"透视图"是36氪新推出的轻量化数据图文栏目——以数据透视趋势，以图片呈现要点。 "Talk is Cheap. Show me the data." 作者丨黄绎达 今年公费三价流感疫苗在部分省份中标价低至5.5元/支，刷新历史新低。业内人士指出，这一现象折射出疫苗行业整体进入"降价周期"。 36氪制图 价格下探的背后，一方面是主力接种人群（0—9岁儿童）数量减少，市场需求走弱；另一方面，Me-too类产品扎堆，同质化竞争加剧，九价HPV疫苗便是典 型案例。 40 - 行业均值。 20 - 沃森生物 0 -20 华兰疫苗 -40 - -60 2023 202 2021 2022 毛利率同比下滑 | 万泰生物 | 百克生物 | 华兰生物 | 沃森生物 | 智飞生物 | | --- | --- | --- | --- | --- | | 0 | | | | | | 0 | 0 | -10.9pct | | | | 0 | 0 | -12.9pct | | | | ● | ● | C | 0 | | | 0 | 0 | | | | | -16.9pct ● | 0 | 0 | 0 | | | 0 | | | | | ...

Core Insights - The company reported its worst quarterly results in a decade, with revenue of 7.627 billion yuan, a year-on-year decline of 12.06%, and a net loss of 6.653 billion yuan, a staggering year-on-year drop of 156.1% [1] Group 1: Decline in HPV Vaccine Business - The company, as the exclusive agent for Merck's HPV vaccine in China, saw its revenue soar from 446 million yuan in 2016 to 52.918 billion yuan in 2023, but this growth has ended due to increased production capacity and market saturation [2] - The Chinese government is promoting the inclusion of HPV vaccines in immunization programs, offering free vaccinations for eligible girls, which further squeezes the market for high-priced self-paid HPV vaccines [2] - In the first half of 2025, the batch issuance volume of the nine-valent HPV vaccine that the company represents fell by 76.8% year-on-year [2] Group 2: Struggles with Self-Developed Products - The company is attempting to transition to an innovative enterprise, but its self-developed products lack competitiveness, with the 23-valent pneumonia vaccine having zero batch issuance in the first half of this year [2] - The newly approved quadrivalent influenza vaccine quickly became embroiled in a price war, with competitors significantly lowering their bid prices [2] - Although several vaccines are in the review or clinical trial stages, these pipelines are not expected to contribute to near-term performance [2] Group 3: Difficulties in Transformation and Financial Risks - To accelerate its transformation, the company invested 593 million yuan to acquire a controlling stake in Chen'an Bio, entering the GLP-1 drug market, which is already highly competitive in China [2] - As of July 2025, there are 21 GLP-1 drugs either on the market or in late-stage development in China [2] - The company faces high accounts receivable and inventory levels, amounting to 12.814 billion yuan and 20.246 billion yuan respectively, which together account for over 70% of total assets, posing significant financial risks if not managed effectively [2] Conclusion - The company's challenges reflect the broader struggle of Chinese vaccine companies transitioning from channel-driven to innovation-driven models, emphasizing the need for rapid commercialization of self-developed products and optimization of asset structures to recover from losses [3]

Core Insights - The company reported its worst quarterly results in a decade, with revenue of 7.627 billion yuan, a year-on-year decline of 12.06%, and a net loss of 6.653 billion yuan, a year-on-year drop of 156.1% [1] Group 1: Dependency on Agency Model - The end of the "easy profit era" for HPV vaccines is evident as the company, once benefiting from being the exclusive agent for Merck's HPV vaccine in China, faces declining sales due to increased competition and market saturation [1] - The approval of domestic nine-valent HPV vaccines in June 2025 and the inclusion of HPV vaccines in national immunization programs further compress the market for self-paid high-priced HPV vaccines [1] - The company experienced a 76.8% year-on-year decline in the batch issuance of the nine-valent HPV vaccine in the first half of 2025, with zero issuance for the four-valent HPV vaccine [1] Group 2: Struggles with Self-Developed Products - The company is struggling to transition to an innovative enterprise, as its self-developed products lack competitiveness, with zero batch issuance for the 23-valent pneumonia vaccine in the first half of the year [2] - The company faces intense price competition, with competitors offering the pneumonia vaccine at a significantly lower price of 25 yuan compared to the market price of 200 yuan [2] Group 3: Challenges in Transformation and Financial Health - To accelerate its transformation, the company invested 593 million yuan to acquire a controlling stake in Chen'an Biotech, entering the GLP-1 drug market, which is already highly competitive with 21 GLP-1 drugs either on the market or in late-stage development as of July 2025 [3] - The company has high accounts receivable and inventory, amounting to 12.814 billion yuan and 20.246 billion yuan respectively, which together account for over 70% of total assets, posing a risk of financial strain if not managed effectively [3] Conclusion - The company's difficulties reflect the broader challenge faced by Chinese vaccine companies in transitioning from a channel-driven model to an innovation-driven one, emphasizing the need for rapid commercialization of self-developed products and optimization of asset structure to return to a growth trajectory [4]

