按业务划分来看，其营收主要来源的代理产品，今年上半年实现营收43.70亿元，同比减少75.16%，毛 利率同比下降8.61个百分点。销量方面，仅五价轮状疫苗批签发量同比有一定增长；四价HPV疫苗、灭 活甲肝疫苗批签发量均为0；九价HPV疫苗和进口23价肺炎疫苗批签发量分别减少了76.80%、32.32%。 此外，其代理的GSK重组带状疱疹疫苗批签发量也减少超60%。 据了解，当前国产HPV疫苗的竞争日趋激烈。受此影响，今年2月，默沙东宣布暂停向中国供应四价 HPV疫苗直至2025年年中或更长的时间。而智飞生物的代理业务主要收入主要来自默沙东的HPV疫 苗。 自主产品方面，实现营收为5亿元，同比减少9.27%，毛利率较上年同期下降8.06个百分点。今年上半 年，AC结合疫苗、Hib疫苗同比分别减少58.10%、66.46%。而最新获批的23价肺炎疫苗，上半年批签 发量为0。此前，该疫苗还将部分地区的供应价格由298元/支降至209元/支。 为摆脱当前困境，智飞生物也开展了一系列自救行动。今年6月底，智飞生物发布公告称，计划发行合 计不超过60亿元的债券，用于科技创新领域的投资、建设及运营。 8月18日晚间，智飞 ...

Core Viewpoint - Zhifei Biological plans to issue up to 6 billion yuan in corporate bonds to support investments in technological innovation, replace interest-bearing liabilities, and replenish working capital [1] Group 1: Financial Performance - In 2024, Zhifei Biological reported a significant decline in performance, with total revenue of 26.07 billion yuan, a year-on-year decrease of 50.7%, and a net profit attributable to shareholders of 2.02 billion yuan, down 75.0% [1] - The revenue from agency products, which has historically contributed over 70% to the company's performance, saw a drastic reduction, leading to the overall decline in revenue [1][2] - The company's cash flow turned negative in 2024, with an operating cash flow of -4.414 billion yuan, a decline of 149.6% compared to the previous year [3] Group 2: Product Performance - Revenue from Zhifei Biological's self-developed products increased by 14.9% to 1.18 billion yuan, while revenue from agency products fell by 52.5% to 24.67 billion yuan [2] - The core product, the HPV vaccine, experienced a significant drop in sales, with the issuance of four-valent HPV vaccines down by 95.5% and nine-valent HPV vaccines down by 14.8% [2] Group 3: Strategic Initiatives - The company aims to focus on "de-stocking, collecting payments, and reducing liabilities" as its core strategy for 2025 to mitigate operational risks [3] - The issuance of 6 billion yuan in corporate bonds is seen as a crucial step in reducing liabilities and addressing financial risks [3]

Core Viewpoint - The financial report for 2024 reveals that Zhifei Biological (300122) experienced a significant decline in both revenue and net profit, attributing the downturn to decreased public vaccination willingness and changing market demands [1][2]. Financial Performance - Revenue for 2024 was 26.07 billion yuan, a year-on-year decrease of 50.74%, while net profit was 2.018 billion yuan, down 74.99% [2]. - The company has reported losses for three consecutive quarters, with losses of 83.6964 million yuan and 132 million yuan in the third and fourth quarters, respectively, and a loss of 305 million yuan in the first quarter [2]. - The revenue contribution from agency products accounted for 94.61% of total revenue, with the annual procurement amount from Merck for HPV vaccines being 26.377 billion yuan, representing 86.94% of the total procurement [3]. Market Dynamics - The market for HPV vaccines has become increasingly competitive, with the supply of four-valent and nine-valent HPV vaccines rising, leading to a decline in their issuance by 95.49% and 14.80%, respectively [4]. - The procurement agreements with Merck for HPV vaccines have been adjusted, indicating a forecasted peak in sales for 2024, followed by a gradual decrease in procurement amounts [4]. - The company has also signed a supplementary agreement with GlaxoSmithKline (GSK) to extend the cooperation period for shingles vaccines while adjusting the procurement plan, resulting in a lower average annual procurement amount [5]. Operational Challenges - The company is facing challenges with inventory and accounts receivable turnover, with inventory turnover days increasing to 296.69 days and accounts receivable turnover days reaching 299.18 days [7]. - Despite a 35.27% increase in vaccine sales, production volume decreased by 52.28%, leading to a 13.20% reduction in vaccine inventory [7]. R&D and Future Outlook - Zhifei Biological has invested 1.391 billion yuan in R&D for 2024, with total R&D investment exceeding 5.1 billion yuan over the past five years, although the contribution from self-developed products remains limited at 1.182 billion yuan, accounting for only 4.53% of total revenue [8]. - The company is exploring international markets, with its tuberculosis diagnostic reagent approved for sale in Indonesia and use in Macau, although exports currently represent only 0.07% of total revenue [8].

Core Viewpoint - Chongqing Zhifei Biological Products Co., Ltd. reported significant declines in revenue and net profit for 2024, indicating severe challenges in its business operations and market conditions [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 26.07 billion yuan, a decrease of 50.74% year-on-year [2][3]. - The net profit attributable to shareholders was 2.02 billion yuan, down 74.99% compared to the previous year [2][3]. - The net cash flow from operating activities was -4.41 billion yuan, reflecting a drastic decline of 149.06% [3]. - The basic and diluted earnings per share fell by 74.94% to 0.8427 yuan [2][3]. Quarterly Performance - In the first quarter of 2025, the company reported an operating revenue of 2.37 billion yuan, a year-on-year decline of 79.16% [3]. - The net profit for the first quarter was -305 million yuan, indicating a shift from profit to loss [3]. - The net cash flow from operating activities for the first quarter was -4.27 billion yuan [4]. Product Performance - The company faced a significant drop in the issuance volume of key products, particularly the Merck HPV vaccines, with the four-valent HPV vaccine issuance down 95.49% and the nine-valent HPV vaccine down 14.80% [7][10]. - The overall market demand for vaccines has decreased due to reduced public willingness to get vaccinated and changing market conditions [4][10]. Strategic Adjustments - In response to market challenges, the company is increasing its product promotion efforts and accelerating the development and launch of self-researched products [4]. - The company has extended its exclusive promotion agreement for the shingles vaccine with GSK for an additional eight years [8]. Industry Context - The competitive landscape in the vaccine market has intensified, particularly with the entry of new players leading to price wars, which has adversely affected Zhifei's performance [10]. - The company is also exploring opportunities in the metabolic disease sector through acquisitions, aiming to diversify its product pipeline [12]. Leadership Changes - The company has seen a transition in leadership, with the founder's son, Jiang Lingfeng, taking on the role of president, indicating a potential generational shift in management [12]. Global Expansion - Zhifei has made progress in its global expansion efforts, including the renewal of its diagnostic reagent's inclusion in the national medical insurance catalog and obtaining approvals for its products in Indonesia and Macau [13].