国产九价疫苗迎利好，业绩连续暴跌的万泰生物能否翻身？

Core Viewpoint - The launch of the first domestic nine-valent HPV vaccine "Xinkening®9" by Wantai Biological Pharmacy is a significant development in the healthcare sector, aiming to improve women's health and potentially reverse the company's declining performance [2][3]. Group 1: Product Launch and Market Position - Wantai Biological's nine-valent HPV vaccine "Xinkening®9" received approval and was launched, with a price of 499 yuan per dose, approximately 40% lower than the imported counterpart [3]. - The vaccine is designed for women aged 9 to 45, with different dosing schedules based on age, which may enhance its accessibility and uptake [3]. - The vaccine's development took 18 years, indicating a substantial investment in research and development [4]. Group 2: Market Dynamics and Competition - The HPV vaccine market in China is characterized by a supply-demand imbalance, with increasing public awareness and willingness to receive vaccinations [4]. - Several companies, including Watson Bio and Kanglaoshi, are also developing nine-valent HPV vaccines, indicating a growing competitive landscape [6]. - The market has shifted from a previous state of high demand and limited supply to a more competitive environment, with sales of the imported nine-valent vaccine experiencing a significant decline [6]. Group 3: Financial Performance and Stock Market Reaction - Wantai Biological's financial performance has deteriorated, with a reported revenue drop of 50.75% and a net profit decline of 76.11% in 2023 compared to the previous year [7]. - The company's stock has shown volatility, with a notable drop of 24.55% from June to September 2025, despite some temporary gains following the vaccine announcement [8]. - The cautious response from the capital market reflects uncertainty regarding the sustainability of the company's recovery through the new vaccine [8].