Core Viewpoint - The financial report for 2024 reveals that Zhifei Biological (300122) experienced a significant decline in both revenue and net profit, attributing the downturn to decreased public vaccination willingness and changing market demands [1][2]. Financial Performance - Revenue for 2024 was 26.07 billion yuan, a year-on-year decrease of 50.74%, while net profit was 2.018 billion yuan, down 74.99% [2]. - The company has reported losses for three consecutive quarters, with losses of 83.6964 million yuan and 132 million yuan in the third and fourth quarters, respectively, and a loss of 305 million yuan in the first quarter [2]. - The revenue contribution from agency products accounted for 94.61% of total revenue, with the annual procurement amount from Merck for HPV vaccines being 26.377 billion yuan, representing 86.94% of the total procurement [3]. Market Dynamics - The market for HPV vaccines has become increasingly competitive, with the supply of four-valent and nine-valent HPV vaccines rising, leading to a decline in their issuance by 95.49% and 14.80%, respectively [4]. - The procurement agreements with Merck for HPV vaccines have been adjusted, indicating a forecasted peak in sales for 2024, followed by a gradual decrease in procurement amounts [4]. - The company has also signed a supplementary agreement with GlaxoSmithKline (GSK) to extend the cooperation period for shingles vaccines while adjusting the procurement plan, resulting in a lower average annual procurement amount [5]. Operational Challenges - The company is facing challenges with inventory and accounts receivable turnover, with inventory turnover days increasing to 296.69 days and accounts receivable turnover days reaching 299.18 days [7]. - Despite a 35.27% increase in vaccine sales, production volume decreased by 52.28%, leading to a 13.20% reduction in vaccine inventory [7]. R&D and Future Outlook - Zhifei Biological has invested 1.391 billion yuan in R&D for 2024, with total R&D investment exceeding 5.1 billion yuan over the past five years, although the contribution from self-developed products remains limited at 1.182 billion yuan, accounting for only 4.53% of total revenue [8]. - The company is exploring international markets, with its tuberculosis diagnostic reagent approved for sale in Indonesia and use in Macau, although exports currently represent only 0.07% of total revenue [8].

Core Viewpoint - Chongqing Zhifei Biological Products Co., Ltd. reported significant declines in revenue and net profit for 2024, indicating severe challenges in its business operations and market conditions [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 26.07 billion yuan, a decrease of 50.74% year-on-year [2][3]. - The net profit attributable to shareholders was 2.02 billion yuan, down 74.99% compared to the previous year [2][3]. - The net cash flow from operating activities was -4.41 billion yuan, reflecting a drastic decline of 149.06% [3]. - The basic and diluted earnings per share fell by 74.94% to 0.8427 yuan [2][3]. Quarterly Performance - In the first quarter of 2025, the company reported an operating revenue of 2.37 billion yuan, a year-on-year decline of 79.16% [3]. - The net profit for the first quarter was -305 million yuan, indicating a shift from profit to loss [3]. - The net cash flow from operating activities for the first quarter was -4.27 billion yuan [4]. Product Performance - The company faced a significant drop in the issuance volume of key products, particularly the Merck HPV vaccines, with the four-valent HPV vaccine issuance down 95.49% and the nine-valent HPV vaccine down 14.80% [7][10]. - The overall market demand for vaccines has decreased due to reduced public willingness to get vaccinated and changing market conditions [4][10]. Strategic Adjustments - In response to market challenges, the company is increasing its product promotion efforts and accelerating the development and launch of self-researched products [4]. - The company has extended its exclusive promotion agreement for the shingles vaccine with GSK for an additional eight years [8]. Industry Context - The competitive landscape in the vaccine market has intensified, particularly with the entry of new players leading to price wars, which has adversely affected Zhifei's performance [10]. - The company is also exploring opportunities in the metabolic disease sector through acquisitions, aiming to diversify its product pipeline [12]. Leadership Changes - The company has seen a transition in leadership, with the founder's son, Jiang Lingfeng, taking on the role of president, indicating a potential generational shift in management [12]. Global Expansion - Zhifei has made progress in its global expansion efforts, including the renewal of its diagnostic reagent's inclusion in the national medical insurance catalog and obtaining approvals for its products in Indonesia and Macau [13].

