1月12日晚间，智飞生物披露2025年度业绩预告。尽管智飞生物预计2025年净利润将出现亏损，但其多 项经营与财务指标显示，其基本面正呈现稳步向好态势。 为应对行业普遍性挑战，智飞生物与合作方协商调整采购计划，缓解上游来货压力；根据市场需求优化 产品推广策略，促进提升存货周转效率；加快自研产品的上市节奏和科研攻关力度，进一步优化营收结 构；调整债务结构，推动完成存量债务置换。通过采取多项举措优化经营策略，智飞生物不断增强企业 财务健康状况与发展韧性，为构建可持续的长期竞争力奠定了坚实基础。 经营向好：财务优化增强发展底气 今年以来，智飞生物在业务稳步复苏的同时，通过多元融资优化财务结构，为中长期发展注入确定性。 2025年，智飞生物持续优化市场营销体系与推广策略，前三季度财报显示，企业营业收入已实现两个季 度正增长，经营活动产生的现金流量净额已实现连续三个季度的正增长，反映出其经营质量的持续改 善。 在业务端稳步发力的同时，智飞生物财务结构也得到持续优化。2026年1月，智飞生物发布公告获得了 中国农业银行重庆江北支行作为牵头行、代理行的银团申请总额度不超过102亿元、期限不超过3年的中 长期银团贷款。在金融 ...

来源：环球网 1月12日晚间，智飞生物披露2025年度业绩预告。尽管智飞生物预计2025年净利润将出现亏损，但其多 项经营与财务指标显示，其基本面正呈现稳步向好态势。 为应对行业普遍性挑战，智飞生物与合作方协商调整采购计划，缓解上游来货压力；根据市场需求优化 产品推广策略，促进提升存货周转效率；加快自研产品的上市节奏和科研攻关力度，进一步优化营收结 构；调整债务结构，推动完成存量债务置换。通过采取多项举措优化经营策略，智飞生物不断增强企业 财务健康状况与发展韧性，为构建可持续的长期竞争力奠定了坚实基础。 经营向好：财务优化增强发展底气 管线爆发：自研突破彰显创新实力 以"防未病治已病，守护人类健康"为企业使命，智飞生物围绕民众健康需求，聚焦高发病种与临床空 白，构建了覆盖多人群、多领域的产品管线。近年来，企业多项重点在研项目加速推进，预防类疫苗与 治疗类生物药双线并进，为疾病防控与临床治疗提供了更加多元的解决方案。 智飞生物研发人员正在做实验 在预防类生物制品领域，智飞生物在研项目达34项，进入临床试验及申报上市阶段的有24项。2025年， 企业多个重点管线取得突破性进展：两款自主研发的流感疫苗获批上市，其中 ...

| 流感系列疫苗 科兴流感类疫苗产品线丰富，为全球流感防控提供有力保障 安尔来福 ：中国第一支不含防腐剂的三价流感疫苗，6月龄及以上全年龄段适用 盼尔来福 ：中国第一支大流行流感疫苗（H5N1） 内控质量标准检测项数是中国药典的2倍[3] 盼尔来福.1 ：全球第一支甲型H1N1流感疫苗，并在全球率先开展大规模接种 四价流感病毒裂解疫苗：6月龄及以上全年龄段适用，守护更广泛人群健康 l 全球领航 科兴流感类疫苗在全球近20个国家和地区累计接种超过1亿剂次[1] 科兴流感类疫苗产品线丰富，获国内外广泛认可，助力全球流感防控保障 l 国际品质 不含防腐剂，内毒素、甲醛、卵清蛋白等质量标准优于中国药典及欧洲药典[2] 国家专利纯化工艺，产品纯度更有保障[4] l 强效安全 国际多中心临床研究：四价流感病毒裂解疫苗免疫原性显著高于国际同类产品[5] 中国III期临床研究：四价流感病毒裂解疫苗的血清保护率最高达99.4%[6] 大量研究证据表明四价（三价）流感病毒裂解疫苗的安全性良好，接种更放心[7][8] l 便捷高效 统一规格，提高库存管理效率 灵活调配，提升接种服务和管理效率，满足流感防控应急需求 | 流感疾病知识 ...

