预亏超百亿，疫苗巨头打算卖减肥药“自救”

Core Viewpoint - The vaccine giant Zhifei Biological is facing a significant financial downturn, with an expected net profit loss of 10.698 billion to 13.726 billion yuan for 2025, marking the first annual loss since its listing in 2010 [3][5][10]. Group 1: Financial Performance - Zhifei Biological's revenue for 2024 was 26.07 billion yuan, a decrease of 50.74% year-on-year, with a net profit of 2.018 billion yuan, down 74.99% [13]. - The company anticipates a staggering net profit loss of 10.698 billion to 13.726 billion yuan for 2025, representing a year-on-year decline of 630% to 780% [8]. - In the first half of 2025, the company reported a revenue drop of 73.06% to 4.919 billion yuan, with a net loss of 0.597 billion yuan [14]. Group 2: Sales and Market Dynamics - The sales of Zhifei Biological's core product, the HPV vaccine, have plummeted, with the batch issuance of the four-valent HPV vaccine dropping to 0 in the first half of 2025, and the nine-valent vaccine issuance decreasing by 76.8% year-on-year [5][13]. - The company's reliance on agency products is evident, as these products accounted for 88.84% of total revenue, despite a 75.16% year-on-year decline in revenue from agency products [29]. - The HPV vaccine market is experiencing a transformation, with a saturation of vaccination rates in core urban populations and increased competition from lower-priced domestic vaccines [31][33]. Group 3: Strategic Adjustments - In response to the financial challenges, Zhifei Biological plans to enhance operational improvements, aiming for more self-developed products and optimizing commercial cooperation and product promotion strategies for sustainable development [5][30]. - The company is also adjusting its procurement plans and product promotion strategies to improve inventory turnover efficiency and is accelerating the launch of self-developed products [35]. - Zhifei Biological has made a strategic investment in Chuan'an Biological, focusing on diabetes and obesity treatment, which is expected to become a significant growth driver for the company [36][39].