Core Viewpoint - The China Vaccine Industry Association has called for a resistance against chaotic price competition in the vaccine market, emphasizing the need for self-regulation and quality assurance in pricing practices [1][6][10]. Group 1: Industry Competition - The vaccine market is experiencing intense competition, particularly in the HPV and influenza vaccine sectors, leading to significant price wars [1][6]. - The price of the bivalent HPV vaccine has dropped to as low as 27.5 yuan per dose, reflecting a trend of aggressive pricing strategies among manufacturers [6][9]. - The four-valent influenza vaccine prices have also seen substantial reductions, with prices falling from 128 yuan to 88 yuan per dose, a decrease of 31.25% [8]. Group 2: Financial Performance - In the first three quarters of the year, only four out of 14 major vaccine companies listed on the A-share market reported a year-on-year increase in net profit, indicating widespread financial pressure across the industry [10][11]. - WanTai Biologics reported a staggering 165.04% decline in net profit, resulting in a net loss of 173 million yuan, alongside a 23.09% drop in revenue [12][14]. - Other companies, including Kanglaosheng and Jindike, also faced losses despite revenue growth, highlighting the challenges of rising operational costs and increased R&D expenditures [11][14]. Group 3: Market Dynamics - The industry is facing a phenomenon referred to as "involution," characterized by excessive competition and product homogeneity, which is exacerbated by a growing number of companies entering the market [15][16]. - The competitive landscape is further complicated by promotional tactics and price reductions, which are compressing profit margins and leading to a normalization of price competition [15][16]. - The overall market is under pressure from fluctuating demand, vaccine hesitancy, and intensified competition, which collectively impact sales performance [15][16].

11月20日万泰生物大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘折 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 23.10 | 1307.46 | 56.60 | 6.05 | 西部证券股份有限公司深圳 | 浙商证券股份有限 | | | | | | 深南大道证券营业部 | 公司深圳分公司 | | 17.50 | 990.50 | 56.60 | 6.05 | 广发证券股份有限公司广州 | 浙商证券股份有限 | | | | | | 临江大道证券营业部 | 公司深圳分公司 | | 11.00 | 622.60 | 56.60 | 6.05 | 浙商证券股份有限公司深圳 | 浙商证券股份有限 | | | | | | 分公司 | 公司深圳分公司 | （文章来源：证券时报网） 据天眼查APP显示，北京万泰生物药业股份有限公司成立于1991年04月23日，注册资本126512.2774万 人民币。（数据宝） 万泰生物11月20 ...

HPV疫苗价格降至一杯奶茶钱，流感疫苗甚至跌至个位数……在疫苗行业愈发"内卷"的当下，中国疫苗 行业协会发声，倡议协会会员坚决抵制无序低价竞争，严禁以低于成本的报价参与竞标。目前，中国疫 苗行业协会会员达到334家，主要疫苗厂商均涵盖在内。 疫苗行业的价格战，也使相关企业业绩出现承压，今年前三季度，A股14家疫苗企业中，有10家企业归 属净利润同比出现下滑，其中万泰生物、百克生物、智飞生物等更是由盈转亏。在业内人士看来，上述 倡议若能有效落实，有助于遏制恶性价格战，稳定市场价格环境，从而减少企业利润压力，促进资源向 研发和创新倾斜。 严禁以低于成本报价参与竞标 11月19日，中国疫苗行业协会发布《关于反对"内卷式"竞争 促进疫苗及其相关生物制品行业高质量发 展的倡议》。中国疫苗行业协会表示，该倡议旨在通过强化自律、鼓励创新，助力行业打破"内卷"，构 建健康有序的良性生态，共同开启以质量、安全、创新为核心的行业发展新篇章。 倡议提到，中国疫苗行业协会全体会员须严格遵循《中华人民共和国疫苗管理法》《中华人民共和国价 格法》，严格遵守行业自律公约，坚持公平、合法、诚实信用原则，以生产经营成本与市场供求状况为 定价基 ...

Summary of Key Points Core Viewpoint - On November 20, a total of 59 stocks in the A-share market experienced block trading, with a total transaction value of 1.91 billion yuan, indicating active trading activity in the market [1]. Group 1: Trading Activity - The top three stocks by transaction value were Zhongji Xuchuang (7.59 billion yuan), Tianyue Advanced (1.29 billion yuan), and Sichuan Shuangma (919.08 million yuan) [1]. - Among the stocks traded, 5 were sold at par value, 2 at a premium, and 52 at a discount [1]. Group 2: Price Changes - The stocks with the highest premium rates were Wantai Biological Pharmacy (6.05%) and HNA Holding (4.52%) [1]. - The stocks with the highest discount rates included Bihaiyuan (20.67%), Juguang Technology (20.53%), and Wens Foodstuff Group (19.52%) [1]. Group 3: Institutional Buying and Selling - The ranking of institutional buying was led by Zhongji Xuchuang (7.59 billion yuan), followed by Tianyue Advanced (93.35 million yuan) and Zhekuang Co. (28.37 million yuan) [1]. - The top three stocks sold by institutional investors were Xiangdian Co. (9.99 million yuan), Wanda Information (7.01 million yuan), and Wukuang New Energy (3.99 million yuan) [2].

