经历2025年的减值出清与多维度调整，智飞生物历史经营风险已得到部分释放。代理产品覆盖扩展、自 研管线推进及国际化布局，为2026年经营改善奠定基础。根据公告披露，公司2026年将全力以赴推动经 营改善，力争实现更多自主产品上市，进一步优化商业合作与产品推广策略，促进公司可持续发展。 不过需要说明的是，若剔除这部分减值影响，公司业绩表现会相对缓和，但此次减值本质是对历史风险 的集中出清。在业内人士看来，这一操作并非经营失序的信号，而是行业周期调整的常规财务优化策 略。通过计提减值剥离低效资产和潜在坏账，能避免历史包袱拖累后续战略推进，从而为公司长期可持 续发展扫清障碍，这也是行业内应对市场波动的常见做法。 （文章来源：证券时报网） 事实上，智飞生物在经营端已逐步显现积极回暖信号。2025年三季报数据显示，第三季度实现营业收入 27.05亿元，较第二季度环比增长6.29%，连续两个季度环比正增长；经营活动产生的现金流量净额期末 达29.85亿元，同比增长201.18%，且连续三个报告期维持正值，现金流健康度显著改善。同时，前期高 库存与回款压力有所缓解，截至2025年9月末，应收账款、存货同比分别下降5.21% ...

【文/王力 编辑/周远方】 昔日市值超四千亿的"疫苗之王"，正将自己与家族的全部身家押上赌桌，以求一线生机。 近日，智飞生物一纸公告震动市场：为获取不超过102亿元的中长期银团贷款，实际控制人蒋仁生家族不仅提供全额连带担保，更将核心子公司股权与巨额 应收账款悉数质押。 智飞生物的命脉，曾牢牢系于一份"躺赚"的代理协议。然而，这份让司风光无限的合同，如今已成最沉重的枷锁。2023年初，智飞与默沙东续签协议，承诺 在2026年底前完成总额逾980亿元的HPV疫苗采购，其中仅2024年就需支付超过326亿元。这份在当时看似保障利润的"刚性采购"，在市场剧变后瞬间变为难 以承受之重。 截图来自智飞生物2023年公告 转折点发生在2025年6月，由万泰生物研发上市的首款国产九价HPV疫苗以仅499元/支的价格杀入市场，不足进口疫苗价格的40%。价格战烽火骤起，智飞 代理的默沙东疫苗销量顷刻崩塌：2025年上半年，四价HPV疫苗批签发量直接归零，九价疫苗同比暴跌近八成。 真正的噩梦在于库存。截至2025年三季度末，智飞生物账上堆积着202亿元存货与128亿元应收账款，合计规模相当于当期年营收的四倍以上。按现有销售速 度推 ...

来源：中国新闻网 编辑：熊思怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 广东流感达到流行高峰后现下降趋势 中新网广州12月25日电 (记者 蔡敏婕)广东省疾病预防控制中心25日发布消息称，今年第51周(12月15日 —21日)，广东省流感监测哨点医院的流感样病例占门急诊病例总数百分比为8.09%，低于上周水平 (10.56%)，高于基线水平(5.89%)；门急诊流感样病例标本流感病毒阳性检出率为46.69%，低于上周水 平(57.33%)，高于基线水平(12.44%)，以甲型H3N2为主；本周报告4起流感暴发疫情。 广东省疾控中心副主任、传染病防控首席专家康敏指出，广东自第37周进入流感流行季，目前达到流行 高峰后出现下降趋势，但整体仍处于较高水平。建议广大市民继续保持勤洗手、讲卫生的好习惯，注意 居室通风，减少前往人群密集或通风不佳的公共场所，如需前往建议佩戴口罩。 暴发疫情起数逐步减少，集中在中小学。康敏建议学校、托幼机构要持续加强室内通风和清洁消毒，落 实晨午检和因病缺勤登记，发现暴发疫情要及时报告，引导师生做好手卫生和咳嗽礼仪。福利院、老人 院等人群聚集和场所密闭场所同样 ...

