（编辑 姚尧） 证券日报网讯 11月26日晚间，沃森生物发布公告称，云南沃森生物技术股份有限公司（以下简称"公 司"）子公司玉溪沃森生物技术有限公司生产的13价肺炎球菌多糖结合疫苗（以下简称"13价肺炎结合疫 苗"）于近日收到埃及药品管理局（EDA，Egyptian Drug Authority）签发的《生物制品上市许可证》， 标志着该疫苗获得了埃及的上市许可。 ...

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 Viewpoint - Watson Bio's subsidiary, Yuxi Watson Biotechnology Co., Ltd., has received marketing authorization for its 13-valent pneumococcal polysaccharide conjugate vaccine from the Egyptian Drug Authority (EDA), marking a significant milestone for the company's international expansion [1]. Group 1: Product Details - The 13-valent pneumococcal polysaccharide conjugate vaccine is primarily intended for infants and children aged 6 weeks to under 5 years, aimed at preventing infections caused by 13 specific serotypes of pneumococcus [1]. - The vaccine includes serotypes 1, 3, 4, 5, 6A, 6B, 7F, 9V, 14, 18C, 19A, 19F, and 23F, which are known to cause infectious diseases [1]. Group 2: Regulatory Milestones - The vaccine was initially approved for sale in China in 2020, and the recent approval in Egypt signifies the company's efforts to expand its market presence internationally [1].

（EDA,EgyptianDrugAuthority）签发的《生物制品上市许可证》，标志着该疫苗获得了埃及的上市许 可。玉溪沃森13价肺炎结合疫苗主要适用于6周龄至5岁（6周岁生日前）婴幼儿和儿童接种，用于预防 由本疫苗包含的13种血清型（1型、3型、4型、5型、6A型、6B型、7F型、9V型、14型、18C型、19A 型、19F型和23F型）肺炎球菌引起的感染性疾病，该疫苗于2020年在国内获批上市销售。 格隆汇11月26日丨沃森生物(300142.SZ)公布，子公司玉溪沃森生物技术有限公司（简称"玉溪沃森"）生 产的13价肺炎球菌多糖结合疫苗（简称"13价肺炎结合疫苗"）于近日收到埃及药品管理局 ...

智通财经APP讯，沃森生物(300142.SZ)发布公告，公司子公司玉溪沃森生物技术有限公司(简称"玉溪沃 森")生产的13价肺炎球菌多糖结合疫苗(简称"13价肺炎结合疫苗")于近日收到埃及药品管理局(EDA)签 发的《生物制品上市许可证》，标志着该疫苗获得了埃及的上市许可。 ...

沃森生物（300142）(300142.SZ)发布公告，公司子公司玉溪沃森生物技术有限公司(简称"玉溪沃森")生 产的13价肺炎球菌多糖结合疫苗(简称"13价肺炎结合疫苗")于近日收到埃及药品管理局(EDA)签发的 《生物制品上市许可证》，标志着该疫苗获得了埃及的上市许可。 ...

每经AI快讯，11月26日，沃森生物（300142）(300142.SZ)公告称，公司子公司玉溪沃森生产的13价肺 炎球菌多糖结合疫苗近日收到埃及药品管理局签发的《生物制品上市许可证》，标志着该疫苗获得了埃 及的上市许可。该疫苗主要适用于6周龄至5岁婴幼儿和儿童接种，用于预防由本疫苗包含的13种血清型 肺炎球菌引起的感染性疾病。本次许可证的获得是公司国际化战略实施过程中取得的重要进展，将对公 司未来年度的业绩产生积极影响，但实际上市时间与销售业绩尚存在不确定性。 ...

证券代码：300142 证券简称：沃森生物 公告编号：2025-066 云南沃森生物技术股份有限公司 关于子公司收到13价肺炎结合疫苗埃及上市许可证的公告 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。 公司自 2018 年起就成为埃及国家免疫计划的重要合作伙伴，已连续八年为 其稳定供应疫苗产品。本次 13 价肺炎结合疫苗获得埃及《上市许可证》，是公 司国际化战略实施过程中取得的重要进展，标志着公司在关键海外市场的战略布 局又一次成功落地，也将为公司后续助力非洲疫苗产业建设，推动埃及的疫苗本 地化生产奠定基础。 本次 13 价肺炎结合疫苗获得埃及上市许可证对公司未来年度的业绩预计将 产生积极影响。但该疫苗在埃及的实际上市时间与销售业绩客观上尚存在一定的 不确定性，公司将持续推进后续各项工作，并按照相关法规和规范性文件的规定 及时履行信息披露义务。敬请广大投资者谨慎决策，注意投资风险。 特此公告。 云南沃森生物技术股份有限公司 董事会 二〇二五年十一月二十六日 云南沃森生物技术股份有限公司（以下简称"公司"）子公司玉溪沃森生物 技术有限公司（以下简称"玉溪沃森" ...

Market Overview - The biopharmaceutical sector increased by 0.83% on November 25, with Jindike leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Top Gainers in Biopharmaceutical Sector - Jinke (688670) closed at 25.75, up 19.99% with a trading volume of 92,200 shares [1] - Hualan Biological (301207) closed at 23.33, up 11.25% with a trading volume of 250,500 shares [1] - Saiseng Pharmaceutical (300485) closed at 11.95, up 5.19% with a trading volume of 168,000 shares [1] - Other notable gainers include Bohui Innovation (300318) at 6.84 (+3.32%) and Dongbao Biological (300239) at 5.72 (+3.25%) [1] Market Capital Flow - The biopharmaceutical sector saw a net inflow of 40.88 million yuan from institutional investors, while retail investors experienced a net outflow of 147 million yuan [2] - The sector's overall capital flow indicates a strong interest from institutional investors despite retail selling pressure [2] Individual Stock Capital Flow - Jinke (688670) had a net inflow of 39.66 million yuan from institutional investors, while retail investors showed a net outflow of 13.72 million yuan [3] - Other stocks like Watson Bio (300142) and Hualan Bio (002007) also experienced significant net inflows from institutional investors, indicating positive sentiment [3] - Conversely, stocks like Dongbao Biological (300239) and Bohui Innovation (300318) faced net outflows from retail investors, suggesting mixed investor sentiment [3]

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].