WALVAX(SZ:300142) 2 1 Shi Ji Jing Ji Bao Dao·2025-05-12 08:20Core Viewpoint - The performance of A-share vaccine companies remains sluggish in Q1 2025, with over half of the 14 companies reporting a decline in net profit, and the top five companies experiencing a drop of over 80% [1][2]. Industry Overview - The overall trend in the vaccine industry shows a decline in both revenue and profit, attributed to a drop in market demand, policy adjustments, inventory buildup, and difficulties in collecting accounts receivable [1][3]. - The low vaccination rates for self-paid vaccines, such as flu and HPV vaccines, are identified as a core reason for the decline in performance [2][3]. Company Performance - Leading companies like Wantai Biological Pharmacy (万泰生物) reported a revenue of 401 million yuan, down 46.76%, and a net loss of 52.78 million yuan; Zhifei Biological Products (智飞生物) saw a revenue drop of 79.16% to 2.374 billion yuan, with a net loss of 305 million yuan; Watson Bio (沃森生物) reported a revenue decline of 22.93% to 462 million yuan, with a non-recurring net loss of 11.49 million yuan [1][2]. Market Dynamics - The competition in the HPV vaccine market has intensified, particularly after the age eligibility for the nine-valent HPV vaccine was expanded, negatively impacting sales for companies like Wantai and Zhifei [2]. - The changing population structure, with a decline in newborns, has reduced demand for traditional childhood vaccines, while the adult vaccine market remains underdeveloped [2][3]. Financial Challenges - Companies are facing increased financial pressure due to inventory buildup and difficulties in accounts receivable collection, with Wantai reporting impairment losses of 51.33 million yuan and Zhifei reporting 38.34 million yuan [3][4]. - Price wars are exacerbating the situation, with significant price reductions in both HPV and flu vaccine markets, leading to further profit compression [3][4]. Strategic Responses - Some companies, like Watson Bio and CanSino, are actively seeking new growth avenues through international expansion, product upgrades, and government collaborations [4][5]. - Watson Bio's overseas revenue reached nearly 300 million yuan in H1 2024, marking a 98% increase, and its dual-valent HPV vaccine received pre-certification from the WHO [5][6]. Future Outlook - The vaccine industry is expected to undergo accelerated differentiation, with companies possessing technological reserves and global strategies, like Watson Bio and CanSino, likely to emerge stronger [6][7]. - Addressing public vaccine hesitancy remains a significant challenge, necessitating collaboration with healthcare institutions to enhance public awareness and vaccination rates, particularly among chronic disease patients [6][7].