 177 million yuan in 2025, with a 53.36% year-over-year increase in the 13-valent pneumococcal conjugate vaccine.

On March 27, Watson Bio announced its 2025 annual report, reporting an operating income of 2.42 billion yuan, a year-on-year decline of 14.3%; net profit attributable to shareholders was 178 million yuan, a year-on-year increase of 25.0%; net profit attributable to shareholders after deducting non-recurring gains and losses was 95.45 million yuan, a year-on-year decline of 11.9%; the net cash flow from operating activities was 491 million yuan, a year-on-year decline of 52.6%; and EPS (fully diluted) was 0.1111 yuan.

In the fourth quarter, the company’s operating income was 699 million yuan, a year-on-year increase of 2.8%; net profit attributable to shareholders successfully turned around from a loss of 114 million yuan in the same period last year to a net profit attributable to shareholders of 14.3 million yuan; net profit attributable to shareholders after deducting non-recurring gains and losses turned around from a loss of 116 million yuan in the same period last year to a net profit of 24.91 million yuan; EPS was 0.0089 yuan.

As of the end of the fourth quarter, the company’s total assets were 12.071 billion yuan, a decrease of 18.0% compared to the end of the previous year; net assets attributable to shareholders were 8.621 billion yuan, a decrease of 8.6% compared to the end of the previous year.

In the 2025 annual report, the company mentioned that it has been timely and actively responding to the situation, continuously focusing on its main business, and optimizing resource allocation to promote the development of its core business. During the reporting period, in terms of product sales, despite the intensified competition in the domestic vaccine industry, the company still made efforts to deepen the reform of its marketing system, optimize talent team construction, formulate scientific and precise marketing strategies, strengthen its brand image, and enhance market coverage.

In terms of production and batch release, the company formulated an overall annual production plan and dynamically adjusted it to improve production and operational efficiency. In 2025, the approved vaccine products obtained batch release of 19.97 million doses, among which the 13-valent pneumococcal conjugate vaccine increased by 53.36% year-on-year. In terms of new product research and development, the company continued to increase investment, advancing the R&D and clinical research of multiple innovative vaccines, and has received clinical trial approval notifications for several vaccines, demonstrating the company’s positive progress in innovative vaccine R&D.

In addition, the report also mentioned that the company has made significant breakthroughs in its international market layout and export business, with overseas business revenue exceeding 522 million yuan, of which overseas product sales revenue was 517 million yuan, a year-on-year increase of 37%. The successful registration of the company’s products in the Latin American market marks the gradual realization of its internationalization strategy. The company also signed development agreements in the fields of microbiome health and functional nutrition interventions with partners, further expanding its business scope.

(Watson Bio Announcement)

(Editor: Yang Yan, Lin Chen)

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                                                            Healthcare