Core Viewpoint - The flu vaccine market in China is facing challenges due to low vaccination rates and price declines, but there is potential for recovery and growth driven by increased awareness and policy support [1][6][10]. Group 1: Industry Overview - The flu vaccine is a biological agent used to prevent influenza virus infections by stimulating the immune system to produce specific antibodies [1][4]. - In 2025, there were 5,675,403 reported cases of influenza in China, resulting in 25 deaths, highlighting the significant health and economic burden of the disease [4]. - The average vaccination rate in China from 2020 to 2024 remained below 4%, compared to over 50% in developed countries [6][10]. Group 2: Market Status - The total output value of flu vaccines in China is projected to decline to 7 billion yuan in 2024, with a potential recovery to 7.6 billion yuan in 2025 [6][10]. - The market is dominated by quadrivalent vaccines, which accounted for 71.4% of the output value in 2024, while trivalent vaccines made up 28.6% [7]. - The average bidding price for flu vaccines has decreased to 93 yuan per dose in 2024, with significant price reductions observed in government procurement [8][10]. Group 3: Competitive Landscape - Over 50 flu vaccines have been approved in China, with numerous manufacturers competing in a highly homogeneous market [9][10]. - Major players in the quadrivalent vaccine segment include Hualan Biological Engineering, Shanghai Institute of Biological Products, and Beijing Kexing [9][10]. - In 2024, Hualan Biological, Baike Biological, and Jindike reported revenues of 1.073 billion yuan, 141 million yuan, and 81 million yuan, respectively [10]. Group 4: Development Trends - The flu vaccine market in China has significant growth potential due to low vaccination rates among key populations, with a target vaccination rate of 75% for vulnerable groups [11]. - New technological advancements, such as mRNA vaccines, are emerging, with companies like Moderna and BioNTech making progress in clinical trials [11]. - The introduction of adjuvanted vaccines is also being explored, with several companies working on products that could fill gaps in the high-end market [11].

证券日报网讯 12月12日，华兰疫苗在互动平台回答投资者提问时表示，公司在流感疫苗生产和销售领 域占据领先地位，具备年产一亿剂四价流感疫苗的产能，根据中国食品药品检定研究院的公开数据显 示，截至目前公司已签发流感疫苗批次为55批，批签发批次数量位居国内前列。 （文章来源：证券日报） ...

Core Viewpoint - The market experienced mixed performance with the ChiNext index closing down 0.44%, while the influenza and organic silicon sectors surged, indicating a divergence in market sentiment driven by specific sectoral developments [1][4]. Group 1: Influenza Sector - The influenza sector saw a significant uptick, with flu-like cases in northern provinces rising to 7.0%, markedly higher than the same period in previous years [4]. - Sales of antiviral drugs, such as Oseltamivir, surged by 237% over the past week, indicating strong demand driven by rising flu cases [4]. - Jindike has completed the production season with 1.56 million doses of its quadrivalent flu vaccine approved for release, and is ramping up production capacity to 30 million doses [4]. Group 2: Organic Silicon Sector - The organic silicon sector experienced a boost following Dow Chemical's announcement of a 10%-20% price increase on major products starting December 10, which acted as a catalyst for domestic stocks [4]. - Companies like Hongbai New Materials and Chenguang New Materials saw their stocks hit the daily limit, while Dongyue Silicon Material rose over 10% [4]. - Smart money has already positioned itself in this sector, with Chenguang New Materials seeing a net inflow of 85.14 million yuan over the past ten trading days [4]. Group 3: Underperforming Sectors - The Hainan sector faced significant declines, with companies like Jingliang Holdings and Hainan Haiyao dropping nearly 7%, highlighting the lack of performance support for regional themes [4]. - The film and content industry also struggled, with Huanrui Century hitting the daily limit down and Shanghai Film falling nearly 7%, reflecting uncertainty in the content sector [4]. Group 4: Market Sentiment and Strategy - The overall trading volume decreased by 93.5 billion yuan compared to the previous day, indicating a cautious market sentiment and a tendency for rapid sector rotation [4]. - Investment strategies suggest focusing on the influenza sector for low-entry opportunities and the organic silicon sector for potential gains, while avoiding sectors lacking performance, policy support, or growth potential [5].

