Core Insights - The flu season for 2025 is expected to be similar in intensity to pre-pandemic years, with a notable increase in flu patients reported recently [1][3] - The predominant strain this year is H3N2, which the public has lower immunity against compared to last year's H1N1 strain [3][4] - Vaccination remains the most effective preventive measure, with a surge in demand for flu vaccines observed across various regions [5][6] Vaccine Supply and Demand - There is a notable increase in flu vaccine demand, leading to situations where appointments are available but vaccines are not [5][6] - The price of trivalent vaccines has dropped significantly, reaching a low of 5.5 yuan per dose, while quadrivalent vaccines have maintained stable pricing [9][10] - Sanofi, a major overseas player, has resumed supply to the Chinese market after a 10-month hiatus, but this has not significantly impacted the market dynamics [7][8] Market Dynamics - Domestic manufacturers dominate the flu vaccine market, with a total of 322 batches of domestic vaccines approved compared to only 22 batches from Sanofi [7] - The competitive landscape is characterized by a large demand for flu vaccines, with companies not viewing Sanofi as a direct competitor [8] - The pricing strategy for trivalent vaccines has shifted towards volume-based pricing, while quadrivalent vaccines have stabilized after previous price fluctuations [9][10] Clinical Observations - The flu season is starting earlier this year, with increased cases reported in various countries, including Japan and several European nations [3] - Symptoms of the current flu strains include fever, cough, sore throat, and significant fatigue, with H3N2 showing higher transmissibility [3][4] Future Outlook - The flu vaccine market is expected to gradually differentiate, with trivalent vaccines catering to the general population and quadrivalent vaccines targeting higher-end consumers [10][11] - Companies are optimistic about the potential for increased vaccination rates as public awareness of flu vaccines grows [10][11]