Group 1 - The company has launched two pneumococcal vaccines: a 13-valent pneumococcal polysaccharide conjugate vaccine and a 23-valent pneumococcal polysaccharide vaccine [2] - The company is currently conducting clinical research on a 20-valent pneumococcal polysaccharide conjugate vaccine, which received the Drug Clinical Trial Approval Notification in April 2025 and is preparing for Phase I clinical research [2]

证券日报网讯沃森生物（300142）9月16日在互动平台回答投资者提问时表示，关于公司研发投入的相 关情况请具体查阅公司已披露的历次定期报告相关内容，并以定期报告的数据为准。 ...

Core Viewpoint - Watson Bio has a total of 8 self-developed vaccine products (14 specifications) officially on the market, aimed at preventing diseases caused by specific pathogenic microorganisms [1] Product Overview - The company’s vaccine products include: - 13-valent pneumococcal conjugate vaccine (vial type and pre-filled type) - Bivalent HPV vaccine (vial type and pre-filled type) - 23-valent pneumococcal polysaccharide vaccine (vial type and pre-filled type) - Haemophilus influenzae type b conjugate vaccine (vial type and pre-filled type) - Group A and C meningococcal polysaccharide conjugate vaccine (vial type and pre-filled type) - ACYW135 group meningococcal polysaccharide vaccine (vial type and pre-filled type) - Group A and C meningococcal polysaccharide vaccine (vial type) - Adsorbed acellular DTP combined vaccine (vial type) [1] Research and Development - The company’s 20-valent pneumococcal polysaccharide conjugate vaccine received the "Drug Clinical Trial Approval Notice" in April 2025 and is currently preparing for Phase I clinical research [1] - The company will disclose any substantial and phase-related progress in the research and development of its vaccine products in a timely manner [1]

Core Viewpoint - The vaccine industry is experiencing a downturn, with significant revenue and profit declines among major companies, attributed to price wars, vaccine hesitancy, and intense competition [4][5][10][20]. Group 1: Industry Performance - In the first half of 2025, the overall vaccine revenue of listed companies in China decreased by 60% year-on-year, and net profit dropped by 113% [5]. - Major vaccine 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 [5][10]. - Only six out of 17 listed vaccine companies achieved profitability, with the highest profit being 122 million yuan from Chengda Biological [5]. Group 2: Price Wars - The price of flu vaccines has significantly dropped, with some prices reaching as low as 5.5 yuan per dose, leading to a continuous price war in the market [8][9]. - Wantai Biological's revenue from its main product, the bivalent HPV vaccine, fell by 38% to 844 million yuan, marking its first loss since listing [10]. - The price competition has also affected other vaccines, including HPV and shingles vaccines, with prices dropping dramatically in recent years [9][10][11]. Group 3: Vaccine Hesitancy - Vaccine hesitancy has become a significant issue, particularly for non-mandatory vaccines like HPV and flu vaccines, with many individuals expressing doubts about their effectiveness [13][14][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, misinformation, and a lack of awareness regarding adult vaccinations [15][16]. Group 4: Future Outlook - Experts predict that the current downturn in the vaccine industry may last for five to ten years, with potential consolidation and elimination of weaker companies [20]. - The industry faces challenges in changing public perception and increasing adult vaccination rates, which are crucial for market expansion [20]. - The competition is expected to remain fierce, with many companies struggling to differentiate their products in a saturated market [19][20].

Core Viewpoint - The company has a total of 8 self-developed vaccine products officially on the market, with various specifications, and is actively engaged in the development of new vaccines [2]. Group 1: Current Vaccine Products - The company has 8 self-developed vaccine products (14 specifications) officially available for sale, including: - 13-valent pneumococcal conjugate vaccine (vial and pre-filled syringe types) - Bivalent HPV vaccine (vial and pre-filled syringe types) - 23-valent pneumococcal polysaccharide vaccine (vial and pre-filled syringe types) - Haemophilus influenzae type b conjugate vaccine (vial and pre-filled syringe types) - Meningococcal polysaccharide conjugate vaccines for groups A and C (vial and pre-filled syringe types) - Meningococcal polysaccharide vaccine for groups ACYW135 (vial and pre-filled syringe types) - Meningococcal polysaccharide vaccine for groups A and C (vial type) - Adsorbed acellular DTP combined vaccine (vial type) [2]. Group 2: Future Developments - The company’s 20-valent pneumococcal polysaccharide conjugate vaccine is expected to receive the "Drug Clinical Trial Approval Notification" in April 2025 and is currently preparing for Phase I clinical research [2]. - The company will disclose any substantial and phase-related progress in the development of its vaccine products in a timely manner [2].

