疫苗巨头，上半年亏钱！

Core Viewpoint - Zhifei Biological reported a net loss of 597 million yuan in the first half of 2025, marking its first semi-annual loss since its listing in 2010, primarily due to a decline in public vaccination willingness and changes in market demand [2][5]. Financial Performance - In the first half of 2025, Zhifei Biological achieved an operating income of 4.919 billion yuan, a decrease of 73.06% compared to the same period last year [2]. - The net profit attributable to shareholders was -597 million yuan, down from 2.234 billion yuan in the previous year, indicating a significant year-on-year loss [2][5]. - The company experienced a continuous decline in product sales, with the issuance of the nine-valent HPV vaccine dropping by 76.8% from 18.2717 million doses to 4.2388 million doses [5]. Liquidity Issues - As of the end of the first half of 2025, Zhifei Biological had short-term borrowings of 13.96 billion yuan, accounting for 30.4% of total assets, while cash and cash equivalents were only 2.566 billion yuan [7]. - Accounts receivable stood at 13.52 billion yuan, and inventory was 21.01 billion yuan, representing approximately 45.73% of total assets, indicating a persistent liquidity crisis [7]. - The company announced plans to issue corporate bonds to raise 6 billion yuan for technological innovation, debt replacement, and working capital [7]. Stock Performance - From May 2021 to the present, Zhifei Biological's stock price has declined from a peak of 146.21 yuan per share to 23.55 yuan per share, reflecting a decrease of 83.89% [7]. - As of August 18, the company's market capitalization was 56.4 billion yuan [7].