证券代码：300122 证券简称：智飞生物 公告编号：2025-32 重庆智飞生物制品股份有限公司 2024 年年度股东大会决议公告 1、会议召开情况 （1） 时间： 现场会议：2025年6月18日（星期三）10:00； 网络投票：2025年6月18日。其中，通过深圳证券交易所交易系统进行网络投票 的时间为2025年6月18日上午9:15-9:25、9:30-11:30，下午13:00-15:00；通过深圳证券 交易所互联网系统投票的具体时间为：2025年6月18日9:15-15:00； 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。 重要提示 1.本次股东大会未出现否决议案的情形； 2.本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况 （2） 现场会议地点：重庆市江北区金源路9号重庆君豪大饭店； （3） 会议方式：本次会议以现场投票与网络投票相结合的方式召开； （6） 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司股东会规则》等有关法律、行政法规、部门规章、 规范性文件及《重庆智飞生物制品股份有 ...

Group 1 - The price of the imported Merck nine-valent HPV vaccine has significantly decreased in several cities, with promotional offers reducing the effective price to around 700 yuan per dose from the original price of 1320 yuan [1][2] - The market for the nine-valent HPV vaccine has shifted dramatically, with the once exclusive Merck vaccine facing competition from domestic manufacturers, leading to a more accessible supply [2][4] - The inventory pressure on Zhifei Biological, the agent for Merck's vaccine, is evident, with a 14.8% year-on-year decline in the batch issuance of the nine-valent vaccine and a staggering 95.49% drop for the four-valent vaccine [3] Group 2 - The approval of the domestic nine-valent HPV vaccine "Xinkening 9" by Wantai Biological has disrupted the market, with a potential price point around 700 yuan, effectively halving the original price of the imported vaccine [4] - Other domestic companies, including Kanglaisheng, Watson Bio, and Shanghai Bowei, are also nearing the launch of their nine-valent HPV vaccines, which is expected to reignite price competition in the market [5] - The anticipated release of more domestic nine-valent vaccines marks the beginning of a trend towards greater affordability and accessibility in the HPV vaccine market [5]

Core Viewpoint - The article discusses the recent price reductions for imported HPV vaccines and shingles vaccines in China, highlighting various promotional campaigns aimed at increasing vaccination rates among different demographics [1][2]. Group 1: Vaccine Price Reductions - Several vaccination sites have launched promotional programs for imported HPV vaccines, including a "buy one, get one free" offer for the two-dose regimen for girls aged 9 to 14 [1]. - For women aged 15 to 45, the two-dose HPV vaccines are offered at significant discounts, with the two-dose regimen for the bivalent HPV vaccine costing only one dose, and the nine-valent vaccine costing two doses for three [1]. - The price per dose for the imported bivalent HPV vaccine is 588 yuan, while the nine-valent vaccine is priced at 1306 yuan, leading to substantial cost reductions for full vaccination [1]. Group 2: Broader Vaccine Promotions - In Dezhou, Shandong Province, promotional activities for imported four-valent and nine-valent HPV vaccines have been introduced, including free third doses for males aged 16 to 26 [2]. - The Jining Health Service Center has also initiated a discount for the imported shingles vaccine, reducing the price from 3260 yuan for two doses to 1652 yuan, a reduction of 1608 yuan [2]. Group 3: Industry Performance Challenges - Despite the price reductions, the performance of vaccine manufacturers has been disappointing, with significant declines in sales for core products like HPV vaccines [3]. - Zhifei Biological Products Co., Ltd. reported a 50.74% decrease in revenue to 26.07 billion yuan in 2024, and a 74.99% drop in net profit to 2.018 billion yuan [4]. - In Q1 2025, the company experienced a 79.16% decline in revenue compared to the previous year, resulting in a net loss of 305 million yuan [4]. Group 4: Company Strategies - The company aims to address operational challenges by focusing on inventory reduction, debt recovery, and lowering liabilities as part of its 2025 strategy [5]. - Efforts include optimizing sales policies, participating in local health promotion projects, and enhancing awareness of HPV vaccination for males [5]. - As of Q1 2025, the company's accounts receivable decreased to 14.6 billion yuan, indicating a focus on managing financial risks [5].

Group 1 - The performance of vaccine manufacturers is not optimistic amid the price reduction of imported HPV and shingles vaccines [1][3] - Various vaccination centers have launched promotional programs for imported HPV vaccines, offering discounts such as "buy one get one free" and "buy three get two free" [1][2] - The price for the imported bivalent HPV vaccine is 588 yuan per dose, while the nine-valent HPV vaccine is priced at 1306 yuan per dose, with significant discounts available [1] Group 2 - Merck, the manufacturer of imported quadrivalent and nine-valent HPV vaccines, plans to adjust the delivery schedule in the Chinese market starting February 2025 based on consumer demand [3] - Zhifei Biological Products Co., Ltd. reported significant declines in sales and financial indicators, with a notable drop in core product sales starting from Q2 2024 [3][4] - In 2024, Zhifei Biological's revenue was 26.07 billion yuan, a decrease of 50.74% year-on-year, and the net profit attributable to shareholders fell by 74.99% [4]