Core Points - The inclusion of HPV vaccine in the national immunization program reflects the government's commitment to women's health and aims to accelerate the global goal of eliminating cervical cancer by 2030 [1][5][6] Group 1: HPV Vaccine Introduction and Strategy - The WHO's global strategy aims for 90% of girls to be vaccinated by age 15, 70% of women aged 35-45 to be screened, and 90% of diagnosed patients to receive treatment by 2030 [2] - Since the introduction of the HPV vaccine in China, annual vaccination doses and coverage rates have been increasing, but as of 2022, the first dose coverage was only 10.15% and the third dose was 6.21%, significantly below the global average [2][3] - The process of including the HPV vaccine in the national immunization program has gone through three phases over five years, starting with pilot programs and expanding to provincial and national levels [3][4] Group 2: Vaccine Production and Pricing - There are currently six HPV vaccines available in China, with significant price reductions observed, such as the two-valent HPV vaccine's price dropping to 27.5 yuan, which is less than one-tenth of its initial price [7][8] - The price of the two-valent HPV vaccine has decreased significantly since the introduction of domestic alternatives, making it more accessible and increasing the likelihood of its inclusion in the national immunization program [8][9] - Companies like Wantai and Watson have reported sufficient production capacity, with Wantai's two-valent HPV vaccine capable of producing 30 million doses annually [9][11] Group 3: Implementation and Public Awareness - Effective public awareness campaigns are essential to ensure high vaccination rates, addressing concerns about the differences between domestic and imported vaccines [12][14] - The government is encouraged to conduct thorough surveys to assess the target population's willingness to vaccinate and to implement a flexible supply mechanism based on actual demand [13][14] - A phased approach to vaccination is recommended to achieve the 90% target, focusing on systematic coverage of school-aged girls over several years [14]

Core Insights - The Chinese government has expanded its National Immunization Program for the first time in 18 years to include the HPV vaccine, aimed at protecting women's health [1][14][28] - The inclusion of the HPV vaccine is a response to the rising incidence of cervical cancer in China, with 150,700 new cases reported in 2022, indicating a trend towards younger patients [2][8] - The HPV vaccine is recognized as the most effective preventive measure against cervical cancer, which is primarily caused by high-risk HPV types [2][6] Vaccine Availability and Market Dynamics - Currently, six types of HPV vaccines are approved in China, including both imported and domestic options [4][5] - The demand for HPV vaccines has surged, but the penetration rate remains low, with only 10.15% of eligible women receiving the first dose in 2022 [8][10] - The price of imported HPV vaccines has been a barrier, with costs for a complete vaccination series reaching around 4,000 yuan, while domestic vaccines are priced lower [11][10] Public Awareness and Education - Public awareness and education about HPV and the vaccine are critical, as misinformation has led some women to avoid vaccination [12][13] - The government plans to enhance public education efforts to counteract vaccine hesitancy and misinformation [28][29] Implementation and Future Prospects - The inclusion of the HPV vaccine in the National Immunization Program is expected to significantly increase vaccination rates, similar to past experiences with other vaccines [30][31] - The government aims to achieve a high coverage rate by optimizing vaccination processes and encouraging local initiatives [28][21] - The introduction of domestic nine-valent HPV vaccines is anticipated to further improve access and affordability for the population [32]

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].

Group 1 - The Chinese government will introduce HPV vaccination services for eligible girls and include HPV vaccines in the national immunization program, which is expected to enhance women's health protection [1][3] - The market for HPV vaccines has shifted from a "blue ocean" to a "red ocean," indicating increased competition among vaccine manufacturers [6] - Domestic companies such as Wantai Biological Pharmacy and Watson Bio have received approvals for their HPV vaccines, breaking the previous monopoly held by Merck's Gardasil 9 [3][4] Group 2 - Financial data shows significant revenue declines for major vaccine manufacturers in the first half of 2025, with Watson Bio's revenue down 19.47% and Wantai Biological's down 38.25% [6][7] - The approval of male indications for HPV vaccines by Merck and ongoing clinical trials by domestic companies indicate a growing focus on the male market, which is expected to become highly competitive [9] - The inclusion of the bivalent HPV vaccine in the national immunization program could lead to increased sales through government procurement [8]

Group 1: HPV Vaccine Inclusion in National Immunization Program - The National Health Commission announced the inclusion of HPV vaccination services for eligible girls in the national immunization program to enhance women's health protection [1][2] - Since 1978, China's immunization program has expanded from 4 vaccines to 14 vaccines preventing 15 infectious diseases [1] - HPV is a major cause of cervical cancer, and vaccination is a primary preventive measure, with existing vaccines effectively preventing over 70% of cervical cancer cases [1][2] Group 2: Cervical Cancer Statistics - In 2022, China reported 151,000 new cervical cancer cases, ranking fifth among female cancers, with 56,000 deaths, ranking sixth in female cancer mortality [2] Group 3: Free Vaccination Initiatives - Several regions have initiated free HPV vaccination programs, with Beijing starting free vaccinations for girls entering the first year of junior high school in 2025 [3] - As of August 2023, 18 provinces and several cities have included HPV vaccination in government initiatives, covering approximately 60% of eligible girls [3] Group 4: Market Dynamics and Company Performance - The inclusion of HPV vaccines in the national program is expected to improve public awareness and accessibility, potentially stabilizing sales for vaccine companies [4][5] - Companies like Watson Bio and Zhifei Biological have faced performance pressures due to declining public willingness to vaccinate and increased competition [7] - Watson Bio reported a revenue of 1.154 billion yuan in the first half of the year, down 19.47%, while Zhifei Biological's revenue was 4.919 billion yuan, down 73.06% [7] Group 5: Pricing and Competition - The first domestic two-valent HPV vaccine was priced at 499 yuan per dose, significantly lower than imported alternatives, which were priced over 1,300 yuan per dose [8] - The market for nine-valent HPV vaccines has become competitive, with companies like Zhifei Biological reducing prices and offering promotions to maintain market share [9]