格隆汇9月24日丨沃森生物(300142.SZ)在投资者互动平台表示，公司九价HPV疫苗Ⅲ期临床研究的相关 工作在持续开展中，公司在研疫苗的研发若有实质性和阶段性进展公司会及时披露。 ...

本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 曾经凭借国产首款HPV疫苗风光无限的万泰生物，如今正经历业绩滑铁卢。 2025年上半年，这家公司迎来了自2020年上市以来的首次半年度亏损，上半年亏损1.44亿元，净利润暴 跌155.3%，与去年同期2.64亿元的盈利形成鲜明对比。 业绩全面下滑 万泰生物2025年中报数据显示，公司上半年营业收入仅为8.44亿元，同比下降38.25%。归属于上市公司 股东的净利润为-1.44亿元，同比下降155.30%。 对此，中国城市发展研究院、农文旅产业振兴研究院常务副院长袁帅对《华夏时报》记者表示，万泰生 物近期业绩大幅下滑，是外部环境变化与内部因素共同作用的结果，但外部环境变化影响更为突出。默 沙东等国际巨头的竞争，凭借其品牌影响力和成熟的市场推广体系，抢占了部分市场份额。集采政策的 实施，直接导致产品价格下降，对营收和利润产生重大冲击。不过，内部战略和产品力问题也不容忽 视。其业务结构"单极驱动"模式，过度依赖二价HPV疫苗这一核心产品，当该产品市场受挫时，公司业 绩便大幅下滑，暴露出抗风险能力弱的风险。一旦核心产品所在市场出现波动，如竞争加剧、 ...

Core Viewpoint - The Chinese government is set to include HPV vaccination services for eligible girls in the national immunization program, which may positively impact the competitive landscape of the vaccine industry [1][3]. Group 1: Market Dynamics - The HPV vaccine market in China is transitioning from a "blue ocean" to a "red ocean," indicating increased competition among vaccine manufacturers [3]. - The introduction of domestic two-valent HPV vaccines has improved accessibility and affordability, breaking the previous monopoly of imported nine-valent vaccines [2][3]. - Financial data shows significant revenue declines for major players: Watson Bio's revenue dropped by 19.47% to 1.154 billion yuan, WanTai Bio's revenue fell by 38.25% to 844 million yuan, and Zhifei Biological's revenue decreased by 73.06% to 4.919 billion yuan in the first half of 2025 [3][4]. Group 2: Product and Pricing Information - WanTai Bio's nine-valent HPV vaccine "Xinkening®9" is priced at 499 yuan per dose, approximately 40% lower than imported alternatives [2]. - The batch issuance of Merck's four-valent HPV vaccine was zero in the first half of 2025, while the nine-valent vaccine saw a 76.8% decline in issuance compared to the previous year [4][5]. Group 3: Future Prospects - There is a strong possibility that the two-valent HPV vaccine will be included in the national immunization program, which could significantly boost sales [7]. - The male HPV vaccine market is also becoming competitive, with Merck expanding its HPV vaccine indications to males aged 9-26, while domestic companies are conducting clinical trials for male indications [8].

Group 1 - The Chinese government will introduce HPV vaccination services for eligible girls and include HPV vaccines in the national immunization program, which is expected to enhance women's health protection [1][3] - The market for HPV vaccines has shifted from a "blue ocean" to a "red ocean," indicating increased competition among vaccine manufacturers [6] - Domestic companies such as Wantai Biological Pharmacy and Watson Bio have received approvals for their HPV vaccines, breaking the previous monopoly held by Merck's Gardasil 9 [3][4] Group 2 - Financial data shows significant revenue declines for major vaccine manufacturers in the first half of 2025, with Watson Bio's revenue down 19.47% and Wantai Biological's down 38.25% [6][7] - The approval of male indications for HPV vaccines by Merck and ongoing clinical trials by domestic companies indicate a growing focus on the male market, which is expected to become highly competitive [9] - The inclusion of the bivalent HPV vaccine in the national immunization program could lead to increased sales through government procurement [8]