Core Insights - The Chongqing Private Economy Innovation and Development Conference recognized Zhifei Biological Products Co., Ltd. for its outstanding performance in technological innovation, ranking 3rd in the "2025 Chongqing Private Enterprises Technology Innovation Index Top 100" and 4th in the "2025 Chongqing Private Enterprises R&D Investment Top 50" [1][3] Group 1: Company Achievements - Zhifei Biological has made significant advancements in its R&D projects, particularly in the preventive field, with two vaccines, including a quadrivalent influenza virus split vaccine, launched this year [2] - The company has 34 self-developed projects in the preventive field, with 24 in the application, clinical, or listing application stages [2] - In the therapeutic area, Zhifei has 8 self-developed projects, with 7 in clinical or registration stages, including liraglutide injection awaiting listing application [2] Group 2: R&D Investment and Strategy - Over the past three years, Zhifei Biological has invested more than 6 billion yuan in R&D, reflecting its strong commitment to understanding market demands and technological trends [1][2] - The company follows an innovation strategy of prioritizing independent R&D, supplemented by collaborative R&D and investment incubation, which has laid a solid foundation for its sustainable development [1] Group 3: Future Outlook - Zhifei Biological aims to strengthen its position as an innovation leader, focusing on core technologies and addressing public health needs to contribute to the high-quality development of the biopharmaceutical industry and the construction of a healthy China [3]

Core Insights - The Chongqing Private Economy Innovation and Development Conference successfully held on December 26, where the "2025 Chongqing Private Enterprises Technology Innovation Index Top 100 List" was officially released, with Zhifei Biological ranking 3rd in the index and 4th in the R&D investment list [1][3]. Group 1: Company Achievements - Zhifei Biological has consistently adhered to an innovation strategy focused on independent research and development, increasing R&D investment, and enhancing pipeline layout, with a cumulative R&D investment exceeding 6 billion yuan over the past three years [3]. - The company has made significant progress in multiple self-developed projects this year, entering a period of intensive innovation achievements [3]. Group 2: Product Development - In the prevention field, Zhifei Biological has launched several vaccines, including a quadrivalent influenza virus split vaccine and a rabies vaccine, with various other products in different stages of approval and clinical trials [5]. - The company has a total of 34 self-developed projects in the prevention field, with 24 projects currently in the application, clinical trial, or approval stages [5]. - In the treatment field, Zhifei Biological has 8 self-developed projects, with 7 in clinical trials or registration application stages, including liraglutide injection and insulin products [5]. Group 3: Innovation and Future Plans - Zhifei Biological has successfully incubated over ten technology enterprises through its Zhihui Investment platform, with more than fifty projects in development, leading the industry in the progress of several first-class new drugs [6]. - The company aims to launch one to two first-class innovative drugs annually from its incubated enterprises over the next decade, significantly advancing the high-end development of Chongqing's biopharmaceutical industry [6]. - The recognition in the Chongqing Private Enterprises Technology Innovation Index is an authoritative acknowledgment of Zhifei Biological's R&D investment, technical accumulation, and innovation achievements, with plans to strengthen its innovation position and contribute to high-quality development in the biopharmaceutical industry [6].

Group 1 - The core viewpoint of the article highlights the steady growth of the blood products business and a significant increase in demand for quadrivalent influenza vaccines [4][5] Group 2 - As of mid-2025, the company operates 34 plasma collection stations, with 4 stations expected to exceed 100 tons of plasma collection in 2024, indicating strong growth potential in the blood products sector [4] - The company has seen a rapid consumption of quadrivalent influenza vaccines due to increased public awareness and demand from health authorities, leading to multiple batch applications for market release [4] Group 3 - The company is actively investing in innovation, focusing on process upgrades and new product development in blood products, as well as advancing research in vaccines, innovative drugs, and biosimilars [5] - Specific advancements include the completion of on-site verification for a new 10% intravenous immunoglobulin product, plans for submitting a Pre-IND for subcutaneous immunoglobulin, and ongoing Phase III clinical trials for coagulation factor IX [5] Group 4 - The company has implemented a cash dividend of 7 yuan per 10 shares for 2025, resulting in a dividend yield of 4.63% based on the closing price on December 11, 2025, emphasizing its commitment to stable and predictable cash dividends [6]

