By Fineline Cube 
China‑based Walvax Biotechnology Co., Ltd. (SHE: 300142) disclosed its financial results for the first half of 2025, showing a 19.47 % year‑on‑year decline in operating revenue to ¥1.154 billion. The dip was driven largely by a reduction in sales of its vaccine portfolio compared with the same period last year.
Revenue Breakdown
| Segment | H1 2025 Revenue (¥ bn) | YoY Change |
|---|---|---|
| Total Operating | 1.154 | ‑19.47 % |
| Non‑EPI Vaccines | 1.052 | ‑19.61 % |
| Overseas Business | 0.214 | ↑ (details below) |
The decline in non‑EPI vaccine sales reflects broader market pressure and a shift in the HPV vaccine landscape.
HPV Vaccine Impairment
Walvax recorded an impairment loss related to its HPV vaccine line:
- Intangible assets & R&D book value: ¥748.2951 million
- Recoverable amount: ¥672 million
- Impairment provision: ¥76.2951 million
The impairment stems from changing demand dynamics and competitive pressures in the HPV market, prompting a reassessment of the asset’s recoverable value.
Export Performance Amid China’s Pharma Trade Shift
According to the China Chamber of Commerce for Import & Export of Medicines & Health Products, China’s pharmaceutical exports grew 3.8 % YoY to $54.539 billion in H1 2025, while imports fell 3.92 % to $20.456 billion. This trend reflects an import‑substitution effect driven by domestic industrial upgrades.
Walvax’s Global Footprint
- Overseas revenue: ¥214 million (≈$29 million)
- New export markets: Ghana and Myanmar
- Total countries served: 24
- Cumulative export volume: >63 million doses
Walvax remains among the top domestic vaccine exporters (excluding COVID‑19 vaccines) for several consecutive years, underscoring its commitment to high‑quality international business development.
Outlook and Strategic Focus
Walvax’s management highlighted the following priorities for the remainder of 2025:
- R&D acceleration – Further investment in next‑generation vaccine candidates and platform technologies.
- Market diversification – Expand presence in emerging markets, leveraging existing export channels.
- Cost discipline – Optimize manufacturing efficiencies to offset revenue volatility.
Despite the current revenue decline, Walvax’s robust export performance and strategic emphasis on innovation position it to navigate the evolving global pharmaceutical landscape.-Fineline Info & Tech