ZHIFEI-BIOL(SZ:300122) Cai Jing Wang·2025-08-19 04:20Core Insights - The company reported a significant revenue decline of 73.06% to 4.919 billion yuan in the first half of 2025, alongside a net loss of 597 million yuan [1] - Despite short-term operational pressures, the company maintained stable R&D investments, totaling 635 million yuan in the first half of 2025, and made progress in clinical trials and product registrations [1] - The company reinforced partnerships with commercial allies to adapt to market changes, including an optimized agreement with GSK for the herpes zoster vaccine [1] Product Performance - The company saw varied performance in vaccine batch approvals from January to June 2025 compared to the same period in 2024, with significant increases in ACYW135 and AC polysaccharide vaccines, while Hib and 23-valent pneumonia vaccines saw declines [2] - The company’s collaboration with Merck led to the approval of male indications for the quadrivalent and nine-valent HPV vaccines, enhancing public health protection against HPV-related diseases [3] - The company adjusted the procurement and supply rhythm for HPV vaccines in collaboration with Merck to strengthen supply chain resilience amid market fluctuations [4] New Product Launches - The quadrivalent influenza virus split vaccine received market approval, expanding the company's product offerings and contributing to national influenza prevention efforts [4] - The company actively promoted various self-developed vaccines, including the quadrivalent meningococcal polysaccharide vaccine and the 23-valent pneumonia vaccine, achieving positive results in multiple provinces [4]