2 1 Shi Ji Jing Ji Bao Dao·2025-04-28 10:58Core Viewpoint - The performance of several vaccine companies in China is significantly declining in 2024 due to industry policy adjustments, decreased public willingness to vaccinate, and changing market demands, leading to a challenging environment for the industry [1] Financial Performance - The average revenue of vaccine companies in 2024 is 7.131 billion yuan, down 21.63% from 9.099 billion yuan in 2023, while the average net profit is 788 million yuan, a decrease of 35.60% from 1.222 billion yuan in 2023 [1] - Companies like Zhifei Biological, Wantai Biological, and Hualan Biological reported revenue declines exceeding 50%, while Watson Biological, Baike Biological, and Jindike saw declines of over 30% [1] - Kangxino's revenue increased by over 130% due to its quadrivalent meningococcal conjugate vaccine, benefiting from the resolution of global public health events [1] Price Competition Impact - The price war among vaccine products, particularly HPV, influenza, and pneumonia vaccines, has severely impacted net profits, with Wantai Biological, Kangtai Biological, Hualan Biological, and Zhifei Biological experiencing declines of 91.49%, 76.59%, 76.10%, and 74.99% respectively [2] - Wantai Biological's revenue for 2024 is 2.245 billion yuan, down 59.25%, and its net profit is 106 million yuan, down 91.49% [6] - Watson Biological's revenue is 2.821 billion yuan, a decline of 31.41%, with a net profit of 142 million yuan, down 66.10% [6] Market Dynamics - The domestic vaccine market is becoming increasingly competitive, with many companies focusing on traditional products and facing challenges from product homogeneity and market saturation [3] - The overall vaccination rate in China is low, with only about 3% for influenza vaccines, indicating significant growth potential in the market despite current pressures [7] R&D and Innovation - Companies are increasing R&D investments, with Zhifei Biological investing 1.391 billion yuan in 2024, and several companies allocating over 20% of their revenue to R&D [8] - New vaccine technologies, including mRNA and DNA vaccines, are emerging, which could lead to breakthroughs in disease prevention and treatment [9] International Expansion - Many vaccine companies are pursuing international markets, with Kangxino and Baike Biological successfully exporting products to various countries [10][11] - Watson Biological reported overseas revenue of 570 million yuan in 2024, a year-on-year increase of approximately 98% [11] - The global human vaccine market is projected to grow significantly, with emerging markets providing opportunities for Chinese vaccine companies due to their competitive pricing [12][13]