Core Viewpoint - The vaccine industry is experiencing a downturn, with significant revenue and profit declines among major companies, attributed to price wars, vaccine hesitancy, and intense competition [4][5][10][20]. Group 1: Industry Performance - In the first half of 2025, the overall vaccine revenue of listed companies in China decreased by 60% year-on-year, and net profit dropped by 113% [5]. - Major vaccine companies like Zhifei Biological and Wantai Biological reported their first half-year losses since going public, with net profits declining by 127% and 155% respectively [5][10]. - Only six out of 17 listed vaccine companies achieved profitability, with the highest profit being 122 million yuan from Chengda Biological [5]. Group 2: Price Wars - The price of flu vaccines has significantly dropped, with some prices reaching as low as 5.5 yuan per dose, leading to a continuous price war in the market [8][9]. - Wantai Biological's revenue from its main product, the bivalent HPV vaccine, fell by 38% to 844 million yuan, marking its first loss since listing [10]. - The price competition has also affected other vaccines, including HPV and shingles vaccines, with prices dropping dramatically in recent years [9][10][11]. Group 3: Vaccine Hesitancy - Vaccine hesitancy has become a significant issue, particularly for non-mandatory vaccines like HPV and flu vaccines, with many individuals expressing doubts about their effectiveness [13][14][15]. - The average flu vaccine coverage in China remains below 4%, significantly lower than in developed countries where it is around 50% [15]. - Factors contributing to vaccine hesitancy include dissatisfaction with COVID-19 vaccine outcomes, misinformation, and a lack of awareness regarding adult vaccinations [15][16]. Group 4: Future Outlook - Experts predict that the current downturn in the vaccine industry may last for five to ten years, with potential consolidation and elimination of weaker companies [20]. - The industry faces challenges in changing public perception and increasing adult vaccination rates, which are crucial for market expansion [20]. - The competition is expected to remain fierce, with many companies struggling to differentiate their products in a saturated market [19][20].

Core Viewpoint - The introduction of HPV vaccines into China's national immunization program is expected to lower market prices and improve accessibility, thereby enhancing women's health in China [1][5][6]. Group 1: National Immunization Program - China's National Health Commission announced the inclusion of HPV vaccination services for eligible girls in the national immunization program, marking the first expansion since 2008 [1]. - This move aligns with the WHO's strategy to accelerate the global elimination of cervical cancer, with over 140 countries already including HPV vaccines in their national programs [1][4]. - The inclusion of HPV vaccines in China's immunization program changes the previous situation of limited access and self-funded vaccinations [5]. Group 2: Global Context and Supply Issues - The global supply of HPV vaccines is currently insufficient, limiting the ability of some countries to expand their vaccination programs despite inclusion in national plans [2]. - Chinese-manufactured HPV vaccines, once pre-certified by WHO, are expected to improve supply and reduce costs, with Gavi promoting single-dose vaccination strategies to alleviate supply pressures [2][6]. Group 3: HPV Vaccine Efficacy and Global Disparities - HPV vaccines are one of the two vaccines that can completely prevent a type of cancer, with WHO recommending vaccination for girls aged 9 to 14 [4]. - Despite the vaccine's safety and efficacy, 85% of doses have been administered in high-income countries, while coverage in low- and middle-income countries remains below 10% [5]. - Cervical cancer continues to claim over 300,000 lives annually, predominantly in low- and middle-income countries, where high costs and limited supply hinder access to HPV vaccines [5]. Group 4: Lessons from Other Countries - Australia has successfully implemented a national HPV vaccination program since 2007, leading to a significant decrease in cervical cancer rates and aiming to eliminate the disease by 2035 [7]. - In contrast, Japan's hesitance due to concerns over adverse reactions led to a decline in vaccination rates and an increase in HPV infection rates [8][9]. - The experience of Japan highlights the importance of effective communication and management regarding vaccine safety to maintain public trust and vaccination coverage [9].

