百克生物在11月5日的投资者交流活动中表示，今年前三季度，公司为增强公众对带状疱疹的预防意 识，助力提升老年人健康水平，开展惠民活动，采用折扣价（正常售价的3-8折），产品单价下降， 收入减少。 目前中国已上市的带状疱疹疫苗共有两款，一款是国产疫苗，厂家是百克生物；一款是进口疫苗，厂 家是葛兰素史克，这两款疫苗技术路线存在差别，百克生物的带状疱疹疫苗走的是减毒活疫苗技术路 线，全程打一支，面向的人群是40岁以上；而葛兰素史克的带状疱疹疫苗走的是重组技术疫苗，全 程要打两支，分为两次打，面向的人群是50岁以上群体，以及可用于18岁及以上因已知疾病或治疗 造成免疫缺陷或免疫抑制从而导致带状疱疹发病风险增加的成人群体。 这并非百克生物第一次对带状疱疹减毒活疫苗进行调价。 2025.12. 24 本文字数：1300，阅读时长大约2.5分钟 作者 | 第一财经 林志吟 正值年末，带状疱疹疫苗的价格战再度点燃。 近日，江西省疾病预防控制中心网站发布了百克生物（688276.SH）的带状疱疹减毒活疫苗（规 格：0.5ml）拟调价信息，采购价（含配送费）从原来的1375元/支降至464元/支，相当于价格打 三折。 在国产带状 ...

这并非百克生物第一次对带状疱疹减毒活疫苗进行调价。 百克生物在11月5日的投资者交流活动中表示，今年前三季度，公司为增强公众对带状疱疹的预防意 识，助力提升老年人健康水平，开展惠民活动，采用折扣价（正常售价的3-8折），产品单价下降，收 入减少。 目前中国已上市的带状疱疹疫苗共有两款，一款是国产疫苗，厂家是百克生物；一款是进口疫苗，厂家 是葛兰素史克，这两款疫苗技术路线存在差别，百克生物的带状疱疹疫苗走的是减毒活疫苗技术路线， 全程打一支，面向的人群是40岁以上；而葛兰素史克的带状疱疹疫苗走的是重组技术疫苗，全程要打两 支，分为两次打，面向的人群是50岁以上群体，以及可用于18岁及以上因已知疾病或治疗造成免疫缺陷 或免疫抑制从而导致带状疱疹发病风险增加的成人群体。 【#带状疱疹疫苗卖不动#，#带状疱疹疫苗大打折扣#】正值年末，带状疱疹疫苗的价格战再度点燃。 近日，江西省疾病预防控制中心网站发布了百克生物（688276.SH）的带状疱疹减毒活疫苗（规格： 0.5ml）拟调价信息，采购价（含配送费）从原来的1375元/支降至464元/支，相当于价格打三折。 ...

智通财经记者 | 李科文 智通财经编辑 | 谢欣 12月24日，智通财经记者从江西省疾控预防中心网站获悉，百克生物递交调价函，将带状疱疹减毒活疫 苗（规格：0.5ml）价格从原采购价（含配送费）1375元/支降至464元/支。 智通财经记者计算，本次价格下调约66%。 智通财经记者从江西省疾控预防中心获取 12月24日，百克生物向智通财经表示，若后续有公告，将以公告为准。 截至目前，我国共上市两款带状疱疹疫苗。一款是进口疫苗，由葛兰素史克研发生产的重组带状疱疹疫 苗（CHO细胞，由智飞生物代理）。另一款便是百克生物的带状疱疹减毒活疫苗。 此前，带状疱疹疫苗已以"打一赠一"的形式变相发起价格战。 以内蒙古、山东、重庆等地为例，葛兰素史克的重组带状疱疹疫苗（CHO细胞），免疫程序为2剂次， 适用于50岁及以上人群，过去两剂共需花费3260元，活动期间降至1652元。 以内蒙古、山西、河南等地为例，带状疱疹减毒活疫苗，免疫程序为1剂次，接种人群为40周岁及以 上，此前价格为1369元，活动期间也已调降至706.5元或684.5元。 | 序号 | 疫情名称 | 规格 | 剂型 | 包装 | 最小包 | 生产企业 | ...