Core Viewpoint - In 2024, Zhifei Biological's performance significantly declined, with a 50.74% drop in revenue and a 74.99% decrease in net profit, primarily due to a sharp decline in its core agency business [1][3][4]. Financial Performance - The company reported a total revenue of 26.07 billion yuan in 2024, down from the previous year [3]. - The net profit attributable to shareholders was 2.018 billion yuan, reflecting a substantial decline [3]. - Operating cash flow turned negative for the first time, reaching -4.414 billion yuan, with a debt-to-asset ratio climbing to 62.3%, the highest in five years [1][3]. Quarterly Performance - Zhifei Biological experienced net losses for three consecutive quarters in 2024, with quarterly net profits of 1.458 billion yuan, 777 million yuan, -836.964 million yuan, and -1.32 billion yuan respectively [3]. - In Q1 2025, the company reported a revenue of 2.374 billion yuan, a 79.16% year-on-year decline, and a net loss of 305 million yuan [3]. Market Dynamics - The decline in performance is attributed to multiple factors, including industry policy adjustments, decreased public vaccination willingness, and changing market demand [3][4]. - The agency business for Merck's HPV vaccines, which has historically contributed significant profits, saw a drastic drop in batch issuance, with a 95.49% decrease for the four-valent HPV vaccine and a 14.8% decrease for the nine-valent HPV vaccine in 2024 [4]. Stock Market Performance - The company's stock price has been on a downward trend, with a drop of over 80% from its historical peak in 2021. On April 22, 2024, the stock fell by 6.86%, closing at 20.23 yuan per share, with a total market capitalization of 48.43 billion yuan [4]. Future Outlook - Despite current challenges, the company believes there is significant potential for growth in the domestic vaccine market, driven by policy support and technological innovation [5]. - The approval of new indications for Merck's HPV vaccines targeting males is expected to create new opportunities, although the impact on batch issuance and revenue remains to be seen [5]. - The launch of domestic bivalent HPV vaccines poses additional competition, but Zhifei Biological is focusing on developing its own products, which contributed 4.53% of revenue in 2024, with a year-on-year growth of 14.98% [6].

2024年，智飞生物（300122）在行业整体承压的背景下交出了一份"逆势蓄力"的答卷。财报显示，受行 业政策调整、民众接种意愿下降等多重因素影响，智飞生物在2024年实现营业收入260.70亿元，归属于 上市公司股东的净利润20.18亿元。尽管业绩承压，智飞生物通过战略调整、研发加码、国际化布局等 举措积极破局，展现出疫苗龙头企业的抗风险能力与长期发展韧性。 报告期内，其四价流感病毒裂解疫苗(儿童型)、冻干人用狂犬病疫苗(人二倍体细胞)进入生产注册阶 段；15价肺炎球菌结合疫苗完成Ⅲ期临床，覆盖亚洲优势血清型，填补国内高端肺炎疫苗空白；26价肺 炎结合疫苗启动Ⅰ/Ⅱ期临床，技术水平对标国际前沿。 更值得关注的是技术平台突破。新型佐剂技术平台推出的三价、四价流感疫苗(ZFA02佐剂)已进入临 床，该技术可增强疫苗免疫原性，国内尚无同类产品上市。 强化战略合作：携手增强市场韧性 2024年，国内疫苗行业整体面临挑战，智飞生物业绩变化与行业趋势一致。数据显示，其在2024年实现 自主产品收入11.82亿元，同比增长14.98%，展现内生增长潜力；但代理产品受市场需求波动影响较 大，例如默沙东四价HPV疫苗批签发量 ...

市场竞争格局剧变加速危机。默沙东在男性HPV疫苗市场的布局虽具前瞻性，但GSK、万泰生物等竞品 已形成合围之势。GSK的带状疱疹疫苗2024年批签发量达377.6万支，万泰生物的二价HPV疫苗通过 WHO预认证打开出海空间。而智飞生物自主管线中，23价肺炎疫苗、四价流感疫苗等产品仍处研发后 期，短期内难成气候。 如何破局？ 战略重心向自主创新倾斜成为必然选择。控股宸安生物进军GLP-1赛道展现战略转向，司美格鲁肽注射 液三期临床如能顺利推进，有望在千亿级减肥药市场分羹。但需警惕生物类似药研发的高风险性，2023 年全球糖尿病药物研发失败率达62%的行业数据提示需建立风险对冲机制。建议采用"自主研发+license in"双轮驱动，如在mRNA技术平台、多联多价疫苗等前沿领域加强布局。 渠道价值重估与生态重构迫在眉睫。覆盖3万个基层网点的渠道网络是核心资产，但当前主要服务于代 理产品配送。应转型为开放式疫苗服务平台：一方面深度绑定默沙东、GSK等国际药企，争取新型带状 疱疹疫苗、呼吸道合胞病毒疫苗等产品的区域代理；另一方面打造智慧接种管理系统，通过数字化工具 提升终端服务能力，挖掘成人疫苗市场的长尾需求。 男性 ...