在9月11日举办的国新办新闻发布会上，国家卫健委有关负责人表示，今年将HPV（人乳头瘤病毒）疫 苗纳入国家免疫规划，国产九价HPV疫苗已正式投入使用。此消息令人振奋的同时，众多目光也投向了 HPV疫苗生产企业：产能是否足够覆盖？已经降至"奶茶价"的二价HPV疫苗价格是否还会降价？与此同 时，随着HPV疫苗被纳入国家免疫规划，中国将向世界卫生组织提出的全球加速消除宫颈癌战略2030年 疫苗接种阶段目标发起冲刺。 从试点到纳入，"三步走"历时五年 为了加速消除宫颈癌，2020年11月17日，世界卫生组织（WHO）发布全球战略，提出2030年全世界要 实现一项"90-70-90"阶段目标：即90%的女孩在15岁前完成接种HPV疫苗，70%的35-45岁女性接受高质 量的筛查，90%的确诊病人得到治疗。 2024年6月，《中国疾控中心周报》发表的研究显示，自中国引入HPV疫苗以来，每年的接种剂量和疫 苗覆盖率都在持续增加。尽管有这一上升趋势，但到2022年，第一剂HPV疫苗的覆盖率仅为10.15%， 第三剂覆盖率仅为6.21%，显著低于全球平均水平。尤其是20岁以下女性的HPV疫苗接种率较低，与世 界卫生组织提出的2 ...

在公共卫生领域，国家免疫规划由政府免费提供疫苗，旨提高人口整体健康水平，无论经济状况如何，都能被惠及。在此之前，中国的免疫规划疫苗覆盖人 群以6岁以下儿童为主，比如婴儿出生后都要注射的卡介苗、乙肝疫苗等，针对青少年甚至成年人的少之又少。 近年来，有多种疫苗都曾经被广泛推荐纳入国家免疫计划，其中包括流感疫苗、肺炎疫苗等，而最终HPV疫苗成为了"幸运儿"。 智通财经记者 | 陈杨 李科文 智通财经编辑 | 谢欣 许悦 这是18年来，中国的国家免疫规划首次扩容。 9月11日，国家卫健委副主任、国家疾控局局长沈洪兵在新闻发布会上表示，今年国家将推出面向适龄女生的HPV疫苗（宫颈癌疫苗）接种服务，并且将 HPV疫苗纳入国家免疫规划，保护女性的健康。 这与其临床获益性有很大关系。2022年，国内新发宫颈癌病例达到15.07万例，整体发病呈上升趋势且日渐年轻化。HPV病毒全称为人乳头瘤病毒，主要通 过母婴、性接触和经皮肤黏膜接触传播。宫颈癌是全球唯一可预防的癌症——99.7%的宫颈癌都由高危型HPV病毒持续感染导致，世界公认预防宫颈癌最有 效手段即接种HPV疫苗。 一度高涨的需求和极低的渗透率 广州荔湾区的白鹤洞卫生服务中 ...

Core Viewpoint - The Chinese government is set to include HPV vaccination services for eligible girls in the national immunization program, which may positively impact the competitive landscape of the vaccine industry [1][3]. Group 1: Market Dynamics - The HPV vaccine market in China is transitioning from a "blue ocean" to a "red ocean," indicating increased competition among vaccine manufacturers [3]. - The introduction of domestic two-valent HPV vaccines has improved accessibility and affordability, breaking the previous monopoly of imported nine-valent vaccines [2][3]. - Financial data shows significant revenue declines for major players: Watson Bio's revenue dropped by 19.47% to 1.154 billion yuan, WanTai Bio's revenue fell by 38.25% to 844 million yuan, and Zhifei Biological's revenue decreased by 73.06% to 4.919 billion yuan in the first half of 2025 [3][4]. Group 2: Product and Pricing Information - WanTai Bio's nine-valent HPV vaccine "Xinkening®9" is priced at 499 yuan per dose, approximately 40% lower than imported alternatives [2]. - The batch issuance of Merck's four-valent HPV vaccine was zero in the first half of 2025, while the nine-valent vaccine saw a 76.8% decline in issuance compared to the previous year [4][5]. Group 3: Future Prospects - There is a strong possibility that the two-valent HPV vaccine will be included in the national immunization program, which could significantly boost sales [7]. - The male HPV vaccine market is also becoming competitive, with Merck expanding its HPV vaccine indications to males aged 9-26, while domestic companies are conducting clinical trials for male indications [8].

