（编辑 楚丽君） 证券日报网讯 1月9日，智飞生物在互动平台回答投资者提问时表示，关于公司控股股东部分股份解除 质押的事项已于2026年1月5日披露于证监会指定的信息披露网站，详见《关于公司控股股东部分股份解 除质押的公告》（2026-03）。 ...

证券日报网讯 1月9日，智飞生物在互动平台回答投资者提问时表示，公司严格按照法律法规履行信息 披露义务。公司持续优化经营策略，加速推进自研产品上市，强化市场宣传推广，促进公司稳健发展。 （文章来源：证券日报） ...

Core Viewpoint - The company, Zhifei Biological, is facing significant financial distress due to high inventory levels and a substantial loss, prompting it to seek a loan of up to 10.2 billion yuan to manage its operations and replace existing financing [2][5]. Financial Performance - As of Q3 2025, Zhifei Biological reported a loss of 1.2 billion yuan, with inventory reaching 20.246 billion yuan, a 125% increase from the beginning of 2024 [5]. - Accounts receivable stood at 12.814 billion yuan, leading to a total of 33 billion yuan in combined inventory and receivables, over four times the company's revenue for that period [5]. - The company's revenue for 2024 is projected to decline by over 50% to 26.07 billion yuan, with net profit dropping nearly 75% [5]. Industry Context - The HPV vaccine market has shifted from a supply shortage to an oversupply situation, with sales declining since 2024, impacting Zhifei Biological's ability to sell its inventory [6]. - The introduction of competitive products, such as the domestic HPV vaccine priced at 1,500 yuan, has intensified price competition, further squeezing profit margins [6]. - The industry is undergoing structural adjustments, with only 6 out of 17 vaccine companies being profitable in the first half of 2025 [6][7]. Strategic Response - In response to its financial challenges, Zhifei Biological has prioritized inventory reduction, debt management, and cash recovery as core tasks [9]. - The company is also diversifying its product offerings, with plans to increase the number of self-developed products and expand into the GLP-1 market for diabetes and obesity treatments [9]. - The industry is witnessing a shift from price competition to value competition, with a focus on product quality and differentiation as essential for survival [10][11].

Core Viewpoint - The article highlights the financial distress faced by Zhifei Biological Products Co., Ltd., which is seeking a loan of up to 10.2 billion yuan to address its significant inventory and operational challenges, reflecting broader issues within the Chinese vaccine industry [1][5]. Financial Situation - As of Q3 2025, Zhifei Biological reported a staggering inventory balance of 20.246 billion yuan, a 125% increase from the beginning of 2024, alongside accounts receivable of 12.814 billion yuan, totaling 33 billion yuan, which is over four times its revenue for that period [5][6]. - The company has experienced a continuous decline in performance, with revenue dropping over 50% to 26.07 billion yuan in 2024 and a net profit decrease of nearly 75%. By Q3 2025, it recorded a cumulative loss of 1.2 billion yuan [5][6]. Inventory and Market Challenges - The core product, the nine-valent HPV vaccine, has a shelf life of three years, with a significant number of vaccines set to expire in 2026, potentially leading to large-scale bad debt provisions [5][6]. - The HPV vaccine market has shifted from a supply shortage to an oversupply situation, with sales declining since 2024, exacerbated by price wars initiated by competitors [6][8]. Industry Dynamics - The vaccine industry is undergoing structural adjustments, with many companies facing similar challenges. In the first half of 2025, only 6 out of 17 listed vaccine companies were profitable, while 5 reported losses [6][8]. - The price of the two-valent HPV vaccine has plummeted from 329 yuan per dose in 2022 to 27.5 yuan in 2025, a decline of over 90%, indicating intense price competition [6][8]. Strategic Responses - In response to its financial crisis, Zhifei Biological has prioritized inventory reduction, debt recovery, and lowering liabilities, launching vaccination campaigns across various regions [8][9]. - The company is also focusing on diversifying its product offerings and reducing reliance on agency business, with plans to increase the number of self-developed products in the next three to five years [8][9]. Future Outlook - The article suggests that the vaccine industry is in a critical phase of reshaping, where companies with strong R&D capabilities and diversified product lines will emerge as winners. However, managing inventory and cash flow remains a pressing concern for survival in the short term [9].

