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 ...

Core Viewpoint - The domestic vaccine industry is experiencing significant pressure due to economic downturns, declining birth rates, reduced vaccination willingness, and intensified market competition, leading to frequent executive changes among companies [1][3]. Group 1: Executive Changes - Sun Wanfeng has resigned from his position as employee representative director and vice president of Baike Bio, but will continue as assistant to the chairman [1]. - There are rumors of changes in the management of Kangtai Bio, but the company has confirmed that Vice President Yu Bing remains in his position [1]. - Frequent executive turnover is noted in the domestic vaccine industry, with several companies undergoing leadership changes since late 2024 [3]. Group 2: Financial Performance - In the first half of 2025, only 5 out of 10 listed vaccine companies in A-shares reported revenue growth, with only 3 achieving positive net profit growth [3]. - Baike Bio reported a revenue of 284.9 million yuan with a net loss of 73.57 million yuan, marking a year-on-year revenue decline of 53.93% and a net profit decline of 153.47% [4]. - Kangtai Bio's revenue was 1.392 billion yuan with a net profit of 37.53 million yuan, showing a revenue growth of 15.81% but a significant net profit decline of 77.30% [4]. Group 3: Market Competition - The HPV vaccine market is experiencing aggressive price competition, with prices for the bivalent HPV vaccine dropping below 100 yuan, and the lowest price recorded at 27.5 yuan per dose [5]. - The flu vaccine market is also seeing price reductions, with prices for quadrivalent flu vaccines dropping from 128 yuan to 88 yuan per dose [6]. - The pneumococcal vaccine market is highly competitive, with Pfizer withdrawing from the market due to intense competition from domestic products [6]. Group 4: Growth Opportunities - Despite the challenges, there are structural growth opportunities in the vaccine market, exemplified by Olin Bio's adsorbed tetanus vaccine, which achieved a revenue growth of 35.17% in the first half of 2025 [7].