格隆汇2月3日丨智飞生物(300122.SZ)公布，近日获悉，由全资子公司安徽智飞龙科马生物制药有限公 司（简称"智飞龙科马"）研发的带状疱疹mRNA疫苗获得国家药品监督管理局药物临床试验批准通知书 （通知书编号：2026LP00326），同意开展用于预防带状疱疹的临床试验。 ...

智通财经APP讯，智飞生物(300122.SZ)公告，公司子公司安徽智飞龙科马生物制药有限公司(简称"智飞 龙科马")研发的带状疱疹mRNA疫苗获得国家药品监督管理局药物临床试验批准通知书，同意开展用于 预防带状疱疹的临床试验。 ...

（文章来源：第一财经） 智飞生物公告，由全资子公司智飞龙科马研发的带状疱疹mRNA疫苗获得国家药品监督管理局药物临床 试验批准通知书，同意开展用于预防带状疱疹的临床试验。该疫苗是公司自主知识产权mRNA技术产 品，具有良好的免疫原性和安全性，能够有效预防带状疱疹发生。此次获批将进一步丰富公司成人疫苗 品种，完善产品布局，强化市场地位。 ...

证券代码：300122 证券简称：智飞生物 公告编号：2026-08 重庆智飞生物制品股份有限公司 关于带状疱疹 mRNA 疫苗获得临床试验批准通知书的公告 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，由全资子 公司安徽智飞龙科马生物制药有限公司（以下简称"智飞龙科马"）研发的带状疱 疹 mRNA 疫苗获得国家药品监督管理局药物临床试验批准通知书（通知书编号： 2026LP00326），同意开展用于预防带状疱疹的临床试验。 一、研发项目简介 带状疱疹（herpes zoster）是由长期潜伏在脊髓后根神经节或颅神经节内的 水痘-带状疱疹病毒（varicella-zoster virus，VZV）经再激活引起的感染性皮肤病。 有数据表明，90%以上的成人体内都潜伏有水痘-带状疱疹病毒，大约 1/3 的人在 一生中会患带状疱疹。带状疱疹是皮肤科常见病，除皮肤损害外，常伴有神经病 理性疼痛，多见于年龄较大、免疫抑制或免疫缺陷等人群，严重影响患者生活质 量。带状疱疹后神经痛（PHN）为带状疱疹最常见的并发 ...

Core Viewpoint - The HPV vaccine market is experiencing a decline in growth, leading to significant financial challenges for major companies like Zhifei Biological, Wantai Biological, and Watson Biological, with all three facing operational difficulties and inventory pressures [1][3][6]. Financial Performance - Zhifei Biological is projected to incur a net loss of 10.698 billion to 13.726 billion yuan in 2025, marking a staggering decline of 630% to 780% year-on-year [3][6]. - Wantai Biological anticipates its first annual net loss since going public, estimated between 330 million to 410 million yuan [3][6]. - Watson Biological expects a net profit of 160 million to 190 million yuan in 2025, reflecting a year-on-year growth of 13% to 34% [3][6]. Inventory Challenges - Zhifei Biological faces an inventory burden exceeding 20 billion yuan, with a significant portion of its nine-valent vaccines set to expire in 2026 [4][5]. - Wantai Biological's two-valent vaccine sales are hindered by market competition and near-expiry inventory, leading to a decline in sales [6][7]. Market Dynamics - The HPV vaccine market is shifting from a phase of high demand to one characterized by increased competition and price wars, compelling companies to adapt their strategies from "price for volume" to "quality for breakthrough" [1][9]. - The introduction of new vaccines, including Wantai's nine-valent vaccine, has intensified competition, but market acceptance remains slow [7][11]. Pricing Strategies - The price of Wantai's two-valent HPV vaccine has drastically decreased from 329 yuan to 27.5 yuan due to public procurement initiatives, reflecting a more competitive pricing environment [10][11]. - Watson Biological's two-valent vaccine is also priced at 27.5 yuan under the national immunization program, indicating a significant reduction from its initial pricing [10][11]. Future Outlook - Companies are exploring various strategies to optimize operations, including adjusting procurement plans, enhancing product promotion, and improving inventory turnover [5][8]. - Experts suggest that overcoming the current challenges requires a focus on technological upgrades, brand building, and international expansion rather than solely competing on price [11].

