Xin Lang Cai Jing·2026-01-18 13:34Group 1 - Cervical cancer is likely to be the first cancer to be eradicated in human history, primarily caused by high-risk HPV, and widespread vaccination can potentially eliminate it in the near future [1][34] - The development of the HPV vaccine is significantly attributed to Chinese scientists, particularly Dr. Zhou Jian and Professor Ian Frazer, who collaborated to synthesize the vaccine over 25 years [1][34] Group 2 - In 2006, the first HPV vaccine was administered, marking a significant milestone in the fight against cervical cancer [3][36] - The vaccine was introduced to China in 2017, with Zhifei Biological Products Co., Ltd. as the exclusive distributor, leading to a surge in demand and revenue [6][39] Group 3 - Zhifei Biological's revenue skyrocketed from over 400 million in 2017 to 529 billion in 2023, reflecting the growing market for HPV vaccines [8][41] - However, the company is now facing significant losses, with a projected annual loss of 107-137 billion for 2025, primarily due to a "minimum purchase" agreement with Merck [5][38][49] Group 4 - The agreement with Merck requires Zhifei to purchase over 980 billion worth of HPV vaccines by the end of 2026, regardless of sales performance, which has become a financial burden [50][52] - The introduction of domestic competitors has led to a price war, significantly impacting Zhifei's sales and profitability [12][46][47] Group 5 - The company's inventory turnover days have reached approximately 980 days, indicating potential issues with unsold stock and the need for inventory impairment provisions [28][62] - Zhifei's self-research efforts have been insufficient, with revenues from self-developed products only reaching 10 billion in 2024 and 5 billion in the first half of 2025, highlighting a lack of diversification [30][64]