2026年1月5日晚间，A股疫苗龙头智飞生物发布公告， 拟申请总额不超过102亿元、期限最长3年的中长期贷款， 用于置换存量融资及补充日 常营运资金。 2025年三季度，智飞生物已陷入12亿元亏损，更严峻的是，其核心库存产品九价HPV疫苗保质期为3年，2026年将迎来大批疫苗过期节点，可 能引发大规模坏账计提。这场近乎"押上全家族资产"的大额融资，凸显出公司应对200亿元级疫苗库存压力的紧迫性，也折射出中国疫苗行业 在供需失衡与价格战下的调整困境。 上述公告发布后，智飞生物股价略有回升，截至1月9日早盘，近5日涨近4%。 记者丨唐唯珂 编辑丨季媛媛 2025年三季报显示， 公司存货余额高达202.46亿元， 较2024年初的89.86亿元激增125%； 同期应收账款达128.14亿元，两者合计330亿元， 是当期营收的4倍以上，形成庞大的资金占用堰塞湖。更严峻的是，其核心库存产品九价HPV疫苗保质期为3年， 2026年将迎来大批疫苗过期 节点，可能引发大规模坏账计提。 财务数据显示，公司业绩已连续多季度滑坡。2024年营收同比下滑超50%至260.7亿元，净利润骤降近75%；2025年上半年陷入上市以来首次半 ...

21世纪经济报道唐唯珂 2026年1月5日晚间，A股疫苗龙头智飞生物（300122）发布公告，拟申请总额不超过102亿元、期限最长3年的中长期贷款，用于置换存量融资 及补充日常营运资金。 在2025年三季度已陷入12亿元亏损的背景下，这场近乎"押上全家族资产"的大额融资，凸显出公司应对200亿元级疫苗库存压力的紧迫性，也 折射出中国疫苗行业在供需失衡与价格战下的调整困境。 2025年三季报显示，公司存货余额高达202.46亿元，较2024年初的89.86亿元激增125%；同期应收账款达128.14亿元，两者合计330亿元，是当 期营收的4倍以上，形成庞大的资金占用堰塞湖。更严峻的是，其核心库存产品九价HPV疫苗保质期为3年，2026年将迎来大批疫苗过期节点， 可能引发大规模坏账计提。 财务数据显示，公司业绩已连续多季度滑坡。2024年营收同比下滑超50%至260.7亿元，净利润骤降近75%；2025年上半年陷入上市以来首次半 年度亏损，三季度累计亏损扩大至12亿元。尽管2025年三季度经营活动现金流净额同比大增201.18%，但难以覆盖巨额库存占用的资金需求， 此次102亿元贷款将使公司资产负债率从36.18 ...

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 肖思佳 Busy Money "宁康瑞珠"完成超亿元A轮融资 36氪获悉，据舟渡资本消息，"宁康瑞珠"宣布完成超亿元人民币A轮融资。本轮融资由龙磐投资领投，峰瑞资本、阳光融汇资本跟投，舟渡资本担任独家 财务顾问。本轮融资将大幅加速拓展公司的技术平台，推进临床研究，布局差异化优势管线。 安澜动力完 成 千万元天使+轮融资 近日，安澜动力完成千万元天使+轮融资，这也是公司在半年内完成的第二轮融资。投资方：香港X科技基金（HKX）、清水湾二期基金、韧行投资。资 金用途：将重点用于产品功能样机的迭代研发与测试，团队人才完善。 安澜动力是一家专注于休闲船艇电动化与智能化研发的公司，致力于通过融合电动动力、网联和智能交互与创新设计，为亲水用户提供更省心、更便利、 更安全且环保的新一代电动智能摩托艇产品。在电动化方面，公司基于自主构建的船体三电耦合匹配平台，依托中国成熟的"三电"供应链，开发动力系 统解决方案。 江六筒宠物鲜食获2000万天使轮融资 近日，江六筒宠物鲜食完成2000万元天使轮融资。本轮融资将主要用于产品研发升级、产能扩 ...

本周，万泰生物九价HPV疫苗在上海开打。 万泰生物与默沙东在九价HPV疫苗领域竞争的序幕已经拉开。HPV疫苗对预防宫颈癌等疾病，挽救数以 万计的生命具有重大意义。目前在中国推出九价疫苗的企业只有这两家。此前，默沙东已经独占这个市 场七年时间，拿走了利润最丰厚的那部分市场。 "此前抢打HPV疫苗的人，一是对健康很关注，第二是有钱，对价格不敏感。这部分人的市场是进口疫 苗吃到的部分，类似于草莓的尖尖，最甜的那部分。"一家疫苗研发企业的相关负责人王浩对第一财经 记者表示。 过去七年时间里，默沙东独占了中国九价HPV疫苗市场。目前北上广深四个一线城市的接种率已经不 低，每个月接种人数已经自高峰期大幅滑落。比如，现在上海医大医院每月接种人数已经从2000例降至 200例左右。 现在，默沙东的代理商智飞生物已经累积了太多的库存。万泰生物以更低售价撬动价格敏感型市场。但 现在疫苗企业的商业回报，已经越来越不明晰，尤其是那些产品尚在临床阶段的企业。摆在一些企业面 前的难题在于，正在进行的二价、九价HPV疫苗临床试验，应该停下来吗？ 九价疫苗争锋 12月8日上午，国产九价HPV疫苗在上海医大医院正式开打。这款疫苗由万泰生物研发 ...