Group 1: HPV Vaccine Inclusion in National Immunization Program - The National Health Commission announced the inclusion of HPV vaccination services for eligible girls in the national immunization program to enhance women's health protection [1][2] - Since 1978, China's immunization program has expanded from 4 vaccines to 14 vaccines preventing 15 infectious diseases [1] - HPV is a major cause of cervical cancer, and vaccination is a primary preventive measure, with existing vaccines effectively preventing over 70% of cervical cancer cases [1][2] Group 2: Cervical Cancer Statistics - In 2022, China reported 151,000 new cervical cancer cases, ranking fifth among female cancers, with 56,000 deaths, ranking sixth in female cancer mortality [2] Group 3: Free Vaccination Initiatives - Several regions have initiated free HPV vaccination programs, with Beijing starting free vaccinations for girls entering the first year of junior high school in 2025 [3] - As of August 2023, 18 provinces and several cities have included HPV vaccination in government initiatives, covering approximately 60% of eligible girls [3] Group 4: Market Dynamics and Company Performance - The inclusion of HPV vaccines in the national program is expected to improve public awareness and accessibility, potentially stabilizing sales for vaccine companies [4][5] - Companies like Watson Bio and Zhifei Biological have faced performance pressures due to declining public willingness to vaccinate and increased competition [7] - Watson Bio reported a revenue of 1.154 billion yuan in the first half of the year, down 19.47%, while Zhifei Biological's revenue was 4.919 billion yuan, down 73.06% [7] Group 5: Pricing and Competition - The first domestic two-valent HPV vaccine was priced at 499 yuan per dose, significantly lower than imported alternatives, which were priced over 1,300 yuan per dose [8] - The market for nine-valent HPV vaccines has become competitive, with companies like Zhifei Biological reducing prices and offering promotions to maintain market share [9]

Core Viewpoint - HPV vaccine manufacturers are currently facing performance declines, but the recent inclusion of HPV vaccines in the national immunization program may provide a potential boost to the industry [1][2]. Industry Overview - There are currently six HPV vaccines listed in China, including three bivalent, one quadrivalent, and two nonavalent vaccines [2]. - The HPV vaccination market in China has become competitive, with initial high demand now facing challenges due to increased competition, low public awareness, and limited payment capabilities [2]. Company Performance - WanTai Bio achieved revenue of 844 million yuan in the first half of the year, a year-on-year decline of 38.25%, with a net loss of 144 million yuan [3]. - Watson Bio reported revenue of 1.154 billion yuan, down 19.47%, and a net profit of 43.16 million yuan, down 74.69% [3]. - Zhifei Biological's revenue was 4.919 billion yuan, a decrease of 73.06%, with a net loss of 597 million yuan, reflecting a decline of 126.72% [3][4]. - Companies are facing challenges in sales, leading to asset impairment provisions, including a 76.3 million yuan impairment for bivalent HPV vaccine intangible assets by Watson Bio [3]. Market Demand and Health Impact - Cervical cancer is the fourth most common malignancy among women globally, with significant incidence and mortality rates in China, particularly among younger women [5]. - The World Health Organization recommends that countries include HPV vaccination in their national immunization programs, prioritizing girls aged 9 to 14 [5][6]. National Immunization Program Inclusion - As of the end of 2024, 143 out of 194 WHO member countries have included HPV vaccines in their national immunization programs, but China has not yet done so [6]. - Several regions in China are already offering free HPV vaccinations for eligible girls, indicating a growing trend towards public health initiatives [7]. - The current lowest price for HPV vaccines is 27.5 yuan per dose, significantly lower than initial prices, making it more accessible [7]. - If included in the national immunization program, bivalent HPV vaccines are expected to see increased sales, although profit margins may be lower compared to local immunization programs [7].

