从“一针难求”到营收骤减 HPV疫苗深陷红海鏖战

Core Insights - The HPV vaccine market has shifted from a high-demand phase to a significant downturn, with major companies like Zhifei Biological and Wantai Biological reporting substantial revenue declines and net losses [1][2][3] - The decline in demand is attributed to market saturation, with vaccination rates among eligible women nearing completion, leading to a structural adjustment in the industry [5][9] - The competitive landscape has intensified, with price reductions and increased marketing expenses squeezing profit margins for domestic vaccine manufacturers [2][3] Company Performance - Zhifei Biological reported a 73.06% year-on-year revenue decline to 4.919 billion yuan, with a net loss of 597 million yuan, marking a shift from profit to loss [1][3] - Wantai Biological, a leader in domestic bivalent vaccines, experienced its first loss since its 2020 IPO, with a revenue drop of 38.25% to 844 million yuan and a net loss of 144 million yuan [1][3] - Watson Biological's bivalent vaccine also faced challenges, with a 33.88% revenue decline and a 62.53% drop in net profit in the first half of 2024 [3] Market Dynamics - The HPV vaccine market is experiencing a "cold winter," driven by demand exhaustion and intensified competition, necessitating strategic adaptations such as expanding indications and internationalization [2][10] - The market is characterized by an imbalance in product structure, with a predominance of bivalent vaccines and a reliance on imported nine-valent vaccines, which limits growth potential for domestic products [5][11] - The introduction of male vaccination indications presents a significant opportunity, as the male HPV vaccine market remains largely untapped, with potential to double the target population [10][12] Future Outlook - Companies are focusing on expanding male vaccination indications and enhancing international market presence as key strategies for overcoming current challenges [10][12] - The global HPV vaccine market is evolving, with domestic companies like Wantai and Watson making strides in international approvals and market entry, particularly in low- and middle-income countries [13][14] - Collaborative efforts among policymakers, companies, and society are essential to promote HPV vaccination, improve accessibility, and enhance public awareness [15][16]