Group 1 - The Chinese government will introduce HPV vaccination services for eligible girls and include HPV vaccines in the national immunization program, which is expected to enhance women's health protection [1][3] - The market for HPV vaccines has shifted from a "blue ocean" to a "red ocean," indicating increased competition among vaccine manufacturers [6] - Domestic companies such as Wantai Biological Pharmacy and Watson Bio have received approvals for their HPV vaccines, breaking the previous monopoly held by Merck's Gardasil 9 [3][4] Group 2 - Financial data shows significant revenue declines for major vaccine manufacturers in the first half of 2025, with Watson Bio's revenue down 19.47% and Wantai Biological's down 38.25% [6][7] - The approval of male indications for HPV vaccines by Merck and ongoing clinical trials by domestic companies indicate a growing focus on the male market, which is expected to become highly competitive [9] - The inclusion of the bivalent HPV vaccine in the national immunization program could lead to increased sales through government procurement [8]

Group 1: HPV Vaccine Inclusion in National Immunization Program - The National Health Commission announced the inclusion of HPV vaccination services for eligible girls in the national immunization program to enhance women's health protection [1][2] - Since 1978, China's immunization program has expanded from 4 vaccines to 14 vaccines preventing 15 infectious diseases [1] - HPV is a major cause of cervical cancer, and vaccination is a primary preventive measure, with existing vaccines effectively preventing over 70% of cervical cancer cases [1][2] Group 2: Cervical Cancer Statistics - In 2022, China reported 151,000 new cervical cancer cases, ranking fifth among female cancers, with 56,000 deaths, ranking sixth in female cancer mortality [2] Group 3: Free Vaccination Initiatives - Several regions have initiated free HPV vaccination programs, with Beijing starting free vaccinations for girls entering the first year of junior high school in 2025 [3] - As of August 2023, 18 provinces and several cities have included HPV vaccination in government initiatives, covering approximately 60% of eligible girls [3] Group 4: Market Dynamics and Company Performance - The inclusion of HPV vaccines in the national program is expected to improve public awareness and accessibility, potentially stabilizing sales for vaccine companies [4][5] - Companies like Watson Bio and Zhifei Biological have faced performance pressures due to declining public willingness to vaccinate and increased competition [7] - Watson Bio reported a revenue of 1.154 billion yuan in the first half of the year, down 19.47%, while Zhifei Biological's revenue was 4.919 billion yuan, down 73.06% [7] Group 5: Pricing and Competition - The first domestic two-valent HPV vaccine was priced at 499 yuan per dose, significantly lower than imported alternatives, which were priced over 1,300 yuan per dose [8] - The market for nine-valent HPV vaccines has become competitive, with companies like Zhifei Biological reducing prices and offering promotions to maintain market share [9]

9月11日上午，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时 期卫生健康工作发展成就。会上，国家卫生健康委副主任、国家疾控局局长沈洪兵在介绍疾控工作时表 示，"十四五"期间，国家疾控局紧紧围绕防范化解重大疫情风险，推动实施惠民利民举措，疾病防控工 作取得了良好成效。 沈洪兵在会上介绍，今年国家将推出面向适龄女生的HPV疫苗接种服务，并将HPV疫苗纳入国家免疫规 划，保护女性健康。 多地已开展免费接种服务 沈洪兵表示，在全国推进电子预防接种证建设应用，优化预防接种单位布局，方便群众就近接种，鼓励 地方推出分时段预约、周末接种、特殊人群上门接种等政策，满足群众多样化接种需求，让群众少跑 路、少等待，显著提升群众满意度。 宫颈癌是威胁全球女性健康最常见的恶性肿瘤之一，同时也是目前唯一可通过疫苗预防的癌症。宫颈癌 与HPV病毒的感染密切相关，主要预防手段为接种HPV疫苗。记者了解到，纳入国家免疫规划的HPV疫 苗将为二价苗，优先覆盖适龄女童。二价疫苗主要预防HPV16、18型病毒，HPV16、18型病毒感染约占 所有宫颈癌病例的70%至80%。 事实上，HPV疫苗免费接种服务已 ...

