疫苗巨头，上半年亏钱！

Core Viewpoint - Zhifei Biological reported a net loss of 597 million yuan in the first half of 2025, marking its first half-year loss since its listing in 2010, primarily due to a decline in public vaccination willingness and changes in market demand [2][6][7]. Financial Performance - In the first half of 2025, Zhifei Biological achieved an operating income of 4.919 billion yuan, a decrease of 73.06% compared to the same period last year [6]. - The net profit attributable to shareholders was -597 million yuan, a significant drop from 2.234 billion yuan in the previous year [6]. - The company experienced a continuous decline in revenue, with a reported operating income of 26.07 billion yuan in 2024, down 50.74% year-on-year, and a net profit of 2.018 billion yuan, down 74.99% [10]. Product Performance - The issuance volume of the nine-valent HPV vaccine plummeted by 76.8%, from 18.2717 million doses to 4.2388 million doses [9]. - The four-valent HPV vaccine saw its issuance drop from 466,000 doses to zero [9]. - Revenue from the agency's Merck products fell from 17.59 billion yuan to 4.37 billion yuan, a decline of 75.16% [9]. Liquidity Issues - As of the end of the first half of 2025, Zhifei Biological's short-term borrowings amounted to 13.96 billion yuan, accounting for 30.4% of total assets, while cash and cash equivalents were only 2.566 billion yuan [12]. - Accounts receivable stood at 13.52 billion yuan, and inventory was 21.01 billion yuan, representing approximately 45.73% of total assets, nearly equal to the company's 2024 operating income [12]. - The company announced plans to issue corporate bonds to raise 6 billion yuan for technological innovation, debt replacement, and liquidity support [13]. Stock Performance - From May 2021 to the present, Zhifei Biological's stock price has declined from a peak of 146.21 yuan per share to 23.55 yuan per share, representing a drop of 83.89% [13]. - As of August 18, the company's market capitalization was 56.4 billion yuan [13].