Core Viewpoint - The price of the varicella-zoster virus vaccine produced by Changchun Baike Biotechnology Co., Ltd. has been reduced by approximately 66%, from 1375 yuan to 464 yuan per dose, aiming to increase vaccination rates among the elderly population [1][4]. Company Summary - Changchun Baike Biotechnology is the only domestic company with a varicella-zoster vaccine currently on the market, and its stock price is 19.19 yuan with a market capitalization of 7.938 billion yuan [1]. - The company reported a significant decline in revenue, with a 53.8% year-on-year decrease to 470 million yuan in the first three quarters, and a net loss of 160 million yuan, primarily due to product returns and price reductions [10][11]. - The company has initiated a discount pricing strategy to enhance public awareness and accessibility of the vaccine, aiming to improve market penetration and correct misconceptions about the disease [11]. Industry Summary - The varicella-zoster vaccine market in China is still in its early stages, having transitioned from a nascent phase (2019-2022) to a growth phase in 2023 with the introduction of domestic vaccines [4]. - The market currently has low penetration rates, with vaccination rates for the varicella-zoster vaccine among the target population being less than 1% [7]. - The competitive landscape is not yet clearly defined, with few domestic players involved, including Baike Biotechnology and others [10]. - The imported vaccine "Shingrix" has also been active in the market, offering promotions such as "buy one, get one free," but remains significantly more expensive than the newly priced domestic vaccine [4][5].

Core Insights - The price of the varicella-zoster vaccine developed by Changchun BAK Biotech has been slashed by approximately 66.25%, from 1375 yuan to 464 yuan per dose, due to disappointing sales performance [1][2][3] - The company reported a significant decline in revenue and sales volume for the vaccine, with a drop in revenue from 8.83 billion yuan in the first year to 2.51 billion yuan in 2024, representing a year-on-year decrease of 71.54% [3][5] - The overall financial performance of the company has deteriorated, with a reported net profit loss of 1.58 billion yuan in the first three quarters of 2025, marking a 164.76% decline compared to the previous year [5][6] Company Performance - Changchun BAK Biotech's revenue for 2024 was 12.29 billion yuan, down 32.64% year-on-year, and the net profit attributable to shareholders fell by 53.67% to 2.32 billion yuan [5] - In the first three quarters of 2025, the company generated only 4.74 billion yuan in revenue, a significant drop of 53.76%, and reported a net loss of 1.58 billion yuan [5][6] - The company's gross margin decreased to 75.4%, down 10.1 percentage points year-on-year, while the net margin fell to -33.3%, a decline of 57.1 percentage points [5][6] Market Dynamics - The varicella-zoster vaccine market in China is characterized by regional competition, with different pricing strategies employed by Changchun BAK Biotech and GlaxoSmithKline [3] - The decline in vaccine sales has been attributed to reduced public willingness to get vaccinated and a decrease in market demand [3][4] - The stock price of Changchun BAK Biotech has been on a downward trend, with a reported decline of approximately 23% in 2024, closing at 19.19 yuan per share [6]

Core Viewpoint - The price war for shingles vaccines in China has intensified, with significant price reductions announced by domestic manufacturers, particularly Baike Biological, which has cut its vaccine price from 1375 yuan to 464 yuan, a reduction of approximately 66% [3][4]. Group 1: Vaccine Pricing and Market Dynamics - Baike Biological's shingles vaccine, approved for domestic use in January 2023, initially boosted the company's performance, but sales have since declined, leading to a net loss of 158 million yuan in Q3 2025 [8]. - The imported shingles vaccine from GlaxoSmithKline is also facing pricing pressures, with promotional offers reducing the total cost of vaccination to around 1600 yuan, effectively a 50% discount [6][9]. - The competition between domestic and imported vaccines is expected to continue, as both seek to increase public vaccination rates amid declining consumer interest [9]. Group 2: Market Potential and Challenges - The shingles vaccine market in China is viewed as having significant potential due to the aging population, which increases the risk of shingles infections [7]. - Despite the potential, convincing the target demographic of older adults to receive the vaccine remains a challenge, as evidenced by the declining sales figures for both domestic and imported vaccines [8][9]. - Public health experts emphasize the importance of vaccination in preventing shingles and its complications, highlighting the need for increased awareness and education among the elderly [7].