Core Viewpoint - The HPV vaccine market has shifted dramatically from scarcity and high prices to aggressive price competition, leading to significant revenue declines for many companies in the vaccine industry [3][4][11]. Price Competition and Market Changes - The price of the bivalent HPV vaccine has dropped from 245 yuan to 27.5 yuan, a nearly 90% decrease, while the nine-valent HPV vaccine is being offered in "buy one, get one free" promotions [3]. - The flu vaccine market has also seen price reductions, with the trivalent vaccine dropping to 5.5 yuan and the quadrivalent vaccine decreasing from 128 yuan to 88 yuan [3]. - In the first three quarters of 2025, only 5 out of 14 domestic vaccine companies reported revenue growth, while 10 companies, including industry leader Zhifei Biological, experienced significant profit declines [2][3]. Structural Issues in the Industry - The industry's performance decline is attributed to structural problems rather than cyclical fluctuations, with price wars compressing profit margins and leading to a situation where revenue growth does not translate into profit [4][5]. - The lack of innovation and reliance on technology replication has resulted in oversupply and a lack of differentiation among products, making price competition inevitable [6][9]. Innovation as a Key to Recovery - Companies that focus on innovation, such as CanSino with its quadrivalent meningococcal vaccine, have shown resilience, achieving revenue growth and profitability despite the overall market downturn [6][7]. - The market is willing to pay a premium for differentiated products that offer better protection and safety, indicating that true innovation is essential for avoiding price competition [7]. Challenges to Original Innovation - The high costs and long timelines associated with developing new vaccines, along with regulatory uncertainties, deter companies from pursuing original innovation [9]. - The current regulatory framework is more suited to traditional technologies, creating barriers for new vaccine platforms [9]. Industry Response and Future Directions - The China Vaccine Industry Association has initiated a campaign to oppose "involutionary" competition and promote high-quality development in the vaccine sector [10]. - Companies are encouraged to focus on unmet clinical needs and explore international markets to alleviate domestic competition pressures [10]. - There is a need for improved public awareness and vaccination services to enhance demand and increase vaccination rates, particularly for flu vaccines [10]. Conclusion - The price competition in the vaccine industry is a result of homogeneous competition and represents a transitional phase for industry upgrade [11]. - Successful examples of innovative companies and emerging industry consensus indicate a potential path forward, emphasizing the importance of clinical value over price competition [11].

Group 1 - The core point of the article highlights the significant price drop in various vaccines in the domestic market, with the three-valent flu vaccine priced at only 5.5 yuan, marking a new low for public flu vaccines [1] - The price of the two-valent HPV vaccine from Watson Bio has plummeted from 245 yuan per dose in 2022 to 27.5 yuan per dose in 2025, a decrease of nearly 90% [1] - The nine-valent HPV vaccine from Wantai Bio is priced at 499 yuan per dose, significantly lower than imported products, prompting the latter to engage in promotional activities to lower prices [1] Group 2 - The sharp decline in vaccine prices is expected to reduce public vaccination costs, theoretically improving vaccine accessibility and uptake [2] - Concerns have been raised regarding the potential impact of such low prices on public trust in vaccine quality, with fears that low-cost vaccines may compromise safety and effectiveness [2] - The public's skepticism may lead to a mindset of avoiding vaccinations altogether due to perceived risks associated with low-priced vaccines [2]

