"透视图"是36氪新推出的轻量化数据图文栏目——以数据透视趋势，以图片呈现要点。 "Talk is Cheap. Show me the data." 作者丨黄绎达 今年公费三价流感疫苗在部分省份中标价低至5.5元/支，刷新历史新低。业内人士指出，这一现象折射出疫苗行业整体进入"降价周期"。 36氪制图 价格下探的背后，一方面是主力接种人群（0—9岁儿童）数量减少，市场需求走弱；另一方面，Me-too类产品扎堆，同质化竞争加剧，九价HPV疫苗便是典 型案例。 40 - 行业均值。 20 - 沃森生物 0 -20 华兰疫苗 -40 - -60 2023 202 2021 2022 毛利率同比下滑 | 万泰生物 | 百克生物 | 华兰生物 | 沃森生物 | 智飞生物 | | --- | --- | --- | --- | --- | | 0 | | | | | | 0 | 0 | -10.9pct | | | | 0 | 0 | -12.9pct | | | | ● | ● | C | 0 | | | 0 | 0 | | | | | -16.9pct ● | 0 | 0 | 0 | | | 0 | | | | | ...

Group 1 - The National Vaccine and Biotechnology Index (980015) rose by 1.92% as of August 13, 2025, with significant gains from constituent stocks such as Zhaoyan New Drug (603127) up 9.16%, Changshan Pharmaceutical (300255) up 7.86%, and WuXi AppTec (603259) up 7.24% [1] - Zhifei Biological's subsidiary achieved a major breakthrough by completing the first nationwide vaccination of its quadrivalent influenza vaccine in Hefei, Anhui Province [1] - Haitong International Securities noted that while overseas revenue for Chinese vaccine companies remains relatively low, more companies are actively expanding into international markets, with a steady increase in the number of vaccine product pre-certifications [1] Group 2 - The top ten weighted stocks in the National Vaccine and Biotechnology Index (980015) as of July 31, 2025, include Fosun Pharma (600196), Changchun High-tech (000661), and Zhifei Biological (300122), collectively accounting for 64.94% of the index [2] - The Vaccine ETF Penghua (159657) closely tracks the National Vaccine and Biotechnology Index, which consists of 50 companies involved in the biotechnology industry, reflecting the overall performance of quality listed companies in the sector [1]