经济观察报·2025-06-13 13:48Core Viewpoint - The article discusses the challenges faced by Zhifei Biological, particularly in the sales of the nine-valent HPV vaccine, amid increasing competition and declining performance metrics [1][4][8]. Group 1: Sales and Market Challenges - Zhifei Biological has experienced severe sales difficulties with the nine-valent HPV vaccine, leading to significant inventory issues and delayed payments, resulting in a drastic decline in performance over the past year [1][4]. - The company reported a revenue of 26 billion yuan in 2025, a 50% decrease year-on-year, and a net profit of 2 billion yuan, down 75% from the previous year [8]. - The introduction of a competing nine-valent HPV vaccine by Wantai Biological has intensified market competition, prompting Zhifei to initiate promotional activities to boost sales [3][29]. Group 2: Inventory and Financial Management - As of the first quarter of 2025, Zhifei's accounts receivable decreased from 16.3 billion yuan to 14.6 billion yuan, indicating ongoing efforts to manage financial pressures [14]. - The company is focusing on "de-stocking, collecting payments, and reducing liabilities" as core strategies to mitigate operational risks [12]. - Inventory issues are compounded by a significant amount of unsold products, with a large portion being imported vaccines, leading to increased financial strain [17][18]. Group 3: Strategic Responses - Zhifei Biological has outlined three main strategies to address market challenges: enhancing communication with partners, adjusting promotional policies, and strengthening risk control measures [10][11]. - The company has initiated a large-scale promotional campaign, including free vaccination offers, to stimulate demand and improve vaccination rates [2][5]. - Despite these efforts, there are concerns about the effectiveness of their promotional strategies, particularly in reaching target demographics and adapting to market needs [20][21]. Group 4: Competitive Landscape - The competitive landscape is shifting, with Wantai Biological's entry into the market expected to create additional pressure on Zhifei, which has already been struggling with sales [26][30]. - Experts suggest that the market for the nine-valent HPV vaccine may face challenges due to a saturated customer base, as many potential recipients have already completed their vaccinations [30][31]. - The pricing strategy of Wantai Biological is anticipated to be significantly lower than that of imported vaccines, potentially affecting Zhifei's market share [27][32].