464元一针，国产带状疱疹疫苗三折卖

Core Viewpoint - The article highlights the significant challenges faced by Baike Biotech regarding its herpes zoster vaccine, including price reductions, inventory pressures, and substantial returns impacting revenue [2][3]. Group 1: Sales and Revenue Impact - Baike Biotech's herpes zoster vaccine price was reduced from 1375 yuan per dose to 464 yuan, approximately one-third of the previous price [2]. - The company's Q3 2025 revenue was reported at 190 million yuan, a 53.5% year-on-year decline, primarily due to returns of the herpes zoster vaccine and reduced income from price cuts [2]. - The company disclosed that returns of the herpes zoster vaccine led to a revenue reduction of 230 million yuan, with an estimated additional 97.46 million yuan in returns expected due to unsold near-expiry inventory [3]. Group 2: Market Context and Competition - The herpes zoster vaccine is crucial for Baike Biotech, with the disease being prevalent among individuals over 50 years old, and vaccination is an effective preventive measure [3]. - There are currently two herpes zoster vaccines available in China: Baike Biotech's live attenuated vaccine and a recombinant vaccine developed by GlaxoSmithKline and marketed by Zhifei Biological [3]. - Price competition has intensified, with imported vaccines seeing significant price drops due to lower-than-expected sales, and domestic vaccines also experiencing substantial price reductions in various regions [3]. Group 3: Stock Performance - As of December 24, Baike Biotech's stock price was reported at 19.19 yuan per share, with a total market capitalization of 7.938 billion yuan [4].