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].

资料图：医护人员为接种二价HPV疫苗做准备。 骆云飞 摄 竞争白热化 九价疫苗"一家独大"局面已打破 中新网北京9月12日电(记者 张尼)11日，国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会透 露，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。对于已经陷 入白热化竞争的疫苗企业来说，政策的调整会否带来积极影响？ 宫颈癌是严重威胁女性健康的恶性肿瘤。数据显示，2022年我国新发的宫颈癌病例是15.1万例，发病率 为13.8/10万，居女性癌症发病的第五位。为适龄女性接种HPV疫苗，能够有效降低该疾病的发生率。 近年来我国出台多项政策不断提高疫苗可及性。早前，已有多地为适龄女孩免费接种国产二价宫颈癌疫 苗。 此次国家免疫规划将HPV疫苗纳入，无疑将更加有效保护女性健康。 从已获批产品来看，目前，国产二价HPV疫苗已有万泰生物、沃森生物旗下产品获批，此外，万泰生物 的九价疫苗也已于2025年6月获批上市。此前全球范围内仅有一款九价HPV疫苗上市，为默沙东的"佳达 修®9"，该产品于2018年在中国获批。 价格方面，今年7月，万泰生物公布了九价HPV疫苗"馨可宁®9"的 ...

国家免疫规划将再度扩容。9月11日，国家卫健委副主任、国家疾控局局长沈洪兵在当天由国新办举行 的新闻发布会上表示，今年国家将推出面向适龄女生的HPV（人乳头瘤病毒）疫苗接种服务，并将HPV 疫苗纳入国家免疫规划，以进一步保护女性健康。 自1978年起，我国全面实施计划免疫，最初只有卡介苗、麻疹疫苗等4种疫苗被纳入其中。多年来，纳 入国家免疫规划的疫苗数量逐渐增加。 2007年，我国免疫规划疫苗增加到14种，可预防15种传染病。此后，我国免疫规划一直维持"十四苗防 十五病"的格局。 HPV是一种主要通过性接触传播的病毒，分为高危型和低危型。高危型HPV病毒持续感染，是宫颈癌的 主要致病因素，而接种HPV疫苗是宫颈癌的主要预防手段。 北京大学人民医院妇产科主任医师魏丽惠在去年10月国家卫生健康委员会举办的新闻发布会上表示，目 前国内已有的二价、四价和九价HPV疫苗，都可有效预防70%以上宫颈癌的发生。 宫颈癌是最常见的妇科恶性肿瘤，近年来，中国宫颈癌发病率和死亡率有上升趋势。国家卫健委在上述 新闻发布会上披露，2022年我国新发宫颈癌病例15.1万例，发病率居女性癌症发病的第五位；死亡病例 为5.6万例，死亡率居 ...

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].

9月11日，A股市场中的HPV疫苗概念股股价齐涨，其中康乐卫士（833575.BJ）涨3.09%；万泰 生物（603392.SH）涨2.69%；智飞生物（300122.SZ）涨1.98%；沃森生物（300142.SZ）涨 1.71%。 当天，在国新办"高质量完成'十四五'规划"系列主题新闻发布会上，国家疾控局局长沈洪兵表示，今 年国家将推出面向适龄女生的HPV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。 这是时隔十七年，国家免疫规划将迎来实质性扩容。 这对于正受困于业绩下滑的HPV疫苗厂商而言，提振到底有多大？ 受困于业绩下滑 2025.09. 11 本文字数：1804，阅读时长大约3分钟 作者 | 第一财经 林志吟 当前，中国已上市的HPV疫苗共计达到六款，其中三款二价HPV疫苗，一款四价HPV疫苗以及两款 九价HPV疫苗。 A股中的HPV疫苗企业，万泰生物的二价HPV疫苗、九价HPV疫苗、沃森生物的二价HPV疫苗均已上 市销售。智飞生物是进口四价HPV疫苗以及九价HPV疫苗的代理商。 2006年，全球首款HPV疫苗在美国获批上市，但直到十年后的2016年，中国才批准HPV疫苗在境 内 ...