截至6月17日收盘，重组蛋白概念下跌2.05%，位居概念板块跌幅榜前列，板块内，科兴制药、一品 红、赛升药业等跌幅居前，股价上涨的有10只，涨幅居前的有智飞生物、华北制药、未名医药等，分别 上涨4.76%、4.61%、2.07%。 | 688553 | 汇宇制药 | -2.94 | 2.43 | -1202.52 | | --- | --- | --- | --- | --- | | 600645 | 中源协和 | -1.63 | 2.20 | -1191.30 | | 301080 | 百普赛斯 | -4.54 | 3.41 | -591.08 | | 688179 | 阿拉丁 | -1.83 | 2.16 | -474.18 | | 000813 | 德展健康 | -0.90 | 2.07 | -446.55 | | 002581 | 未名医药 | 2.07 | 6.91 | -352.83 | | 000638 | *ST万方 | -0.40 | 2.63 | -343.34 | | 688253 | 英诺特 | 1.13 | 1.86 | -324.32 | | 301371 | 敷尔佳 | -1.1 ...

Core Viewpoint - The article discusses the challenges faced by Zhifei Biological, particularly in the sales of the nine-valent HPV vaccine, amid increasing competition and declining performance metrics [1][4][8]. Group 1: Sales and Market Challenges - Zhifei Biological has experienced severe sales difficulties with the nine-valent HPV vaccine, leading to significant inventory issues and delayed payments, resulting in a drastic decline in performance over the past year [1][4]. - The company reported a revenue of 26 billion yuan in 2025, a 50% decrease year-on-year, and a net profit of 2 billion yuan, down 75% from the previous year [8]. - The introduction of a competing nine-valent HPV vaccine by Wantai Biological has intensified market competition, prompting Zhifei to initiate promotional activities to boost sales [3][29]. Group 2: Inventory and Financial Management - As of the first quarter of 2025, Zhifei's accounts receivable decreased from 16.3 billion yuan to 14.6 billion yuan, indicating ongoing efforts to manage financial pressures [14]. - The company is focusing on "de-stocking, collecting payments, and reducing liabilities" as core strategies to mitigate operational risks [12]. - Inventory issues are compounded by a significant amount of unsold products, with a large portion being imported vaccines, leading to increased financial strain [17][18]. Group 3: Strategic Responses - Zhifei Biological has outlined three main strategies to address market challenges: enhancing communication with partners, adjusting promotional policies, and strengthening risk control measures [10][11]. - The company has initiated a large-scale promotional campaign, including free vaccination offers, to stimulate demand and improve vaccination rates [2][5]. - Despite these efforts, there are concerns about the effectiveness of their promotional strategies, particularly in reaching target demographics and adapting to market needs [20][21]. Group 4: Competitive Landscape - The competitive landscape is shifting, with Wantai Biological's entry into the market expected to create additional pressure on Zhifei, which has already been struggling with sales [26][30]. - Experts suggest that the market for the nine-valent HPV vaccine may face challenges due to a saturated customer base, as many potential recipients have already completed their vaccinations [30][31]. - The pricing strategy of Wantai Biological is anticipated to be significantly lower than that of imported vaccines, potentially affecting Zhifei's market share [27][32].