Core Viewpoint - The HPV vaccine market is experiencing a significant downturn, with major companies facing operational challenges and financial losses as they transition from rapid growth to a more competitive landscape [1][2]. Group 1: Company Performance - Zhifei Biological is projected to incur a net loss of 10.698 billion to 13.726 billion yuan in 2025, marking a staggering decline of 630% to 780% year-on-year [4][6]. - Wantai Biological anticipates its first annual net loss since going public, estimated between 330 million to 410 million yuan [4][2]. - Watson Biological expects a net profit of 160 million to 190 million yuan in 2025, reflecting a year-on-year growth of 13% to 34%, although its net profit excluding non-recurring items is projected to decline by 9% to 22% [2][4]. Group 2: Market Dynamics - The HPV vaccine market is facing intense competition, leading to price wars as companies attempt to gain market share amid declining demand and increasing product homogeneity [1][8]. - Zhifei Biological is burdened with over 20 billion yuan in inventory, with a significant portion of its nine-valent vaccines set to expire in 2026, raising concerns about potential write-offs [7][8]. - Wantai Biological's sales of its bivalent vaccine have been adversely affected by the approval of competing products and the expansion of the nine-valent vaccine's age range, leading to a sharp decline in revenue and profit [8][9]. Group 3: Strategic Responses - Companies are adjusting their strategies to cope with market pressures, including optimizing procurement plans, enhancing product promotion strategies, and improving inventory turnover efficiency [7][16]. - Wantai Biological and Watson Biological are targeting the public procurement market to stabilize their positions, with significant price reductions for their bivalent vaccines [12][15]. - The industry is urged to shift from a price-driven approach to one focused on quality, technological upgrades, brand building, and international expansion to overcome current challenges [16].

2026.02. 02 本文字数：2472，阅读时长大约4分钟 作者 | 第一财经 林志吟 医药企业近日陆续披露年报预告，据东方财富Choice数据统计，截至目前，A股医药生物板块有137家企业预告2025年亏损，其中首亏、增亏的企业数量 占比一半以上；而预计去年归属于母公司的净利润亏损最高的，达到137亿元。 药企亏损的背后，受制于多方面因素，其中产品价格下跌成为高频词。 亏损最高的超百亿 具体看这137家预告亏损的医药生物企业，涵盖了原料药、化学制剂、中药、疫苗、医药流通、体外诊断、医疗耗材、医疗研发外包、医疗设备等细分 领域，从预告归属于母公司的净利润下限指标看，亏损最大的是智飞生物（300122.SZ），去年业绩首亏，公司预计归属于母公司的净利润亏损最高可 达到137.26亿元；紧接着是珍宝岛（603567.SH），预计去年归属于母公司的净利润亏损最高可达到11.73亿元；之后是百利天恒（688506.SH），预计 去年归属于母公司的净利润亏损最高可达到11亿元。 另外，蓝帆医疗（002382.SZ）、神州细胞（688520.SH）、润达医疗（603108.SH）、广济药业（000952.SZ）这四家 ...