Group 1 - The price of the varicella-zoster vaccine from Baike Biological has been significantly reduced from 1375 yuan to 464 yuan, representing a price cut of approximately 66% [1] - Baike Biological has previously adjusted the price of its varicella-zoster vaccine, indicating a strategy to enhance public awareness and improve health levels among the elderly through promotional activities [2] - There are two types of varicella-zoster vaccines available in China: Baike Biological's live attenuated vaccine, which requires one dose for individuals aged 40 and above, and GlaxoSmithKline's recombinant vaccine, which requires two doses for individuals aged 50 and above, as well as for adults with increased risk due to known diseases or treatments [2]

Group 1 - The price war for shingles vaccines has intensified, with the domestic vaccine from Baike Bio (688276.SH) seeing a price reduction from 1375 yuan to 464 yuan, a decrease of approximately 66% [2] - Baike Bio has previously adjusted the price of its shingles vaccine to enhance public awareness and promote health among the elderly, resulting in reduced revenue due to discounted pricing [3] - There are two types of shingles vaccines available in China: Baike Bio's live attenuated vaccine for individuals aged 40 and above, and GlaxoSmithKline's recombinant vaccine requiring two doses for individuals aged 50 and above [3] Group 2 - The imported shingles vaccine is also engaging in promotional activities, with a full course costing over 3200 yuan, but promotional offers have reduced the cost to around 1600 yuan, effectively a 50% discount [4] - Some regions in China have extended promotional activities for the imported shingles vaccine until September 30, 2026 [5] - The shingles vaccine market is viewed as having significant potential due to the aging population in China, despite challenges in increasing vaccination rates among the elderly [6] Group 3 - Baike Bio's shingles vaccine was approved for domestic sale in January 2023, initially boosting the company's performance, but sales have since declined, leading to a net loss of 158 million yuan in Q3 2025 [6] - GlaxoSmithKline's shingles vaccine sales in China have also been underwhelming, reflecting broader challenges in the market [6] - The willingness of the public to receive shingles vaccinations has decreased, prompting companies to resort to price promotions as a strategy to increase uptake [7][8]

Core Viewpoint - The article highlights the significant challenges faced by Baike Biotech regarding its herpes zoster vaccine, including price reductions, inventory pressures, and substantial returns impacting revenue [2][3]. Group 1: Sales and Revenue Impact - Baike Biotech's herpes zoster vaccine price was reduced from 1375 yuan per dose to 464 yuan, approximately one-third of the previous price [2]. - The company's Q3 2025 revenue was reported at 190 million yuan, a 53.5% year-on-year decline, primarily due to returns of the herpes zoster vaccine and reduced income from price cuts [2]. - The company disclosed that returns of the herpes zoster vaccine led to a revenue reduction of 230 million yuan, with an estimated additional 97.46 million yuan in returns expected due to unsold near-expiry inventory [3]. Group 2: Market Context and Competition - The herpes zoster vaccine is crucial for Baike Biotech, with the disease being prevalent among individuals over 50 years old, and vaccination is an effective preventive measure [3]. - There are currently two herpes zoster vaccines available in China: Baike Biotech's live attenuated vaccine and a recombinant vaccine developed by GlaxoSmithKline and marketed by Zhifei Biological [3]. - Price competition has intensified, with imported vaccines seeing significant price drops due to lower-than-expected sales, and domestic vaccines also experiencing substantial price reductions in various regions [3]. Group 3: Stock Performance - As of December 24, Baike Biotech's stock price was reported at 19.19 yuan per share, with a total market capitalization of 7.938 billion yuan [4].

