智飞生物短债148亿拟发债60亿解压 业绩股价骤降蒋仁生财富缩水1629亿

Core Viewpoint - The company, Zhifei Biological Products (300122.SZ), is facing significant financial pressure and is attempting to alleviate this through a bond issuance of up to 6 billion yuan to optimize its debt structure and meet operational funding needs [1][5][15]. Financial Performance - As of the end of Q1 2024, the company's short-term debt was approximately 148 billion yuan, which is 4.8 times its cash reserves of 30.69 billion yuan [6][10]. - The company reported a 50% decline in revenue and a 75% drop in net profit attributable to shareholders for 2024, marking its first loss since 2010 [1][19]. - Financial expenses surged by 1011.22% year-on-year to 66.27 million yuan in Q1 2024, indicating a rapid deterioration in financial health [7][8]. - The operating cash flow turned negative for the first time in 2024, with a loss of 4.414 billion yuan, a 149.6% decline compared to the previous year [8][10]. Market Performance - The company's stock has seen a decline of over 80% over the past four years, with a peak price of 231.19 yuan per share in May 2021, dropping to 19.35 yuan per share by June 2023 [2][12]. - The market capitalization has decreased from 369.9 billion yuan at its peak to approximately 46.3 billion yuan, reflecting a significant loss in shareholder wealth [12]. Product and Sales Challenges - The company has experienced a severe decline in product sales, particularly in its agency model for Merck's HPV vaccines, leading to inventory levels reaching 219 billion yuan in Q1 2024 [20][21]. - Sales of key products, including the four-valent and nine-valent HPV vaccines, have plummeted, with some products seeing a drop in batch issuance of up to 95.49% [19][21]. - Despite the revenue decline, sales expenses remained relatively stable at 2.651 billion yuan, indicating ongoing marketing efforts [21]. Strategic Response - In response to financial pressures, the company is focusing on self-developed products, with R&D investments increasing from 1.113 billion yuan in 2022 to 1.391 billion yuan in 2024 [22]. - The company has established nine technology R&D platforms and has 34 self-developed projects, with 19 in clinical trials or registration stages [22].