疫苗龙头智飞生物存货200亿，借102亿续命，今年大批九价HPV疫苗将过期

Core Viewpoint - The company, Zhifei Biological, is facing significant financial distress due to high inventory levels and a substantial loss, prompting it to seek a loan of up to 10.2 billion yuan to manage its operations and replace existing financing [2][5]. Financial Performance - As of Q3 2025, Zhifei Biological reported a loss of 1.2 billion yuan, with inventory reaching 20.246 billion yuan, a 125% increase from the beginning of 2024 [5]. - Accounts receivable stood at 12.814 billion yuan, leading to a total of 33 billion yuan in combined inventory and receivables, over four times the company's revenue for that period [5]. - The company's revenue for 2024 is projected to decline by over 50% to 26.07 billion yuan, with net profit dropping nearly 75% [5]. Industry Context - The HPV vaccine market has shifted from a supply shortage to an oversupply situation, with sales declining since 2024, impacting Zhifei Biological's ability to sell its inventory [6]. - The introduction of competitive products, such as the domestic HPV vaccine priced at 1,500 yuan, has intensified price competition, further squeezing profit margins [6]. - The industry is undergoing structural adjustments, with only 6 out of 17 vaccine companies being profitable in the first half of 2025 [6][7]. Strategic Response - In response to its financial challenges, Zhifei Biological has prioritized inventory reduction, debt management, and cash recovery as core tasks [9]. - The company is also diversifying its product offerings, with plans to increase the number of self-developed products and expand into the GLP-1 market for diabetes and obesity treatments [9]. - The industry is witnessing a shift from price competition to value competition, with a focus on product quality and differentiation as essential for survival [10][11].