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 ...

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。 为获取这笔关键资金，智飞生物动用了全链条担保资源：实际控制人蒋仁生家族提供全额连带责任无偿 担保，核心子公司股权及应收账款均已质押，凸显资金链紧张程度。 智飞生物的困境并非个例，而是疫苗行业结构性调整的缩影。作为曾经的"利润引擎"，HPV疫苗市场从 供不应求转为产能过剩：2024年起九价HPV疫苗销售出现颓势，而智飞生物因此前签订高额采购协议， 陷入"不得不进货、却卖不出去"的两头堵局面。 雪上加霜的是国产疫苗竞争的价格战突围。2025年下半年，万泰生物国产九价HPV疫苗上市，全程接种 价格仅1500元。 与此同时，集采政策持续压缩利润空间，二价HPV疫苗中标价从2022年的329元/支跌至2025年的27.5元/ 支，跌幅超90%。多重冲击下，智飞生物被迫推出"买两针送一针"的首次降价促销，仍难改库存高企现 状。 "现在行业已经从'有苗就卖'的增量市场，进入'优中选优'的存量竞争阶段。"康乐卫士董事长刘永江此前 在公开采访时表示，"价格战只是阶段性现象，最终还是 ...

Core Viewpoint - The HPV vaccine market has shifted dramatically from scarcity and high prices to aggressive price competition, leading to significant revenue declines for many companies in the vaccine industry [3][4][11]. Price Competition and Market Changes - The price of the bivalent HPV vaccine has dropped from 245 yuan to 27.5 yuan, a nearly 90% decrease, while the nine-valent HPV vaccine is being offered in "buy one, get one free" promotions [3]. - The flu vaccine market has also seen price reductions, with the trivalent vaccine dropping to 5.5 yuan and the quadrivalent vaccine decreasing from 128 yuan to 88 yuan [3]. - In the first three quarters of 2025, only 5 out of 14 domestic vaccine companies reported revenue growth, while 10 companies, including industry leader Zhifei Biological, experienced significant profit declines [2][3]. Structural Issues in the Industry - The industry's performance decline is attributed to structural problems rather than cyclical fluctuations, with price wars compressing profit margins and leading to a situation where revenue growth does not translate into profit [4][5]. - The lack of innovation and reliance on technology replication has resulted in oversupply and a lack of differentiation among products, making price competition inevitable [6][9]. Innovation as a Key to Recovery - Companies that focus on innovation, such as CanSino with its quadrivalent meningococcal vaccine, have shown resilience, achieving revenue growth and profitability despite the overall market downturn [6][7]. - The market is willing to pay a premium for differentiated products that offer better protection and safety, indicating that true innovation is essential for avoiding price competition [7]. Challenges to Original Innovation - The high costs and long timelines associated with developing new vaccines, along with regulatory uncertainties, deter companies from pursuing original innovation [9]. - The current regulatory framework is more suited to traditional technologies, creating barriers for new vaccine platforms [9]. Industry Response and Future Directions - The China Vaccine Industry Association has initiated a campaign to oppose "involutionary" competition and promote high-quality development in the vaccine sector [10]. - Companies are encouraged to focus on unmet clinical needs and explore international markets to alleviate domestic competition pressures [10]. - There is a need for improved public awareness and vaccination services to enhance demand and increase vaccination rates, particularly for flu vaccines [10]. Conclusion - The price competition in the vaccine industry is a result of homogeneous competition and represents a transitional phase for industry upgrade [11]. - Successful examples of innovative companies and emerging industry consensus indicate a potential path forward, emphasizing the importance of clinical value over price competition [11].

