Core Insights - In 2024, Zhifei Biological achieved a revenue of 26.07 billion yuan and a net profit of 2.018 billion yuan despite industry challenges, showcasing its resilience and long-term development potential [1][2][3] Financial Performance - The company reported a 14.98% year-on-year increase in revenue from self-developed products, totaling 1.182 billion yuan, while agency products faced significant demand fluctuations, with a 95.49% drop in the issuance of Merck's quadrivalent HPV vaccine [2][3] - Accounts receivable decreased from 27.059 billion yuan at the beginning of 2024 to 14.645 billion yuan in Q1 2025, indicating effective financial risk management [3] - The net cash flow from operating activities in Q1 2025 was 304 million yuan, a 107.12% increase year-on-year, reflecting a shift from expansion to refined operations [3] Strategic Initiatives - Zhifei Biological restructured core partnerships to enhance market resilience, extending the exclusive distribution rights for the shingles vaccine with GSK until 2035 and exploring a 10-year collaboration for RSV vaccines [2][3] - The company is adjusting the delivery schedule for Merck's products to optimize inventory management while meeting consumer demand [2][3] Research and Development - In 2024, R&D investment reached 1.391 billion yuan, with cumulative investment exceeding 5.1 billion yuan over five years, leading to significant advancements in its innovation pipeline [4][5] - The company has 34 self-developed projects, with 19 in clinical and registration stages, indicating a potential peak in product launches in the next 3-5 years [7] International Expansion - Zhifei Biological's overseas operations are gaining traction, with its tuberculosis diagnostic reagent "Yika" approved for use in Indonesia and other markets, and the 23-valent pneumonia vaccine receiving GMP certification in the Philippines [6][7] - The company is positioned to benefit from the approval of male indications for Merck's quadrivalent and nine-valent HPV vaccines, expanding its market reach [6][7] Future Outlook - The company aims to continue its commitment to social benefits while pursuing technological innovation and market promotion, positioning itself to play a significant role in public health and the vaccine industry [7][8]

尽管疫苗是预防、控制传染病最经济有效的方式，但"疫苗犹豫"仍影响了疫苗的认可度及接种率。 传导至现实中来，不愿意或拒绝接种疫苗可能会扭转在应对疾病预防方面取得的进展，也会在一段时期 内降低疫苗行业的景气度，进而影响相关公司经营业绩。 作为国内疫苗龙头，智飞生物（300122）于4月21日晚间正式发布2024年年报，报告期内，该上市公司 实现营业收入260.7亿元，同比下降50.74%；实现净利润20.18亿元，同比下降74.99%；自主产品收入 11.82亿元，较上年同期增长14.93%，所占上市公司营收比重则从上一年度的1.94%提升至2024年度的 4.53%。 总体来看，受行业政策调整、民众接种意愿下降、市场需求变化等多重因素影响，当前国内疫苗企业的 经营业绩普遍出现了大幅度下滑，智飞生物业绩变化趋势与行业总体情况一致。 2024年12月，智飞生物与GSK优化并调整战略合作，签署了《独家经销和联合推广协议补充协议》，就 此前签署的《独家经销和联合推广协议》中约定的战略合作期限与采购计划进行调整。双方将根据市场 变化、产品需求，采购与供应重组带状疱疹疫苗。此外，双方将在中国大陆地区独家探索并积极促成初 步 ...