2025.11. 19 本文字数：1294，阅读时长大约2分钟 作者 | 第一财经 林志吟 从去年以来，一些疫苗价格战愈演愈烈，已引发业界担忧。 11月19日下午，引导行业持续健康发展，中国疫苗行业协会发布了《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》，旨在助力行业打破"内卷"，构建健康有序的良性生 态。 中国疫苗行业协会表示，该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，该协会将给予其警告、通报批评、暂停行使会员权利直至除名 等措施。 根据中国疫苗行业协会官网介绍，现有会员单位330余家，分支机构35个，涵盖我国主要疫苗企业与 生物制品企业，以及为疫苗及生物制品研发、生产、流通配套服务的上下游企业，贯穿生物制药全产 业链和不同业务领域。 在上述倡议出台的背后，从去年以来，在公费市场，一些疫苗价格持续下探。 比如今年9月，在2025年北京流感疫苗免疫类和非免疫类招标采购项目中，上海生物制品研究所的三 价流感疫苗中标价5.5元/支，再度创下公费流感疫苗市场的价格新低。 这也是今年以来国产三价流感疫苗在地方政府采购中第三次刷出历史 ...

Core Viewpoint - The recent visual competition between Merck and Wantai Biopharma at the Xiamen Vaccine Conference highlights the complexities of China's pharmaceutical industry as it seeks to break through technological barriers and challenge international monopolies [5][6]. Group 1: Technological Innovations - Merck's HPV nine-valent vaccine utilizes a globally pioneering technology platform that achieves correct folding of virus-like particles (VLPs), leading to its approval in 112 countries and over 300 million doses administered [5]. - Wantai Biopharma has developed a proprietary prokaryotic expression system that allows for effective VLP formation without complex glycosylation modifications, evidenced by its award-winning patent for a truncated HPV L1 protein [5][6]. - Both vaccines have undergone rigorous clinical validation, with Wantai's nine-valent vaccine demonstrating non-inferiority in neutralizing antibody levels and 100% efficacy against five new high-risk types, while Merck has the longest follow-up data of 13.6 years [5]. Group 2: Market Impact - The entry of Wantai's bivalent vaccine has significantly reduced the price of HPV vaccines in China from over 1,000 yuan to 329 yuan, making it more accessible and benefiting millions of women [6]. - Wantai's global sales have surpassed 80 million doses, reaching 23 countries, providing new options for vaccine distribution in developing nations [6]. - Wantai's technological breakthroughs have navigated the "patent jungle" in the HPV vaccine field, creating a viable path for independent innovation in China's biopharmaceutical industry [6]. Group 3: Marketing and Competition - The marketing strategies employed by both companies, particularly Merck's insinuation of defects in Wantai's product, could mislead consumers and undermine public trust in vaccines [7]. - Both companies have unique strengths that can complement each other in the market, with Wantai enhancing grassroots vaccination rates and Merck expanding the demographic reach of HPV protection [7]. - The HPV vaccine market in China remains underdeveloped, with low vaccination rates among eligible women, indicating that aggressive marketing battles may waste resources and distract from research and capacity building [7][8]. Group 4: Industry Transition - The Chinese pharmaceutical industry is at a critical juncture, transitioning from imitation to innovation, and from following to leading in global markets [8]. - Establishing competitive norms that align with industry characteristics while maintaining competitive vitality poses a challenge for regulators and companies alike [8].

Core Viewpoint - The China Vaccine Industry Association has issued an initiative to prohibit bidding below cost, aiming to promote high-quality development in the vaccine and related biological products industry [2]. Group 1: Industry Regulations - The initiative mandates all members of the China Vaccine Industry Association to adhere to the Vaccine Administration Law and the Price Law of the People's Republic of China, using production costs and market supply-demand as the basis for pricing [2]. - Members are required to resist disorderly low-price competition and are strictly prohibited from participating in bidding below cost, ensuring product and service quality standards [2]. - The association emphasizes innovation-driven development, urging members to focus on key technology breakthroughs and the research and application of innovative products [2]. Group 2: Market Challenges - The domestic vaccine industry has faced significant pressure in recent years due to economic downturns, declining birth rates, and reduced vaccination willingness, leading to frequent price wars among vaccine companies [3]. - In the HPV vaccine sector, a price war initiated by Watson Bio in 2022 has resulted in prices dropping below 100 yuan for the first time in 2024, with the lowest price reaching 27.5 yuan per dose [3]. - The flu vaccine market has also seen price reductions, with China National Pharmaceutical Group leading a price cut for its quadrivalent flu vaccines, forcing other manufacturers like Hualan Biologicals to engage in price competition [3]. Group 3: Financial Impact - Major vaccine companies such as Zhifei Biological Products and Watson Bio have experienced significant declines in profitability, with their stock prices also suffering substantial drops [4].

