记者丨唐唯珂编辑丨季媛媛 2026年1月5日晚间，A股疫苗龙头智飞生物发布公告，拟申请总额不超过102亿元、期限最长3年的中长期贷款，用于置换存量融资及补充日常营运资金。 2025年三季度，智飞生物已陷入12亿元亏损，更严峻的是，其核心库存产品九价HPV疫苗保质期为3年，2026年将迎来大批疫苗过期节点，可能引发大规模 坏账计提。这场近乎"押上全家族资产"的大额融资，凸显出公司应对200亿元级疫苗库存压力的紧迫性，也折射出中国疫苗行业在供需失衡与价格战下的调 整困境。 上述公告发布后，智飞生物股价略有回升，截至1月9日早盘，近5日涨近4%。 库存与应收账款双高承压 智飞生物的资金渴求源于持续恶化的经营基本面。 2025年三季报显示，公司存货余额高达202.46亿元，较2024年初的89.86亿元激增125%；同期应收账款达128.14亿元，两者合计330亿元，是当期营收的4倍 以上，形成庞大的资金占用堰塞湖。更严峻的是，其核心库存产品九价HPV疫苗保质期为3年，2026年将迎来大批疫苗过期节点，可能引发大规模坏账计 提。 财务数据显示，公司业绩已连续多季度滑坡。2024年营收同比下滑超50%至260.7亿元， ...

记者丨唐唯珂编辑丨季媛媛 2026年1月5日晚间，A股疫苗龙头智飞生物发布公告，拟申请总额不超过102亿元、期限最长3年的中长期贷款，用于置换存量融资及补充日常营运资金。 2025年三季度，智飞生物已陷入12亿元亏损，更严峻的是，其核心库存产品九价HPV疫苗保质期为3年，2026年将迎来大批疫苗过期节点，可能引发大规模 坏账计提。这场近乎"押上全家族资产"的大额融资，凸显出公司应对200亿元级疫苗库存压力的紧迫性，也折射出中国疫苗行业在供需失衡与价格战下的调 整困境。 库存与应收账款双高承压 智飞生物的资金渴求源于持续恶化的经营基本面。 2025年三季报显示，公司存货余额高达202.46亿元，较2024年初的89.86亿元激增125%；同期应收账款达128.14亿元，两者合计330亿元，是当期营收的4倍 以上，形成庞大的资金占用堰塞湖。更严峻的是，其核心库存产品九价HPV疫苗保质期为3年，2026年将迎来大批疫苗过期节点，可能引发大规模坏账计 提。 财务数据显示，公司业绩已连续多季度滑坡。2024年营收同比下滑超50%至260.7亿元，净利润骤降近75%；2025年上半年陷入上市以来首次半年度亏损，三 季度累 ...

2026年1月5日晚间，A股疫苗龙头智飞生物发布公告， 拟申请总额不超过102亿元、期限最长3年的中长期贷款， 用于置换存量融资及补充日 常营运资金。 2025年三季度，智飞生物已陷入12亿元亏损，更严峻的是，其核心库存产品九价HPV疫苗保质期为3年，2026年将迎来大批疫苗过期节点，可 能引发大规模坏账计提。这场近乎"押上全家族资产"的大额融资，凸显出公司应对200亿元级疫苗库存压力的紧迫性，也折射出中国疫苗行业 在供需失衡与价格战下的调整困境。 上述公告发布后，智飞生物股价略有回升，截至1月9日早盘，近5日涨近4%。 记者丨唐唯珂 编辑丨季媛媛 2025年三季报显示， 公司存货余额高达202.46亿元， 较2024年初的89.86亿元激增125%； 同期应收账款达128.14亿元，两者合计330亿元， 是当期营收的4倍以上，形成庞大的资金占用堰塞湖。更严峻的是，其核心库存产品九价HPV疫苗保质期为3年， 2026年将迎来大批疫苗过期 节点，可能引发大规模坏账计提。 财务数据显示，公司业绩已连续多季度滑坡。2024年营收同比下滑超50%至260.7亿元，净利润骤降近75%；2025年上半年陷入上市以来首次半 ...

21世纪经济报道唐唯珂 2026年1月5日晚间，A股疫苗龙头智飞生物（300122）发布公告，拟申请总额不超过102亿元、期限最长3年的中长期贷款，用于置换存量融资 及补充日常营运资金。 在2025年三季度已陷入12亿元亏损的背景下，这场近乎"押上全家族资产"的大额融资，凸显出公司应对200亿元级疫苗库存压力的紧迫性，也 折射出中国疫苗行业在供需失衡与价格战下的调整困境。 2025年三季报显示，公司存货余额高达202.46亿元，较2024年初的89.86亿元激增125%；同期应收账款达128.14亿元，两者合计330亿元，是当 期营收的4倍以上，形成庞大的资金占用堰塞湖。更严峻的是，其核心库存产品九价HPV疫苗保质期为3年，2026年将迎来大批疫苗过期节点， 可能引发大规模坏账计提。 财务数据显示，公司业绩已连续多季度滑坡。2024年营收同比下滑超50%至260.7亿元，净利润骤降近75%；2025年上半年陷入上市以来首次半 年度亏损，三季度累计亏损扩大至12亿元。尽管2025年三季度经营活动现金流净额同比大增201.18%，但难以覆盖巨额库存占用的资金需求， 此次102亿元贷款将使公司资产负债率从36.18 ...

