股价连跌四年，智飞生物举债百亿元过冬

Core Viewpoint - The pharmaceutical stock market rebounded significantly in 2025, but Zhifei Biological (300122) experienced a nearly 30% decline, marking the fourth consecutive year of decline for the company, primarily due to a substantial drop in performance leading to losses [1]. Financial Performance - In 2024, Zhifei Biological reported a revenue of 26.1 billion yuan, a year-on-year decrease of 51%, and a net profit of 2.02 billion yuan, down 75% year-on-year [1]. - For the first three quarters of 2025, the company achieved a revenue of 7.63 billion yuan, a year-on-year decline of 66%, and incurred a net loss of 1.2 billion yuan, reversing from profit to loss [1]. - As of the end of Q3 2025, the company's cash on hand was only 2.498 billion yuan, while short-term loans reached 10.318 billion yuan, indicating significant financial pressure [1]. Inventory and Receivables - By the end of Q3 2025, Zhifei Biological's inventory surged to 20.25 billion yuan, compared to only 9 billion yuan at the end of 2023, posing a substantial risk of inventory impairment [2]. - The accounts receivable stood at 12.814 billion yuan, indicating pressure from delayed payments, with over 45% of accounts receivable aging over one year by the end of Q3 2025 [2]. HPV Vaccine Market Dynamics - The company renewed its procurement agreement with Merck to purchase 98 billion yuan worth of HPV vaccines by 2026, but the batch release volume of the four-valent HPV vaccine dropped by 95% year-on-year in 2024, and the nine-valent HPV vaccine saw a 15% decline [1]. - The monopoly of imported nine-valent HPV vaccines was broken in June 2025 when Wantai Biological's domestic nine-valent HPV vaccine was approved, creating direct competition with the Merck vaccine that Zhifei Biological distributes [1]. Financing and Debt Management - To address financial pressures, Zhifei Biological initiated significant financing efforts, including applying for a medium to long-term loan of up to 10.2 billion yuan and issuing bonds to raise no more than 6 billion yuan for operational needs [4][5]. - As of Q3 2025, the total liabilities of the company reached 16.79 billion yuan, with a debt-to-asset ratio of 36.18%. If the new loan is included, the ratio could rise to approximately 48% [5]. - The company utilized all core assets for guarantees related to the loan, including personal guarantees from the controlling shareholders and pledging core subsidiaries' equity and receivables [5]. Research and Development Efforts - In response to challenges, Zhifei Biological is enhancing its innovation capabilities by establishing research and production bases in Beijing, Anhui, and Chongqing, along with an innovation incubation center [5]. - The company's R&D expenses have increased from 300 million yuan in 2020 to 971 million yuan in 2024, with 669 million yuan spent in the first three quarters of 2025 [5].