Core Viewpoint - The article discusses the dramatic decline of Zhifei Biological Products Co., Ltd., a leading vaccine manufacturer in China, and the subsequent shift in wealth dynamics in Chongqing, highlighting the fall of the Jiang Rensheng family from the top of the wealth hierarchy due to significant financial losses and the rise of new business leaders in the region [4][5][19]. Group 1: Company Performance and Financial Decline - Zhifei Biological announced a projected net loss of 10.698 billion to 13.726 billion yuan for 2025, representing a year-on-year decline of 630% to 780% [4][5]. - The company's revenue in 2023 reached 52.92 billion yuan, with a net profit of 7.915 billion yuan, but the revenue is expected to plummet to 26.07 billion yuan in 2024, a nearly 75% decrease [14]. - The reliance on agency business for 88.84% of total revenue has left Zhifei vulnerable, leading to a severe profitability crisis as market conditions shifted [14][25]. Group 2: Wealth Dynamics and Family Impact - The Jiang Rensheng family's wealth has decreased from 140 billion yuan in 2021 to 42 billion yuan in 2025, a loss of nearly 100 billion yuan, equivalent to the combined market value of two leading listed companies in Chongqing [16]. - The stock market valuation of Zhifei Biological has dropped from 360 billion yuan to 41 billion yuan, exacerbating liquidity and asset impairment pressures [16]. - The family is now resorting to asset pledges and loans to manage financial strain, marking a significant shift from their previous status as a dominant business family [18][19]. Group 3: Market Competition and Industry Trends - The vaccine industry is experiencing intensified competition as domestic vaccine manufacturers improve their R&D capabilities, leading to a breakdown of foreign monopolies [25]. - The introduction of domestic HPV vaccines has triggered price wars, significantly impacting Zhifei's market position and profitability [13][25]. - The article emphasizes the need for companies to transition from reliance on external resources to developing core technologies to survive in a changing market landscape [26].

医药企业近日陆续披露年报预告，据东方财富Choice数据统计，截至目前，A股医药生物板块有137家 企业预告2025年亏损，其中首亏、增亏的企业数量占比一半以上；而预计去年归属于母公司的净利润亏 损最高的，达到137亿元。 药企亏损的背后，受制于多方面因素，其中产品价格下跌成为高频词。 亏损最高的超百亿 具体看这137家预告亏损的医药生物企业，涵盖了原料药、化学制剂、中药、疫苗、医药流通、体外诊 断、医疗耗材、医疗研发外包、医疗设备等细分领域，从预告归属于母公司的净利润下限指标看，亏损 最大的是智飞生物（300122.SZ），去年业绩首亏，公司预计归属于母公司的净利润亏损最高可达到 137.26亿元；紧接着是珍宝岛（603567.SH），预计去年归属于母公司的净利润亏损最高可达到11.73亿 元；之后是百利天恒（688506.SH），预计去年归属于母公司的净利润亏损最高可达到11亿元。 另外，蓝帆医疗（002382.SZ）、神州细胞（688520.SH）、润达医疗（603108.SH）、广济药业 （000952.SZ）这四家企业预计去年归属于母公司的净利润亏损最高可超过5亿元。 A股医药生物板块企业的亏损，受 ...

通化东宝的2025年业绩增幅，预计也将超过30倍。经公司财务部门初步测算，预计2025年归属净利润约 12.42亿元，将实现扭亏为盈。 2025年，A股医药股的业绩"冷暖交织"。Wind数据显示，截至2月1日，共有283只医药股"剧透"2025年 的业绩情况。按预告净利润上限看，共有160股的归属净利润同比增长，其中赛诺医疗成为A股药企的 净利"预增王"，最高预增超32倍。在过半数企业业绩预增的同时，也有超120家企业的业绩预减，其中 更有39股面临上市后的首次亏损，不乏智飞生物、珍宝岛、新诺威等知名企业。此外，通过业绩预告可 以发现，创新药领域正悄然迎来破晓时分。其中，荣昌生物、诺诚健华等企业实现扭亏为盈。君实生 物、盟科药业等创新药企虽未盈利，但减亏趋势明显。 赛诺医疗成"预增王" Wind数据显示，截至2月1日，按预告净利润上限看，283只披露2025年业绩预告的医药股中，共有160 股实现归属净利润同比增长。 业绩预增的个股中，药明康德、翰宇药业、康希诺、泰格医药、三生国健等65股的预告净利润同比增长 上限超100%，赛诺医疗、通化东宝、回盛生物3股的业绩增幅超10倍。 其中，赛诺医疗以最高超32倍的 ...