HPV疫苗卖不动智飞生物亏损加大，百亿应收账款高悬

Core Viewpoint - The sales of HPV vaccines are declining, leading to increased losses for Zhifei Biological, with significant accounts receivable outstanding [1] Financial Performance - Zhifei Biological 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, a year-on-year decline of 126.72% [1] - In the first quarter, the net profit loss was already 305 million yuan [1] Market Dynamics - The domestic HPV vaccine market is experiencing intensified competition, resulting in a noticeable decline in sales [1] - Merck's four-valent and nine-valent HPV vaccines have expanded their target population in China from females to include males, but this has limited short-term sales performance improvement for Zhifei Biological [1]