11月20日，万泰生物大宗交易成交51.6万股，成交额2920.56万元，占当日总成交额的22.63%，成交价 56.6元，较市场收盘价53.37元溢价6.05%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额[万元) 咸交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 025-11-20 | 万奏生物 | 603392 | 56.6 622.6 | 11 | 类兽摄影学发育 | 집 | | 大宗交易信息 | | | | | | | | 股票基金信息 | | | | | | | | 交易日期 | 证券简称 | 证券代码 | | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | 类出营业部 | 是否为专场 | | 2025-11-20 | 万泰生物 | 603392 | 56.6 1307.46 | 23.1 23.1 | 為開發熱 | 잡 | | 2025-11-20 | 万泰生物 | 603392 | 56.6 990.5 | 17.5 有一个人都是我們的 | 差筒플 ...

股票简称：万泰生物 股票代码：603392 北京万泰生物药业股份有限公司 2025年第二次临时股东会会议资料 北 京 万 泰 生 物 药 业 股 份 有 限 公 司 2025 年 11 月 1 北京万泰生物药业股份有限公司 2025年第二次临时股东会会议资料 2025 年第二次临时股东会会议资料 会议资料目录 三、会议议案 议案 1：《关于取消监事会并修订<公司章程>的议案》 议案 2：《关于修订<关联交易管理制度>的议案》 7.01《关于选举吕赟先生为公司第六届董事会非独立董事的议案》 北京万泰生物药业股份有限公司 2 一、股东会须知 二、会议议程 议案 3：《关于修订<董事会议事规则>的议案》 议案 4：《关于修订<股东会议事规则>的议案》 议案 5：《关于修订<独立董事工作制度>的议案》 议案 6：《关于修订<累积投票实施细则>的议案》 议案 7：《关于选举非独立董事的议案》 北京万泰生物药业股份有限公司 2025年第二次临时股东会会议资料 2025 年第二次临时股东会须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证会 议的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券 ...

Core Viewpoint - The Chinese Vaccine Industry Association has issued an initiative to combat "involution" competition in the vaccine sector, aiming to promote high-quality development and establish a healthy competitive environment in the industry [1][2]. Group 1: Initiative Details - The initiative mandates all members of the Chinese Vaccine Industry Association to adhere to the Vaccine Administration Law and the Price Law of the People's Republic of China, ensuring fair and legal pricing based on production costs and market demand [1]. - Members are required to resist disorderly low-price competition and are prohibited from participating in bidding with prices below cost, thereby ensuring product and service quality standards [1][2]. Group 2: Industry Context - The association currently has over 330 member units and 35 branches, encompassing major vaccine and biological product companies, as well as upstream and downstream service providers in the biopharmaceutical industry [4]. - A price war has emerged in the public market, with significant price drops observed. For instance, the bid price for a trivalent flu vaccine from Shanghai Biological Products Research Institute was set at 5.5 yuan per dose in September, marking a new low in the public flu vaccine market [4]. - The price of a bivalent HPV vaccine from Watson Bio was reduced to 27.5 yuan per dose in a procurement project, humorously compared to the cost of a cup of milk tea [4]. Group 3: Financial Impact - The price war reflects a phenomenon of homogenized competition within the industry, leading to financial pressure on vaccine companies. In the first three quarters of this year, 10 out of 14 listed vaccine companies reported a year-on-year decline in net profit [5]. - Notably, five companies, including Zhifei Biological Products and Kanglaite, reported significant losses, totaling over 12 billion yuan for Zhifei alone [5]. - Industry insiders have expressed concerns that some companies are engaging in price wars to survive or capture market share, hoping for further national measures to address the issue of "involution" [5].

