Group 1 - The core viewpoint of the article highlights that the public price of the trivalent influenza vaccine has dropped to a historical low of 5.5 yuan per dose in some provinces, indicating that the vaccine industry is entering a "price reduction cycle" [1] - The decline in prices is attributed to a decrease in the primary vaccination demographic (children aged 0-9), leading to weakened market demand, and intensified competition due to the influx of Me-too products, with the nine-valent HPV vaccine being a typical example [5] - The gross profit margins of several vaccine companies have shown a year-on-year decline, with notable decreases such as -10.9 percentage points for WanTai Biologics and -32.2 percentage points for Watson Biologics [9] Group 2 - In response to intensified domestic market competition, vaccine companies are accelerating their international expansion, as exemplified by Kangtai Biologics, which registered its 23-valent pneumonia vaccine in Uzbekistan in 2020 and has since expanded its business to multiple countries in Asia and Africa [12] - Over the past five years, Chinese vaccine companies have transitioned from being "followers" to becoming "global suppliers," with successful registrations in ten countries across Asia and Africa [16]

2025.11. 19 本文字数：1294，阅读时长大约2分钟 作者 | 第一财经 林志吟 从去年以来，一些疫苗价格战愈演愈烈，已引发业界担忧。 11月19日下午，引导行业持续健康发展，中国疫苗行业协会发布了《关于反对"内卷式"竞争促进疫 苗及其相关生物制品行业高质量发展的倡议》，旨在助力行业打破"内卷"，构建健康有序的良性生 态。 中国疫苗行业协会表示，该倡议经理事会批准后，全体会员应共同遵守，并接受行业与社会监督。如 有违反，将受到全体会员的集体谴责，该协会将给予其警告、通报批评、暂停行使会员权利直至除名 等措施。 根据中国疫苗行业协会官网介绍，现有会员单位330余家，分支机构35个，涵盖我国主要疫苗企业与 生物制品企业，以及为疫苗及生物制品研发、生产、流通配套服务的上下游企业，贯穿生物制药全产 业链和不同业务领域。 在上述倡议出台的背后，从去年以来，在公费市场，一些疫苗价格持续下探。 比如今年9月，在2025年北京流感疫苗免疫类和非免疫类招标采购项目中，上海生物制品研究所的三 价流感疫苗中标价5.5元/支，再度创下公费流感疫苗市场的价格新低。 这也是今年以来国产三价流感疫苗在地方政府采购中第三次刷出历史 ...

Core Viewpoint - The Chinese Vaccine Industry Association has issued an initiative to combat "involution" competition in the vaccine sector, aiming to promote high-quality development and establish a healthy competitive environment in the industry [1][2]. Group 1: Initiative Details - The initiative mandates all members of the Chinese Vaccine Industry Association to adhere to the Vaccine Administration Law and the Price Law of the People's Republic of China, ensuring fair and legal pricing based on production costs and market demand [1]. - Members are required to resist disorderly low-price competition and are prohibited from participating in bidding with prices below cost, thereby ensuring product and service quality standards [1][2]. Group 2: Industry Context - The association currently has over 330 member units and 35 branches, encompassing major vaccine and biological product companies, as well as upstream and downstream service providers in the biopharmaceutical industry [4]. - A price war has emerged in the public market, with significant price drops observed. For instance, the bid price for a trivalent flu vaccine from Shanghai Biological Products Research Institute was set at 5.5 yuan per dose in September, marking a new low in the public flu vaccine market [4]. - The price of a bivalent HPV vaccine from Watson Bio was reduced to 27.5 yuan per dose in a procurement project, humorously compared to the cost of a cup of milk tea [4]. Group 3: Financial Impact - The price war reflects a phenomenon of homogenized competition within the industry, leading to financial pressure on vaccine companies. In the first three quarters of this year, 10 out of 14 listed vaccine companies reported a year-on-year decline in net profit [5]. - Notably, five companies, including Zhifei Biological Products and Kanglaite, reported significant losses, totaling over 12 billion yuan for Zhifei alone [5]. - Industry insiders have expressed concerns that some companies are engaging in price wars to survive or capture market share, hoping for further national measures to address the issue of "involution" [5].