然而，当刺激因素消退、行业竞争加剧，如何穿越周期，成为疫苗企业必须面对的问题。 近日，疫苗龙头企业沃森生物发布公告，宣布拟向云南红塔银行申请6.7亿元并购借款，并以所持核心子公司玉溪沃森的1.66亿股股权提供质押。 疫苗行业的潮水，似乎正在褪去。 曾经，在新冠疫情催化与国产创新浪潮推动下，这个赛道汇聚了前所未有的关注与资本，一批企业乘风而起，股价与业绩齐飞。 质押核心资产融资的举动，市场解读为这是公司在多重压力下寻求"输血"的救命之举。 而事实上，这家曾手握13价肺炎与HPV两大国产疫苗王牌的龙头企业，如今正面临股价高位回落、业绩增长失速，因治理问题收到监管罚单等困境。 一系列信号表明，它正处于关键十字路口。 时代赋予"好运" 沃森生物，并非一夜爆红。有长期研发的硬实力，也有时代赋予的好运气。 2001年，在中国医学科学院医学生物研究所工作多年的李云春，在昆明创立沃森生物。 与许多中国药企类似，企业早期通过代理甲肝、乙肝疫苗积累第一桶金和渠道资源。 2005年左右，沃森砍掉大部分代理业务，投入自主研发。 2010年企业上市，沃森也通过一系列并购，快速扩充产品线。 总之，这个阶段，它的成功很大程度上得益于早年宽 ...

【#江苏为超84万女孩免费接种HPV疫苗#】目前，江苏已连续三年将为在校适龄女生免费接种HPV疫苗 纳入省政府民生实事项目。据江苏省卫健委最新数据显示，目前已为超84万名女孩免费接种HPV疫苗。 为了让政策落地，各地通过学校统一组织与家长自愿确认相结合的方式，构建全覆盖接种网络，各接种 点开设周末接种专场或延长工作日时间，方便学生和家长。目前，免费接种的疫苗种类为国产二价HPV 疫苗。在此基础上，省内部分地区提供九价HPV疫苗供受种者自愿选择、自费补差接种。@南京零距离 转自：荔枝新闻 （来源：荔枝新闻） ...

Core Viewpoint - Kanglaweishi, once hailed as the "first vaccine stock of the Beijing Stock Exchange," is currently facing a liquidity crisis due to a loan default and multiple lawsuits, raising concerns about its financial stability and long-term development challenges [2][19]. Financial Performance - The company has not achieved commercialization of its core products, relying on minimal revenue from research reagents and property services, leading to a significant financial struggle [3][20]. - In 2023, Kanglaweishi reported total revenue of 1.78 million yuan, which dropped by 50.24% to 885,628.21 yuan in 2024, and slightly improved to 1.28 million yuan in the first three quarters of 2025, primarily due to property service income [20][21]. - The net profit attributable to shareholders was a loss of 3.01 billion yuan in 2023, worsening to a loss of 3.57 billion yuan in 2024, with a reduced loss of 2.29 billion yuan in the first three quarters of 2025, indicating ongoing financial distress [5][22]. Cash Flow and Expenses - The company has faced continuous negative cash flow, with a net cash flow from operating activities of -75.67 million yuan in the first three quarters of 2025, despite a slight improvement [7][22]. - High operational costs, particularly in R&D, have exacerbated financial pressures, with R&D expenses reaching 254 million yuan in 2024, while total operating costs were 364 million yuan against revenues of only 88.56 million yuan [24][25]. Legal and Regulatory Issues - Kanglaweishi is under scrutiny from regulators, having received inquiries regarding its financial status and loan arrangements, reflecting concerns about its liquidity and operational stability [12][29]. - The company is also dealing with multiple lawsuits totaling 30.86 million yuan, which further strains its financial resources and operational capabilities [12][29]. Product Development and Market Position - Despite its financial challenges, Kanglaweishi is making progress in the development of its core HPV vaccine products, with applications for market approval underway [30][31]. - The company has established a production base in Kunming, compliant with international standards, to support the anticipated commercialization of its vaccines [31][32]. Future Outlook - To alleviate financial pressures, Kanglaweishi is pursuing a dual listing plan in Hong Kong, aiming to raise funds for clinical trials and market expansion, although the current liquidity crisis may impact investor confidence and the success of this initiative [32][33]. - The recent loan default serves as a critical warning for the company, highlighting the importance of effective financial planning and risk management in the biotech sector [32].