Core Viewpoint - The recent visual competition between Merck and Wantai Biopharma at the Xiamen Vaccine Conference highlights the complexities of China's pharmaceutical industry as it seeks to break through technological barriers and challenge international monopolies [5][6]. Group 1: Technological Innovations - Merck's HPV nine-valent vaccine utilizes a globally pioneering technology platform that achieves correct folding of virus-like particles (VLPs), leading to its approval in 112 countries and over 300 million doses administered [5]. - Wantai Biopharma has developed a proprietary prokaryotic expression system that allows for effective VLP formation without complex glycosylation modifications, evidenced by its award-winning patent for a truncated HPV L1 protein [5][6]. - Both vaccines have undergone rigorous clinical validation, with Wantai's nine-valent vaccine demonstrating non-inferiority in neutralizing antibody levels and 100% efficacy against five new high-risk types, while Merck has the longest follow-up data of 13.6 years [5]. Group 2: Market Impact - The entry of Wantai's bivalent vaccine has significantly reduced the price of HPV vaccines in China from over 1,000 yuan to 329 yuan, making it more accessible and benefiting millions of women [6]. - Wantai's global sales have surpassed 80 million doses, reaching 23 countries, providing new options for vaccine distribution in developing nations [6]. - Wantai's technological breakthroughs have navigated the "patent jungle" in the HPV vaccine field, creating a viable path for independent innovation in China's biopharmaceutical industry [6]. Group 3: Marketing and Competition - The marketing strategies employed by both companies, particularly Merck's insinuation of defects in Wantai's product, could mislead consumers and undermine public trust in vaccines [7]. - Both companies have unique strengths that can complement each other in the market, with Wantai enhancing grassroots vaccination rates and Merck expanding the demographic reach of HPV protection [7]. - The HPV vaccine market in China remains underdeveloped, with low vaccination rates among eligible women, indicating that aggressive marketing battles may waste resources and distract from research and capacity building [7][8]. Group 4: Industry Transition - The Chinese pharmaceutical industry is at a critical juncture, transitioning from imitation to innovation, and from following to leading in global markets [8]. - Establishing competitive norms that align with industry characteristics while maintaining competitive vitality poses a challenge for regulators and companies alike [8].

万泰生物方宣传 这场看似文雅的视觉交锋，实则映射出中国医药产业在突破技术封锁、挑战国际垄断过程中的复杂现实。 【文/观察者网 王力】 在不久前的厦门疫苗大会上，两份宣传资料引发了行业关注。默沙东和万泰生物的HPV九价疫苗宣传册不约而同选择了青花瓷元素，却在细节处针 锋相对：默沙东用放大镜展示两只青花瓷瓶——一只完好无损，一只布满裂纹；万泰则直接回应"中国青花瓷有裂缝？不存在"，并在资料中强 调"同行者众，众行者远"。 默沙东方宣传 默沙东用青花瓷"阴阳"表达，这是全球首创的技术平台，能够实现蛋白质翻译后修饰和二硫键介导的正确折叠，形成与天然病毒高度相似的病毒样 颗粒（VLPs）。凭借这一技术，其九价HPV疫苗在全球112个国家获批，累计接种超3亿剂，建立了难以撼动的市场地位。 万泰生物则另辟蹊径，以大肠埃希菌原核表达系统突破技术壁垒。其核心专利"截短的人乳头瘤病毒16型L1蛋白"获得中国专利金奖，证明了无需复 杂糖基化修饰也能形成有效VLPs的可行性。这一平台已孵化出全球唯一的戊肝疫苗和国产首款二价、九价HPV疫苗。 从科学角度看，两种路线都经过了严格的临床验证。万泰的九价疫苗在头对头研究中，所有型别的中和抗 ...

11月14日至11月16日，中国疫苗行业协会（CAV）首届学术大会在福建厦门召开。万泰疫苗深度参与此 次盛会，重点展示了包括最新上市的国产九价HPV疫苗，并全面呈现了公司在疫苗研发与全球化合作方 面的坚实步伐。 在大会的权威学术分享环节，厦门大学公共卫生学院院长张军以"国产九价HPV疫苗的有效性研究"为题 发表专题报告，系统梳理了我国HPV疫苗从二价到九价的技术发展路径，并重点解读了馨可宁®9的临 床试验成果，临床数据显示馨可宁®9不仅在免疫原性与安全性上与进口同类产品相当，更在关键型别 的保护效果上表现优异。该疫苗的上市，标志着我国在高价次HPV疫苗研发与产业化方面实现重要突 破，为全球宫颈癌防控提供了高质量的中国方案。 目前，馨可宁®9已在河南、山西、内蒙古、浙江、江西、河北、天津等地区陆续启动预约，目前累计 已进入24个省，后续更多地区将逐步开放接种。同时，万泰疫苗正积极推进馨可宁®9的世界卫生组织 （WHO）预认证（PQ）工作，进一步践行为全球提供高质量疫苗，守护人类健康的承诺。 除备受瞩目的馨可宁®9（九价HPV疫苗），万泰还展示了馨可宁®（WHO预认证的双价HPV疫苗）和 益可宁®（重组戊型肝炎疫 ...