"以生产经营成本与市场供求状况为定价基本依据，依法自主合理定价，自觉维护市场价格稳定，共同营 造公平有序的竞争环境。"近日，行业协会发声"反内卷"，疫苗市场激烈竞争再次走到台前。 中国疫苗行业协会倡议，坚决抵制无序低价竞争，在招投标全流程中，严禁以低于成本的报价参与竞标， 切实保障产品与服务的质量标准。而本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，本会将给予其警告、通报批评、暂停行使会员权利直至除名 等措施。 近年来，二价HPV疫苗、流感疫苗接连打响价格战，竞争白热化也使得业绩承压。新京报贝壳财经记者根 据Wind数据统计发现，今年前三季度，A股14家主要疫苗上市公司中，仅4家的归母净利润实现了同比增 长，与此同时，仅5家企业实现营收同比增长。 价格战战火很快蔓延至流感疫苗。2024年5月，国药集团下属长春生物制品研究所、武汉生物制品研究 所、上海生物制品研究所、华兰疫苗、北京科兴等企业相继宣布下调四价流感疫苗价格。 其中，长春生物制品研究所、武汉生物制品研究所、上海生物制品研究所四价流感病毒裂解疫苗中标价格 从128元/支降到88元/支，价格降幅达3 ...

HPV疫苗价格降至一杯奶茶钱，流感疫苗甚至跌至个位数……在疫苗行业愈发"内卷"的当下，中国疫苗 行业协会发声，倡议协会会员坚决抵制无序低价竞争，严禁以低于成本的报价参与竞标。目前，中国疫 苗行业协会会员达到334家，主要疫苗厂商均涵盖在内。 疫苗行业的价格战，也使相关企业业绩出现承压，今年前三季度，A股14家疫苗企业中，有10家企业归 属净利润同比出现下滑，其中万泰生物、百克生物、智飞生物等更是由盈转亏。在业内人士看来，上述 倡议若能有效落实，有助于遏制恶性价格战，稳定市场价格环境，从而减少企业利润压力，促进资源向 研发和创新倾斜。 严禁以低于成本报价参与竞标 11月19日，中国疫苗行业协会发布《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》。中国疫苗行业协会表示，该倡议旨在通过强化自律、鼓励创新，助力行业打破"内卷"，构 建健康有序的良性生态，共同开启以质量、安全、创新为核心的行业发展新篇章。 倡议提到，中国疫苗行业协会全体会员须严格遵循《中华人民共和国疫苗管理法》《中华人民共和国价 格法》，严格遵守行业自律公约，坚持公平、合法、诚实信用原则，以生产经营成本与市场供求状况为 定价基 ...

HPV疫苗价格降至一杯奶茶钱，流感疫苗甚至跌至个位数……在疫苗行业愈发"内卷"的当下，中国疫苗 行业协会发声，倡议协会会员坚决抵制无序低价竞争，严禁以低于成本的报价参与竞标。目前，中国疫 苗行业协会会员达到334家，主要疫苗厂商均涵盖在内。 疫苗行业的价格战，也使相关企业业绩出现承压，今年前三季度，A股14家疫苗企业中，有10家企业归 属净利润同比出现下滑，其中万泰生物、百克生物、智飞生物等更是由盈转亏。在业内人士看来，上述 倡议若能有效落实，有助于遏制恶性价格战，稳定市场价格环境，从而减少企业利润压力，促进资源向 研发和创新倾斜。 严禁以低于成本的报价参与竞标 11月19日，中国疫苗行业协会发布《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》。中国疫苗行业协会表示，该倡议旨在通过强化自律、鼓励创新，助力行业打破"内卷"，构 建健康有序的良性生态，共同开启以质量、安全、创新为核心的行业发展新篇章。 倡议提到，中国疫苗行业协会全体会员须严格遵循《中华人民共和国疫苗管理法》《中华人民共和国价 格法》，严格遵守行业自律公约，坚持公平、合法、诚实信用原则，以生产经营成本与市场供求状况为 定价 ...

Core Viewpoint - The Hong Kong stock market has become a popular choice for healthcare companies to go public, with 11 out of the top 50 IPOs in 2023 being from the healthcare sector, raising approximately HKD 18.12 billion, indicating a strong interest despite cautious investor sentiment in the secondary market [1][4]. Group 1: Market Dynamics - The healthcare sector's IPO activity has been robust, but the average subscription multiple for companies, excluding a major player, is only 3.78 times, reflecting a more rational investment attitude in the secondary market [1][4]. - The domestic vaccine market is experiencing intense competition, with 19 flu vaccines already on the market and 16 more in clinical development, leading to price wars and compressed industry profits [4][7]. Group 2: Company Overview - Zhonghui Biotech, established in 2015, focuses on the research, development, and commercialization of innovative vaccines, with a pipeline of 13 products, including one commercialized vaccine [1][2]. - The company's only commercialized product, the four-valent influenza virus subunit vaccine (Hui Er Kang Xin®), has shown high efficacy rates, exceeding EU standards [5][6]. Group 3: Financial Performance - Zhonghui Biotech reported a significant revenue increase of 397.65% in 2024, with Q1 2025 revenue growing by 34.97%, indicating strong growth despite industry challenges [4][10]. - The company faces financial challenges, with a projected net loss of CNY 2.59 billion in 2024 despite achieving CNY 2.6 billion in revenue, highlighting the impact of high sales and R&D expenses [10][12]. Group 4: Competitive Position - The company's pricing strategy for its high-end vaccine remains at CNY 319 per dose, while competitors have significantly reduced their prices, indicating a potential disadvantage in a price-sensitive market [7][9]. - Zhonghui Biotech's late entry into the market with its commercial product may hinder its ability to compete effectively during peak demand seasons [9][10]. Group 5: Valuation Concerns - The company's estimated PS ratio of 16.1x is significantly higher than the industry average of 7.55x, suggesting that it may be overvalued relative to its peers [12].