ZHIFEI-BIOL(SZ:300122) Di Yi Cai Jing Zi Xun·2025-08-19 07:17Core Viewpoint - The performance of Zhifei Biological (300122.SZ) has significantly deteriorated in the first half of the year, primarily due to a decline in public vaccination willingness and changing market demand, leading to a substantial drop in revenue and an increase in net losses [1][3]. Financial Performance - The company reported a revenue of 4.919 billion yuan, a year-on-year decrease of 73.06% [1]. - The net profit attributable to shareholders was a loss of 597 million yuan, representing a year-on-year decline of 126.72% [1]. - In the first quarter, the net profit loss was already 305 million yuan [1]. Revenue Sources - Zhifei Biological's revenue is derived from both self-developed products and agency products, with agency products accounting for approximately 88% of total revenue, amounting to 4.37 billion yuan, which is a year-on-year decline of 74.45% [1]. - Self-developed product revenue decreased by 9.27% year-on-year [1]. Market Competition - The HPV vaccine market in China is becoming increasingly competitive, with signs of declining sales for HPV vaccines [3]. - Despite the expansion of eligible populations for Merck's four-valent and nine-valent HPV vaccines, there is limited short-term impact on Zhifei Biological's sales performance [3]. - The approval of a domestic nine-valent HPV vaccine by Wantai Biological's subsidiary has disrupted the market, offering a price significantly lower than Merck's product [3]. Inventory and Receivables - As of the half-year report, the company's accounts receivable stood at 13.518 billion yuan, accounting for 29.43% of total assets [4]. - The inventory amount reached 21.015 billion yuan, representing 45.75% of total assets [4]. - The high proportion of accounts receivable is attributed to the "one invoice system" in vaccine sales, which can lead to delays in cash recovery [4].