Core Viewpoint - HPV vaccine manufacturers are currently facing performance declines, but the recent inclusion of HPV vaccines in the national immunization program may provide a potential boost to the industry [1][2]. Industry Overview - There are currently six HPV vaccines listed in China, including three bivalent, one quadrivalent, and two nonavalent vaccines [2]. - The HPV vaccination market in China has become competitive, with initial high demand now facing challenges due to increased competition, low public awareness, and limited payment capabilities [2]. Company Performance - WanTai Bio achieved revenue of 844 million yuan in the first half of the year, a year-on-year decline of 38.25%, with a net loss of 144 million yuan [3]. - Watson Bio reported revenue of 1.154 billion yuan, down 19.47%, and a net profit of 43.16 million yuan, down 74.69% [3]. - Zhifei Biological's revenue was 4.919 billion yuan, a decrease of 73.06%, with a net loss of 597 million yuan, reflecting a decline of 126.72% [3][4]. - Companies are facing challenges in sales, leading to asset impairment provisions, including a 76.3 million yuan impairment for bivalent HPV vaccine intangible assets by Watson Bio [3]. Market Demand and Health Impact - Cervical cancer is the fourth most common malignancy among women globally, with significant incidence and mortality rates in China, particularly among younger women [5]. - The World Health Organization recommends that countries include HPV vaccination in their national immunization programs, prioritizing girls aged 9 to 14 [5][6]. National Immunization Program Inclusion - As of the end of 2024, 143 out of 194 WHO member countries have included HPV vaccines in their national immunization programs, but China has not yet done so [6]. - Several regions in China are already offering free HPV vaccinations for eligible girls, indicating a growing trend towards public health initiatives [7]. - The current lowest price for HPV vaccines is 27.5 yuan per dose, significantly lower than initial prices, making it more accessible [7]. - If included in the national immunization program, bivalent HPV vaccines are expected to see increased sales, although profit margins may be lower compared to local immunization programs [7].

Core Insights - The vaccine industry is experiencing significant challenges, with many companies reporting substantial losses and declining revenues in 2025 [4][20][21] - Price wars and vaccine hesitancy are identified as major factors contributing to the industry's downturn [4][12][14] Financial Performance - In the first half of 2025, major vaccine companies like Zhifei Biological and Wantai Biological reported their first-ever half-year losses, with net profits dropping by 127% and 155% respectively [4][5] - Overall, vaccine revenue for listed companies in China decreased by 60% year-on-year, with net profits down by 113% [4] - Among 17 listed vaccine companies, only 6 reported profits, with the highest profit being 1.22 billion yuan from Chengda Biological [4] Market Dynamics - The top five vaccine companies by market capitalization are Wantai Biological, Zhifei Biological, CanSino, Kangtai Biological, and Watson Biological, with only CanSino showing a profit increase due to its innovative four-valent meningococcal vaccine [4][5] - A significant price drop in flu vaccines has been noted, with prices falling to as low as 5.5 yuan per dose, leading to intense competition [6][7][8] Price Wars - The price of various vaccines, including flu and HPV vaccines, has been driven down due to aggressive competition, with some prices dropping to a fraction of their previous levels [9][10][11] - Wantai Biological's entry into the nine-valent HPV vaccine market has intensified competition, leading to significant price reductions across the sector [9][10] Vaccine Hesitancy - Vaccine hesitancy has become a critical issue, particularly for non-mandatory vaccines, with many individuals expressing doubts about vaccine efficacy [14][15][16] - The overall vaccination rates for flu vaccines remain low in China, with annual rates below 4%, compared to over 50% in developed countries [16] Industry Outlook - The vaccine industry is facing a prolonged period of challenges, with experts predicting that the current downturn may last five to ten years unless significant changes occur in public perception and market dynamics [20][21] - The industry is expected to undergo consolidation, with weaker companies likely to be eliminated as competition intensifies [21]