Core Viewpoint - The recent visual competition between Merck and Wantai Biopharma at the Xiamen Vaccine Conference highlights the complexities of China's pharmaceutical industry as it seeks to break through technological barriers and challenge international monopolies [5][6]. Group 1: Technological Innovations - Merck's HPV nine-valent vaccine utilizes a globally pioneering technology platform that achieves correct folding of virus-like particles (VLPs), leading to its approval in 112 countries and over 300 million doses administered [5]. - Wantai Biopharma has developed a proprietary prokaryotic expression system that allows for effective VLP formation without complex glycosylation modifications, evidenced by its award-winning patent for a truncated HPV L1 protein [5][6]. - Both vaccines have undergone rigorous clinical validation, with Wantai's nine-valent vaccine demonstrating non-inferiority in neutralizing antibody levels and 100% efficacy against five new high-risk types, while Merck has the longest follow-up data of 13.6 years [5]. Group 2: Market Impact - The entry of Wantai's bivalent vaccine has significantly reduced the price of HPV vaccines in China from over 1,000 yuan to 329 yuan, making it more accessible and benefiting millions of women [6]. - Wantai's global sales have surpassed 80 million doses, reaching 23 countries, providing new options for vaccine distribution in developing nations [6]. - Wantai's technological breakthroughs have navigated the "patent jungle" in the HPV vaccine field, creating a viable path for independent innovation in China's biopharmaceutical industry [6]. Group 3: Marketing and Competition - The marketing strategies employed by both companies, particularly Merck's insinuation of defects in Wantai's product, could mislead consumers and undermine public trust in vaccines [7]. - Both companies have unique strengths that can complement each other in the market, with Wantai enhancing grassroots vaccination rates and Merck expanding the demographic reach of HPV protection [7]. - The HPV vaccine market in China remains underdeveloped, with low vaccination rates among eligible women, indicating that aggressive marketing battles may waste resources and distract from research and capacity building [7][8]. Group 4: Industry Transition - The Chinese pharmaceutical industry is at a critical juncture, transitioning from imitation to innovation, and from following to leading in global markets [8]. - Establishing competitive norms that align with industry characteristics while maintaining competitive vitality poses a challenge for regulators and companies alike [8].

Core Viewpoint - The recent visual competition between Merck and Wantai Biopharma at the Xiamen Vaccine Conference highlights the complex reality of China's pharmaceutical industry as it breaks through technological barriers and challenges international monopolies [1][5]. Group 1: Company Strategies - Merck's promotional material emphasizes its innovative technology platform that enables the creation of virus-like particles (VLPs) closely resembling natural viruses, leading to its nine-valent HPV vaccine being approved in 112 countries with over 300 million doses administered [5][6]. - Wantai Biopharma has developed a unique prokaryotic expression system using a truncated HPV L1 protein, which has received a national patent gold award in China, demonstrating the feasibility of producing effective VLPs without complex glycosylation modifications [6][7]. Group 2: Market Impact - The entry of Wantai's bivalent vaccine has significantly reduced the price of HPV vaccines in China from the thousand-yuan range for imported products to 329 yuan, making it more accessible for millions of women and achieving global sales of over 80 million doses across 23 countries [6][7]. - Wantai's technological breakthroughs challenge the "patent jungle" in the HPV vaccine field, providing a viable path for independent innovation in China's biopharmaceutical industry [7].

Core Viewpoint - The China Vaccine Industry Association has issued an initiative to prohibit bidding below cost, aiming to promote high-quality development in the vaccine and related biological products industry [2]. Group 1: Industry Regulations - The initiative mandates all members of the China Vaccine Industry Association to adhere to the Vaccine Administration Law and the Price Law of the People's Republic of China, using production costs and market supply-demand as the basis for pricing [2]. - Members are required to resist disorderly low-price competition and are strictly prohibited from participating in bidding below cost, ensuring product and service quality standards [2]. - The association emphasizes innovation-driven development, urging members to focus on key technology breakthroughs and the research and application of innovative products [2]. Group 2: Market Challenges - The domestic vaccine industry has faced significant pressure in recent years due to economic downturns, declining birth rates, and reduced vaccination willingness, leading to frequent price wars among vaccine companies [3]. - In the HPV vaccine sector, a price war initiated by Watson Bio in 2022 has resulted in prices dropping below 100 yuan for the first time in 2024, with the lowest price reaching 27.5 yuan per dose [3]. - The flu vaccine market has also seen price reductions, with China National Pharmaceutical Group leading a price cut for its quadrivalent flu vaccines, forcing other manufacturers like Hualan Biologicals to engage in price competition [3]. Group 3: Financial Impact - Major vaccine companies such as Zhifei Biological Products and Watson Bio have experienced significant declines in profitability, with their stock prices also suffering substantial drops [4].

Core Viewpoint - The China Vaccine Industry Association has issued an initiative to combat "involution-style" competition and promote high-quality development in the vaccine and related biological products industry, emphasizing the prohibition of bidding below cost [2][5]. Group 1: Initiative Details - The initiative mandates all members of the China Vaccine Industry Association to adhere to the Vaccine Administration Law and the Price Law of the People's Republic of China, using production costs and market supply-demand as the basis for pricing [5]. - Members are required to resist disorderly low-price competition and are strictly prohibited from participating in bidding below cost, ensuring the quality standards of products and services [5][6]. - The initiative encourages members to focus on innovation-driven development, advancing key core technology breakthroughs and the research and application of innovative products [5]. Group 2: Industry Context - The domestic vaccine industry has faced significant pressure in recent years due to economic downturns, declining birth rates, and reduced vaccination willingness, leading to frequent price wars among vaccine companies [6]. - In the HPV vaccine sector, a price war initiated by Watson Bio in 2022 has resulted in the price of the bivalent HPV vaccine dropping below 100 yuan for the first time in 2024, with the lowest price reaching 27.5 yuan per dose [6]. - In the influenza vaccine market, China National Pharmaceutical Group initiated a price reduction for its quadrivalent influenza split vaccine in 2024, forcing other manufacturers like Hualan Biologicals to engage in price competition [6][7].

