Bei Ke Cai Jing·2025-11-24 14:05Core Viewpoint - The China Vaccine Industry Association has called for a resistance against chaotic price competition in the vaccine market, emphasizing the need for self-regulation and quality assurance in pricing practices [1][6][10]. Group 1: Industry Competition - The vaccine market is experiencing intense competition, particularly in the HPV and influenza vaccine sectors, leading to significant price wars [1][6]. - The price of the bivalent HPV vaccine has dropped to as low as 27.5 yuan per dose, reflecting a trend of aggressive pricing strategies among manufacturers [6][9]. - The four-valent influenza vaccine prices have also seen substantial reductions, with prices falling from 128 yuan to 88 yuan per dose, a decrease of 31.25% [8]. Group 2: Financial Performance - In the first three quarters of the year, only four out of 14 major vaccine companies listed on the A-share market reported a year-on-year increase in net profit, indicating widespread financial pressure across the industry [10][11]. - WanTai Biologics reported a staggering 165.04% decline in net profit, resulting in a net loss of 173 million yuan, alongside a 23.09% drop in revenue [12][14]. - Other companies, including Kanglaosheng and Jindike, also faced losses despite revenue growth, highlighting the challenges of rising operational costs and increased R&D expenditures [11][14]. Group 3: Market Dynamics - The industry is facing a phenomenon referred to as "involution," characterized by excessive competition and product homogeneity, which is exacerbated by a growing number of companies entering the market [15][16]. - The competitive landscape is further complicated by promotional tactics and price reductions, which are compressing profit margins and leading to a normalization of price competition [15][16]. - The overall market is under pressure from fluctuating demand, vaccine hesitancy, and intensified competition, which collectively impact sales performance [15][16].