Core Viewpoint - The announcement of HPV vaccines being included in the national immunization program is expected to positively impact the HPV vaccine market and related companies, which have been struggling with declining performance [1][3][4]. Group 1: Market Response - On September 11, HPV vaccine concept stocks in the A-share market saw a rise, with notable increases in companies such as Kangla Weishi (up 3.09%), Wantai Biological Pharmacy (up 2.69%), Zhifei Biological Products (up 1.98%), and Watson Bio (up 1.71%) [1]. - The National Health Commission's announcement regarding the introduction of HPV vaccination services for eligible girls and its inclusion in the national immunization plan is a significant development [1][2]. Group 2: Industry Challenges - HPV vaccine manufacturers are currently facing challenges due to declining sales and increased competition in the market, leading to a price war [3][4]. - The performance of HPV vaccine companies has been poor, with Wantai Biological reporting a revenue of 844 million yuan, down 38.25% year-on-year, and a net loss of 144 million yuan [4]. - Watson Bio's revenue was 1.154 billion yuan, down 19.47%, with a net profit decline of 74.69% [4]. - Zhifei Biological reported a revenue of 4.919 billion yuan, down 73.06%, and a net loss of 597 million yuan, a 126.72% decline [4][5]. Group 3: Potential for Growth - The global incidence of cervical cancer is rising, particularly among younger women in China, highlighting the need for effective HPV vaccination [6]. - The World Health Organization recommends that countries include HPV vaccination in their national immunization programs, prioritizing girls aged 9 to 14 [6]. - Currently, 143 out of 194 WHO member countries have included HPV vaccines in their national immunization plans, indicating a global trend towards increased vaccination [6]. - With the supply of HPV vaccines becoming sufficient and prices decreasing, the timing for including HPV vaccines in the national immunization program in China is considered ripe [7]. - The minimum price for HPV vaccines has dropped to 27.5 yuan per dose, significantly lower than initial prices, making it more accessible [7]. - If included in the national immunization program, HPV vaccines would likely see increased sales despite lower profit margins compared to local immunization programs [7].

Core Viewpoint - The article discusses the recent announcement by the National Health Commission of China to include HPV vaccines in the national immunization program, which is expected to boost the performance of HPV vaccine manufacturers struggling with declining sales and profits [3][4]. Group 1: Market Performance of HPV Vaccine Companies - HPV vaccine stocks in the A-share market saw a rise, with notable increases in companies like Kangla Weishi (3.09%), Wantai Biological (2.69%), Zhifei Biological (1.98%), and Watson Bio (1.71%) [3]. - The HPV vaccine market in China has become increasingly competitive, leading to a price war and a decline in public willingness to get vaccinated, which has negatively impacted sales [6][7]. - For instance, Wantai Biological reported a revenue of 844 million yuan, down 38.25% year-on-year, and a net loss of 144 million yuan [7]. Watson Bio's revenue was 1.154 billion yuan, down 19.47%, with a net profit decline of 74.69% [7]. Zhifei Biological's revenue fell to 4.919 billion yuan, down 73.06%, with a net loss of 597 million yuan [7]. Group 2: HPV Vaccine Market Dynamics - The HPV vaccine market in China has seen a total of six listed vaccines, including three bivalent, one quadrivalent, and two nonavalent vaccines [5][6]. - The initial demand for HPV vaccines was high, but the market has cooled due to increased competition and limited public awareness and financial capability [6]. - The World Health Organization recommends that countries include HPV vaccination in their national immunization programs, prioritizing girls aged 9 to 14 [9]. As of the end of 2024, 143 out of 194 WHO member countries have included HPV vaccines in their national programs [9]. Group 3: Future Prospects of HPV Vaccines in China - The inclusion of HPV vaccines in the national immunization program is seen as timely due to sufficient supply and decreasing prices, with the lowest bid for HPV vaccines currently at 27.5 yuan per dose [11]. - Industry insiders suggest that the bivalent HPV vaccine is likely to be included in the national immunization program, which would stabilize prices and increase sales volume [11]. - Although profit margins may be lower under the national program, they could still be higher than those under local immunization programs, where competition is more intense [11].