Core Insights - The company reported a record high revenue of 2.708 billion yuan in Q3, marking a 6.42% quarter-on-quarter increase, with two consecutive quarters of positive growth [1] - Operating cash flow surged by 201.18% year-on-year to 1.421 billion yuan, achieving the highest level in the last five quarters [1] - Despite the overall downturn in the biopharmaceutical industry, the company demonstrated strong operational management capabilities [1] Financial Performance - Q3 revenue reached 2.708 billion yuan, the highest in the last three quarters, with a quarter-on-quarter growth of 6.42% [1] - Year-on-year operating cash flow increased by 201.18% to 1.421 billion yuan, setting a new five-quarter high [1] - The company has invested over 5.1 billion yuan in R&D over the past five years, with R&D spending in the first half of this year reaching 635 million yuan, continuing to grow year-on-year [1] Industry Trends - The biopharmaceutical vaccine industry is transitioning from a pandemic-driven explosive growth phase to a stable development phase focused on quality [1] - The company is optimizing its capital structure through bond issuance and increased long-term borrowing, indicating a shift towards supporting medium to long-term stable growth [1] R&D and Innovation - The company’s intangible assets grew by 84.78% year-on-year to 640 million yuan, primarily due to the capitalization of internal R&D projects [1] - The company is focusing on international expansion, moving from preventive to therapeutic areas, with ongoing clinical trials for several vaccines abroad [2] - The company emphasizes a dual-driven strategy of "technology & market," focusing on core business, R&D innovation, and market development [2] Subsidiary Developments - Two self-developed platforms, Zhixiang Jintai and Chen'an Bio, are showing promising results, with Zhixiang Jintai achieving commercial success in innovative drugs and multiple key products nearing market launch [2] - Chen'an Bio is concentrating on major diseases such as diabetes and obesity, with several strong projects in development [2]

Core Viewpoint - The vaccine giant Zhifei Biological Products Co., Ltd. reported a rare loss in the first half of 2025, marking its first loss since going public in 2010, with significant declines in revenue and net profit due to decreased public vaccination willingness and changing market demands [1][2][4]. Financial Performance - In the first half of 2025, the company achieved revenue of approximately 4.9 billion yuan, a decrease of over 73% compared to 18.26 billion yuan in the same period last year [1][3]. - The net profit attributable to shareholders was a loss of 597 million yuan, compared to a profit of 2.234 billion yuan in the previous year [1][3]. - The company has experienced a continuous decline in revenue for four consecutive quarters, with net profit also showing losses during this period [4]. Operational Challenges - The decline in revenue and profit is attributed to multiple factors, including a decrease in public vaccination willingness and changes in market demand, leading to a significant adjustment in the company's performance [2][4]. - The company reported a significant drop in the issuance of its vaccine products, with self-developed vaccines seeing declines of 58.1% to 66.46% in issuance volume [5][6]. Cash Flow and Debt Management - Despite the losses, the company reported a significant improvement in cash flow, with a net operating cash flow of 1.564 billion yuan, a year-on-year increase of approximately 609% [2][8]. - As of June 30, 2025, the company's accounts receivable were approximately 13.518 billion yuan, a decrease of about 12 billion yuan from the previous year [8]. - However, the company faces liquidity pressure, with short-term borrowings of 13.964 billion yuan, significantly exceeding its cash reserves of 2.566 billion yuan [2][8]. Strategic Initiatives - The company is actively optimizing its operational strategies in response to industry structural adjustments, focusing on innovation and internationalization [2][7]. - In the first half of 2025, the company invested 635 million yuan in research and development, continuing to strengthen partnerships with commercial partners to adapt to market changes [7][8].