Industry Overview - The vaccine industry is experiencing a structural opportunity due to the rising trend of influenza, with a focus on flu vaccine developments [2][4] - Recent approvals for clinical trials include various vaccines from companies like Zhifei Biological, including a pertussis-diphtheria-tetanus vaccine and an mRNA shingles vaccine [2][4] - The National Influenza Center reported an increase in flu activity, with a total of 621 reported influenza-like illness outbreaks across the country [4] Market Performance - The vaccine sector saw a 3% increase, with the overall pharmaceutical and biological sector rising by 3.29% during the week of November 9-15, 2025 [5] - Notable companies in the vaccine sector that performed well include Jindike, Hualan Biological, and Baike Biological, while companies like Wantai Biological and Zhifei Biological lagged [6] Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio (ttm) was 101.87X, reflecting a 2.8X increase week-over-week, while the price-to-book (PB) ratio was 1.99X, up by 0.05X [7][8] Investment Insights - The vaccine industry is under pressure, with a notable structural differentiation among companies. The focus is on innovation and international expansion as key strategies for long-term growth [9] - The industry is transitioning from scale expansion to innovation-driven growth, with supply-demand imbalances and homogenized competition causing short-term challenges [9] - Key drivers for the industry's long-term growth include policy support, demand increase due to an aging population, and technological advancements [10] Recommendations - Companies with strong research and development capabilities and differentiated product offerings, such as CanSino and Kanghua Biological, are recommended for investment [10] - Short-term focus should be on companies involved in flu vaccines due to the seasonal increase in demand [10]

11月14日至11月16日，中国疫苗行业协会（CAV）首届学术大会在福建厦门召开。万泰疫苗深度参与此 次盛会，重点展示了包括最新上市的国产九价HPV疫苗，并全面呈现了公司在疫苗研发与全球化合作方 面的坚实步伐。 在大会的权威学术分享环节，厦门大学公共卫生学院院长张军以"国产九价HPV疫苗的有效性研究"为题 发表专题报告，系统梳理了我国HPV疫苗从二价到九价的技术发展路径，并重点解读了馨可宁®9的临 床试验成果，临床数据显示馨可宁®9不仅在免疫原性与安全性上与进口同类产品相当，更在关键型别 的保护效果上表现优异。该疫苗的上市，标志着我国在高价次HPV疫苗研发与产业化方面实现重要突 破，为全球宫颈癌防控提供了高质量的中国方案。 目前，馨可宁®9已在河南、山西、内蒙古、浙江、江西、河北、天津等地区陆续启动预约，目前累计 已进入24个省，后续更多地区将逐步开放接种。同时，万泰疫苗正积极推进馨可宁®9的世界卫生组织 （WHO）预认证（PQ）工作，进一步践行为全球提供高质量疫苗，守护人类健康的承诺。 除备受瞩目的馨可宁®9（九价HPV疫苗），万泰还展示了馨可宁®（WHO预认证的双价HPV疫苗）和 益可宁®（重组戊型肝炎疫 ...

Core Insights - The first academic conference of the China Vaccine Industry Association (CAV) was held in Xiamen, Fujian, from November 14 to 16, showcasing advancements in vaccine research and development [1] - Wantai Biological Pharmacy presented its newly launched domestic nine-valent HPV vaccine, Xinkening®9, highlighting its effectiveness and safety compared to imported products [1][2] - The conference featured a report by Zhang Jun, Dean of the School of Public Health at Xiamen University, discussing the technological development of HPV vaccines in China and the clinical trial results of Xinkening®9 [1][2] Summary by Sections Conference Overview - The conference gathered experts from various sectors, including CDCs, research institutions, universities, and vaccine manufacturers, to discuss advancements in the vaccine industry [1] - Wantai Biological showcased its commitment to vaccine R&D and global collaboration [1] Xinkening®9 Vaccine - Xinkening®9 is the first domestic and second global nine-valent HPV vaccine, with clinical data published in prestigious journals [2] - The vaccine demonstrated 100% efficacy against HPV types not covered by the previous two-valent vaccine, with good safety profiles observed during trials [2] - Vaccination appointments for Xinkening®9 have started in multiple provinces, with plans for further expansion [2] Other Products and Future Plans - Wantai Biological also presented its two-valent HPV vaccine, Xinkening®, and the recombinant hepatitis E vaccine, Yikening®, which have shown effective real-world performance [3] - The company aims to continue driving innovation and high-quality development in the vaccine industry, emphasizing collaboration across government, industry, academia, and research [3]