借款102亿背后：智飞生物履行默沙东980亿的“卖身契”

Core Viewpoint - The company, Zhifei Biological, is facing a severe financial crisis due to a combination of high inventory levels, a rigid procurement agreement with Merck, and increased competition from domestic vaccine manufacturers, leading to a significant decline in sales and market value [1][10][14]. Group 1: Financial Situation - Zhifei Biological is seeking a medium to long-term syndicated loan of up to 10.2 billion yuan, with the controlling shareholder's family providing full guarantees and pledging core subsidiary equity and substantial receivables [1]. - As of the third quarter of 2025, the company had 20.2 billion yuan in inventory and 12.8 billion yuan in receivables, totaling over four times its revenue for that period [2][9]. - The company's revenue dropped from 529.2 billion yuan in 2023 to 260.7 billion yuan in 2024, while it is obligated to fulfill a procurement plan of 32.6 billion yuan for HPV vaccines in 2024 [7][11]. Group 2: Market Dynamics - The partnership with Merck, which began in 2011, initially led to significant revenue growth, with sales increasing nearly 40 times from 2017 to 2023 [3][6]. - The introduction of the domestic nine-valent HPV vaccine by Wantai Biologics in June 2025, priced at 499 yuan per dose, significantly undercut the price of Merck's vaccine, leading to a collapse in sales for Zhifei's products [2][10]. - By 2025, the batch issuance of the four-valent HPV vaccine dropped to zero, and the nine-valent vaccine saw a year-on-year decline of 76.8% in the first half of 2025 [10][11]. Group 3: Future Prospects - The company has invested over 5.1 billion yuan in research and development over the past five years, with a focus on developing its own vaccine products to reduce reliance on Merck [13][14]. - Despite the ongoing development of over thirty self-developed projects, the revenue from these products was only 1.18 billion yuan in 2024, which is negligible compared to the 246.65 billion yuan from agency income [14]. - The company's market capitalization has plummeted from over 400 billion yuan in 2021 to less than 50 billion yuan by early 2026, indicating a drastic decline in investor confidence [14].