Core Viewpoint - The HPV vaccine market has shifted dramatically from scarcity and high prices to aggressive price competition, leading to significant revenue declines for many companies in the vaccine industry [3][4][11]. Price Competition and Market Changes - The price of the bivalent HPV vaccine has dropped from 245 yuan to 27.5 yuan, a nearly 90% decrease, while the nine-valent HPV vaccine is being offered in "buy one, get one free" promotions [3]. - The flu vaccine market has also seen price reductions, with the trivalent vaccine dropping to 5.5 yuan and the quadrivalent vaccine decreasing from 128 yuan to 88 yuan [3]. - In the first three quarters of 2025, only 5 out of 14 domestic vaccine companies reported revenue growth, while 10 companies, including industry leader Zhifei Biological, experienced significant profit declines [2][3]. Structural Issues in the Industry - The industry's performance decline is attributed to structural problems rather than cyclical fluctuations, with price wars compressing profit margins and leading to a situation where revenue growth does not translate into profit [4][5]. - The lack of innovation and reliance on technology replication has resulted in oversupply and a lack of differentiation among products, making price competition inevitable [6][9]. Innovation as a Key to Recovery - Companies that focus on innovation, such as CanSino with its quadrivalent meningococcal vaccine, have shown resilience, achieving revenue growth and profitability despite the overall market downturn [6][7]. - The market is willing to pay a premium for differentiated products that offer better protection and safety, indicating that true innovation is essential for avoiding price competition [7]. Challenges to Original Innovation - The high costs and long timelines associated with developing new vaccines, along with regulatory uncertainties, deter companies from pursuing original innovation [9]. - The current regulatory framework is more suited to traditional technologies, creating barriers for new vaccine platforms [9]. Industry Response and Future Directions - The China Vaccine Industry Association has initiated a campaign to oppose "involutionary" competition and promote high-quality development in the vaccine sector [10]. - Companies are encouraged to focus on unmet clinical needs and explore international markets to alleviate domestic competition pressures [10]. - There is a need for improved public awareness and vaccination services to enhance demand and increase vaccination rates, particularly for flu vaccines [10]. Conclusion - The price competition in the vaccine industry is a result of homogeneous competition and represents a transitional phase for industry upgrade [11]. - Successful examples of innovative companies and emerging industry consensus indicate a potential path forward, emphasizing the importance of clinical value over price competition [11].

Core Viewpoint - The vaccine industry is experiencing a divergence, with some companies struggling while others reach historical highs. The demand for HPV vaccines, particularly the nine-valent HPV vaccine, has become a focal point in the domestic market, highlighting the challenges and opportunities within the industry [2][4]. Group 1: HPV Vaccine Market Dynamics - The end of the pandemic has led to a return to normal growth trajectories for the vaccine industry, but demand has slowed, reinforcing the single-product logic in the sector [2]. - The price of the two-valent HPV vaccine has plummeted, even dropping below the price of a cup of milk tea, due to increased competition and market saturation [4]. - Domestic vaccine companies have seen significant declines in stock prices and performance, with many experiencing over 70% drops, signaling the need for innovation rather than imitation [4][10]. Group 2: GSK's Vaccine Strategy - GSK's vaccine segment is a stable revenue source, with its shingles vaccine projected to generate £3.364 billion in sales by 2024 [6][8]. - The domestic market for shingles vaccines is expected to grow from ¥3.73 billion in 2022 to ¥5.63 billion by the end of 2025, with a compound annual growth rate of 16.4% [8]. - GSK's shingles vaccine is the first approved for immunocompromised adults, filling a significant gap in disease prevention [8]. Group 3: GSK's Financial Performance - GSK's stock has increased by over 50% this year, outperforming competitors like Pfizer and Merck, which have seen minimal growth [11]. - GSK reported a revenue of £24.049 billion (approximately ¥226.5 billion) for the first three quarters of 2023, a 3.4% year-on-year increase, with net profit rising by 135.08% to £5.08 billion (approximately ¥47.8 billion) [11]. - The company has raised its full-year guidance for revenue growth to 6%-7% and adjusted its earnings per share forecast upward to 10%-12% [11]. Group 4: M&A Activity and Future Outlook - GSK is accelerating its global acquisitions, including a $500 million upfront payment to Heng Rui Pharma for exclusive rights to multiple projects [14]. - The company has entered into several agreements for exclusive rights to develop and commercialize new therapies, indicating a robust pipeline and strategic growth [15]. - The future of the vaccine industry may hinge on developing unique products and maintaining competitive advantages, as seen in GSK's approach, which contrasts with the challenges faced by domestic companies [16].

