ZHIFEI-BIOL(SZ:300122) Sou Hu Cai Jing·2025-11-06 02:02Core Viewpoint - Zhifei Biological (300122.SZ) reported a significant decline in financial performance for the first three quarters of 2025, with revenue dropping by 66.53% year-on-year and a net loss of 1.206 billion yuan, marking a 156.86% decrease compared to the previous year [2][3]. Financial Performance Summary - Revenue for the first three quarters of 2025 was 7.627 billion yuan, down 66.53% year-on-year [3]. - The net profit attributable to shareholders was -1.206 billion yuan, a decline of 156.86% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was -1.227 billion yuan, down 158.08% year-on-year [3]. - Basic earnings per share were -0.5040 yuan, a decrease of 156.86% year-on-year [3]. - Total assets at the end of the reporting period were 46.392 billion yuan, a decrease of 9.50% from the previous year [3]. Expense and Inventory Analysis - Despite a significant drop in revenue, sales expenses increased, with the sales expense rate rising to 21.12% in Q3 2025, compared to 4.34% in Q1 2024 [5][6]. - Inventory levels have remained high, with a continuous increase in inventory despite ongoing impairment losses, raising questions about the company's inventory management strategy [7][9]. Market Position and Investor Sentiment - The stock price of Zhifei Biological has fallen over 90% from its peak, leading to a lack of active fund presence among the top shareholders, with only index funds remaining [12]. - Many investors have lost patience, but there are signs of potential recovery, such as a 6.40% increase in revenue quarter-on-quarter in Q3 2025 and a record high in R&D expenses at 250 million yuan [18][19]. Debt and Financial Structure - The company's long-term borrowings increased significantly to 30.94 billion yuan, up 1016.97%, while short-term borrowings decreased to 103.2 billion yuan, down 26.11% [20].