疫苗巨头智飞生物上半年亏钱！“流动性困局”未解

Core Viewpoint - The company 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 changing market demand [2][3]. Financial Performance - In the first half of 2025, the company's operating revenue was 4.919 billion yuan, a decrease of 73.06% compared to the same period last year [3]. - The net profit attributable to shareholders was -597 million yuan, a significant drop from 2.234 billion yuan in the same period last year [3]. - The company experienced a continuous quarterly loss for four consecutive quarters since the third quarter of 2024 [2][3]. Product Performance - The issuance volume of the nine-valent HPV vaccine plummeted by 76.8%, from 18.2717 million doses to 4.2388 million doses [6]. - The four-valent HPV vaccine saw its issuance drop from 466,000 doses last year to zero [6]. - Revenue from the agency's Merck products fell from 17.59 billion yuan to 4.37 billion yuan, a decline of 75.16% [6]. Liquidity Issues - The company's chairman indicated that the current difficulties are due to both external and internal factors, with internal issues being more significant [7]. - As of the end of the first half of 2025, short-term borrowings amounted to 13.96 billion yuan, representing 30.4% of total assets, while cash reserves were only 2.566 billion yuan [7]. - Accounts receivable stood at 13.52 billion yuan, and inventory was 21.01 billion yuan, accounting for approximately 45.73% of total assets [7]. Capital Raising Efforts - In response to liquidity challenges, the company announced plans to issue corporate bonds to raise 6 billion yuan for technology innovation, debt replacement, and working capital [8]. - The company's stock price has declined significantly from a peak of 146.21 yuan per share in May 2021 to 23.55 yuan per share, representing a drop of 83.89% [8]. Market Capitalization - As of August 18, the company's latest market capitalization was 56.4 billion yuan [9].