金迪克公告称，公司股票在2025年11月25日、26日收盘价格涨幅偏离值累计达30%，属异常波动。经自 查，公司及实控人无应披露未披露重大信息，生产经营正常。2025年前三季度，公司营收7465.76万 元，同比增91.93%，净利润-8647.06万元，扣非净利润-9111.37万元，预计全年或无法盈利。本年度生 产季结束，四价流感疫苗批签发约156万支，销售有不确定性，且可能有退货情况。公司提醒投资者注 意交易风险。 ...

Group 1 - The demand for flu medications has surged recently, with significant increases in sales of Oseltamivir and Baloxavir, showing growth rates of 237% and 180% respectively in the past week [2] - Major e-commerce platforms like Meituan and JD.com have launched dedicated pages for flu season, providing medication guidance to patients [2] - Oseltamivir continues to dominate the flu medication market in China, holding over 70% market share, with East Sunshine Pharmaceutical's product accounting for 54.8% of the market by revenue [3] Group 2 - The sales of respiratory test kits for influenza have increased over nine times month-on-month since November, with significant growth observed in cities like Beijing, Shenyang, and Chengdu [3] - Vaccination against influenza is highlighted as the most cost-effective method to reduce infection and severe illness risks, with a surge in appointment bookings for flu vaccines in northern provinces [3] - There is a sufficient supply of quadrivalent flu vaccines, but the supply of quadrivalent subunit flu vaccines is tight, necessitating advance reservations [5]

Core Viewpoint - The China Vaccine Industry Association has called for a resistance against chaotic price competition in the vaccine market, emphasizing the need for self-regulation and quality assurance in pricing practices [1][6][10]. Group 1: Industry Competition - The vaccine market is experiencing intense competition, particularly in the HPV and influenza vaccine sectors, leading to significant price wars [1][6]. - The price of the bivalent HPV vaccine has dropped to as low as 27.5 yuan per dose, reflecting a trend of aggressive pricing strategies among manufacturers [6][9]. - The four-valent influenza vaccine prices have also seen substantial reductions, with prices falling from 128 yuan to 88 yuan per dose, a decrease of 31.25% [8]. Group 2: Financial Performance - In the first three quarters of the year, only four out of 14 major vaccine companies listed on the A-share market reported a year-on-year increase in net profit, indicating widespread financial pressure across the industry [10][11]. - WanTai Biologics reported a staggering 165.04% decline in net profit, resulting in a net loss of 173 million yuan, alongside a 23.09% drop in revenue [12][14]. - Other companies, including Kanglaosheng and Jindike, also faced losses despite revenue growth, highlighting the challenges of rising operational costs and increased R&D expenditures [11][14]. Group 3: Market Dynamics - The industry is facing a phenomenon referred to as "involution," characterized by excessive competition and product homogeneity, which is exacerbated by a growing number of companies entering the market [15][16]. - The competitive landscape is further complicated by promotional tactics and price reductions, which are compressing profit margins and leading to a normalization of price competition [15][16]. - The overall market is under pressure from fluctuating demand, vaccine hesitancy, and intensified competition, which collectively impact sales performance [15][16].

Core Insights - The flu season in China has entered a rapid increase phase, with many provinces reaching moderate to high epidemic levels, leading to a significant rise in demand for flu vaccines and antiviral medications [1][4] Group 1: Flu Vaccine Supply and Demand - Flu vaccine and antiviral drug supplies remain stable across multiple regions, with no significant price increases reported, although some innovative and imported vaccines are experiencing temporary shortages [1][2] - There is a notable increase in flu vaccine appointment requests in northern provinces, with four-valent subunit flu vaccines facing tight inventory, while adult flu vaccines are generally available [2][3] Group 2: Targeted Vaccination Initiatives - Beijing has included school students and frontline workers in a free vaccination program, aiming to complete the initiative by the end of the month, with other regions extending vaccination hours for minors [3] Group 3: Antiviral Drug Demand Surge - The demand for antiviral medications has surged, with sales figures showing a 22-fold increase in flu medication transactions since the onset of the flu season, and specific products like Oseltamivir and Favipiravir seeing significant sales growth [4][5] Group 4: Drug Efficacy and Market Regulation - Current antiviral medications remain effective against circulating flu strains, with no evidence of increased virulence in flu viruses; regulatory bodies are actively monitoring and ensuring stable supply and pricing of these medications [5][6]