Core Insights - The global vaccine industry is undergoing significant structural changes and challenges, yet Zhifei Biological (300122) has reported a resilient performance in its Q3 2025 financial results, showcasing growth in revenue and improvements in cash flow and asset quality [1][3][4] Financial Performance - Zhifei Biological achieved a revenue of 2.705 billion yuan in Q3 2025, representing a quarter-on-quarter growth of 6.29%, marking two consecutive quarters of positive growth [3] - The net cash flow from operating activities surged by 201.18% year-on-year, reaching 2.985 billion yuan, with positive cash flow reported for three consecutive reporting periods [3] - Accounts receivable and inventory decreased by 5.21% and 9.85% year-on-year, respectively, indicating improved operational efficiency [3] - Long-term borrowings increased to 3.094 billion yuan, a year-on-year growth of 149.11%, while short-term borrowings decreased by 13.31%, enhancing the company's financial stability [3] Product Strategy - The company is transitioning towards a dual strategy of "agency and self-research," with significant progress made in Q3 2025 [6] - The approval of the male indication for Merck's HPV vaccine has opened new market opportunities, with the potential market size for HPV vaccines in China expected to reach 62.54 billion yuan by 2031 [6] - The expansion of the indication for the recombinant shingles vaccine to immunocompromised individuals further enhances product potential, addressing a significant public health need [6] R&D Pipeline - Zhifei Biological has 34 self-research projects, with 21 in clinical or application stages, indicating a robust pipeline [8] - Key products such as the quadrivalent influenza vaccine and the 15-valent pneumonia conjugate vaccine are nearing market approval, marking a critical transition from R&D investment to output [8] - The approval of the GLP-1 dual-target agonist CA111 for clinical trials signifies the company's entry into the metabolic disease treatment market, providing new growth opportunities [8] Strategic Vision - The company is enhancing its R&D framework towards a platform-based and international approach, with a focus on innovation and collaboration with top academic institutions [9] - The internationalization strategy includes conducting clinical trials in both developing and developed countries, showcasing the company's global competitiveness [9] - The diversification into both preventive and therapeutic products aims to stabilize growth amidst industry fluctuations, positioning the company for long-term success [9] Market Outlook - The global vaccine market is projected to grow from $46 billion in 2024 to $83.1 billion in 2025, with a CAGR of 13.5%, driven by innovative vaccine development and expanding demand in emerging markets [10] - The Chinese vaccine market is expected to exceed 340 billion yuan by 2030, with a CAGR of 15.95%, indicating significant growth potential [12] - Zhifei Biological's diverse product portfolio and enhanced R&D capabilities position it well to capture market share during industry transitions [12]

Core Insights - Beijing Economic-Technological Development Area (Beijing E-Town) has shown impressive economic performance in the first half of 2025, with GDP growth of 12.3% and industrial output surpassing 340 billion yuan, reflecting a strong focus on technological innovation and high-quality development [1][2] Economic Performance - The industrial output value reached 347.87 billion yuan, with a year-on-year growth of 15.6%, significantly outpacing the city's average growth rate of 9.8% [2] - The contribution of industrial added value to the city's economy is approximately 37.7% [2] - Key sectors such as integrated circuits, new energy vehicles, and next-generation information technology are driving this growth [2] Investment and R&D - Fixed asset investment increased by 3.6%, with industrial investment accounting for about three-quarters of the total [4] - R&D expenditures for large and medium-sized enterprises grew by 25.3%, exceeding the city's average growth of 21.2% [4][5] - The establishment of the Beijing Rocket Street, a commercial aerospace research and production base, is expected to enhance the region's innovation capabilities [4] Emerging Industries - New industries and future sectors are rapidly expanding, with significant achievements reported, such as Xiaomi's cumulative delivery of over 300,000 vehicles and the mass production of BOE's sixth-generation semiconductor display devices [2] - The new generation information technology industry achieved an output value of 95.18 billion yuan, growing by 23.6% [2] Service Sector Growth - The productive service industry is experiencing robust growth, with information services generating revenue of 57.39 billion yuan, a year-on-year increase of 23.8% [6] - Financial services also showed strong performance, with net income growth of 31.4% [6] Policy and Ecosystem Development - Beijing E-Town is actively constructing an industrial ecosystem by attracting over 140 biopharmaceutical companies and implementing supportive policies for innovation and talent development [3][7] - The area has introduced various policy measures to enhance enterprise support and foster a modern industrial cluster [7]