Core Viewpoint - The vaccine market in China is experiencing significant price fluctuations, with prices for certain vaccines dropping dramatically, leading to concerns about quality and sustainability in the industry [4][6][7]. Price Competition and Market Dynamics - The price of the bivalent HPV vaccine has plummeted from over 300 yuan to around 30 yuan, a decrease of nearly 90% [6]. - The three-valent flu vaccine's price has reached a record low of 5.5 yuan, significantly impacting the market [6]. - The price war is attributed to oversupply and intense competition among similar products, exacerbated by factors like vaccine hesitancy and declining birth rates [4][6][10]. Impact on Public Perception and Industry Health - While lower prices may increase accessibility, they also risk undermining public trust in vaccine quality, leading to skepticism about safety and effectiveness [7][10]. - The perception of vaccines as "cheap" could distort public understanding of their value, hindering the establishment of a market that supports health investments [7][10]. Industry Performance and Challenges - The price competition has resulted in declining revenues for many vaccine companies, with only 5 out of 14 companies reporting revenue growth in the first three quarters of 2025 [10]. - Companies like Zhifei Biological have reported significant losses, with a 66.53% drop in revenue and a net profit decline of 156.86% [10]. - The overall public willingness to receive vaccinations remains low, with flu vaccine uptake rates estimated at less than 5% for the general population in Shanghai [10][11]. Factors Influencing Vaccination Rates - Public awareness of diseases, vaccine pricing, and accessibility are key factors affecting vaccination rates [11]. - The lack of understanding about the severity of diseases like influenza contributes to low vaccination rates, alongside the self-pay nature of flu vaccines [11]. - The convenience of vaccination services is also a critical factor, with current service availability needing improvement [11][12]. Long-term Market Potential - Despite current challenges, the long-term potential of the Chinese vaccine market remains strong, driven by an aging population and rising chronic disease rates [12][13]. - The chronic disease management market is projected to reach 60,122 billion yuan by 2024, indicating a growing need for adult vaccination [12]. - The "Healthy China" strategy emphasizes prevention, which may lead to increased demand for vaccines among specific populations, such as the elderly and chronic disease patients [13].

Core Insights - The article discusses the rising concern over shingles (herpes zoster) in China, particularly among younger individuals in high-stress professions, and highlights the low vaccination rates for shingles vaccines in the country [2][3][5] Group 1: Shingles and Its Impact - Shingles is known as one of the most painful skin diseases, primarily affecting individuals over 50, but recent cases among younger celebrities indicate a shift in its demographic [2][5] - The prevalence of postherpetic neuralgia, a severe complication of shingles, affects 9% to 34% of patients, emphasizing the importance of prevention over treatment [2][8] Group 2: Vaccination Challenges - The vaccination rate for shingles in China is alarmingly low, with only 0.79% of eligible adults vaccinated, compared to 26.8% in the U.S. for those over 50 [8][10] - The high cost of vaccines, with imported vaccines priced at 3,260 yuan and domestic ones around 1,400 yuan, poses a significant barrier to vaccination, especially for retirees whose average monthly pension is about 3,200 yuan [10][11] Group 3: Market Dynamics - The vaccine market has seen a price war since 2025 due to lower-than-expected sales, with prices for imported vaccines dropping significantly [3][11] - Companies are struggling with inventory issues, particularly for domestic vaccines, leading to promotional activities like "buy one, get one free" to boost sales [11][12] Group 4: Public Awareness and Education - There is a general lack of public awareness regarding shingles and its associated pain, which hinders vaccination efforts [8][12] - Companies are utilizing social media and other platforms for education and marketing, but face restrictions on direct advertising, leading to creative strategies for outreach [12][14][15]

Core Viewpoint - The article highlights the increasing incidence of shingles among younger individuals, particularly in high-stress professions, and emphasizes the low vaccination rates in China, which poses a significant public health risk [1][2][3]. Group 1: Shingles Incidence and Impact - Shingles, caused by the varicella-zoster virus, is commonly associated with individuals over 50, but recent cases among younger celebrities indicate a rising trend in younger populations, particularly those with high-stress jobs [2][5]. - The pain associated with shingles is severe, with reports indicating that it can reach levels comparable to childbirth, leading to a lack of public awareness regarding its severity and the importance of vaccination [7][9]. Group 2: Vaccination Rates and Challenges - The vaccination rate for shingles in China is alarmingly low, with only 0.79% of adults aged 40 and above vaccinated as of September 2024, compared to higher rates in the U.S. [6]. - The high cost of vaccines, with imported vaccines priced at 3,260 yuan and domestic vaccines around 1,400 yuan, significantly hinders vaccination efforts, especially among retirees with limited income [9][10]. Group 3: Market Dynamics and Pricing Strategies - The vaccine market has seen a price war since 2025, with prices for imported vaccines dropping from 3,260 yuan to 1,652 yuan, and domestic vaccines being offered at half price, which may lead to long-term sustainability issues for vaccine manufacturers [3][11]. - Companies are facing inventory challenges, with a significant drop in vaccine issuance in 2025, indicating a mismatch between supply and demand [11]. Group 4: Public Awareness and Marketing Strategies - There is a notable gap in public awareness regarding shingles and its vaccine, particularly among older adults who are the primary target demographic [13]. - Vaccine companies are utilizing social media and other platforms for marketing, focusing on educating the public about the disease and the availability of vaccines, despite regulatory restrictions on direct advertising [12][14].

