是疫苗行业供需关系的改变。 文｜顾翎羽 编辑｜刘鹏 来源｜腾讯财经（ID：financeapp） 价格战的背后， 封面来源｜pixabay 一支疫苗的价格底线在哪里？ 2025年的答案是5.5元，这一上海生物在北京市流感疫苗采购中的三价流感疫苗中标单价，已经比一杯 蜜雪冰城奶茶还要便宜。 在这一信号出现的两个月后，行业协会试图踩下刹车。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》（下称《倡议》）。这份文件要 求会员单位在招投标全流程中，"严禁以低于成本的报价参与竞标"，并提出对违反者采取警告、通报批 评甚至除名等惩戒措施。 中国疫苗行业价格战打了两年，这是行业组织首次对低价竞争表明立场。然而，协会的倡议或许能暂时 稳定价格预期，但无法改变产能过剩的现实。目前，在供需关系变化、同质竞争加剧以及采购机制的共 同作用下，中国疫苗行业的淘汰和出清难以停下来。 协会发声反内卷 违者严重可除名 11月19日发布的《倡议》指出，会员单位应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。 尤其是在 ...

以下文章来源于腾讯财经 ，作者顾翎羽 腾讯财经 . 腾讯新闻旗下腾讯财经官方账号，在这里读懂财经！ 价格战的背后， 是疫苗行业供需关系的改变。 文 ｜ 顾翎羽 编辑 ｜ 刘鹏 来源｜ 腾讯财经（ID：financeapp） 封面来源 ｜ pixabay 一支疫苗的价格底线在哪里？ 2025年的答案是5.5元，这一上海生物在北京市流感疫苗采购中的三价流感疫苗中标单价，已经比一杯蜜雪冰城奶茶还要便宜。 在这一信号出现的两个月后，行业协会试图踩下刹车。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》（下称《倡议》）。 这份文件要求会员单位在招投标全流程中，"严禁以低于成本的报价参与竞标"，并提出对违反者采取警告、通报批评甚 至除名等惩戒措施。 中国疫苗行业价格战打了两年，这是行业组织首次对低价竞争表明立场。然而，协会的倡议或许能暂时稳定价格预期，但无法改变产能过剩的现实。目前， 在供需关系变化、同质竞争加剧以及采购机制的共同作用下，中国疫苗行业的淘汰和出清难以停下来。 协会发声反内卷 违者严重可除名 11月19日发布的《倡议》指出，会员单位应以生产经营成本 ...

"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 ...

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 Chinese Vaccine Industry Association has issued an initiative to combat "involution" competition in the vaccine sector, aiming to promote high-quality development and establish a healthy competitive environment in the industry [1][2]. Group 1: Initiative Details - The initiative mandates all members of the Chinese Vaccine Industry Association to adhere to the Vaccine Administration Law and the Price Law of the People's Republic of China, ensuring fair and legal pricing based on production costs and market demand [1]. - Members are required to resist disorderly low-price competition and are prohibited from participating in bidding with prices below cost, thereby ensuring product and service quality standards [1][2]. Group 2: Industry Context - The association currently has over 330 member units and 35 branches, encompassing major vaccine and biological product companies, as well as upstream and downstream service providers in the biopharmaceutical industry [4]. - A price war has emerged in the public market, with significant price drops observed. For instance, the bid price for a trivalent flu vaccine from Shanghai Biological Products Research Institute was set at 5.5 yuan per dose in September, marking a new low in the public flu vaccine market [4]. - The price of a bivalent HPV vaccine from Watson Bio was reduced to 27.5 yuan per dose in a procurement project, humorously compared to the cost of a cup of milk tea [4]. Group 3: Financial Impact - The price war reflects a phenomenon of homogenized competition within the industry, leading to financial pressure on vaccine companies. In the first three quarters of this year, 10 out of 14 listed vaccine companies reported a year-on-year decline in net profit [5]. - Notably, five companies, including Zhifei Biological Products and Kanglaite, reported significant losses, totaling over 12 billion yuan for Zhifei alone [5]. - Industry insiders have expressed concerns that some companies are engaging in price wars to survive or capture market share, hoping for further national measures to address the issue of "involution" [5].