Core Viewpoint - Kangla Weishi, once hailed as the "first stock of the North Exchange vaccine," is currently facing a liquidity crisis due to a loan default and multiple lawsuits, raising concerns about its financial stability and long-term development challenges [1][2]. Financial Performance - The company has not achieved commercialization of its core products, relying on minimal revenue from research testing reagents and property services, leading to a significant revenue decline [2][5]. - In 2023, the total revenue was 1.78 million yuan, which dropped by 50.24% to 0.89 million yuan in 2024, while in the first three quarters of 2025, revenue slightly improved to 1.28 million yuan, a year-on-year increase of 106.53% [4][5]. - The net profit attributable to shareholders showed a loss of 3.01 billion yuan in 2023, worsening to 3.57 billion yuan in 2024, but narrowed to 2.29 billion yuan in the first three quarters of 2025, indicating a 16.60% improvement [5][6]. Cash Flow and Expenses - The company has been experiencing negative operating cash flow, with a net cash flow from operating activities of -75.67 million yuan in the first three quarters of 2025, despite a slight improvement [7]. - High R&D expenses, which reached 254 million yuan in 2024, have further strained the company's finances, as total operating costs were 364 million yuan against a revenue of only 0.89 million yuan [7][8]. Liquidity Crisis - The liquidity crisis is attributed to the company's over-reliance on external financing, as evidenced by extensive collateral arrangements for loans, indicating a lack of sufficient liquidity at the time of borrowing [9][12]. - The company is also facing multiple lawsuits totaling 30.86 million yuan, which adds to its financial burdens and operational challenges [12]. Product Development and Commercialization - Despite the financial difficulties, the company is making progress in the development of its core HPV vaccine products, with the three-valent HPV vaccine's application for market approval being processed [13][14]. - The company is preparing for a dual listing in Hong Kong to improve its financial situation, although the progress of this IPO remains uncertain due to the recent liquidity crisis [15].

21世纪经济报道记者季媛媛 头部跨国药企在2025年经历了天差地别的命运分化。 从财报数据中就可看出其中的端倪。根据财报显示，诺和诺德公布的2025年第三季度业绩报告显示，第 三季度总营收749.76亿丹麦克朗（约112.76亿美元），同比增长11%；2025年前三季度总营收达2299.20 亿丹麦克朗（约345.8亿美元），同比增长15%。司美格鲁肽系列产品持续领跑业绩，三大品牌销售额 表现亮眼：Ozempic（降糖版）：952.64亿丹麦克朗（约143.28亿美元），增长13%；Rybelsus（口服片 剂）：167.90亿丹麦克朗（约25.25亿美元），增长5%；Wegovy（减肥版）：572.42亿丹麦克朗（约 86.09亿美元），大幅增长54%。三大品牌销售额总计约1692.96亿丹麦克朗（约254.62亿美元），同比 增长24%，贡献了公司大部分营收。其销售业绩现已高于替尔泊肽（248.37亿美元）与帕博利珠单抗 （233.03亿美元）。 相比之下，尽管默沙东拥有"网红"产品PD - 1单抗K药（Keytruda，帕博利珠单抗）以及九价HPV疫苗， 但其2025年前三个季度制药业务收入为432.9 ...

Core Viewpoint - The company Kang Le Wei Zhi is facing significant liquidity pressure due to ongoing R&D investments and delays in financing, leading to multiple court-ordered consumption restrictions and frozen bank accounts [2][3][4]. Financial Situation - As of December 26, 2025, Kang Le Wei Zhi's total market capitalization was 2.512 billion yuan [2]. - The company reported a net loss of 3.57 billion yuan for the year 2024, with a net asset deficit of 1.686 billion yuan [8]. - By the end of 2024, the company's current liabilities exceeded current assets by 7.32 billion yuan [8]. - For the first three quarters of 2025, the company generated revenue of 127.63 million yuan, with a net loss of 2.29 billion yuan [9]. Legal and Operational Challenges - The company and its legal representative, Tao Ran, have been subjected to multiple consumption restriction orders due to failure to fulfill financial obligations, with amounts involved totaling 19.85 million yuan, 6.6 million yuan, and 7.86 million yuan [3][4]. - As of December 18, 2025, 15 bank accounts belonging to the company and its subsidiaries were frozen, representing 41.67% of their total accounts, with a cumulative frozen amount of 346,900 yuan [5]. R&D and Market Position - Kang Le Wei Zhi specializes in HPV vaccines, with ongoing clinical trials for various products, including a nine-valent HPV vaccine and a fifteen-valent HPV vaccine in collaboration with Chengda Biological [6]. - The HPV vaccine market is highly competitive, with several established players and a decline in vaccine prices due to increased supply [7]. - The company has not yet launched any vaccine products, and its revenue primarily comes from the sale of research reagents, which is relatively small [7]. Future Outlook - The company has submitted an application for a Hong Kong stock listing, but there has been no recent progress [6]. - The inclusion of HPV vaccines in the national immunization program starting November 10, 2025, may intensify competition for Kang Le Wei Zhi's products [7].