中国医药保健品进出口商会1月29日在公众号上发布的数据显示，2025年，中国疫苗出口金额为3.24亿 美元，同比增长52.63%。回顾2024年，中国疫苗出口金额为2.12亿美元，同比增长4.92%，彼时是2022 年以来首次恢复正增长，摆脱了过去三年受抗击新冠疫情需求变化而带来的波动影响。2025年，中国人 用疫苗出口到了全球85个市场，前十大市场出口金额占比为70.04%。其中，对巴基斯坦出口同比增长 130.53%，对巴西出口同比增长为119.50%，对缅甸出口增幅甚至高达近30倍。（第一财经） ...

2026.01. 29 本文字数：1466，阅读时长大约3分钟 作者 | 第一财经 林志吟 中国人用疫苗（下称疫苗）出口金额在2024年恢复正增长后，2025年再度出现增长，且增速进一步 提高。 中国医药保健品进出口商会1月29日在公众号上发布的数据显示，2025年，中国疫苗出口金额为 3.24亿美元，同比增长52.63%。 回顾2024年，中国疫苗出口金额为2.12亿美元，同比增长4.92%，彼时是2022年以来首次恢复正 增长，摆脱了过去三年受抗击新冠疫情需求变化而带来的波动影响。 2025年，中国人用疫苗出口到了全球85个市场，前十大市场出口金额占比为70.04%。其中，对巴 基斯坦出口同比增长130.53%，对巴西出口同比增长为119.50%，对缅甸出口增幅甚至高达近30 倍。 长期以来，国内许多疫苗企业聚焦成熟度高且市场风险较小的传统技术路线产品，Me-too（同类仿 创）类管线占比高，且大多集中在宫颈癌疫苗、肺炎球菌疫苗和脑膜炎球菌疫苗等热门疫苗品种，重 磅产品上市时间显著晚于欧美头部企业，进而导致国内疫苗存量市场竞争持续加剧、产品同质化竞争 日益明显。 面对国内疫苗市场竞争愈演愈烈背景下，越来越 ...

2025年，中国疫苗出口到了全球85个市场。 沃森生物（300142.SZ）在1月28日晚间发布的2025年业绩预告中表示，公司国内疫苗产品收入降幅收 窄，趋于平稳，国外疫苗产品收入持续增长，出口疫苗产品收入较上年同期增长约35%。 不过，中国疫苗企业在加大出口的过程中，如何获得更高利润回报，目前仍有待发力。相较2024年疫苗 出口金额靠价格驱动的增长，2025年的出口更多还是靠量取胜。2025年，疫苗出口量增幅高达 130.54%，显示出"量增价跌"的趋势。 长期以来，国内许多疫苗企业聚焦成熟度高且市场风险较小的传统技术路线产品，Me-too（同类仿创） 类管线占比高，且大多集中在宫颈癌疫苗、肺炎球菌疫苗和脑膜炎球菌疫苗等热门疫苗品种，重磅产品 上市时间显著晚于欧美头部企业，进而导致国内疫苗存量市场竞争持续加剧、产品同质化竞争日益明 显。 面对国内疫苗市场竞争愈演愈烈背景下，越来越多的中国疫苗企业加大力度往外走，一些企业借助"一 带一路"沿线国家产业合作机遇，加大海外发展中国家或地区的市场布局力度。在"一带一路"国家中， 不少发展中国家缺乏疫苗生产能力，这给中国疫苗企业出海发展带来机遇。 康泰生物（3006 ...

Core Viewpoint - The export of Chinese vaccines is experiencing a recovery, with significant international contracts and an upward trend in export value, driven by increased average prices and a shift towards innovative products [1][9][19]. Group 1: Export Growth and Market Dynamics - Sinovac has signed a long-term contract with the Brazilian Ministry of Health to supply approximately 60 million doses of varicella and rabies vaccines over the next decade, valued at over $700 million [1][21]. - In 2024, China's human vaccine export value is projected to reach $212 million, marking a 6% year-on-year increase and the first growth since 2022 [1]. - The average export price of Chinese human vaccines is expected to rise by 9.42% in 2024, with a 34.04% increase compared to the same period in 2019 [9]. Group 2: Product Development and Innovation - Chinese vaccine companies are expanding their product lines from basic vaccines to more competitive innovative vaccines, with a focus on higher-value categories [8]. - Various vaccines, including the 13-valent pneumococcal vaccine and quadrivalent meningococcal conjugate vaccine, are accelerating entry into international markets [10]. - The HPV vaccine from Wantai Biologics has seen a threefold increase in exports, reaching approximately 15 million doses in 2025 [12]. Group 3: Challenges and Competitive Landscape - The domestic vaccine market is under pressure, with a decline in the number of vaccine approvals from 5,343 in 2021 to 4,202 in 2024, influenced by economic downturns and reduced vaccination willingness [14]. - The competition in the vaccine development space is intense, with many companies pursuing similar vaccine types, leading to a crowded pipeline [17]. - The export strategy is also influenced by cost structures, as companies aim to lower supply costs and improve production efficiency through increased output [18]. Group 4: Strategic Opportunities and Localization - There is a structural opportunity for Chinese vaccine companies to enter markets that are underserved by multinational corporations, particularly in low- and middle-income countries [19]. - Successful international expansion requires not only product sales but also the establishment of localized systems to support long-term growth [20]. - Companies are shifting from simple export models to more integrated approaches, including local production and technology transfer agreements [20].

Group 1 - Sinovac Biotech has signed two PDP projects with the Brazilian Ministry of Health, marking it as the first Chinese vaccine company to win such contracts, aiming to enhance local vaccine production capabilities in Brazil [1][3] - The partnership will provide approximately 60 million doses of varicella and rabies vaccines over the next decade, valued at over $700 million, representing the largest international order for a Chinese vaccine company to date [1][3] - The collaboration includes local partners Tecpar Institute and Eurofarma, focusing on establishing a vaccine production platform in Brazil [1][3] Group 2 - Sinovac has faced challenges with its NASDAQ listing, receiving a delisting notice due to failure to submit its 2024 annual report on time, which was attributed to the resignation of its independent accounting firm [5][6] - The company has communicated with NASDAQ to request an extension for the annual report submission and intends to appeal the delisting decision [6] - Despite the listing issues, Sinovac asserts that its core business operations, including vaccine research, production, and supply, remain unaffected [6] Group 3 - Sinovac's financial performance has shown volatility, with a significant increase in sales in 2021 due to the approval of its COVID-19 vaccine, reaching a peak of $19.4 billion [8] - However, in the first half of 2024, the company reported sales of $121.3 million, a 13.6% decline year-over-year, alongside a net loss of $68.6 million [8] - The company announced a substantial dividend plan of $7.448 billion, which could deplete over 70% of its cash reserves [8][9]

Core Viewpoint - Watson Bio's subsidiary, Yuxi Watson Biotechnology Co., Ltd., has successfully completed its first export delivery of the 23-valent pneumococcal polysaccharide vaccine to El Salvador, providing significant support for pneumonia prevention among high-risk populations in the region [1] Group 1 - The vaccine supply to El Salvador marks a strategic expansion into international markets for the company [1] - The company aims to continue developing overseas sales channels to maintain high-quality growth in its international business [1]