Group 1 - Hema acknowledged a production issue with its strawberry cake, resulting in a salty taste, affecting approximately 60 sold units across 7 stores, and has initiated customer compensation and product adjustments [3] - Wanda Group has been reinstated for the execution of over 1.7 billion yuan, with the Gansu Mining District People's Court overseeing the case, amidst existing execution information totaling over 6.9 billion yuan [5] - PepsiCo announced plans to reduce its product variety in the U.S. market by nearly 20% by early next year, as part of cost-cutting measures to enhance operational efficiency [6] Group 2 - The International Monetary Fund (IMF) officially launched its Shanghai Regional Center to strengthen cooperation with the Asia-Pacific region, focusing on research and policy information sharing [13] - Faraday Future's board approved a five-year business plan targeting the production and sale of 400,000 to 500,000 vehicles, contingent on financing and strategic partnerships [14][15] - Paramount has proposed a cash acquisition offer of $30 per share for Warner Bros. Discovery, valuing the company at $108.4 billion [10]

Group 1 - Hema acknowledged issues with strawberry cakes sold, affecting approximately 60 units across 7 stores due to ingredient handling errors [2] - Wanda Group has a new enforcement order for over 1.7 billion yuan, with over 6.9 billion yuan in total enforcement amounts against the company [2] - The State Taxation Administration prohibits platform companies from shifting tax obligations to gig workers, ensuring they are not overcharged [3][9] Group 2 - PepsiCo plans to reduce its product variety in the U.S. market by nearly 20% by early next year, aiming to cut operational costs and enhance efficiency [5] - The price of three-valent flu vaccines has dropped to 5.5 yuan, attributed to intense competition and oversupply in the vaccine market [8] - Paramount has proposed a cash acquisition offer of $30 per share for Warner Bros. Discovery, valuing the company at $108.4 billion [7] Group 3 - Faraday Future's board approved a five-year plan to produce 400,000 to 500,000 vehicles, with the first batch of FX Super One vehicles set to roll off the production line [13] - The International Monetary Fund (IMF) has officially launched its Shanghai Regional Center to enhance cooperation with the Asia-Pacific region [12] - The U.S. government announced a $12 billion aid package for farmers affected by tariff policies, addressing the negative impact on agricultural markets [14]

Group 1 - The core point of the article highlights the significant price drop in various vaccines in the domestic market, with the three-valent flu vaccine priced at only 5.5 yuan, marking a new low for public flu vaccines [1] - The price of the two-valent HPV vaccine from Watson Bio has plummeted from 245 yuan per dose in 2022 to 27.5 yuan per dose in 2025, a decrease of nearly 90% [1] - The nine-valent HPV vaccine from Wantai Bio is priced at 499 yuan per dose, significantly lower than imported products, prompting the latter to engage in promotional activities to lower prices [1] Group 2 - The sharp decline in vaccine prices is expected to reduce public vaccination costs, theoretically improving vaccine accessibility and uptake [2] - Concerns have been raised regarding the potential impact of such low prices on public trust in vaccine quality, with fears that low-cost vaccines may compromise safety and effectiveness [2] - The public's skepticism may lead to a mindset of avoiding vaccinations altogether due to perceived risks associated with low-priced vaccines [2]

疫苗行业之所以陷入内卷式竞争，背后有多重原因，包括产品同质化竞争激烈、产能过剩问 题突出等。 疫苗市场正经历剧烈的价格震荡：一支三价流感疫苗价格低至5.5元，比一杯奶茶还便宜；而二价HPV 疫苗的价格，则是从几年前每支超过300元的高点骤降约九成，几乎只剩下"零头"…… 面对行业困境，近期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》，明确提出"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"。 疫苗行业之所以陷入内卷式竞争，背后有多重原因。一方面，随着越来越多同类疫苗的上市，疫苗产品 同质化竞争激烈、产能过剩的问题日益突出。另一方面，受"疫苗犹豫"、新生儿数量下降等因素影响， 需求端增长乏力，供需的失衡进一步激化了价格战。 当前，疫苗市场无疑正处"寒冬"。但在中国疫苗行业协会市场专业委员会副主任委员刘沛诚看来，以流 感疫苗为代表的"内卷"，实质上是一种高度市场化的完全竞争状态，也是产业从分散走向集中过程中不 可避免的阶段。 "这种竞争不仅将淘汰劣质或竞争力较弱的企业，也为优质企业实现突破、提升市场地位创造 ...