Core Viewpoint - The price of the domestic varicella-zoster virus vaccine has been significantly reduced, impacting the sales and revenue of the company involved, 百克生物 (Baike Bio) [3][4]. Company Summary - 百克生物's varicella-zoster virus vaccine price has been lowered from 1375 yuan per dose to 464 yuan per dose, approximately one-third of the previous price [3]. - The company is facing sales and inventory pressures, with a reported revenue of 190 million yuan in Q3 2025, a year-on-year decline of 53.5% due to returns and price reductions [4]. - The company disclosed that 230 million yuan in revenue was impacted by returns of the varicella-zoster virus vaccine, with an additional estimated 97.46 million yuan in returns expected due to near-expiry inventory [4]. Industry Summary - There are currently two varicella-zoster virus vaccines available in the domestic market: 百克生物's live attenuated vaccine and a recombinant vaccine developed by GSK and marketed by 智飞生物 (Zhifei Bio) [5]. - Price competition for varicella-zoster virus vaccines has emerged since March 2025, with significant discounts being offered due to lower-than-expected sales [5]. - The varicella-zoster virus is known for causing severe pain and is prevalent among individuals over 50 years old, with a notable percentage of patients experiencing postherpetic neuralgia, making vaccination an effective preventive measure [4].

Core Viewpoint - The price of the varicella-zoster live attenuated vaccine produced by Baike Biotech has been significantly reduced from 1375 yuan to 464 yuan, representing a decrease of approximately 66% [1][2]. Group 1: Price Adjustment Details - Baike Biotech submitted a price adjustment notice for the varicella-zoster live attenuated vaccine, reducing the procurement price from 1375 yuan to 464 yuan per 0.5ml dose [1]. - The price reduction is part of a broader trend in the market, where both imported and domestic varicella-zoster vaccines have been involved in price competition [6]. Group 2: Market Context and Competition - Currently, there are two licensed varicella-zoster vaccines in China: an imported vaccine developed by GlaxoSmithKline and Baike Biotech's domestic vaccine [5]. - The pricing strategies of both companies have led to regional competition, with price adjustments not being synchronized nationwide, resulting in varying prices across different provinces [6]. Group 3: Sales Performance and Challenges - Baike Biotech's varicella-zoster vaccine sales have declined sharply, with revenue dropping from 8.83 billion yuan in 2023 to 2.5 billion yuan in 2024, a decrease of 71.54% [7]. - The company has faced a mismatch between production capacity and market demand, leading to excess inventory and lower sales volumes [7]. - In 2023, the production volume was 1.35 million doses, while sales were only 663,500 doses, resulting in a significant inventory surplus [7]. Group 4: Vaccination Rates and Market Potential - The overall vaccination rate for varicella-zoster vaccines in China remains low, with only 0.79% of adults aged 40 and older having received the vaccine as of September 2024 [8]. - Comparatively, vaccination rates for individuals aged 60 and above in China were extremely low from 2020 to 2022, highlighting a significant gap in market penetration compared to countries like the United States [9].

Core Viewpoint - The company emphasizes its commitment to long-term development and high-quality growth, while actively advancing its research, production, and sales efforts in response to external changes and opportunities [1] Group 1: Company Strategy - The company is focused on enhancing its core competitiveness by improving product pipelines, particularly in adult vaccines, multi-valent vaccines, and mRNA vaccines [1] - The company aims to increase investment value and shareholder returns by prioritizing quality improvements [1] Group 2: Market Environment - The company acknowledges the challenges and opportunities presented by an aging population and the emergence of new technologies and products [1]

（记者 王晓波） 百克生物（688276.SH）12月19日在投资者互动平台表示，公司产品尚未出口至欧盟国家。截至目前， 公司产品已出口至印度、巴基斯坦等10余个国家，并积极推进国际市场的拓展。 每经AI快讯，有投资者在投资者互动平台提问：请问近两年是否出口欧盟国家？ ...