Chongqing Zhifei Biological Products Co (300122) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was ¥4.92 billion, down 73.06% year-over-year due to declining vaccination willingness and market demand.

• Net profit attributable to shareholders was -¥597 million, a decrease of 126.72% compared to the same period last year.

• The company maintained stable operations and continued R&D investment despite industry headwinds.

• No interim cash dividend, bonus shares, or capital increase from reserves planned.

Financial highlights

• Operating cash flow was ¥1.56 billion, up 609.03% year-over-year, mainly due to accelerated collections and reduced payments.

• Basic and diluted EPS were both -0.2494, compared to 0.9322 in the prior year.

• Gross margin for self-developed products was 78.50%, while for agency products it was 22.61%.

• R&D investment reached ¥634.8 million, up 11.47% year-over-year.

• Total assets at period-end were ¥45.94 billion, down 7.96% from year-end 2024.

Outlook and guidance

• The company remains optimistic about long-term vaccine market potential, driven by policy support and innovation.

• Strategic focus on R&D, market adaptation, and risk control to ensure sustainable growth.

• No major risks to going concern identified for the next 12 months.