流感疫苗市场需求激增，难掩华兰疫苗业绩困局

Core Viewpoint - The article highlights the surge in demand for flu vaccines due to a significant flu season in China, particularly in southern regions, leading to temporary shortages in various cities. Despite this demand, the leading company in the sector, Hualan Vaccine, is facing substantial declines in revenue and profit, raising concerns about its ability to convert short-term demand into sustainable performance [2][10][12]. Group 1: Flu Vaccine Demand and Market Response - The current flu season has seen a notable increase in activity levels, especially in southern China, resulting in a spike in flu vaccine demand [2][3]. - Major cities like Guangzhou, Xi'an, Changzhou, and Jinan are experiencing temporary shortages of flu vaccines at community health service centers [7]. - Hualan Vaccine, with an annual production capacity of 100 million doses, has accelerated its batch approval process in response to the increased demand, leading to a stock price increase of over 30% in just over a month [2][10]. Group 2: Company Performance and Challenges - Despite the surge in demand, Hualan Vaccine reported a significant decline in both revenue and net profit for the first three quarters of the year, with revenue down 15.81% to 806 million yuan and net profit down 50.51% to 132 million yuan [12][13]. - The company is facing a price war initiated by competitors, which has led to a decrease in both gross and net profit margins. The gross margin fell by 4.06 percentage points to 76.99%, while the net margin decreased by 11.51 percentage points to 16.42% [12][13]. - Hualan Vaccine's strategy of "exchanging price for volume" has not yet yielded the expected results, as the anticipated increase in market demand has not materialized [12].