Core Viewpoint - The vaccine industry is experiencing significant challenges, including price wars, vaccine hesitancy, and intense competition, leading to substantial declines in revenue and profits for major companies [4][10][19]. Group 1: Industry Performance - In the first half of 2025, the overall vaccine revenue for Chinese listed companies decreased by 60% year-on-year, with net profits dropping by 113% [4]. - Major 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 [4][12]. - Only six out of 17 listed vaccine companies achieved profitability, with the highest profit being 1.22 billion yuan from Chengda Biological [4]. Group 2: Price Wars - The price of flu vaccines has significantly dropped, with some prices reaching as low as 5.5 yuan per dose, marking a new low for public flu vaccine prices [7]. - The price competition has extended beyond flu vaccines to include HPV, shingles, and pneumonia vaccines, with prices for HPV vaccines dropping dramatically [8][9]. - Wantai Biological's revenue fell by 38% to 8.44 billion yuan in the first half of 2025, primarily due to aggressive price competition [9]. Group 3: Vaccine Hesitancy - Vaccine hesitancy has become a significant issue, with many individuals expressing doubts about vaccine efficacy, particularly for non-mandatory vaccines like HPV and flu vaccines [13][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 and the spread of misinformation [15]. Group 4: Market Dynamics - The vaccine market is characterized by increasing competition and product homogeneity, leading to a challenging environment for companies [18][19]. - Experts suggest that the current state of the vaccine industry resembles a "deep winter," with potential for consolidation and elimination of weaker players [19]. - The long-term outlook for the vaccine industry remains uncertain, with expectations of a prolonged period of challenges lasting five to ten years [19].

2025年8月底，多家疫苗企业交出最差中报，智飞生物（300122）（300122.SZ）、万泰生物（603392） （603392.SH）两大龙头出现上市后首次半年度亏损，净利润同比分别骤降127%、155%。在17家疫苗 上市公司中，只有6家实现盈利，利润最高的成大生物(688739.SH)也只有1.22亿元。 从全行业看，2025年上半年，中国疫苗上市公司整体的疫苗收入同比下降60%，净利润同比下降 113%。 目前，A股市值前五的疫苗企业分别是万泰生物、智飞生物、康希诺（688185.SH）、康泰生物 （300601）（300601.SZ）、沃森生物（300142）（300142.SZ）。其中，只有康希诺上半年净利润同比 增长，这主要是因为其推出了中国唯一的四价流脑结合疫苗，极具竞争优势的创新产品促使了业绩的提 振。 | | | | 市值前5疫苗企业营收情况 | | | | --- | --- | --- | --- | --- | --- | | 企业 | 市值 | | 2025H1收入 收入同比 2025H1净利润 | | 净利润同比 | | 万泰生物 | 768 | 8. 44 | -38% | ...

"今年国家将推出面向适龄女生的HPV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。"2025年9月 11日上午，国家卫健委副主任、国家疾控局局长沈洪兵在新闻 发布会上介绍。 作者：刘晓诺 封图：图虫创意 时隔18年，中国再次扩大国家免疫规划范围，HPV疫苗被率先纳入。这意味着，从今年起，适龄 人群可以免费接种HPV疫苗了。 "今年国家将推出面向适龄女生的HPV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。"2025年9月11日上午，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介 绍。 近年来中国的宫颈癌发病率和死亡率呈上升趋势。国家癌症中心数据显示，2022年，中国宫颈癌 新发病例约15万例，死亡人数约5.6万例。 此前已有多个地方政府面向适龄女生推出免费接种HPV疫苗服务。 比如广东省自2022年开始开展该项目，属于最早的一批。根据该省政策，适龄女生应符合几个条 件：具有广东省学籍，9月起新进入初中一年级，此前未接种过HPV疫苗，年龄在14周岁以下。项 目使用的疫苗为国产二价HPV疫苗，14周岁及以下对象需接种2剂次，可预防高危型HPV16和 HPV18两个亚 ...