Core Viewpoint - The vaccine giant Zhifei Biological reported a rare loss in the first half of 2025, marking its first loss since going public in 2010, with a significant revenue decline of over 73% compared to the previous year [1][2][4]. Financial Performance - In the first half of 2025, Zhifei Biological achieved an operating income of approximately 4.9 billion yuan, a decrease of 13.34 billion yuan from 18.26 billion yuan in the same period last year, representing a year-on-year decline of 73.06% [4]. - The net profit attributable to shareholders was a loss of 597 million yuan, compared to a profit of 2.234 billion yuan in the same period last year [1][4]. - The company has reported a continuous decline in revenue and net profit for four consecutive quarters, with significant losses recorded in both Q1 and Q2 of 2025 [5]. Market Factors - The decline in performance is attributed to multiple factors, including decreased public willingness to get vaccinated and changes in market demand, leading to a significant adjustment in the company's operations [2][5]. - The overall confidence in vaccines is still recovering, resulting in noticeable short-term pressure on the industry [5]. Research and Development - Zhifei Biological invested 635 million yuan in R&D during the first half of 2025, with previous years' investments being 1.113 billion yuan in 2022, 1.345 billion yuan in 2023, and 1.391 billion yuan in 2024 [3][8]. - The company has made breakthroughs in several R&D pipelines, including accelerated registration applications and advancements in key clinical stages [8]. Cash Flow and Debt - The company reported a significant improvement in cash flow, with a net operating cash flow of 1.564 billion yuan, a year-on-year increase of approximately 609% [3][10]. - However, liquidity pressure remains evident, with short-term borrowings amounting to 13.964 billion yuan, which is 5.44 times the cash on hand of 2.566 billion yuan [10][11]. - The company plans to issue bonds to raise up to 6 billion yuan to meet operational and investment funding needs and optimize its debt structure [11]. Product Performance - Zhifei Biological's vaccine products, both self-developed and agency products, saw significant declines in issuance volumes, with some products reporting zero issuance [6][7]. - The company is actively pursuing international markets, supplying vaccines to countries such as Indonesia, Nigeria, Pakistan, and Uzbekistan, and has completed GMP certification for its 23-valent pneumococcal polysaccharide vaccine in the Philippines [9].

Group 1 - The company reported a significant decline in revenue and profit for the first half of 2025, with total revenue of 4.919 billion yuan, a year-on-year decrease of 73.06%, and a net profit attributable to shareholders of -0.597 billion yuan, down 126.72% from the previous year [1] - The second quarter alone saw revenue of 2.545 billion yuan, a decrease of 62.92% year-on-year, and a net profit of -0.292 billion yuan, reflecting a 137.60% decline [1] - The company has experienced losses for four consecutive quarters, with net profit attributable to shareholders declining by -103.69%, -108.58%, -120.93%, and -137.60% over the last four quarters [1] Group 2 - The main source of revenue, agency products, generated 4.370 billion yuan in the first half of the year, a decrease of 75.16%, with a gross margin decline of 8.61 percentage points [2] - The sales volume of key vaccines showed a significant decline, with the four-valent HPV vaccine and inactivated hepatitis A vaccine having zero batch approvals, while the nine-valent HPV vaccine and imported 23-valent pneumonia vaccine saw decreases of 76.80% and 32.32%, respectively [2] - The competition for domestic HPV vaccines has intensified, leading to Merck's announcement in February to suspend the supply of the four-valent HPV vaccine to China until mid-2025 or longer, impacting the company's revenue from this product [3] Group 3 - The company's self-developed products generated revenue of 0.5 billion yuan, a decrease of 9.27%, with significant declines in sales of AC combined vaccine and Hib vaccine by 58.10% and 66.46%, respectively [3] - The newly approved 23-valent pneumonia vaccine had zero batch approvals in the first half of the year, and the company reduced the supply price in some regions from 298 yuan to 209 yuan per dose [3] Group 4 - To address its current challenges, the company announced plans to issue bonds totaling no more than 6 billion yuan for investment in technology innovation and operations [4] - The company has adopted a development strategy focused on "independent research and development as the mainstay, with collaborative research and development as a supplement," maintaining stable R&D investment, which reached 0.635 billion yuan in the first half of 2025, an increase of 11.47% year-on-year [4] - The company has made significant progress in over ten R&D pipelines, including the self-developed adolescent and adult component DTP vaccine, which has received clinical trial approval [4]

Core Insights - Over 90 A-share listed pharmaceutical companies have released their 2023 performance forecasts, with a predominant trend of positive expectations, as 64 out of 92 companies anticipate year-on-year net profit growth [1] - The recovery of the market and accelerated overseas sales are significant factors contributing to the performance increase of many pharmaceutical companies in 2023 [1] - The pharmaceutical industry is expected to maintain substantial potential and momentum in the long term, driven by an aging population and improvements in domestic production, investment, and research capabilities [1] Performance Forecasts - 22 pharmaceutical companies forecasted a doubling of net profits for 2023, with notable mentions including Purui Eye Hospital and Kangtai Biological, which expect net profit increases exceeding 500% [2] - Purui Eye Hospital anticipates a net profit of 260 million to 285 million yuan, representing a year-on-year growth of 1163.98% to 1285.51%, driven by a recovery in consumer demand and a surge in patient needs for eye health [2] - Kangtai Biological expects a net profit increase of 815.86%, with a focus on optimizing marketing networks and achieving at least a 16% growth in conventional vaccine sales [2] Sector Performance - Blood product companies, including Weiguang Biological, are also experiencing strong demand, with expected net profit growth of 69% to 111% [3] - Other biological product companies like Baike Biological and Jiukang Biological are also forecasting revenue and net profit increases [4] International Expansion - Many high-quality domestic pharmaceutical companies are now competitive globally, with overseas markets offering significant growth opportunities [5] - Huatai Medical, a cardiac electrophysiology and interventional medical device company, expects a net profit of 510 million to 565 million yuan, with overseas business growth exceeding 90% in the last quarter [6] - Kangtai Biological is actively expanding its overseas market presence, having achieved significant milestones in vaccine cooperation with countries along the Belt and Road Initiative [7] - The collaboration between domestic innovative drug companies and multinational firms is enhancing revenue and reducing losses, as seen with Kelun Pharmaceutical's partnership with Merck [7]