智飞生物（300122）2024年度克服行业整体景气周期下行的不利影响，展现出坚韧不拔的经营韧性和稳健的发展态势——公司2024年实现营业收入260.70 亿元、实现归母净利润20.18亿元，继续保持较高水平；当期综合毛利率27.38%，同比逆势走高。 值得指出的是，2024年智飞生物研发投入高达13.91亿元，占营业收入的5.34%，占自主产品营业收入的比例高达117.68%；期末研发人员数量进一步提升 至1072人，无论是研发投入规模还是研发人员总数均创新高，充分展现出公司在研发方面的决心和担当。 必须看到，研发创新正持续为智飞生物守护大众健康注入强劲动力，并引领生物制药行业迈向新高度。 在市场拓展方面，智飞早已赢得了包括默沙东和葛兰素史克的青睐与长期合作，"硬实力"不断成为其创新驱动可持续发展的鲜明底色。 事实上，最近五年智飞生物累计研发投入已突破51亿元。高强度的研发投入正为公司带来源源不断的管线突破：截至2024年末，公司自主研发项目共计34 项(不含新冠系列项目)，其中处于临床试验及申请注册阶段的项目已有19项。2024年以来，公司在肺炎疫苗矩阵、流脑疫苗矩阵、肠道疫苗矩阵、成人疫 苗矩阵等多个关 ...

证券代码：300122 证券简称：智飞生物 公告编号：2025-25 重庆智飞生物制品股份有限公司 关于召开 2024 年年度股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：本次股东大会为重庆智飞生物制品股份有限公司（以下 简称"公司"）2024 年年度股东大会。 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：经公司第六届董事会第五次会议审议通过， 公司召开 2024 年年度股东大会，会议的召集符合有关法律、行政法规、部门规 章、规范性文件、深圳证券交易所业务规则和公司章程等的规定。 4、会议召开的日期、时间： （1）现场会议召开日期和时间：2025 年 6 月 18 日（星期三）10:00； （2）网络投票日期和时间：2025 年 6 月 18 日。其中，通过深圳证券交易 所交易系统进行网络投票的时间为 2025 年 6 月 18 日 9:15-9:25、9:30-11:30， 13:00-15:00；通过深圳证券交易所互联网系统投票的具体时间为 2025 年 6 月 18 日 9:1 ...

一、监事会会议召开情况 证券代码：300122 证券简称：智飞生物 公告编号：2025-18 重庆智飞生物制品股份有限公司 第六届监事会第四次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 1、本次监事会于 2025 年 4 月 8 日以电子邮件的方式向监事发出通知。 2、本次会议于 2025 年 4 月 18 日 11:00 在公司会议室以现场结合通讯方式 召开。 3、本次会议应出席并参加表决的监事 3 人，实际出席并参加表决的监事 3 人。 4、本次会议由公司监事会主席荀婕女士主持。 5、本次会议的召集、召开和表决程序符合有关法律、行政法规、部门规章、 规范性文件和公司章程的规定。 二、监事会会议审议情况 经过认真审议，本次会议形成了如下决议： 1、审议通过了《<2024 年年度报告>及<2024 年年度报告摘要>》 公司《2024 年年度报告》及《2024 年年度报告摘要》的编制程序符合法律、 法规和中国证监会的有关规定，报告内容真实、准确、完整地反映了公司的实际 经营情况。 具体内容详见当日发布在中国证监会指定信息披露网站巨潮资讯网的公司 ...

证券代码：300122 证券简称：智飞生物 公告编号：2025-17 1、本次董事会于 2025 年 4 月 8 日以电子邮件的方式向董事发出通知。 2、本次会议于 2025 年 4 月 18 日 10:00 在公司会议室以现场结合通讯方式 召开。 3、本次会议应出席并参加表决的董事 9 人，实际出席并参加表决的董事 9 人。 4、本次会议由公司董事长蒋仁生先生主持，公司监事、高级管理人员列席 了本次会议。 5、本次会议的召集、召开和表决程序符合有关法律、行政法规、部门规章、 规范性文件及公司章程的规定。 二、董事会会议审议情况 经过各位董事认真审议，本次会议形成如下决议： 重庆智飞生物制品股份有限公司 第六届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、审议通过了《2024 年度总裁工作报告》 表决结果：赞成 9 票，反对 0 票，弃权 0 票，本议案获得通过。 2、审议通过了《<2024 年年度报告>及<2024 年年度报告摘要>》 公司《2024 年年度报告》及《2024 年年度报告摘要》的编制程序 ...