Core Viewpoint - Despite facing significant pressure on revenue and net profit in 2024 due to industry adjustments and changes in consumer demand, the company is determined to transform into a comprehensive biopharmaceutical enterprise through innovation, optimized strategies, and international collaboration [1] Group 1: Innovation and Product Development - The company has achieved key breakthroughs in its vaccine pipeline, including the approval of a quadrivalent influenza vaccine and the acceptance of the application for a human diploid rabies vaccine [2] - The company aims to launch 1-2 self-developed products annually over the next 2-3 years to optimize its revenue structure [2] - The metabolic disease treatment sector is emerging as a new growth area, with significant progress in GLP-1 and insulin analogs, including the submission of liraglutide for market approval [2] Group 2: Risk Management Strategies - The company has implemented various measures to mitigate operational risks since the second quarter of the previous year, including enhancing communication with partners and adjusting promotional policies [3] - The company is focusing on inventory management and has initiated a "de-inventory" campaign to improve sales and reduce operational risks [4] - As of the end of Q1 2024, the company's accounts receivable have decreased to 14.6 billion, with ongoing efforts to manage aging receivables [4] Group 3: Shareholder Returns and Future Outlook - The company has prioritized shareholder returns by implementing a mid-term dividend of 479 million and completing over 300 million in share buybacks, reflecting its commitment to shareholder interests [5] - Management's proactive attitude and robust measures are expected to instill confidence in investors, with a focus on continuous R&D innovation and market expansion [5] - The company aims to achieve steady growth in performance and is committed to becoming a world-class biopharmaceutical enterprise [5]

Core Viewpoint - The company, Zhifei Biological, has accelerated its self-research and development, with significant advancements in its vaccine pipeline, including the four-valent meningococcal conjugate vaccine, therapeutic BCG vaccine, and bivalent shigella conjugate vaccine, which have entered critical research stages [1][2][3]. Group 1: Four-Valent Meningococcal Conjugate Vaccine - Zhifei Biological's subsidiary, Beijing Zhifei Green Bamboo Biological Pharmaceutical Co., Ltd., has received the III phase clinical trial summary report for its four-valent meningococcal conjugate vaccine, which aims to prevent meningococcal meningitis caused by groups A, C, Y, and W135 [1][2]. - The clinical trial results indicate that the vaccine demonstrates good immunogenicity and safety, meeting the predefined clinical trial objectives and showing non-inferiority to the control vaccine [1][2]. - If approved, this vaccine will complement existing products in Zhifei's meningitis vaccine portfolio, enhancing the company's market position and competitiveness [2]. Group 2: Bivalent Shigella Conjugate Vaccine - The bivalent shigella conjugate vaccine is designed to prevent acute intestinal infections caused by Shigella flexneri and Shigella sonnei, which pose significant health risks, especially to children under five [3][4]. - The World Health Organization reports that bacterial dysentery affects approximately 165 million people globally each year, with a significant portion of cases occurring in developing countries [3]. - Zhifei has received approval from the Bangladesh Drug Administration to conduct III phase clinical trials for this vaccine, which will further support its registration application [4]. Group 3: Therapeutic BCG Vaccine - The therapeutic BCG vaccine developed by Zhifei Longkema Biological Pharmaceutical Co., Ltd. has entered III phase clinical trials, targeting non-muscle invasive bladder cancer [5]. - This vaccine is intended to reduce tumor recurrence and prevent progression after transurethral resection of bladder tumors, addressing a significant medical need given the high recurrence rates of bladder cancer [5]. - The clinical trial design includes a multi-center, randomized, and blinded approach to evaluate the vaccine's effectiveness and safety in preventing recurrence in patients aged 18 and older [5]. Group 4: R&D Investment and Pipeline - Zhifei Biological has significantly increased its R&D investment, from over 2 billion yuan in 2022 to 2.389 billion yuan in 2023, focusing on talent acquisition, technological innovation, and industrial layout [6]. - The company currently has 33 self-research projects, with 17 in clinical trials and registration application stages, indicating a robust pipeline of innovative vaccines [6]. - Recent approvals for the four-valent influenza vaccine and advancements in other vaccine candidates position Zhifei at the forefront of the industry [6].