证券代码：300122 证券简称：智飞生物 公告编号：2026-04 重庆智飞生物制品股份有限公司 关于 CA111 注射液进入Ⅰ期临床试验的公告 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"）于近日获悉，由控股 子公司重庆宸安生物制药有限公司（以下简称"宸安生物"）研发的 CA111 注射 液在浙江省开展Ⅰ期临床试验。 一、研发项目简介 宸 安 生 物 研 制 的 CA111 注 射 液 是 一 款 葡 萄 糖 依 赖 性 胰 岛 素 释 放 肽 （Glucose-dependent insulinotropic polypeptide，GIP）受体和胰高血糖素 样肽-1（Glucagon like peptide-1，GLP-1）受体的双重激动剂。GIP 是 42 个 氨基酸的胃肠调节肽，其通过在葡萄糖存在下刺激胰腺β细胞分泌胰岛素以及保 护胰腺β细胞，在葡萄糖内稳态中发挥生理作用。GLP-1 是 37 个氨基酸的肽， 其刺激胰岛素分泌和保护胰腺β细胞，并抑制胰高血糖素分泌、胃排空和食物摄 入，从而控制血糖 ...

刚过去的2025年，医药股显著反弹，但智飞生物（300122）却逆势下跌近三成，这已是公司连续第四年下跌。股价疲弱的背后是去年以来智飞生物业绩大 幅下滑直至亏损。 财务数据显示，2024年智飞生物营收和净利润均大幅下降。其中，当年公司实现营收261亿元，同比大降51%；实现净利润20.2亿元，同比大降75%。2025 年前三季度，公司实现营收76.3亿元，同比大降66%；净利润亏损12亿元，由盈转亏。 根据2025年中报，智飞生物账龄在1年以上的应收账款合计占比从期初的约24%上升至期末的近45%。 值得注意的是，HPV疫苗保质期是3年。这意味着2026年智飞生物会面对大批疫苗保质期到期的问题，公司将面临计提坏账的风险。 面对资金压力，智飞生物开始大额融资。 今年1月5日晚，智飞生物发布公告，准备申请总额不超过102亿元、期限不超过3年的中长期贷款，用于置换公司存量融资以及补充日常营运资金。 此外，去年6月26日，智飞生物公告，拟通过发行公司债券募资不超过60亿元，用于满足生产经营与投资的资金需求，优化债务结构。 截至2025年三季度末，公司负债总额167.9亿元，资产负债率36.18%。如果加上102亿元的 ...

投资者： 请问截止12月31日公司股东人数是多少？ 董秘： 您好，公司2025年12月31日股东人数及其详情请关注并查阅公司定期报告披露的相关内容，感 谢关注！ 投资者： 尊敬的董秘您好，贵公司2026年1月5日发布的解押公告披露的质押起始日期的质押在2023年 的公告中已解除，请问2026年1月5日发布的解押公告中解除的是否对应的是质押到期日为2028年5月17 日的质押记录？ 董秘： 您好，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），谢谢！ 投资者： 公司股票5年间从最高价（231元）算起，5年跌幅超90%。按照创业板有关规定，股票如果下 跌异常，要向投资者发布退市风险警示提醒。公司是否达到了退市风险警示的提示要求，还是会等到跌 到退市时才会发布退市风险警示公告呢？！ 董秘： 您好，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，谢谢！ 截至2026年1月9日收盘，智飞生物(300122)报收于19.8元，上涨1.69% ...

（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].

2026年1月5日晚间，A股疫苗龙头智飞生物发布公告， 拟申请总额不超过102亿元、期限最长3年的中长期贷款， 用于置换存量融资及补充日 常营运资金。 2025年三季度，智飞生物已陷入12亿元亏损，更严峻的是，其核心库存产品九价HPV疫苗保质期为3年，2026年将迎来大批疫苗过期节点，可 能引发大规模坏账计提。这场近乎"押上全家族资产"的大额融资，凸显出公司应对200亿元级疫苗库存压力的紧迫性，也折射出中国疫苗行业 在供需失衡与价格战下的调整困境。 上述公告发布后，智飞生物股价略有回升，截至1月9日早盘，近5日涨近4%。 记者丨唐唯珂 编辑丨季媛媛 2025年三季报显示， 公司存货余额高达202.46亿元， 较2024年初的89.86亿元激增125%； 同期应收账款达128.14亿元，两者合计330亿元， 是当期营收的4倍以上，形成庞大的资金占用堰塞湖。更严峻的是，其核心库存产品九价HPV疫苗保质期为3年， 2026年将迎来大批疫苗过期 节点，可能引发大规模坏账计提。 财务数据显示，公司业绩已连续多季度滑坡。2024年营收同比下滑超50%至260.7亿元，净利润骤降近75%；2025年上半年陷入上市以来首次半 ...

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 ...