Core Viewpoint - The article discusses the challenges faced by Zhifei Biological Products Co., Ltd. (智飞生物) in the HPV vaccine market, particularly in light of competition from Wantai Biological Pharmacy Enterprise Co., Ltd. (万泰生物) and the company's efforts to address inventory and financial issues through promotional activities and government collaboration [2][3][11]. Group 1: Company Performance - Zhifei Biological reported a significant decline in performance, with revenue dropping to 26 billion yuan, a 50% decrease year-on-year, and net profit falling to 2 billion yuan, a 75% decline [3]. - The company has experienced three consecutive quarters of losses, with the scale of accounts receivable decreasing from 16.3 billion yuan at the beginning of the year to 14.6 billion yuan by the end of Q1 2025 [7]. - The market value of Zhifei Biological has plummeted from a peak of 360 billion yuan to below 50 billion yuan, reflecting a substantial loss in the founder's wealth [3]. Group 2: Market Strategy - In response to market challenges, Zhifei Biological has initiated a "free one shot" promotional campaign for the nine-valent HPV vaccine, aiming to boost vaccination rates and reduce inventory [1][4]. - The company has identified two main factors affecting its performance: economic changes impacting public vaccination willingness and misjudgments regarding market conditions and new business opportunities [3]. - The company plans to strengthen communication with partners, adjust promotional policies, and enhance risk control measures to recover from financial difficulties [4][5]. Group 3: Competitive Landscape - The entry of Wantai Biological's nine-valent HPV vaccine poses a direct challenge to Zhifei Biological, which has been preparing for this competition by increasing promotional efforts [2][11]. - The pricing strategy for the new domestic vaccine is expected to be significantly lower than imported options, potentially ranging from 700 to 800 yuan [11]. - Despite promotional efforts, there are concerns about the overall market demand for HPV vaccines, as many potential recipients have already completed their vaccinations [12][13].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [29]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 5.06% from May 30, 2025, to June 12, 2025, exceeding the CSI 300 index by approximately 4.19 percentage points [10][24]. - Most sub-sectors within the industry recorded positive returns during the same period, with other biological products and raw materials leading with increases of 6.57% and 4.92%, respectively [11][24]. - Approximately 83% of stocks in the industry achieved positive returns, with notable performers such as Yiming Pharmaceutical rising by 94.83% [12][15]. - The overall industry valuation has increased, with the SW pharmaceutical and biotechnology industry index's PE (TTM) at approximately 50.45 times, which is relatively low compared to historical levels [16][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 5.06% from May 30, 2025, to June 12, 2025 [10]. - Most sub-sectors recorded positive returns, with significant gains in other biological products and raw materials [11]. - About 83% of stocks in the industry posted positive returns, with Yiming Pharmaceutical showing the highest increase [12][15]. 2. Industry News - The National Medical Insurance Administration announced that Hunan Province completed its annual medical insurance fund settlement ahead of schedule, distributing 9.22 billion yuan to 31,000 medical institutions [22]. - The report highlights the ongoing positive developments in the innovative drug sector, including a significant collaboration between Sanofi and Pfizer worth 6 billion USD [26]. 3. Company Announcements - Chengdu Kanghong Pharmaceutical Group's subsidiary received approval for a clinical trial of a new drug, which is expected to enhance its market competitiveness [23]. 4. Industry Outlook - The report suggests continued focus on investment opportunities within the innovative drug supply chain and related sectors, including medical devices and traditional Chinese medicine [26].

Core Viewpoint - The weight loss drug concept sector has seen a significant increase, with a rise of 4.66% as of June 9, positioning it as the second-highest gaining sector in the market [1]. Group 1: Market Performance - Within the weight loss drug sector, 48 stocks experienced gains, with Changshan Pharmaceutical reaching a 20% limit up [1]. - Notable gainers include Zhongsheng Pharmaceutical, Meinuo Pharmaceutical, and Shuanglu Pharmaceutical, all hitting the limit up, while Xinnoway and *ST Sansheng were among the few decliners [1]. - The sector's performance is reflected in the daily gainers and losers table, highlighting the overall positive trend in the weight loss drug concept [1]. Group 2: Capital Flow - The weight loss drug sector attracted a net inflow of 237 million yuan from major funds, with 27 stocks receiving net inflows [1]. - Zhongsheng Pharmaceutical led the net inflow with 247 million yuan, followed by Zhifei Biological, Shuanglu Pharmaceutical, and Ganli Pharmaceutical, which also saw significant inflows [1][2]. - The net inflow ratios for leading stocks in the sector were notably high, with Zhongsheng Pharmaceutical at 55.08%, indicating strong investor interest [2][3]. Group 3: Stock Performance Metrics - Key stocks in the weight loss drug sector showed impressive daily performance metrics, with Zhongsheng Pharmaceutical and Shuanglu Pharmaceutical both achieving nearly 10% gains [2][3]. - The turnover rates for these stocks also reflect active trading, with Zhongsheng Pharmaceutical at 3.84% and Shuanglu Pharmaceutical at 7.00% [2][3]. - The data indicates a robust interest in the weight loss drug sector, as evidenced by the high net inflow ratios and significant daily price movements [2][3].

Core Viewpoint - The approval of Wantai Biological's nine-valent HPV vaccine marks a significant development in the domestic HPV vaccine market, but the company faces challenges in sales due to increased competition and market saturation [2][5]. Group 1: Market Dynamics - The nine-valent HPV vaccine has become widely available, with sales pressure on Merck and its domestic distributor Zhifei Biological, raising questions about Wantai Biological's ability to sell its product [2][7]. - The market for HPV vaccines has seen a dramatic increase in supply, with the number of approved doses rising from 3.32 million in 2019 to 36.55 million in 2023, leading to a decrease in demand and sales pressure for existing products [7][8]. Group 2: Financial Performance - Wantai Biological's revenue from its two-valent HPV vaccine peaked at over 8.49 billion yuan in 2022 but fell to 5.51 billion yuan in 2023, with projections for further decline in 2024 [5]. - Analysts predict that the nine-valent HPV vaccine could become a core driver of Wantai Biological's performance, with potential peak sales reaching 22.8 billion yuan if penetration among eligible women exceeds 50% [5][8]. Group 3: Competitive Landscape - Wantai Biological's nine-valent HPV vaccine is the first domestically produced version and the second globally, but it will face stiff competition from Merck's Gardasil 9 and other emerging products from companies like Shanghai Bowei and Beijing Kanglaweishi [2][9]. - The market for HPV vaccines is expected to become increasingly competitive, with several companies developing higher-valent vaccines, which may further challenge Wantai Biological's market position [9].