智飞生物预亏超百亿元，疯狂举债能自救吗？

Core Viewpoint - Zhifei Biological is expected to report a significant loss of between 10.698 billion to 13.726 billion yuan for the year 2025, marking a decline of 630% to 780% compared to the previous year's profit of 2.018 billion yuan, primarily due to underperformance in market sales of its main products [1] Group 1: Financial Performance - The company anticipates a net profit loss of 10.698 billion to 13.726 billion yuan for 2025, a stark contrast to the previous year's profit of 2.018 billion yuan [1] - The expected loss in net profit is attributed to high accounts receivable and inventory levels, which have become critical issues for the company [1][2] - Inventory levels reached 22.24 billion yuan in 2024, accounting for 54% of current assets, a year-on-year increase of 147.49% [5] Group 2: Inventory and Accounts Receivable Issues - The company has been facing high inventory levels since 2024, with inventory at 20.25 billion yuan in the first three quarters of 2025, representing 56% of current assets, a slight decrease of 2.16% year-on-year [5] - Accounts receivable increased significantly from 12.87 billion yuan in 2021 to 27.06 billion yuan in 2023, comprising 52% to 66% of current assets during this period [6] - The company has begun to improve its accounts receivable management, reducing it to 16.27 billion yuan in 2024, which accounted for 39% of current assets, a year-on-year decrease of 39.86% [6] Group 3: Financing and Debt Management - To address liquidity issues, the company plans to apply for a medium to long-term loan of up to 10.2 billion yuan to refinance existing debt and support daily operations [8] - As of the third quarter of 2025, the company's total liabilities stood at 16.79 billion yuan, with a debt-to-asset ratio of 36.18%, and short-term loans amounting to 10.32 billion yuan against cash reserves of only 2.498 billion yuan [7]