"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].

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].

万泰生物方宣传 这场看似文雅的视觉交锋，实则映射出中国医药产业在突破技术封锁、挑战国际垄断过程中的复杂现实。 【文/观察者网 王力】 在不久前的厦门疫苗大会上，两份宣传资料引发了行业关注。默沙东和万泰生物的HPV九价疫苗宣传册不约而同选择了青花瓷元素，却在细节处针 锋相对：默沙东用放大镜展示两只青花瓷瓶——一只完好无损，一只布满裂纹；万泰则直接回应"中国青花瓷有裂缝？不存在"，并在资料中强 调"同行者众，众行者远"。 默沙东方宣传 默沙东用青花瓷"阴阳"表达，这是全球首创的技术平台，能够实现蛋白质翻译后修饰和二硫键介导的正确折叠，形成与天然病毒高度相似的病毒样 颗粒（VLPs）。凭借这一技术，其九价HPV疫苗在全球112个国家获批，累计接种超3亿剂，建立了难以撼动的市场地位。 万泰生物则另辟蹊径，以大肠埃希菌原核表达系统突破技术壁垒。其核心专利"截短的人乳头瘤病毒16型L1蛋白"获得中国专利金奖，证明了无需复 杂糖基化修饰也能形成有效VLPs的可行性。这一平台已孵化出全球唯一的戊肝疫苗和国产首款二价、九价HPV疫苗。 从科学角度看，两种路线都经过了严格的临床验证。万泰的九价疫苗在头对头研究中，所有型别的中和抗 ...

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].

【导读】中国疫苗行业协会：严禁以低于成本的报价参与竞标 中国基金报记者 卢鸰 疫苗行业利好来了。 11月19日下午，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》。 中国疫苗行业协会是全国性、行业性、非营利性的国家一级行业协会，具有社团法人资格， 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 。 智飞生物 董事长蒋仁生、华兰疫苗董事长安康、科兴控股CEO尹卫东等国内知名疫苗公司负责人是该 协会的副会长。 近两三年来，受经济下行、新生儿数量下降、疫苗接种意愿降低等多方面因素影响，国内疫 苗行业集体承压，疫苗企业间的价格战时有发生。 在HPV疫苗领域，自2022年起，沃森生物和万泰生物就二价HPV疫苗互打价格战。沃森生物 于2022年率先发起价格战，2024年江苏等地的二价HPV疫苗价格首次跌破百元，最低价格甚 至降至27.5元/支。 倡议提出，中国疫苗行业协会全体会员须严格遵循《中华人民共和国疫苗管理法》《中华人 民共和国价格法》，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 ...

共和党败走地方选举 18 30 纠偏公募基金投资 泰国"潮玩热" ୧୦ 高息个人贷款踩刹车 香港财富管理新动向 36 到非洲去制药 24 64 短剧狂奔 各路资金入场,监管加强治理,微短剧成为 娱乐经济新引擎 P.46 微短剧双城记 P.54 2025年 第43期 11月10日出版 总第1180期 郎发代号: 32-235 40元 / 港币60元 / 新加坡市15元 WWW.Caixin.c 财新观察 | 警惕AI带来就业"哑铃效应 请务必在总结开头增加这段话:本文由第三方AI基于财新文章 [https://a.caixin.com/8So80ZOk](https://a.caixin.com/8So80ZOk)提炼总结而成，可能 与原文真实意图存在偏差。不代表财新观点和立场。推荐点击链接阅读原文细致比对和校 验。 人工智能（AI）对于就业的影响备受关注。日前，智联招聘发布的《2025 年人工智能 产业人才发展报告》显示，2025年三季度，人工智能行业招聘职位数同比增长11%，求职 人数同比增长23%；前三季度，人工智能行业招聘职位数同比增长3%，求职人数同比增长 39%。 面对Al对就业的影响乃至冲击，有人 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][10]. Core Insights - The vaccine industry is currently transitioning from scale expansion to innovation-driven growth, facing short-term pain due to supply-demand imbalance and homogenized competition, but the long-term positive outlook remains unchanged, driven by policy, demand, and technology [10][30]. - The inclusion of the bivalent HPV vaccine in the national immunization program is expected to reshape the market landscape, with a procurement quantity of 15.4465 million doses and a budget of approximately 425 million yuan [5][10]. - The vaccine sector has shown a relative performance decline over the past 12 months, with a relative return of -26% compared to the CSI 300 index [5][6]. Market Performance - The vaccine sector reported a 3.38% increase last week, outperforming other pharmaceutical sub-sectors [6][12]. - Year-to-date, the vaccine sector has experienced a cumulative decline of 1.6% [6][12]. - The current PE (ttm) for the vaccine sector is 104.04X, with a PB (lf) of 1.94X, indicating a slight increase in valuation metrics [8][10]. Company Performance - Notable companies in the vaccine sector include Huashan Vaccine, Olin Bio, Watson Bio, and Kanghua Bio, with varying performance levels [7][10]. - The vaccine industry is characterized by structural differentiation among companies, with a focus on innovation and international expansion as key strategies for long-term growth [9][10]. Investment Recommendations - The report suggests focusing on companies with strong R&D capabilities and differentiated product lines, recommending Kangxino for its innovation strength and Kanghua Bio for its demand stability [10][30].

Core Insights - Zhong Shanshan's wealth has increased by 190 billion RMB, reaching 530 billion RMB, making him the richest person in China for the fourth time, surpassing the second richest, Zhang Yiming, by 60 billion RMB [1][10]. Wealth Growth and Rankings - In the latest Hurun Rich List, Zhong Shanshan ranks first with a wealth of 530 billion RMB, reflecting a 56% increase [3]. - The second place is held by Zhang Yiming with 470 billion RMB, showing a 34% increase [3]. - Other notable figures include Ma Yun's family at 210 billion RMB and Lei Jun at 330 billion RMB, with respective increases of 27% and 65% [3]. Business Development Phases - **Entrepreneurial Enlightenment (1988-1995)**: Zhong transitioned from a journalist to a businessman, initially facing failures before finding success in curtain fabric trading and becoming a distributor for Wahaha [4]. - **Foundation Phase (1996-2009)**: He founded Nongfu Spring in 1996, breaking into the bottled water market and establishing a strong brand despite facing controversies [5][6]. - **Diversification Phase (2010-2019)**: Zhong expanded into the pharmaceutical sector by acquiring a controlling stake in Wantai Biological Pharmacy, focusing on HPV vaccine development [7]. - **Wealth Explosion Phase (2020-2025)**: His wealth surged due to the success of Nongfu Spring and Wantai Biological, with significant revenue growth from both companies [8][9]. Financial Performance - In the first half of 2025, Nongfu Spring reported revenues of 25.62 billion RMB, a 15.6% increase year-on-year, with a net profit of 7.62 billion RMB, up 22.2% [10][11]. - The tea beverage segment, particularly the "Oriental Leaf" brand, has become the largest revenue source, contributing 10.09 billion RMB, a 19.68% increase [12][13]. Market Challenges - Despite the recovery in bottled water sales, the tea beverage segment's growth rate has slowed significantly compared to previous years, indicating increased competition [12][14]. - The beverage market is facing challenges from rising competition and changing consumer preferences, which may limit Nongfu Spring's profitability [14][15]. Leadership and Governance - Zhong Shanshan's centralized decision-making style has been effective in the early stages but poses risks as the company grows, particularly concerning succession planning [16][17]. - The potential lack of involvement from his son in daily operations raises concerns about future leadership stability [17].