Market Review - The A-share market experienced fluctuations, with the Shanghai Composite Index down 0.18% and the ChiNext Index down 3.01% during the week of November 10-14, 2025. The average daily trading volume was 2.04 trillion yuan, slightly up from the previous week [7][8]. Consumer Sector - The global e-commerce market has seen an overall increase in e-commerce penetration, with a CAGR of 15.5% over the past five years. However, the U.S. e-commerce market is entering a phase of slower growth, with a projected penetration rate of 23.5% by 2025 [18][21]. - The U.S. e-commerce landscape is dominated by a few key players, with Amazon and Walmart contributing over 50% of market growth in 2024. Platforms like Temu and SHEIN are facing challenges due to the end of the small package tax exemption policy [25][28]. Health Sector - The flu is on the rise in China, with the percentage of flu-like illness (ILI) cases reported at 5.5% in southern provinces and 6.1% in northern provinces as of the 45th week of 2025. This trend is expected to increase demand for medical services and treatments [30][31]. - Companies involved in flu vaccine production, antiviral drugs, and protective equipment are likely to benefit from the rising flu cases. Notable companies include Jindike, Baike Biological, and Huashan Biological [33][38]. Hard Technology Sector - The electronic industry reported a total revenue of 1.19 trillion yuan in Q3 2025, reflecting a year-on-year growth of 19.33%. The net profit attributable to shareholders reached 895.61 billion yuan, up 47.89% year-on-year, indicating a strong recovery in profitability [35][36]. - The semiconductor manufacturing sector is experiencing growth due to increased utilization rates in downstream wafer fabs. Companies like Huahong and SMIC reported high capacity utilization rates in Q3 2025 [36][37]. Advanced Manufacturing Sector - The lithium battery industry is transitioning from a phase of overcapacity to a rebalancing stage, driven by strong demand for power and energy storage batteries. This sector has undergone a complete industrial cycle, moving from expansion to inventory clearance and now to demand recovery [5].

Core Insights - The flu activity in southern China is on the rise, with experts predicting an earlier flu season this year compared to previous years [1] - The market for flu vaccines is currently dominated by quadrivalent vaccines, while trivalent vaccines are nearly absent from the self-paid market, leading to a price war among vaccine providers [1][5] Vaccine Availability and Pricing - In Chengdu, several community health centers offer quadrivalent vaccines at a price of 118 yuan per dose, while a specific quadrivalent vaccine from Zhonghui Biological is priced at 349 yuan per dose [2] - The production strategy of vaccine manufacturers has shifted towards quadrivalent vaccines due to higher profit margins, resulting in a significant decrease in the availability of trivalent vaccines in the self-paid market [5][6] Market Dynamics - In 2023, the total number of flu vaccine batches approved for release was 288, with quadrivalent vaccines accounting for 163 batches and trivalent vaccines for 101 batches [7] - The quadrivalent vaccine has become the dominant product in the flu vaccine market, reflecting a trend of increasing consumer preference for vaccines perceived to offer better protection [8] Price Trends - The price of quadrivalent vaccines has dropped significantly, with some prices falling from three-digit to two-digit figures, impacting the profit margins of vaccine manufacturers [10] - For instance, the price of a trivalent vaccine was recorded at 5.5 yuan per dose, marking a new low in the public flu vaccine market [9] Industry Challenges - The flu vaccine market faces challenges such as low vaccination rates and fluctuations in demand, which can lead to "big years" and "small years" in terms of vaccine uptake [11] - The current flu strains circulating, particularly the H3N2 strain, may lead to lower immunity levels in the population, emphasizing the importance of vaccination [12]

眼下，河南已进入流感流行季，甲型H3N2病毒成为当前主要流行毒株。大家最关心的是：现在打疫苗 还来得及吗？该怎么选疫苗？记者就此采访了相关专家。 "我儿子和他同桌几乎是同时发烧。"11月11日，在郑州人民医院东院区儿科门诊，李女士带着发烧的儿 子焦急地等待就诊。诊室里，不少家长带着孩子前来看病，一些孩子出现高烧、咳嗽等症状。 该院儿科副主任李源介绍，从上周开始，门诊的流感病例明显增加，平均每天接诊的流感儿童约200人 次。 如何有效预防流感？"每年接种流感疫苗是预防流感最经济、最有效的方式。"张肖肖指出，人群对流感 病毒普遍易感，而婴幼儿、老年人及慢性病患者因免疫力较低，属于高危人群，这类人尤其建议接种疫 苗。 目前，我国批准上市的流感疫苗包括三价和四价，接种方式有注射和鼻喷两种。据了解，当前我省疫苗 供应充足。 如何选择疫苗？张肖肖表示："三价和四价疫苗的主要区别在于覆盖的病毒亚型数量。无论选择哪一 种，只要是经国家批准上市的疫苗，都能有效预防流感。" 流感已进入流行季，一直没来得及带孩子接种疫苗的王女士有些着急：现在接种还来得及吗？ 张肖肖说，流感疫苗产生相应抗体的时间一般是2—4周，所以疾控部门一直提倡 ...

