Core Viewpoint - The article highlights the rising concern over shingles (herpes zoster) among younger individuals, particularly in high-stress professions, and the low vaccination rates in China, which pose challenges for the shingles vaccine market. Group 1: Shingles and Its Impact - Shingles is known as one of the most painful skin diseases, primarily affecting individuals over 50, but recent cases among younger celebrities indicate a shift in its prevalence [1][4] - Approximately 9%-34% of shingles patients may experience postherpetic neuralgia, leading to severe pain, which is often underestimated by the public [4][5] Group 2: Vaccination Challenges - The vaccination rate for shingles in China is alarmingly low, with only 0.79% of individuals aged 40 and above vaccinated, compared to 26.8% in the U.S. for those aged 50 and above [5] - High vaccine prices are a significant barrier, with imported vaccines costing around 3,260 yuan and domestic vaccines approximately 1,400 yuan, making them unaffordable for many retirees [7][8] Group 3: Market Dynamics - The vaccine market has faced challenges due to declining birth rates and increased competition, leading to price wars among over 30 companies involved in shingles vaccine development [2][8] - Recent promotional activities, such as "buy one get one free," have temporarily boosted vaccination rates but may lead to long-term declines in overall vaccination enthusiasm due to price sensitivity [7][8] Group 4: Public Awareness and Education - There is a significant lack of public awareness regarding shingles and its associated pain, which hinders vaccination efforts [3][4] - Companies are utilizing social media and other platforms to promote shingles awareness and vaccination, but the effectiveness of these campaigns varies [9][10][11]

证券代码：300122 证券简称：智飞生物 公告编号：2025-73 特此公告 重庆智飞生物制品股份有限公司董事会 2025 年 11 月 28 日 1 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆智飞生物制品股份有限公司（以下简称"公司"）及全资子公司——安 徽智飞龙科马生物制药有限公司（以下简称"智飞龙科马"）、北京智飞绿竹生 物制药有限公司（以下简称"智飞绿竹"）于近日取得中华人民共和国国家知识 产权局颁发的发明专利证书。具体情况如下： | 发明专利名称 | 专利号 | 专利证书号 | 专利类型 | 专利申请日 | 授权公告日 | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | | CpG 寡聚脱氧核 苷酸、包含其的 | ZL202311196410.3 | 第 8524436 号 | 发明专利 | 2023 年 09 月 | 2025 年 11 月 | 智飞生物 智飞绿竹 | | 佐剂、疫苗及应 | | | | 15 日 | 28 日 | 智飞龙科马 | | 用 | | | | | | | ...

Core Insights - Zhifei Biological's subsidiary, Beijing Zhifei Lvzhu, has successfully obtained invention patent certificates from the U.S. Patent and Trademark Office and the European Patent Office for a combined vaccine targeting respiratory syncytial virus (RSV) infection, showcasing the company's strong independent research and development capabilities and marking a significant recognition of its technological innovation in global core markets [1][3] Group 1: Patent and Innovation - The RSV combined vaccine patent is a significant achievement resulting from deep collaboration between Zhifei Lvzhu and Beijing Jiaotong University, addressing the urgent clinical need for effective preventive measures against RSV, a major pathogen causing lower respiratory infections in infants and the elderly [3] - The patented technology enhances immune response efficiency and broad-spectrum protection through innovative antigen design and delivery strategies, providing safer and more effective preventive measures for high-risk populations [3] - Zhifei Biological has strengthened its intellectual property system, achieving over 60 domestic and international invention patent authorizations, with this patent previously authorized in China and Russia, supporting its globalization strategy and enhancing its core competitiveness in the respiratory disease vaccine sector [3][4] Group 2: International Expansion - The company is accelerating its product internationalization process and enhancing international collaboration, contributing positively to global infectious disease control and exploring new market opportunities [4] - Zhifei's self-developed products have been exported to over 10 countries, with clinical trials or registration efforts underway in nearly 20 countries, including successful market registration of tuberculosis diagnostic reagents in Indonesia and ongoing supply of quadrivalent meningococcal polysaccharide vaccine in several countries [4] - The company is expanding its international layout from preventive to therapeutic areas, with discussions ongoing for therapeutic products like insulin and semaglutide with multiple overseas entities [4][6] Group 3: Future Directions - Zhifei Biological plans to continue its commitment to innovative research and development, strengthen its global intellectual property protection network, and solidify its vaccine research and development technology, aiming to create a competitive product matrix and contribute more Chinese wisdom and solutions to global public health [6]

