Strategic Analysis of Walvax's mRNA Vaccine Layout

Based on the searched information, I analyze Walvax’s mRNA vaccine layout and its R&D strategy issues for you.

• Since 2020, Walvax has successively cooperated with Abogen Biosciences and Shanghai Lanque to jointly develop mRNA vaccines [1]
• During the COVID-19 pandemic, Walvax’s mRNA COVID-19 vaccine was only approved for marketing in Indonesia and failed to get approval in the domestic market [1]
• In 2024, Walvax terminated its cooperation with Abogen Biosciences and only retained Shanghai Lanque as a partner [1]
• In September 2025, the clinical trial application for Walvax’s lyophilized shingles virus mRNA vaccine was accepted by the National Medical Products Administration [2], indicating that its mRNA technology platform is still being continuously advanced.

• In recent years, R&D expenditure has continued to account for more than 20% of operating income, which is a leading level among domestic listed pharmaceutical companies [3]
• Currently, it has layouts in bacterial vaccines, recombinant protein vaccines, mRNA vaccines, and recombinant adenovirus vaccines [3]

• Walvax invested a lot of resources in developing mRNA COVID-19 vaccine during the pandemic, but the vaccine failed to get domestic approval [1]
• As the pandemic subsided, the market demand for COVID-19 vaccines dropped sharply, making it difficult for Walvax’s investment to get the expected return [1]
• Industry analysts believe that “it is not realistic to achieve a turnaround relying on mRNA vaccines unless the COVID-19 virus makes a comeback” [1]

• In December 2020, Walvax transferred 32.6% equity of its core subsidiary Shanghai Zerun for 1.14 billion yuan [1]
• At that time, Shanghai Zerun’s bivalent HPV vaccine had just received registration application acceptance, only one step away from listing [1]
• Investors questioned the company’s “undervaluation sale” of high-quality assets and the major judgment error in the decision to focus on the mRNA vaccine field [1]

• After listing, Walvax “lost its original intention and invested everywhere to chase trends” [1]
• Since 2014, due to underperformance, it has liquidated Hebei Da’an shares many times, entering and exiting the blood product track quickly, not only failing to make money but also losing money [1]
• In 2016, Shandong Shijie was involved in an illegal vaccine case, leading Walvax to accrue 480 million yuan in goodwill impairment [1]

Period	Change
1 year	-9.74%
3 years	-71.10%
5 years	-70.75%

• ROE (Return on Equity): only 0.52% [4]
• Net Profit Margin: 2.05% [4]
• Operating Profit Margin: -6.49%, indicating that the main business is in a loss state [4]
• P/E (Price-to-Earnings Ratio): as high as 367 times, reflecting a serious deviation between market expectations for its future and current performance [4]

• Walvax has been in a “no actual controller” state for a long time [1]
• The capital behind it ignores the overall situation for profit considerations and only treats Walvax as an “incubator hen” [1]
• The founding team and executives have cashed out frequently, overdrawning the confidence of investors time and again [1]

• The dividend plan was passed with a high approval rate of 96.11%, with a total cash dividend of about 47.98 million yuan [3]
• Multiple governance system amendments received an approval rate of over 80% [3]
• The proposal on the transfer of minority equity of Yuxi Walvax was not passed, reflecting differences among shareholders on specific matters [3]

Despite facing many controversies, Walvax’s mRNA technology platform still has certain value:

• The advancement of the shingles mRNA vaccine in 2025 shows that technology accumulation is continuing [2]
• The “industry-university-research-application” collaborative innovation system built with Fudan University and Lanque Biotech is still in operation [2]

• The strategic thinking of focusing on the main vaccine business, strengthening innovation-driven development, and promoting international development is still clear [3]
• Substantial progress has been made in some countries along the “Belt and Road” [3]
• Some products have passed the WHO pre-qualification, laying a foundation for exploring the international market [3]

Walvax’s mRNA vaccine layout

:

1. Timing Judgment Error
   : Invested a lot of resources in the late pandemic period and failed to grasp the best commercialization window
2. Improper Resource Allocation
   : Sold the soon-to-be-commercialized HPV vaccine subsidiary and concentrated investment in the mRNA field
3. Frequent Capital Operations
   : Multiple “quick in and out” capital operations have damaged the company’s long-term development foundation
4. Governance Structure Defects
   : No actual controller leads to lack of consistency in strategic execution

However, it is too early to assert that its mRNA layout is a complete failure. The company’s continuous advancement of new vaccine varieties like shingles and the gradual implementation of its internationalization strategy may bring new growth opportunities. The key lies in whether the company can learn from historical lessons and balance the relationship between short-term performance pressure and long-term technology accumulation.

[1] Sina Finance - “Red Light Again: Walvax’s Vaccine Road Is ‘Unsmooth’” (December 28, 2025)
[2] Walvax Official Website - “Walvax’s Lyophilized Shingles Virus mRNA Vaccine Clinical Trial Application Accepted by NMPA” (September 24, 2025)
[3] Sina Finance - “Walvax Shareholders’ Meeting Resolution Released: Dividend Hits New High, Governance Upgraded Again, Strategy Steadily Advanced” (December 22, 2025)
[4] Jinling API Data - Walvax (300142.SZ) Company Profile and Financial Data