智飞生物中报史上首亏 短期借款增105亿流动性压力待解

Core Viewpoint - The vaccine giant Zhifei Biological Products Co., Ltd. reported a rare loss in the first half of 2025, marking its first loss since going public in 2010, with significant declines in revenue and net profit due to decreased public vaccination willingness and changing market demands [1][2][4]. Financial Performance - In the first half of 2025, the company achieved revenue of approximately 4.9 billion yuan, a decrease of over 73% compared to 18.26 billion yuan in the same period last year [1][3]. - The net profit attributable to shareholders was a loss of 597 million yuan, compared to a profit of 2.234 billion yuan in the previous year [1][3]. - The company has experienced a continuous decline in revenue for four consecutive quarters, with net profit also showing losses during this period [4]. Operational Challenges - The decline in revenue and profit is attributed to multiple factors, including a decrease in public vaccination willingness and changes in market demand, leading to a significant adjustment in the company's performance [2][4]. - The company reported a significant drop in the issuance of its vaccine products, with self-developed vaccines seeing declines of 58.1% to 66.46% in issuance volume [5][6]. Cash Flow and Debt Management - Despite the losses, the company reported a significant improvement in cash flow, with a net operating cash flow of 1.564 billion yuan, a year-on-year increase of approximately 609% [2][8]. - As of June 30, 2025, the company's accounts receivable were approximately 13.518 billion yuan, a decrease of about 12 billion yuan from the previous year [8]. - However, the company faces liquidity pressure, with short-term borrowings of 13.964 billion yuan, significantly exceeding its cash reserves of 2.566 billion yuan [2][8]. Strategic Initiatives - The company is actively optimizing its operational strategies in response to industry structural adjustments, focusing on innovation and internationalization [2][7]. - In the first half of 2025, the company invested 635 million yuan in research and development, continuing to strengthen partnerships with commercial partners to adapt to market changes [7][8].