Core Viewpoint - The introduction of the domestic nine-valent HPV vaccine "Xinkening®9" at a price of 499 yuan per dose intensifies competition in the HPV vaccine market, prompting a potential price war among manufacturers [1][8]. Market Expansion - The global coverage rate for the first dose of the HPV vaccine among girls is projected to reach 27% by 2024, while the coverage rate for women aged 9 to 45 in China is only 10.15%, showing significant room for growth compared to the global average and the 67% coverage in Western countries [5][6]. Market Challenges - Expanding market space is a major challenge for all companies involved in HPV vaccine development. Companies are actively seeking to open up the market, with the approval of new indications for the "Jiadaxiu9" vaccine, which is now the first and only nine-valent HPV vaccine approved for both males and females in China [7][8]. Competitive Landscape - Domestic HPV vaccine manufacturers are shifting focus to price competition after missing the first-mover advantage. However, raising public awareness and vaccination rates is seen as a more effective strategy than price cuts [9][10]. Vaccine Efficacy Evidence - Real-world studies have shown significant reductions in HPV infection rates and cervical cancer cases due to vaccination, with a Scottish study indicating a 90% decrease in HPV infections since the vaccine's introduction in 2008 [11][12]. Conclusion - The competition in the HPV vaccine market is expected to evolve, with data on vaccine efficacy becoming a crucial factor in establishing trust and market presence for new entrants [12].

Core Viewpoint - The launch of the domestic nine-valent HPV vaccine "Xinkening 9" by Wantai Biological Pharmacy at a price of 499 yuan per dose, significantly lower than the imported vaccine priced at approximately 1318 yuan, ignites a price war in the HPV vaccine market [1][3][5] Pricing Strategy - Wantai's pricing strategy directly addresses market pain points, offering a two-dose regimen for females aged 9-17 at a total cost of 998 yuan and a three-dose regimen for those aged 18-45 at 1497 yuan, representing a price reduction of about 60% compared to imported options [3][4] - The imported nine-valent HPV vaccine from Merck costs around 1318 yuan per dose, with total costs for two doses for ages 9-14 reaching approximately 2636 yuan and three doses for ages 15-45 amounting to 3954 yuan [3][5] Market Potential - A study from the Chinese Center for Disease Control and Prevention indicates that the HPV vaccine first-dose coverage rate among women aged 9-45 in China is only 27.43%, compared to about 67% in Western countries, suggesting significant room for growth in vaccine penetration [3][4] - Wantai emphasizes that its vaccine is the only one approved for a "two-dose regimen" for ages 9-17, which could enhance vaccination compliance among younger populations [3][4] Competitive Landscape - The HPV vaccine market has shifted from scarcity and high prices to increased supply and competitive pricing, with Wantai's low-cost strategy posing a challenge to both imported products and other domestic competitors like Kanglaisheng, Ruike Biological, and Shanghai Bowei, which are also in the process of launching their nine-valent vaccines [5][6] - Merck's HPV vaccine sales have also seen a decline, with the company announcing a suspension of supply to China starting February 2025 [5][6] Future Growth Opportunities - Domestic vaccine companies, including Wantai, are exploring international markets, particularly in countries with lower HPV vaccination rates, to leverage their cost advantages [6] - The ongoing research into male-targeted HPV vaccines presents another potential growth avenue for the industry [6] - The price competition in the HPV vaccine market is expected to advance cervical cancer prevention efforts, making vaccines more accessible as multiple products enter the market [6]

《每日经济新闻》记者注意到，每支499元的定价大幅拉低了九价HPV疫苗价格。 与此同时，国产HPV疫苗企业中，还有沃森生物（SZ300142）、康乐卫士（BJ 833575）、瑞科生物 （HK02179）等公司的产品正排队上市。这意味着，九价疫苗的价格竞争或许刚刚开始。 每经记者｜陈星 每经编辑｜文多 7月8日，首个国产九价HPV疫苗公布定价。 据万泰生物（SH603392）消息，该公司旗下的"馨可宁9"定价499元/支，定价约为进口九价HPV疫苗的 40%。 此前，默沙东旗下九价HPV疫苗先后通过扩龄、降低接种剂次、获批男性接种等方式尽可能地占领先发 优势。而万泰生物九价疫苗除了祭出价格优势外，在"出海"、男性接种等方面也试图发力。 万泰生物在8日发布的投资者关系活动记录中写道，公司正在全力推进九价HPV疫苗WHO PQ（世界卫 生组织预认证）认证进程，依托公司二价HPV疫苗已取得的国际化成果（已在海外获得20多个国家的市 场准入，并被纳入8个国家的免疫规划项目）和公司构建的全球化网络，万泰生物有信心将以更快的速 度推动九价HPV疫苗的海外准入及拓展。 二剂次接种费用约998元 7月8日，万泰生物公开旗下" ...