Core Viewpoint - The announcement by Zhifei Biological (300122) regarding a loan application of up to 10.2 billion yuan highlights the urgent need to address a significant inventory pressure of approximately 20 billion yuan in the context of a 1.2 billion yuan loss in Q3 2025, reflecting the challenges faced by the Chinese vaccine industry amid supply-demand imbalances and price wars [1][4]. Group 1: Financial Situation - As of Q3 2025, Zhifei Biological reported a staggering inventory balance of 20.246 billion yuan, a 125% increase from 8.986 billion yuan at the beginning of 2024, with accounts receivable reaching 12.814 billion yuan, resulting in a total of 33 billion yuan, which is over four times the revenue for that period [4]. - The company's revenue for 2024 is projected to decline by over 50% to 26.07 billion yuan, with net profit plummeting nearly 75%, and by Q3 2025, the cumulative loss has expanded to 1.2 billion yuan [4]. - The proposed 10.2 billion yuan loan will increase the company's debt ratio from 36.18% to approximately 48%, nearing historical peaks, indicating severe financial strain [4]. Group 2: Market Dynamics - The HPV vaccine market, once a profit engine, has shifted from a supply shortage to overcapacity, with sales declining since 2024, leading to a situation where Zhifei Biological is compelled to purchase vaccines it cannot sell due to prior high-volume procurement agreements [5]. - The competitive landscape has intensified with the introduction of domestic HPV vaccines at significantly lower prices, such as the 1,500 yuan full-course price of Wantai Biological's product, alongside drastic price reductions in other vaccine categories due to centralized procurement policies [6]. - The vaccine industry is undergoing a deep restructuring, with only 6 out of 17 listed vaccine companies remaining profitable in the first half of 2025, while many others face revenue declines exceeding 50% [5][6]. Group 3: Strategic Responses - In response to the crisis, Zhifei Biological has prioritized inventory reduction, cash recovery, and debt reduction, launching vaccination initiatives across various regions, although challenges remain due to the industry-wide supply-demand imbalance [7]. - The company is accelerating the launch of its own products, aiming to increase the proportion of self-developed products in its revenue mix over the next three to five years, with significant products already in the application stage [7]. - The industry is witnessing a divergence in strategies, with many companies exploring overseas markets for growth, while experts emphasize the need for innovation and higher-tier vaccine development to survive the ongoing market reshuffle [8].

Core Viewpoint - The company, Zhifei Biological, is seeking a loan of up to 10.2 billion yuan to address significant inventory pressures and operational funding needs amid a challenging market environment for the vaccine industry [2][3]. Financial Situation - As of Q3 2025, the company reported a loss of 1.2 billion yuan, with inventory levels soaring to 20.246 billion yuan, a 125% increase from the beginning of 2024 [3]. - Accounts receivable reached 12.814 billion yuan, leading to a total of 33 billion yuan in combined inventory and receivables, over four times the company's revenue for that period [3]. - The company’s revenue is projected to decline by over 50% to 26.07 billion yuan in 2024, with net profit dropping nearly 75% [3]. - The proposed loan will increase the company's debt ratio from 36.18% to approximately 48%, nearing historical highs [3]. Industry Context - The vaccine industry is undergoing structural adjustments, with the HPV vaccine market shifting from high demand to oversupply, leading to significant sales declines for Zhifei Biological [4]. - The introduction of competitive domestic vaccines has intensified price wars, with the price of the two-valent HPV vaccine dropping over 90% from 329 yuan per dose in 2022 to 27.5 yuan in 2025 [4]. - The industry is experiencing a deep restructuring, with only 6 out of 17 listed vaccine companies profitable in the first half of 2025 [5]. Strategic Responses - The company has prioritized inventory reduction, cash recovery, and debt reduction as core tasks, launching vaccination initiatives across multiple regions [5][6]. - Long-term strategies include reducing reliance on agency business and accelerating the launch of self-developed products, with plans to increase the number of proprietary products in the next three to five years [6]. - The company is also diversifying into the GLP-1 sector for diabetes and obesity treatments, aiming to create a "prevention + treatment" ecosystem [6]. Market Dynamics - The industry is witnessing a divergence in corporate strategies, with many companies expanding into overseas markets to seek new growth opportunities [7]. - A shift from price competition to value competition is anticipated, with calls for a ban on bidding below cost price, although the effectiveness of such policies remains uncertain [7]. - The current situation serves as a warning for the industry, highlighting the risks of over-reliance on single products and agency models, emphasizing the importance of inventory management and market forecasting capabilities [7].

