Watson Bio: Net profit of 111 million yuan in the first quarter of 2026, a year-on-year increase of 4082.41%

Watson Bio Announcement, operating revenue in the first quarter of 2026 was 444 million yuan, a year-on-year decrease of 3.98%. Net profit was 111 million yuan, a year-on-year increase of 4082.41%. The performance change is mainly due to the company adjusting its expected credit loss accounting estimates for accounts receivable based on industry conditions and actual business circumstances, resulting in a decrease in the provision for bad debts on accounts receivable, as well as the reversal of bad debt provisions in this period; at the same time, the company’s 20-valent pneumococcal polysaccharide conjugate vaccine and novel coronavirus variant strain mRNA vaccine projects have reached the capitalization stage, whereas in the same period last year they were in the expense stage, leading to a reduction in R&D expenses.