重庆智飞生物制品股份有限公司 关于全资子公司取得欧洲专利证书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：300122 证券简称：智飞生物 公告编号：2025-72 2025 年 11 月 27 日 1 上述发明专利为智飞绿竹与北京交通大学合作开发一种呼吸道合胞病毒 (RSV)疫苗的过程中申请获得。上述合作开发的 RSV 疫苗目前已获得中国、俄罗 斯、美国的专利授权。公司突破国际市场技术壁垒，首次在欧洲取得专利证书， 为全球化布局奠定基础。该专利证书的取得不会对公司近期生产经营产生重大影 响，但有利于公司进一步完善知识产权保护体系，发挥自主知识产权优势，促进 技术创新，推进公司国际化发展战略，提升公司的核心竞争力。 特此公告 重庆智飞生物制品股份有限公司董事会 重庆智飞生物制品股份有限公司（以下简称"公司"）全资子公司北京智飞绿 竹生物制药有限公司（以下简称"智飞绿竹"）于近日获得欧洲专利局颁发的发明 专利证书。具体情况如下： | 专利名称 | 专利号 | 专利 | 专利申 | 授权公 | 专利权人 | | --- | --- | --- ...

Core Insights - The price war in the vaccine industry is driven by changes in supply and demand dynamics, leading to significant price reductions and financial losses for companies [2][10][15] Group 1: Price Trends - The price of a three-valent flu vaccine has dropped to 5.5 yuan, lower than the price of a cup of milk tea, indicating a drastic reduction in vaccine prices [3][7] - The price of the four-valent flu vaccine has decreased from 128 yuan to 88 yuan, with further reductions expected as competition intensifies [7][8] - HPV vaccines have also seen significant price drops, with the two-valent HPV vaccine priced at 27.5 yuan, down over 90% from previous prices [8] Group 2: Industry Response - The China Vaccine Industry Association issued an initiative to combat "involutionary" competition, urging members to avoid bidding below cost and maintain price stability [4][5] - The association's initiative aims to stabilize price expectations but may not address the underlying issue of overcapacity in the industry [3][10] Group 3: Market Dynamics - The vaccine market is experiencing overcapacity due to an influx of companies entering the sector, leading to intense competition and price wars [10][11] - Demand for vaccines is under pressure, with declining public trust in vaccines and a decrease in birth rates affecting the market for childhood vaccines [11][12] Group 4: Financial Impact - Vaccine companies have reported significant financial losses, with overall revenue for listed vaccine companies dropping by 60% and net profits declining by 113% in the first half of 2025 [12][14] - Major companies like Zhifei Biological and Wantai Biological have reported substantial revenue declines and net losses, reflecting the severe impact of the price war [12][14] Group 5: Future Outlook - Experts suggest that the industry may need to undergo a period of consolidation and restructuring, which could last five to ten years, to address the current challenges [15] - Companies are exploring international markets and differentiation strategies to navigate the competitive landscape, with some reporting significant increases in exports [15]

Core Viewpoint - The article discusses the ongoing price war in China's vaccine industry, driven by changes in supply and demand dynamics, leading to significant price reductions and financial losses for companies [4][15][22]. Group 1: Price War Dynamics - The price of a three-valent flu vaccine has dropped to 5.5 yuan, cheaper than a cup of milk tea, indicating a severe price competition in the vaccine market [5][11]. - The China Vaccine Industry Association has issued an initiative to combat "involution-style" competition, urging members to avoid bidding below cost and threatening penalties for violations [6][8][10]. - The price war has persisted for two years, with the association's initiative being the first formal stance against low-price competition, although it may not resolve the underlying issue of overcapacity [6][10][22]. Group 2: Supply and Demand Changes - The supply side is characterized by homogenization and overcapacity, with many companies entering the vaccine market, leading to intense competition and price wars [16][17]. - Demand is also under pressure, with declining public trust in vaccines and a decrease in vaccination rates, particularly for flu vaccines, which averaged below 4% in China from 2020 to 2023 [17][19]. - The shift in focus from childhood vaccines to adult vaccines due to declining birth rates has intensified competition in the adult vaccine market [17][19]. Group 3: Financial Impact on Companies - The financial repercussions of the price war are evident, with vaccine companies experiencing a 60% drop in revenue and a 113% decline in net profit in the first half of 2025 [19][20]. - Major companies like Zhifei Biological and Wantai Biological have reported significant losses, with Zhifei's revenue down 66.53% and net profit loss of 12.06 billion yuan [20][21]. - Despite some companies showing growth in sales, the overall trend indicates that increased revenue does not equate to increased profit due to drastic price reductions [21][22]. Group 4: Future Outlook and Strategies - Experts suggest that the industry is in a "deep cold moment," requiring a period of consolidation and restructuring that could last five to ten years [23]. - Companies are exploring two main strategies to navigate the competitive landscape: expanding into emerging markets and focusing on differentiated products to meet unmet clinical needs [24].