证券日报网讯12月12日，华兰疫苗（301207）在互动平台回答投资者提问时表示，公司主力产品为四价 流感病毒裂解疫苗，自10月份特别是11月份以来，民众接种流感疫苗的意识显著增强，公司流感疫苗特 别是四价流感病毒裂解疫苗的库存消化较快，为满足市场的需求，公司加班加点，增加了多个批次四价 流感病毒裂解疫苗的生产、分包装并已提交批签发申请，预计近期在完成批签发后将投放市场。 ...

证券日报网讯12月12日，华兰疫苗（301207）在互动平台回答投资者提问时表示，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。 自10月份特别是11月份以来，民众接种流感疫苗的意识显著增强，公司流感疫苗特别是四价流感病毒裂 解疫苗的库存消化较快，为满足市场的需求，公司加班加点，增加了多个批次四价流感病毒裂解疫苗的 生产、分包装并已提交批签发申请，预计近期在完成批签发后将投放市场。 ...

2025 年 12 月 12 日 公司研究 血制品龙头大力布局创新，高分红比例凸显长期投资价值 ——华兰生物（002007.SZ）跟踪报告 要点 血制品业务稳健增长，四价流感疫苗接种需求显著增强。截至 2025 年中报，公 司下属单采血浆站数量为 34 家（含 6 家分站）；2024 年，公司采浆量超过 100 吨的单采血浆站有 4 个，成熟期浆站的年平均采浆量均在国内前列。随着新开浆 站采浆量的提升，血浆综合利用率的提高，公司血制品业务有望保持稳健增长。 疫苗板块，随着 10 月以来民众接种流感疫苗意识显著增强，各地疾控中心的需 求显著增加，公司流感疫苗特别是四价流感病毒裂解疫苗的库存消化较快，公司 为此增加了多个批次四价流感疫苗的批签发申请，预计近期将投放市场。 大力布局创新，参股基因公司进入收获期。公司在血制品领域进行现有产品的工 艺升级和新产品开发之外，亦加大疫苗、创新药和生物类似药物的研发投入：1） 血制品领域，新工艺静注人免疫球蛋白（10%）已完成现场核查生产，皮下注射 人免疫球蛋白计划提交 Pre-IND，人凝血因子Ⅸ正在开展Ⅲ临床研究；2）疫苗 领域，疫苗公司加快推进重组带状疱疹疫苗（CHO ...

在稳固国内市场主导地位的同时，华兰生物正加速推进全球化布局，海外市场成为公司新的增长引擎。 据公司披露，2025年以来，其流感疫苗产品已成功敲开巴基斯坦、多米尼加等海外市场大门，实现批量 出口。业内分析指出，海外市场的开拓不仅丰富了公司的收入结构，更有助于提升品牌国际影响力，为 后续进入更多新兴市场奠定基础。(秦声) 华兰生物在回复中表示，自今年10月起，尤其是进入11月传统流感高发期后，国内民众的流感疫苗接种 意识显著提升，各地疾控中心的采购订单量较上年同期出现大幅增长。其中，公司核心产品四价流感病 毒裂解疫苗库存消化速度加快。为缓解市场供需矛盾，公司已紧急加开多条生产线，新增多个批次四价 流感病毒裂解疫苗的生产及分包装工作，目前相关产品已提交批签发申请，在完成法定检验流程后将快 速投放市场，有效填补当前市场缺口。 公开资料显示，华兰生物控股子公司华兰疫苗（301207）股份有限公司是国内规模最大的流感疫苗生产 企业，具备强大的产能储备和技术优势。数据显示，该子公司已形成年产1亿剂流感疫苗的规模化生产 能力，为应对季节性需求波动提供了坚实基础。值得关注的是，自2018年华兰生物率先实现国内四价流 感病毒裂解 ...