Core Viewpoint - The China Vaccine Industry Association has issued an initiative to combat "involution-style" competition and promote high-quality development in the vaccine and related biological products industry, emphasizing the prohibition of bidding below cost [2][5]. Group 1: Initiative Details - The initiative mandates all members of the China Vaccine Industry Association to adhere to the Vaccine Administration Law and the Price Law of the People's Republic of China, using production costs and market supply-demand as the basis for pricing [5]. - Members are required to resist disorderly low-price competition and are strictly prohibited from participating in bidding below cost, ensuring the quality standards of products and services [5][6]. - The initiative encourages members to focus on innovation-driven development, advancing key core technology breakthroughs and the research and application of innovative products [5]. Group 2: Industry Context - The domestic vaccine industry has faced significant pressure in recent years due to economic downturns, declining birth rates, and reduced vaccination willingness, leading to frequent price wars among vaccine companies [6]. - In the HPV vaccine sector, a price war initiated by Watson Bio in 2022 has resulted in the price of the bivalent HPV vaccine dropping below 100 yuan for the first time in 2024, with the lowest price reaching 27.5 yuan per dose [6]. - In the influenza vaccine market, China National Pharmaceutical Group initiated a price reduction for its quadrivalent influenza split vaccine in 2024, forcing other manufacturers like Hualan Biologicals to engage in price competition [6][7].

Group 1 - Sanofi will collaborate with local partner Shanghai Pharmaceuticals to provide academic promotion services for three vaccine products starting January 1, 2026, enhancing accessibility in certain market areas [1] - This strategic move is aimed at optimizing and innovating the business model to tap into the vast potential of the Chinese market, supporting the long-term development of Sanofi's existing product portfolio and new product launches [1][5] - The partnership indicates that all four major global vaccine manufacturers are collaborating with local companies in the sales segment within the domestic market [1] Group 2 - The domestic vaccine industry is currently experiencing a downturn, characterized by economic decline, a decrease in newborn numbers, and increasing competition among prominent players [2] - Sanofi's products, including the Pentavalent vaccine and flu vaccines, are entering a highly competitive market, with 13 types of trivalent and 12 types of quadrivalent flu vaccines available in China as of July 2025 [4] - The domestic flu vaccine coverage rate is approximately 3%, significantly lower than that of the United States, indicating substantial room for growth [4] Group 3 - Sanofi is the only foreign company in China with a full value chain coverage in the vaccine industry, encompassing production, storage, distribution, supply chain services, and academic promotion [5][7] - The adjustment in business models by foreign companies is a response to the complex vaccine procurement process in China, where local health authorities play a significant role in demand and procurement [10] Group 4 - Companies are expanding their indications to capture larger market shares, such as Merck's HPV vaccine, which has broadened its target demographic from women aged 16-26 to 9-45 years [11] - Sanofi's trivalent flu vaccine has also expanded its target population to include infants aged 6 months and older, reflecting a trend of increasing accessibility [11]

Core Viewpoint - The company, Sinovac Biotech Ltd., is facing delisting from NASDAQ due to failure to submit its 2024 annual report on time, following the resignation of its auditing firm [2][6]. Group 1: Delisting and Financial Reporting Issues - Sinovac received a delisting notice from NASDAQ on November 12, 2025, and must request a hearing by November 19 to avoid suspension of its securities on November 21 [1][2]. - The company failed to submit its 2024 annual report by the extended deadline of November 11, 2025, after its auditor Grant Thornton resigned on April 15, 2025 [2][10]. - The company has hired a new auditing firm, UHY LLP, and plans to appeal the delisting decision [2][10]. Group 2: Historical Context and Governance Issues - Sinovac's stock has been suspended since February 22, 2019, due to "chaotic corporate governance" [3][6]. - The governance issues trace back to a significant disagreement between the company's founders in 2016, leading to a prolonged power struggle that included various disruptive actions [5][6]. - The internal conflict has resulted in operational disruptions, including a power cut in 2018 that led to the destruction of vaccines worth 15.4 million yuan [5][6]. Group 3: Financial Performance and Business Developments - In 2021, Sinovac achieved a record revenue of $19.375 billion and a net profit of $8.467 billion, significantly higher than the total profit of the previous six years [6][7]. - However, the company's revenue plummeted to $448 million in 2023, a decline of 97.7% as global demand for COVID-19 vaccines decreased [7][9]. - Despite the financial downturn, the company has made some progress in its vaccine business, including approvals for flu vaccines and a polio vaccine [9][10]. Group 4: Dividend Controversy and Shareholder Impact - In June 2025, Sinovac announced a substantial dividend of $55 per share, totaling over $7.5 billion, which was perceived as a "liquidation-style dividend" amid declining business performance [8][9]. - Major shareholders have benefited from significant dividends, while small shareholders have been unable to trade their shares due to the prolonged suspension [9][10]. Group 5: Future Plans and Market Strategy - The company is pursuing a secondary listing on the Hong Kong Stock Exchange to restore liquidity and address shareholder losses [10]. - The board approved plans for an H-share issuance, aiming to raise funds for drug development and operational needs, with the application submitted to the Hong Kong Stock Exchange on November 6, 2025 [10].