Core Insights - The article discusses the competitive landscape of the shingles vaccine market in China, highlighting the unexpected price war initiated by GSK's vaccine, Shingrix, which is being promoted through a "buy one get one free" offer [1][2][4]. Market Dynamics - Shingrix's original price for two doses is 3,260 yuan, but with the promotion, the cost is reduced to 1,652 yuan, effectively a 50% discount [2]. - The vaccine has shown exceptional efficacy, reducing the risk of shingles by 97.2% in individuals aged 50 and above, and offers long-lasting immunity [2][7]. Competitive Landscape - Following GSK's price reduction, domestic competitor, Baike Biological, has also adjusted its pricing strategy, with its vaccine now priced around 1,400 yuan, and further discounts being offered [4]. - The domestic market for shingles vaccines has not met expectations, with Baike Biological reporting a significant drop in sales and revenue due to high return rates and low demand [8]. Consumer Behavior and Market Potential - Despite the high demand for shingles vaccines among the elderly population, the uptake has been low, with only 0.1% vaccination rate among those aged 50 and above in 2021 [9][11]. - The mismatch between the high cost of the vaccine and the financial capability of the target demographic is a significant barrier to market growth [11]. Challenges in Market Expansion - The competitive landscape in China is more fragmented compared to overseas markets, with both imported and domestic vaccines vying for market share, complicating the expansion efforts for Shingrix [11][13]. - There is a lack of awareness and understanding of the vaccine among the target demographic, which hinders its adoption [12][13].

Group 1 - The core point of the article is that Zhifei Biological (SZ 300122) announced the acquisition of a patent for a combined vaccine targeting respiratory syncytial virus (RSV) infection, which could enhance its product portfolio and market position [1] - Zhifei Biological's revenue composition for the year 2024 is projected to be 99.14% from biological products and 0.86% from other businesses, indicating a strong focus on its core offerings [1] - As of the report, Zhifei Biological has a market capitalization of 48.7 billion yuan, reflecting its significant presence in the biotechnology sector [1]

重庆智飞生物制品股份有限公司 证券代码：300122 证券简称：智飞生物 公告编号：2025-71 注：该发明专利的专利权期限预估到期日为 2042 年 7 月 29 日。 上述发明专利为智飞绿竹与北京交通大学合作开发一种呼吸道合胞病毒 (RSV)疫苗的过程中申请获得。公司突破国际市场技术壁垒，首次在美国取得专 利证书，为全球化布局奠定基础。该专利证书的取得不会对公司近期生产经营产 生重大影响，但有利于进一步完善公司知识产权保护体系，充分发挥自主知识产 权优势，促进技术创新，推进公司国际化发展战略，提升公司的核心竞争力。 特此公告 重庆智飞生物制品股份有限公司董事会 2025 年 11 月 26 日 1 关于全资子公司取得美国专利证书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆智飞生物制品股份有限公司（以下简称"公司"）全资子公司北京智飞绿 竹生物制药有限公司（以下简称"智飞绿竹"）于近日获得美国专利商标局颁发的 发明专利证书。具体情况如下： | 专利名称 | 专利号 | 专利 | 专利申 | 授权公 | 专利权人 | | --- | --- ...

Core Insights - Merck is deepening its collaboration with Chinese pharmaceutical companies, exemplified by a nearly $2 billion deal with Hengrui Medicine for exclusive rights to a drug outside of China [1][2] - The partnership with Hengrui Medicine involves HRS-5346, an oral small molecule Lp(a) inhibitor currently in Phase II clinical trials in China, which aims to address cardiovascular disease risk factors [2][4] - Merck's collaborations with local companies reflect the growing innovation capabilities of China's pharmaceutical industry, with a notable increase in drug development pipelines [3][5] Group 1 - Merck has established a significant presence in China over the past 30 years, with global revenues exceeding $64 billion, and is actively expanding its market influence through local partnerships [1][4] - The collaboration with Hengrui Medicine is part of a broader trend, as Merck has also signed a global exclusive licensing agreement with Hansoh Pharmaceutical for HS-10535, another investigational drug [3][6] - The Chinese pharmaceutical market has seen rapid growth, with a 15.1% increase in drug pipelines, positioning China as the second-largest pharmaceutical R&D market globally [5][6] Group 2 - Merck's China R&D Center, established in 2011, is one of the largest among multinational pharmaceutical companies in China, supporting both local and global operations [7] - The company has a "three-pronged" business model in China, encompassing R&D, manufacturing, and commercial operations, with factories in Hangzhou, Ningbo, and Tianjin [8] - Merck plans to introduce over 40 new products and indications to the Chinese market in the next five years, reflecting its commitment to meeting local healthcare needs [8][9]