（编辑 姚尧） 证券日报网讯 智飞生物9月19日在互动平台回答投资者提问时表示，公司打造了完善的科技创新平台体 系，形成智飞绿竹、智飞龙科马、重庆宸安三大研产基地和北京创新孵化中心的战略布局，不断强化公 司研发综合实力。截至目前，公司多款创新疫苗产品已进入申报上市及临床后期阶段：15价肺炎球菌结 合疫苗、ACYW135群流脑结合疫苗等四个产品处于上市审评阶段；福氏宋内氏痢疾双价结合疫苗、四 价重组诺如病毒疫苗等五个产品处于临床试验Ⅲ期。此外，公司治疗性生物制品在研管线的利拉鲁肽注 射液已位于申报上市阶段，司美格鲁肽注射液（降糖）已完成Ⅲ期临床试验，司美格鲁肽注射液（减 重）正位于Ⅲ期临床试验阶段。 ...

（记者 王晓波） 智飞生物（300122.SZ）9月19日在投资者互动平台表示，公司打造了完善的科技创新平台体系，形成智 飞绿竹、智飞龙科马、重庆宸安三大研产基地和北京创新孵化中心的战略布局，不断强化公司研发综合 实力。截至目前，公司多款创新疫苗产品已进入申报上市及临床后期阶段：15价肺炎球菌结合疫苗、 ACYW135群流脑结合疫苗等四个产品处于上市审评阶段；福氏宋内氏痢疾双价结合疫苗、四价重组诺 如病毒疫苗等五个产品处于临床试验Ⅲ期。此外，公司治疗性生物制品在研管线的利拉鲁肽注射液已位 于申报上市阶段，司美格鲁肽注射液（降糖）已完成Ⅲ期临床试验，司美格鲁肽注射液（减重）正位于 Ⅲ期临床试验阶段。 每经AI快讯，有投资者在投资者互动平台提问：在当下AI席卷全球的状况下，企业和个人都在使用人 工智能，尤其是各大医药企业都极度重视ai的使用。请问贵公司在AI的产品研发上做了哪些投入？ ...

Core Viewpoint - The vaccine industry is currently facing multiple challenges, including weak market demand, declining public vaccination willingness, intensified price competition, and policy adjustments, leading to widespread performance pressure among domestic and international vaccine companies [1][2]. Group 1: Company Performance - Zhifei Biological's mid-year report shows a significant revenue decline, with a net loss of 597 million yuan, a shift from profit to loss year-on-year [1]. - The company has invested over 5.1 billion yuan in R&D over the past five years, with R&D expenditure reaching 635 million yuan in the first half of this year, an increase compared to the previous year [2]. Group 2: Market Dynamics - The competitive landscape is intensifying, particularly among leading companies in popular vaccine categories, with domestic alternatives like Wantai Biological's HPV vaccine priced at 499 yuan, only 40% of the price of Zhifei's previously popular HPV vaccine [1]. - The biopharmaceutical industry is transitioning from a post-pandemic adjustment phase to a structural growth phase, driven by technological breakthroughs, pipeline advancements, and internationalization [2]. Group 3: Innovation and Collaboration - The company is focusing on technological innovation to navigate the current market challenges, with several projects in clinical trials and registration stages, including vaccines for rabies, influenza, and pneumonia [2]. - Zhifei is optimizing its supply chain and collaborating closely with partners like GSK and Merck to adapt to market changes and enhance supply chain resilience [3]. Group 4: Market Outlook - The recent launch of a higher-standard quadrivalent influenza vaccine has begun commercial rollout, with successful entry into multiple provinces, indicating a positive market outlook [3]. - Analysts predict a new wave of data catalysts in China's biopharmaceutical sector, enhancing the global competitiveness of innovative drug products and improving the outlook for innovation-driven companies [3].

Core Viewpoint - The Chinese vaccine industry is facing unprecedented challenges, with major companies like Zhifei Biological expressing concerns over declining public vaccination willingness and changing market demands. However, Zhifei is increasing its R&D investment, indicating strategic resilience amidst industry difficulties [1][2]. Industry Challenges - The vaccine industry is experiencing a structural crisis, with major companies reporting over 20% declines in performance due to factors such as public neglect of routine vaccinations and the "vaccine hesitancy" phenomenon. This market contraction is unlikely to reverse in the short term through single policies or market adjustments [2][3]. Company Strategy - Despite financial pressures, Zhifei Biological is demonstrating resilience through strategic initiatives, including an 11.47% increase in R&D investment to 635 million yuan, surpassing its revenue from self-developed products. The company has 34 R&D projects, with 21 in clinical trials or registration stages, creating a multi-tiered product pipeline [2][4]. Vaccine Development Focus - Zhifei's focus on pneumonia vaccines is a key aspect of its R&D strategy. The 15-valent pneumococcal conjugate vaccine has submitted for production registration, while the 26-valent vaccine has entered Phase I clinical trials in Australia. This comprehensive pneumonia vaccine portfolio aims to provide stable revenue and competitive advantages [3][4]. International Expansion - Zhifei is pursuing a dual-track international strategy, registering existing products overseas while advancing innovative products through clinical trials. This approach targets emerging markets with high disease burdens, allowing the company to establish a differentiated international presence [6][8]. Transformation into a Comprehensive Biopharmaceutical Platform - The acquisition of a 51% stake in Chen'an Biological marks Zhifei's transition from a vaccine-only company to a "prevention + treatment" biopharmaceutical platform. This move aligns with global trends in the GLP-1 drug market, which has significant growth potential [6][7]. Long-term Growth Potential - The GLP-1 drug market is expanding, with applications extending beyond diabetes and obesity to conditions like MASH and Alzheimer's disease. Zhifei's investment in Chen'an Biological enhances its capabilities in therapeutic biopharmaceuticals, providing a buffer against vaccine market fluctuations [7][8]. Future Outlook - As public health awareness increases and government vaccination programs advance, vaccine demand is expected to recover. Zhifei's R&D advantages, therapeutic strategies, and international capabilities position it favorably for competitive recovery in the industry [8].