带状疱疹疫苗不好卖，百克生物将创上市后年度业绩首亏

Core Viewpoint - Baike Bio (688276) is expected to report its first annual net loss since its listing in 2021, with a projected net profit of -220 million to -280 million yuan for 2025, representing a year-on-year decrease of 194.79% to 220.64% [1][4] Financial Performance - The company anticipates a non-net profit of -240 million to -300 million yuan for 2025, reflecting a year-on-year decline of 204.43% to 230.54% [4] Market Challenges - Baike Bio cites intensified industry competition, insufficient public vaccination willingness, and declining birth rates as key factors contributing to its challenging operating environment [4][5] - Sales revenue from the company's primary product, the herpes zoster live attenuated vaccine, has decreased year-on-year due to factors such as disease awareness and vaccination willingness among potential recipients [4][5] Pricing Strategy - In response to market conditions, Baike Bio has significantly reduced the price of its herpes zoster vaccine from 1,375 yuan to 464 yuan, a reduction of over 66% [4][5] - The company has previously implemented discount pricing strategies to enhance public awareness and increase vaccination rates among the elderly [5] Inventory Management - To accurately reflect its financial status, Baike Bio has made provisions for inventory impairment on products expected to be unsellable, where the net realizable value is below cost [5] Future Strategies - The company is focusing on innovative vaccine development, aiming to enhance product quality and market presence through collaborations with healthcare institutions and promotional activities [6] - Baike Bio is advancing a diversified research pipeline, including projects for pediatric vaccines, adult vaccines, multi-valent vaccines, therapeutic vaccines, and monoclonal antibodies, with several projects expected to achieve production and clinical approvals in 2025 [6]