The general manager of Beijing Wantai Biological Pharmacy Enterprise Co.,Ltd. (603392) has resigned after holding the position for less than three years.
On July 3rd, the company announced a management change, stating that the board had received a written resignation report from JIANG ZHIMING. She resigned from her roles as director, general manager, and related positions on board committees due to personal reasons. Following her departure, she will no longer hold any position within the company, with her resignation taking effect upon receipt by the board.
According to the 2025 annual report, Jiang Zhiming was born in 1973, holds American citizenship, and has a doctoral degree. From 2002 to early 2022, she worked at Danaher's Beckman Coulter, holding various positions including Global Market Manager for Molecular Diagnostics, Asia Pacific Marketing Director for Life Sciences and Clinical Diagnostics, General Manager for the Asia Pacific region (excluding China), Global Senior Vice President, and China General Manager. From early 2022 to December 2023, she served as President of Wuhan United Imaging Zhiyong Medical Technology Co., Ltd. She joined Wantai Biological in January 2024 as General Manager and became a Director and General Manager in April 2024.
Content from the company's official WeChat account indicates that Jiang Zhiming attended and participated in the second "AI Star Elite Training Class" on June 25, 2026. The event was organized by the Immunotechnology Committee of the Zhejiang Society of Immunology, hosted by Sir Run Run Shaw Hospital, Zhejiang University School of Medicine and Zhongshan Hospital, Fudan University, and supported by Wantai Biological.
In 2025, Jiang Zhiming's total pre-tax compensation was 3.2416 million yuan. She did not hold any shares in the company, and her terms as General Manager and Director were originally set to end on April 18, 2027. Notably, the 2025 annual report specifically mentioned that due to the company's widening losses, Chairman Qiu Zixin voluntarily waived his salary starting April 2026 to express confidence in the company's future and share risks. Additionally, several executives, including Director and General Manager Jiang Zhiming, Director and CFO Lu Yun, Deputy General Managers Ye Xiangzhong, Zhao Lingzhi, and Pan Huirong, and Board Secretary Yu Tao, voluntarily forfeited their 2025 performance bonuses.
Among the executives who "voluntarily waived" their performance bonuses, Yu Tao also resigned from his position as Board Secretary due to personal family reasons. In a late May 2026 announcement, the company stated that until a new Board Secretary is appointed, the duties would be temporarily performed by Director and CFO Lu Yun.
Regarding Jiang Zhiming's successor, Wantai Biological stated that to ensure normal operations and management, the board agreed that Chairman Qiu Zixin would act as General Manager during the vacancy. The company will proceed with the selection and appointment of a new Director and General Manager in accordance with the Company Law and its articles of association.
Qiu Zixin is a veteran with nearly 30 years at Wantai Biological. The 2025 annual report shows he was born in 1963, holds Chinese citizenship, has no permanent residency abroad, and holds the title of researcher. He graduated from the Chemistry Department of Xiamen University in 1984 with a bachelor's degree. From 1984 to 1991, he worked as a teacher at Nanjing Institute of Chemical Technology. From 1991 to 1997, he was employed at Xiamen Xinchuang Technology Co., Ltd., serving as General Manager. He has been with Wantai Biological since 1997, holding positions including Director and General Manager.
Wantai Biological was founded in 1991 and listed on the Shanghai Stock Exchange in April 2020. Its controlling shareholder is Yangshengtang, and its ultimate controller is Zhong Shanshan, founder of NONGFU SPRING (09633). In terms of products, the company boasts blockbuster items such as the bivalent and nonavalent HPV vaccines. The nonavalent vaccine was officially launched in China in 2025, making it the second globally and the first domestically developed nonavalent HPV vaccine in China.
In recent years, Wantai Biological has faced significant performance pressure. In 2025, operating revenue was 1.819 billion yuan, a decrease of 18.99% year-on-year. Net profit attributable to shareholders turned to a loss of 398 million yuan, marking its first annual loss since listing. The company attributed this to multiple factors including domestic vaccine centralized procurement policies, industry competition, and vaccine hesitancy among consumers, which put pressure on the overall domestic vaccine market and led to a significant decline in industry revenue. The annual report further stated that although the nonavalent HPV vaccine had successfully launched, it was still in the market access phase and had not yet generated scaled profit contributions, making it difficult to effectively offset the performance impact from inventory disposal of the bivalent HPV vaccine and price reductions in government procurement.
The 2026 first-quarter report showed operating revenue of 523 million yuan, a year-on-year increase of 30.6%, and a narrowed net loss attributable to shareholders of 42.98 million yuan. The company stated that its operating revenue achieved rapid growth, with the market promotion and sales of the nonavalent HPV vaccine progressing steadily, becoming the core driver for vaccine business revenue growth. Both revenue and gross profit from the vaccine segment more than doubled year-over-year. Excluding the impact of bad debt provisions for overdue accounts receivable, the entire vaccine segment returned to profitability, marking a return to profit after several consecutive quarters of losses.
Diagnostics is another major business segment for Wantai Biological. The Q1 2026 report indicated that the chemiluminescence diagnostics business, previously affected by centralized procurement price cuts and medical insurance policy adjustments, is showing signs of recovery as the company accelerates instrument installation growth. Business conditions continue to improve, with a mid-single-digit percentage growth in Q1 2026. The laboratory automation pipeline project is progressing smoothly, with business scale growing over 100% year-on-year.
The same quarterly report also noted that the group as a whole faced pressure on revenue and profit levels due to adjustments in value-added tax rates for biological products and vaccines. The vaccine business recorded credit impairment losses on accounts receivable exceeding 70 million yuan, and sales expenses increased due to the establishment of a marketing system for the nonavalent HPV vaccine. Additionally, the Yangshengtang Xiamen Wantai Diagnostics Base construction project was completed and put into use in December 2025, leading to increased depreciation expenses in the reporting period. These factors collectively impacted the company's core operating profit for the period.
On July 3rd, shares of Wantai Biological closed at 28.62 yuan per share, up 1.71%, with a market capitalization of 36.187 billion yuan.
Comments