事实上，在对手到来之前，智飞生物就发现，九价HPV疫苗很 难卖动了。严重滞销和压货、艰难的回款，让其近一年多来业 绩暴跌。 作者：张铃 封图：图虫创意 2025年6月以来，在智飞生物（300122.SZ）总部所在地重庆市，九价HPV疫苗惠民活动在多个区 县陆续启动，全程接种"免费送1针"，预计能省1300元。 一位疾控人士告诉经济观察报："智飞生物这样做是在去库存，同时在对手到来前努力占市场。" 6月4日，由中国首富钟睒睒实际控制的万泰生物（603392.SH）的九价HPV疫苗上市，成为全球第 二款同类疫苗，直接与智飞生物短兵相接。 事实上，在对手到来之前，智飞生物就发现，九价HPV疫苗很难卖动了。严重滞销和压货、艰难 的回款，让其近一年多来业绩暴跌。 2025年5月，在一场业绩交流会上，智飞生物包括创始人蒋仁生在内的管理层罕见坦言：从总体经 营情况看，公司当前确实遇到了经营困难。 经济观察报注意到，2025年4月以来，在重庆市之外，还有福建福州、陕西西安、湖南长沙、河北 秦皇岛、河北衡水、黑龙江哈尔滨等地推出九价HPV疫苗惠民活动。这是九价HPV疫苗第一次大 规模开展惠民活动，这类优惠活动以往一般只在2价和 ...

Core Viewpoint - The article discusses the challenges faced by Zhifei Biological Products Co., Ltd. (智飞生物) in the HPV vaccine market, particularly in light of competition from Wantai Biological Pharmacy Enterprise Co., Ltd. (万泰生物) and the company's efforts to address inventory and financial issues through promotional activities and government collaboration [2][3][11]. Group 1: Company Performance - Zhifei Biological reported a significant decline in performance, with revenue dropping to 26 billion yuan, a 50% decrease year-on-year, and net profit falling to 2 billion yuan, a 75% decline [3]. - The company has experienced three consecutive quarters of losses, with the scale of accounts receivable decreasing from 16.3 billion yuan at the beginning of the year to 14.6 billion yuan by the end of Q1 2025 [7]. - The market value of Zhifei Biological has plummeted from a peak of 360 billion yuan to below 50 billion yuan, reflecting a substantial loss in the founder's wealth [3]. Group 2: Market Strategy - In response to market challenges, Zhifei Biological has initiated a "free one shot" promotional campaign for the nine-valent HPV vaccine, aiming to boost vaccination rates and reduce inventory [1][4]. - The company has identified two main factors affecting its performance: economic changes impacting public vaccination willingness and misjudgments regarding market conditions and new business opportunities [3]. - The company plans to strengthen communication with partners, adjust promotional policies, and enhance risk control measures to recover from financial difficulties [4][5]. Group 3: Competitive Landscape - The entry of Wantai Biological's nine-valent HPV vaccine poses a direct challenge to Zhifei Biological, which has been preparing for this competition by increasing promotional efforts [2][11]. - The pricing strategy for the new domestic vaccine is expected to be significantly lower than imported options, potentially ranging from 700 to 800 yuan [11]. - Despite promotional efforts, there are concerns about the overall market demand for HPV vaccines, as many potential recipients have already completed their vaccinations [12][13].