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 ...

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].

Core Viewpoint - The company, Zhifei Biological, has made significant advancements in vaccine development, including a quadrivalent meningococcal vaccine, a therapeutic BCG vaccine for bladder cancer, and a bivalent shigella vaccine, indicating a strategic focus on infectious disease prevention and cancer treatment [1][5]. Group 1: Quadrivalent Meningococcal Vaccine - The quadrivalent meningococcal polysaccharide conjugate vaccine has completed its Phase III clinical trial, demonstrating good immunogenicity and safety, meeting the predefined clinical trial goals [2][5]. - If approved, this vaccine will complement existing meningococcal vaccines, enhancing the company's market position in the meningitis vaccine sector [2][5]. Group 2: Therapeutic BCG Vaccine - The therapeutic BCG vaccine has entered Phase III clinical trials aimed at preventing recurrence in non-muscle invasive bladder cancer patients, with the first subject treated in Hunan Province [3][5]. - This product could become the company's first oncology therapeutic biological product, addressing the high recurrence rates of bladder cancer [3][5]. Group 3: Bivalent Shigella Vaccine - The bivalent shigella vaccine is set to initiate Phase III trials in Bangladesh, targeting bacterial dysentery caused by Shigella flexneri and Shigella sonnei, with the potential to fill a significant market gap as no similar vaccines are currently approved globally [4][5]. - The trial will assess the vaccine's efficacy and safety in infants aged 6 months to 5 years, contributing to the global fight against dysentery, particularly in developing countries [4][5].