Core Insights - The flu season for 2025 is expected to be similar in intensity to pre-pandemic years, with a notable increase in flu patients reported recently [1][3] - The predominant strain this year is H3N2, which the public has lower immunity against compared to last year's H1N1 strain [3][4] - Vaccination remains the most effective preventive measure, with a surge in demand for flu vaccines observed across various regions [5][6] Vaccine Supply and Demand - There is a notable increase in flu vaccine demand, leading to situations where appointments are available but vaccines are not [5][6] - The price of trivalent vaccines has dropped significantly, reaching a low of 5.5 yuan per dose, while quadrivalent vaccines have maintained stable pricing [9][10] - Sanofi, a major overseas player, has resumed supply to the Chinese market after a 10-month hiatus, but this has not significantly impacted the market dynamics [7][8] Market Dynamics - Domestic manufacturers dominate the flu vaccine market, with a total of 322 batches of domestic vaccines approved compared to only 22 batches from Sanofi [7] - The competitive landscape is characterized by a large demand for flu vaccines, with companies not viewing Sanofi as a direct competitor [8] - The pricing strategy for trivalent vaccines has shifted towards volume-based pricing, while quadrivalent vaccines have stabilized after previous price fluctuations [9][10] Clinical Observations - The flu season is starting earlier this year, with increased cases reported in various countries, including Japan and several European nations [3] - Symptoms of the current flu strains include fever, cough, sore throat, and significant fatigue, with H3N2 showing higher transmissibility [3][4] Future Outlook - The flu vaccine market is expected to gradually differentiate, with trivalent vaccines catering to the general population and quadrivalent vaccines targeting higher-end consumers [10][11] - Companies are optimistic about the potential for increased vaccination rates as public awareness of flu vaccines grows [10][11]

Core Viewpoint - The upcoming flu season in 2025 is expected to be significant, with a different strain circulating compared to last year, leading to lower immunity among the public. Vaccination remains the most effective preventive measure, and there is a noticeable increase in vaccine demand across various regions [1][4][5]. Vaccine Supply and Demand - There is a surge in flu vaccine demand, particularly among parents for their children, leading to situations where appointments are available but vaccines are not [6][8]. - The government procurement price for trivalent vaccines has dropped to a historical low of 5.5 yuan per dose, while the price of quadrivalent vaccines has remained stable [2][12]. - Sanofi, a major overseas player, has resumed supply to the Chinese market after a 10-month hiatus, but this has not significantly impacted the market dynamics as domestic manufacturers continue to dominate [10][11]. Flu Activity and Trends - The flu season may start earlier than in previous years, with reports indicating an increase in flu cases, particularly in southern provinces [3][4]. - The predominant strain this year is H3N2, which poses a higher risk due to lower public immunity compared to last year's H1N1 strain [4][5]. Pricing Dynamics - The price of trivalent vaccines has decreased significantly, while quadrivalent vaccines have stabilized after a previous price war [12][13]. - The procurement prices for government-subsidized vaccines have varied, but the overall trend indicates a potential for future price adjustments due to market conditions [13][14]. Market Competition - The return of Sanofi to the Chinese market raises questions about competitive dynamics, but domestic manufacturers like Sinopharm, Beijing Kexing, and Hualan Biological remain the primary suppliers [10][11]. - The flu vaccine market is characterized as an incremental market with substantial demand, and companies do not view each other strictly as competitors [11]. Recommendations for Public Health - Health authorities continue to recommend annual flu vaccinations as the best preventive measure, alongside personal hygiene practices [5][6]. - Increased public awareness and education about the importance of flu vaccination are essential for improving vaccination rates [13].