Core Viewpoint - The domestic vaccine leader, Zhifei Biological, is facing unprecedented challenges, with a significant decline in revenue and profit due to market adjustments and product dependency [1][2][3] Company Summary - Zhifei Biological reported a revenue of 4.919 billion yuan in the first half of 2025, a year-on-year decline of 73.06%, and a net loss of 597 million yuan, marking its first half-year loss since its listing in 2010 [1] - The company’s nine-valent HPV vaccine issuance dropped by 76.8% from 18.2717 million doses to 4.2388 million doses, while the four-valent HPV vaccine issuance fell to zero [1][2] - Revenue from agency products, particularly Merck's products, plummeted from 17.59 billion yuan to 4.37 billion yuan, a decrease of 75.16% [1] - In 2024, Zhifei's revenue was 26.07 billion yuan, down 50.74% year-on-year, with a net profit of 2.018 billion yuan, down 74.99% [2] Industry Summary - The entire domestic vaccine industry is experiencing a collective downturn after a period of rapid growth, with companies like Watson Bio and Wantai Bio also facing significant challenges [4][5] - The industry has been heavily reliant on a few major products, leading to vulnerability when demand shifts or competition increases [5][6] - The market for vaccines is becoming increasingly competitive, with many companies focusing on traditional products, resulting in a lack of innovation and new growth drivers [5][6] Transformation Trends - In response to declining performance, vaccine companies are seeking to diversify their product lines, with Zhifei investing in Chongqing Chen'an Biological Pharmaceutical Co., focusing on GLP-1 drugs [6][7] - The GLP-1 market is projected to grow significantly, with sales expected to exceed $17 billion by 2031, indicating a potential new growth area for companies [6] - Wantai Bio is also diversifying into the collagen medical materials market, with significant revenue growth reported [7] - The shift into new markets presents high risks and challenges, as companies must navigate unfamiliar territories while managing financial pressures [8]

（原标题：智飞生物由盈转亏，国产疫苗转型突围成趋势） 21世纪经济报道记者季媛媛 曾经的疫苗行业领军者，现今正面临前所未有的挑战。 8月18日，国产疫苗龙头企业智飞生物发布的半年报显示，公司营收49.19亿元，同比暴跌73.06%；净利 润由上年同期的盈利22.34亿元急转直下至亏损5.97亿元。 从具体产品来看，2025年上半年，智飞生物的九价HPV疫苗批签发量同比大降76.8%，从1827.17万支跌 至423.88万支；四价HPV疫苗批签发量从去年同期的46.6万支跌至0；其代理默沙东产品的收入从去年同 期的175.9亿元跌至43.7亿元，跌幅达75.16%。 这是智飞生物2010年上市以来首次半年度亏损，也是2024年第三季度以来，连续四个季度单季亏损。 有券商医药行业分析师对21世纪经济报道记者指出，智飞生物业绩下滑的主要原因，在于其核心产品的 周期性波动与渠道库存压力的双重影响。 一方面，其过往业绩高度依赖HPV疫苗、流感疫苗等大单品，这些产品在特殊时期曾凭借"刚性需求 +渗透率提升"，实现爆发式增长。但自2024年起，由于前期接种需求的集中释放，以及部分二类疫苗 被纳入免费接种计划，自费疫苗市场 ...