Industry Overview - The vaccine industry is experiencing a significant decline in 2024 and the first quarter of 2025, with total revenue dropping from 1,637 billion in 2023 to 1,283 billion in 2024, marking a year-on-year decrease of 21.6%, the first negative growth in five years [1] - Net profit in the industry has decreased from a peak of 309 billion in 2021 to 120 billion in 2024, a reduction of 61%, with profit margins declining from 21.7% in 2021 to 9.4% in 2024, indicating increased cost pressures [1] Company Performance - Leading companies show significant performance divergence; TianTan Bio and Tibet Pharmaceutical have reported growth, with TianTan Bio achieving 60 billion in revenue for 2024, a 17.6% increase, and a net profit of 15 billion, up 36.4% [3] - In contrast, Zhifei Biological and Wantai Biological have faced substantial declines due to intensified competition in the HPV vaccine market, with Zhifei's revenue plummeting from 529 billion in 2023 to 260 billion in 2024, a 50.8% drop, and net profit falling from 80 billion to 20 billion, a 75% decrease [3] - Wantai Biological's net profit decreased from 47 billion in 2022 to approximately 1 billion in 2024, with a drop in gross margin from 89% to 66% [3] Cost and Profitability Trends - The median sales expense ratio in the industry has increased from 48% in 2020 to 58% in 2024, with over half of the companies exceeding a 50% expense ratio [3] - Changchun High-tech's sales expense ratio rose from 44% in 2023 to 57% in 2024, with net profit margin declining from 31% to 18.7% [3] - Kanghua Biological maintained a high gross margin of 93%, but its expense ratio increased from 47% to 54%, leading to a decrease in net profit margin from 33% to 21% [3] Vaccine Approval Trends - In 2024, most vaccine varieties saw a decline in batch approvals, with Zhifei Biological's HPV vaccines experiencing significant drops in approvals, including a 95% decrease for the four-valent HPV vaccine [4] - The first quarter of 2025 showed a mixed performance in vaccine approvals, with the recombinant herpes vaccine seeing a 54% decline in batch approvals, while the two-valent HPV vaccine saw a 367% increase [4] Specific Vaccine Performance - Rabies vaccines showed good overall approval growth, with Vero cell rabies vaccines achieving 199 batch approvals, a 24% increase [5] - The flu vaccine approvals in the first quarter of 2025 saw a significant increase of 500%, with the three-valent flu vaccine experiencing a 1300% increase in approvals [5] - The 13-valent pneumonia vaccine approvals remained stable, while the 23-valent pneumonia vaccine saw a 71% decline [5]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 2.65 billion yuan, a year-on-year decrease of 23.7%, and a net profit attributable to shareholders of 200 million yuan, down 76.6% year-on-year [1] - For Q1 2025, the company reported operating revenue of 650 million yuan, an increase of 42.9% year-on-year, while the net profit attributable to shareholders was 20 million yuan, a decrease of 58.5% year-on-year [1] - The quarterly breakdown for 2024 shows operating revenues of 450 million yuan (Q1), 750 million yuan (Q2), 820 million yuan (Q3), and 630 million yuan (Q4), with corresponding net profits of 50 million yuan, 110 million yuan, 190 million yuan, and a loss of 150 million yuan [1] Group 2: Vaccine Production and Pipeline - The company experienced a mixed performance in vaccine batch approvals in 2024, with significant increases in several products, including a 3262.5% rise in human diploid rabies vaccine approvals, and a 49.9% increase in 13-valent pneumonia vaccine approvals [2] - The company has multiple products in the research pipeline, with progress reported on several vaccines, including the Sabin strain inactivated polio vaccine and the quadrivalent influenza virus split vaccine [2] - A collaboration agreement with AstraZeneca has been signed to establish a joint venture for the development of innovative vaccines [2] Group 3: Earnings Forecast - The expected earnings per share (EPS) for the company are projected to be 0.34 yuan in 2025, 0.43 yuan in 2026, and 0.52 yuan in 2027 [3]