ZHIFEI-BIOL(SZ:300122) 第一财经·2025-06-17 14:37Core Viewpoint - The article discusses the recent price reductions for imported HPV vaccines and shingles vaccines in China, highlighting various promotional campaigns aimed at increasing vaccination rates among different demographics [1][2]. Group 1: Vaccine Price Reductions - Several vaccination sites have launched promotional programs for imported HPV vaccines, including a "buy one, get one free" offer for the two-dose regimen for girls aged 9 to 14 [1]. - For women aged 15 to 45, the two-dose HPV vaccines are offered at significant discounts, with the two-dose regimen for the bivalent HPV vaccine costing only one dose, and the nine-valent vaccine costing two doses for three [1]. - The price per dose for the imported bivalent HPV vaccine is 588 yuan, while the nine-valent vaccine is priced at 1306 yuan, leading to substantial cost reductions for full vaccination [1]. Group 2: Broader Vaccine Promotions - In Dezhou, Shandong Province, promotional activities for imported four-valent and nine-valent HPV vaccines have been introduced, including free third doses for males aged 16 to 26 [2]. - The Jining Health Service Center has also initiated a discount for the imported shingles vaccine, reducing the price from 3260 yuan for two doses to 1652 yuan, a reduction of 1608 yuan [2]. Group 3: Industry Performance Challenges - Despite the price reductions, the performance of vaccine manufacturers has been disappointing, with significant declines in sales for core products like HPV vaccines [3]. - Zhifei Biological Products Co., Ltd. reported a 50.74% decrease in revenue to 26.07 billion yuan in 2024, and a 74.99% drop in net profit to 2.018 billion yuan [4]. - In Q1 2025, the company experienced a 79.16% decline in revenue compared to the previous year, resulting in a net loss of 305 million yuan [4]. Group 4: Company Strategies - The company aims to address operational challenges by focusing on inventory reduction, debt recovery, and lowering liabilities as part of its 2025 strategy [5]. - Efforts include optimizing sales policies, participating in local health promotion projects, and enhancing awareness of HPV vaccination for males [5]. - As of Q1 2025, the company's accounts receivable decreased to 14.6 billion yuan, indicating a focus on managing financial risks [5].