Core Viewpoint - The China Vaccine Industry Association has issued an initiative to oppose "involution-style" competition and promote high-quality development in the vaccine and related biological products industry, emphasizing the need for self-discipline and innovation to create a healthy and orderly competitive environment [1][2]. Group 1: Regulatory Compliance - All members of the China Vaccine Industry Association must strictly adhere to the Vaccine Administration Law and the Price Law of the People's Republic of China, as well as industry self-discipline conventions [2]. - Members are required to base pricing on production costs and market supply-demand conditions, ensuring fair and legal pricing practices [2]. Group 2: Competition and Pricing - The initiative calls for a firm resistance against disorderly low-price competition, prohibiting bids below cost throughout the tendering process to ensure product and service quality standards [1][2]. - Members are encouraged to maintain market price stability and foster a fair and orderly competitive environment [1]. Group 3: Innovation and Development - The association emphasizes the importance of innovation-driven development, urging members to focus on key core technology breakthroughs and the research and application of innovative products [2]. - The initiative aims to promote high-quality development in the vaccine and related biological products industry through a healthy and fair competitive environment [2].

（文章来源：第一财经） 11月19日下午，中国疫苗行业协会发布了《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》，提出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。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或依 賴該等內容而引致的任何損失承擔任何責任。 Mirxes Holding Company Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司 ） 自願性公告 與沃森的諒解備忘錄 本公告乃由Mirxes Holding Company Limited（「本公司」，連同其附屬公司統稱「本 集團」）自願刊發，旨在知會本公司股東及潛在投資者有關本集團的最新業務 發展。 – 1 – 諒解備忘錄 進行諒解備忘錄項下合作的理由及裨益 本公司董事（「董事」）會（「董事會」）宣佈，本公司近期與雲南沃森生物技術股 份有限公司（「沃森」）訂立了一份諒解備忘錄（「諒解備忘錄」），據此，訂約方已 同意發揮各自的互補優勢，就創建以RNA為中心的預防及精準醫療平台建立戰 略合作夥伴關係，並涵蓋共同開發、臨床試驗及註冊以及銷售及分銷。諒解備 忘錄的期限自簽署日期（包括該日）起為期兩年。 有關沃森的資料 沃森成立於2001年，是中國領先的高科技生物製藥 ...

Core Viewpoint - Watson Bio's stock has experienced fluctuations, with a recent decline of 2.07% and a total market capitalization of 19.72 billion yuan, reflecting ongoing challenges in revenue and profit margins [1][2]. Financial Performance - For the period from January to September 2025, Watson Bio reported a revenue of 1.719 billion yuan, a year-on-year decrease of 19.73%, and a net profit attributable to shareholders of 163 million yuan, down 36.24% compared to the previous year [2]. - Cumulative cash dividends since the company's A-share listing amount to 403 million yuan, with 47.98 million yuan distributed over the past three years [2]. Stock Market Activity - As of November 18, Watson Bio's stock price was 12.33 yuan per share, with a trading volume of 385 million yuan and a turnover rate of 1.99% [1]. - The stock has seen a year-to-date increase of 2.15%, but a decline of 3.82% over the last five trading days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 2.75% to 114,000, while the average number of circulating shares per person increased by 2.83% to 13,643 shares [2]. - The largest circulating shareholder is E Fund's ChiNext ETF, holding 34.47 million shares, a decrease of 5.80 million shares from the previous period [2].