九价HPV疫苗已经"飞入寻常百姓家"，默沙东与其国内代理商 智飞生物都在承受销售压力。不再稀缺的九价苗，万泰生物能 卖动吗？ 作者：张英 刘晓诺 封图：图虫创意 6月5日，万泰生物（603392.SH）的股价一字涨停，截至当日收盘，总市值为991亿元，距离千亿 市值仅一步之遥。 6月4日，万泰生物公告其申报的九价人乳头瘤病毒（HPV）疫苗（商品名称：馨可宁9）获批上 市，适用于9—45岁女性。 这是获批上市的首款国产九价HPV疫苗，也是全球第二款九价HPV疫苗。此前，在全球范围内， 九价HPV疫苗仅有默沙东（NYSE:MRK）的佳达修9。 万泰生物是国产HPV疫苗龙头，曾靠其研发的首支国产二价HPV疫苗馨可宁获得超百亿元收入。 如今二价苗营收不佳，业绩已连续下滑两年。有分析师认为，九价疫苗或可成为万泰生物业绩核心 驱动力。 万泰生物尚未公布九价HPV疫苗的价格，不过曾称该疫苗具有生产成本低、价格实惠等优势。默 沙东的佳达修9在中国的定价是每针1300元左右。 不过，九价HPV疫苗已经"飞入寻常百姓家"，默沙东与其国内代理商智飞生物（300122.SZ）都在 承受销售压力。不再稀缺的九价苗，万泰生物还能卖动吗？ ...

2025.06. 04 本文字数：945，阅读时长大约2分钟 作者 | 第一财经 林志吟 此前全球范围内仅有一款九价HPV疫苗上市，为跨国药企默沙东的佳达修9，换言之，万泰生物九价 HPV疫苗的上市，也打破了进口疫苗市场垄断格局。 万泰生物此次获批的九价HPV疫苗，适用于9-45岁女性，其中9-17岁可采用二剂次接种程序（0、 6月），18-45岁采用三剂次接种程序（0，6月，12月）。 万泰生物已上市的HPV疫苗产品中，除了九价HPV苗外，还有二价HPV疫苗，后者也是国产中首款 获批上市的HPV疫苗，最早于2019年12月30日获得《药品注册批件》后，于2020年5月正式上市 销售。 万泰生物的二价HPV疫苗曾经是公司业绩增长主要来源之一，但随着国内HPV疫苗市场竞争激烈， 从2023年上半年起，这款疫苗的收入出现下滑，并进一步拖累公司业绩。 今日，万泰生物（603392.SH）发布公告宣布，近日，全资子公司厦门万泰沧海生物技术有限公司 申报的九价人乳头瘤病毒疫苗（大肠埃希菌）获批国内上市，这也成为首个获批上市的国产九价 HPV疫苗。 2025年第一季度，万泰生物归属于上市公司股东的净利润亏损5277.69 ...

华夏时报（www.chinatimes.net.cn）记者 张斯文 于娜 北京报道 近两年，万泰生物的业绩数据堪称"断崖式下跌"，创上市以来新低。曾经的疫苗"明星企业"，正经历史上最严峻 的业绩寒冬。 业绩暴跌的核心推手是疫苗业务的"大滑坡"，曾经靠国产首个二价HPV疫苗"馨可宁"抢占市场的万泰生物，如今 面临沃森生物等竞品入局、默沙东九价扩龄挤压市场等冲击。 面对困境，万泰生物将希望寄托于仍未获批上市的九价HPV疫苗。然而，这款计划打造为"拳头产品"的疫苗，在 上市后还需直面默沙东"佳达修9"（已覆盖男性）、沃森生物竞品的双重竞争。 业绩创历史新低 财报显示，2024年万泰生物的营业收入为22.45亿元，同比下降59.25%。2023年，其营业收入为55.11亿元，同比 下降50.73%。 不仅如此，这家公司的利润数据更为糟糕。 2024年，万泰生物的归属于母公司股东的净利润为1.06亿元，同比下降91.49%，创公司上市以来最低水平；扣除 非经常性损益后的净利润为-1.86亿元，同比下降117.29%。而在2023年，其归属于母公司股东的净利润为12.48亿 元，同比下降73.65%；扣非净利润为10.7 ...