Core Viewpoint - The vaccine industry in China is experiencing significant challenges, with many companies reporting substantial losses and a decline in revenue due to price wars, vaccine hesitancy, and intense competition [1][4][15]. Group 1: Financial Performance of Vaccine Companies - In the first half of 2025, major vaccine companies like Zhifei Biological and Wantai Biological reported their first-ever half-year losses, with net profits dropping by 127% and 155% respectively [1][3]. - Overall, the revenue of Chinese vaccine listed companies decreased by 60% year-on-year, and net profits fell by 113% in the first half of 2025 [1]. - Among the top five vaccine companies by market capitalization, only CanSino reported a year-on-year net profit increase, attributed to its innovative four-valent meningococcal vaccine [2][3]. Group 2: Price Wars and Market Dynamics - The price of flu vaccines has significantly dropped, with some prices reaching as low as 5.5 yuan per dose, leading to a price war that has affected various vaccine types including HPV and pneumonia vaccines [4][5]. - Wantai Biological's revenue from its main product, the bivalent HPV vaccine, fell by 38% to 8.44 billion yuan, marking its first loss since going public [5][8]. - The industry is facing a normalization of price competition, with companies engaging in various promotional strategies to capture market share, further compressing product pricing [8][15]. Group 3: Vaccine Hesitancy - Vaccine hesitancy has become a significant issue, with many individuals expressing doubts about vaccine efficacy, particularly for non-mandatory vaccines like HPV and flu vaccines [10][12]. - The average flu vaccine coverage in China remains below 4%, significantly lower than in developed countries where it can reach 50% [12]. - Factors contributing to vaccine hesitancy include dissatisfaction with COVID-19 vaccine outcomes, misinformation, and a lack of awareness regarding the importance of adult vaccinations [12][13]. Group 4: Future Outlook and Industry Challenges - The vaccine industry is expected to face prolonged challenges, with experts predicting that the current competitive landscape will lead to consolidation and potential elimination of weaker players [15][16]. - The market for adult vaccines is particularly underdeveloped, and significant efforts are needed to improve public awareness and acceptance [12][16]. - The industry consensus suggests that without substantial changes in public perception and a more robust adult vaccination framework, the market will continue to struggle [16].

Core Viewpoint - The company addresses investor concerns regarding the long-term efficacy and safety of its HPV vaccines, specifically the two-valent and nine-valent versions, emphasizing their compliance with regulatory standards and clinical trial results [1] Group 1: Vaccine Efficacy - The company's nine-valent HPV vaccine is an iterative product based on the same technology platform as the two-valent HPV vaccine, both of which underwent clinical trials to ensure safety and efficacy [1] - Long-term follow-up data from Phase III clinical trials indicate that the two-valent HPV vaccine can effectively prevent HPV 16/18 related high-grade precancerous lesions and persistent infections for at least ten years post-vaccination [1] - The company asserts that the two-valent HPV vaccine demonstrates excellent immune persistence over the long term [1] Group 2: Regulatory Compliance - The nine-valent HPV vaccine has passed rigorous evaluations and registration checks by the National Medical Products Administration [1] - The vaccine has also successfully undergone Good Manufacturing Practice (GMP) compliance inspections [1] Group 3: Competitive Landscape - The company acknowledges the existence of competing products in the market, such as those from Ruike and Kangle, but does not provide specific comparative data on their efficacy and safety [1]

Group 1 - The company is actively pursuing WHO PQ certification for its nine-valent HPV vaccine, aiming to expand its global market presence [1] - The company plans to leverage the international achievements of its bivalent HPV vaccine to build a broader global network [1] - The company is exploring long-term opportunities in international markets, including Europe and the United States, while supporting the global strategy to eliminate cervical cancer [1]

Group 1 - Beijing will launch free HPV vaccination for first-year female students starting in September to enhance health protection for young women [1] - The HPV vaccine is currently the most economical and effective method for preventing cervical cancer, with high protective efficacy against pre-cancerous lesions and cancers caused by HPV types 16 and 18 [1] - Eligible first-year female students, aged 9 and above, can receive the domestically procured bivalent HPV vaccine for free, following a two-dose immunization schedule [1] Group 2 - District CDCs will coordinate with local education departments to designate vaccination clinics for each school, with vaccinations primarily conducted at the school’s designated clinic [2] - Parents or guardians must accompany students to the vaccination site, and a 30-minute observation period is required post-vaccination [2] - Students wishing to self-pay for the quadrivalent or nonavalent HPV vaccines can make appointments through various platforms, provided they meet the vaccination criteria [2]