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 - Sanofi will collaborate with local partner Shanghai Pharmaceuticals to provide academic promotion services for three vaccine products starting January 1, 2026, enhancing accessibility in certain market areas [1] - This strategic move is aimed at optimizing and innovating the business model to tap into the vast potential of the Chinese market, supporting the long-term development of Sanofi's existing product portfolio and new product launches [1][5] - The partnership indicates that all four major global vaccine manufacturers are collaborating with local companies in the sales segment within the domestic market [1] Group 2 - The domestic vaccine industry is currently experiencing a downturn, characterized by economic decline, a decrease in newborn numbers, and increasing competition among prominent players [2] - Sanofi's products, including the Pentavalent vaccine and flu vaccines, are entering a highly competitive market, with 13 types of trivalent and 12 types of quadrivalent flu vaccines available in China as of July 2025 [4] - The domestic flu vaccine coverage rate is approximately 3%, significantly lower than that of the United States, indicating substantial room for growth [4] Group 3 - Sanofi is the only foreign company in China with a full value chain coverage in the vaccine industry, encompassing production, storage, distribution, supply chain services, and academic promotion [5][7] - The adjustment in business models by foreign companies is a response to the complex vaccine procurement process in China, where local health authorities play a significant role in demand and procurement [10] Group 4 - Companies are expanding their indications to capture larger market shares, such as Merck's HPV vaccine, which has broadened its target demographic from women aged 16-26 to 9-45 years [11] - Sanofi's trivalent flu vaccine has also expanded its target population to include infants aged 6 months and older, reflecting a trend of increasing accessibility [11]