Core Viewpoint - The article highlights the rising concern over shingles (herpes zoster) among younger individuals, particularly in high-stress professions, and the low vaccination rates in China, which pose challenges for the shingles vaccine market. Group 1: Shingles and Its Impact - Shingles is known as one of the most painful skin diseases, primarily affecting individuals over 50, but recent cases among younger celebrities indicate a shift in its prevalence [1][4] - Approximately 9%-34% of shingles patients may experience postherpetic neuralgia, leading to severe pain, which is often underestimated by the public [4][5] Group 2: Vaccination Challenges - The vaccination rate for shingles in China is alarmingly low, with only 0.79% of individuals aged 40 and above vaccinated, compared to 26.8% in the U.S. for those aged 50 and above [5] - High vaccine prices are a significant barrier, with imported vaccines costing around 3,260 yuan and domestic vaccines approximately 1,400 yuan, making them unaffordable for many retirees [7][8] Group 3: Market Dynamics - The vaccine market has faced challenges due to declining birth rates and increased competition, leading to price wars among over 30 companies involved in shingles vaccine development [2][8] - Recent promotional activities, such as "buy one get one free," have temporarily boosted vaccination rates but may lead to long-term declines in overall vaccination enthusiasm due to price sensitivity [7][8] Group 4: Public Awareness and Education - There is a significant lack of public awareness regarding shingles and its associated pain, which hinders vaccination efforts [3][4] - Companies are utilizing social media and other platforms to promote shingles awareness and vaccination, but the effectiveness of these campaigns varies [9][10][11]

Core Insights - The price war in the vaccine industry is driven by changes in supply and demand dynamics, leading to significant price reductions and financial losses for companies [2][10][15] Group 1: Price Trends - The price of a three-valent flu vaccine has dropped to 5.5 yuan, lower than the price of a cup of milk tea, indicating a drastic reduction in vaccine prices [3][7] - The price of the four-valent flu vaccine has decreased from 128 yuan to 88 yuan, with further reductions expected as competition intensifies [7][8] - HPV vaccines have also seen significant price drops, with the two-valent HPV vaccine priced at 27.5 yuan, down over 90% from previous prices [8] Group 2: Industry Response - The China Vaccine Industry Association issued an initiative to combat "involutionary" competition, urging members to avoid bidding below cost and maintain price stability [4][5] - The association's initiative aims to stabilize price expectations but may not address the underlying issue of overcapacity in the industry [3][10] Group 3: Market Dynamics - The vaccine market is experiencing overcapacity due to an influx of companies entering the sector, leading to intense competition and price wars [10][11] - Demand for vaccines is under pressure, with declining public trust in vaccines and a decrease in birth rates affecting the market for childhood vaccines [11][12] Group 4: Financial Impact - Vaccine companies have reported significant financial losses, with overall revenue for listed vaccine companies dropping by 60% and net profits declining by 113% in the first half of 2025 [12][14] - Major companies like Zhifei Biological and Wantai Biological have reported substantial revenue declines and net losses, reflecting the severe impact of the price war [12][14] Group 5: Future Outlook - Experts suggest that the industry may need to undergo a period of consolidation and restructuring, which could last five to ten years, to address the current challenges [15] - Companies are exploring international markets and differentiation strategies to navigate the competitive landscape, with some reporting significant increases in exports [15]