中国经济网北京1月6日讯 智飞生物(300122.SZ)昨日晚间发布关于公司控股股东部分股份解除质押 的公告。公司近日接到公司控股股东、实际控制人蒋仁生的通知，获悉蒋仁生所持有公司的部分股份解 除质押。 | 股东名称 | | | 累计被质押股份 | 合计占其所 | 合计占公 | | --- | --- | --- | --- | --- | --- | | | 持股数量(股) | 持股比例(%) | 数量(股) | 持股份比例 (%) | 司总股本 比例(%) | | 蒋仁生 | 1, 159, 573, 500 | 48. 44 | 119, 250, 000 | 10. 28 | 4.98 | | 蒋凌峰 | 129.600.000 | 5.41 | 0 | 0 | 0 | | 蒋喜生 | 16. 800. 000 | 0. 70 | 0 | 0 | 0 | | 合计 | 1, 305, 973, 500 | 54. 56 | 119, 250, 000 | 9. 13 | 4. 98 | (责任编辑：田云绯) 蒋仁生本次解除质押股数为65,450,000股，占其所持股份比例5.64%，占公司总股本比例2 ...

从资金流向上来看，当日生物制品板块主力资金净流入1.91亿元，游资资金净流出2.73亿元，散户资金净 流入8203.94万元。生物制品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002773 康弘药业 | | 1.18 Z | 18.31% | -3021.77万 | -4.70% | -8748.13万 | -13.61% | | 000661 | 长春高新 | 7444.34万 | 9.43% | -4755.38万 | -6.02% | -2688.95万 | -3.40% | | 688331 荣昌生物 | | 6982.31万 | 10.14% | -2366.87万 | -3.44% | -4615.43万 | -6.71% | | 300122 智飞生物 | | 3724.35万 | 9.83% | 85.58万 | 0.23% | -3809.93万 | -10.05% ...

每经AI快讯，智飞生物1月5日晚间发布公告称，重庆智飞生物制品股份有限公司（以下简称"公司"）近 日接到公司控股股东、实际控制人蒋仁生先生的通知，获悉蒋仁生先生所持有本公司的部分股份解除质 押，本次解除质押股份数量为6545万股。截至本公告日，蒋仁生累计质押股数约为1.19亿股，合计占其 所持股份比例为10.28%。 （记者 曾健辉） 每经头条（nbdtoutiao）——秒光！1499元飞天茅台上线即空，i茅台App冲上苹果购物榜第一，10万用 户已下单！经销商同价做回馈，1000箱很快卖完 ...

1、本次股份解除质押基本情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重庆智飞生物制品股份有限公司（以下简称"公司"）近日接到公司控股股 东、实际控制人蒋仁生先生的通知，获悉蒋仁生先生所持有本公司的部分股份解 除质押，具体事项如下： 一、本次解除质押的基本情况 | | 是否为 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 控股股 | | 占其 | 占公 | | | | | 股东 | 东或第 | 本次解除 | 所持 | 司总 | | | | | 名称 | 一大股 | 质押股数 | 股份 | 股本 | 起始日 | 解除日期 | 质权人 | | | 东及其 | （股） | 比例 | 比例 | | | | | | 一致行 | | （%） | （%） | | | | | | 动人 | | | | | | | | | | | | | | | 重庆农村商业 | | 蒋仁生 | 是 | 65,450,000 | 5.64 | 2.73 | 2018-05-28 | 2025-12 ...