--- title: "Investment \"1 million left with only a few thousand,\" \"King of Vaccines\" ZHIFEI-BIOL faced questioning at the performance meeting" type: "News" locale: "en" url: "https://longbridge.com/en/news/285803937.md" description: "ZHIFEI-BIOL faced skepticism from investors during the earnings conference, as its stock price continued to be under pressure, with investors losing over 95%. The company's 2025 annual report showed a year-on-year decline in operating revenue of 65.61%, marking its first annual loss of 14.723 billion yuan. Chairman Jiang Rensheng stated that multiple measures will be taken to mitigate risks and accelerate product innovation to improve operational conditions" datetime: "2026-05-09T08:09:08.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285803937.md) - [en](https://longbridge.com/en/news/285803937.md) - [zh-HK](https://longbridge.com/zh-HK/news/285803937.md) --- # Investment "1 million left with only a few thousand," "King of Vaccines" ZHIFEI-BIOL faced questioning at the performance meeting After suffering a massive loss of 14.7 billion yuan last year, "the king of vaccines," ZHIFEI-BIOL (300122.SZ), faced skepticism during its earnings conference. According to Caixin, at the earnings conference held by ZHIFEI-BIOL on May 8, a questioner raised concerns: "Investors who have invested in your company in recent years have lost over 95%, with 1 million reduced to just a few thousand. Such severe losses cannot be compensated by a few words and apologies. Please provide a detailed response on what aspects the company will invest in, including mergers and acquisitions, buybacks, restructuring, etc. We want to hear the truth because we have listened to empty words for six years, and there is nothing left." In response, ZHIFEI-BIOL Chairman Jiang Rensheng expressed deep understanding of shareholders' feelings, stating that the company's current stock price is under continuous pressure due to factors such as deep industry adjustments. The company will take multiple measures to fully mitigate risks while continuously accelerating product innovation to gradually stabilize and improve its operations. On the evening of April 27, ZHIFEI-BIOL released its Q1 report for 2026, showing that the company's revenue for the first quarter was 2.15 billion yuan, a year-on-year decrease of 9.45%; the net profit attributable to shareholders was -388 million yuan, a year-on-year decrease of 27.26%; the net profit attributable to shareholders after deducting non-recurring gains and losses was -391 million yuan, a year-on-year decrease of 15.62%; basic earnings per share were -0.16 yuan. On the same evening, ZHIFEI-BIOL released its annual report for 2025, indicating that the company's total revenue for the year was 8.958 billion yuan, a year-on-year decrease of 65.61%; the net loss attributable to shareholders was 14.723 billion yuan, and the net loss after deducting non-recurring gains and losses was 14.744 billion yuan, marking the company's first annual loss since its listing. The company stated that the performance changes were due to a decline in core product sales and asset impairment provisions. In the "Letter to Shareholders" in the 2025 annual report, the board of directors of ZHIFEI-BIOL expressed that being in the vaccine industry, they deeply feel the multiple pressures of industry cycles, rebuilding public trust, and demand contraction. Over the past year, the company has actively sought change, promoting a fundamental shift from a business-driven to an innovation-driven model. However, the short-term impact of restructuring the business model was concentrated in this year, and due to multiple factors such as lower-than-expected product sales and asset impairment provisions, the company experienced its first loss since going public in 2025. The board of directors apologized for this. According to information on its official website, ZHIFEI-BIOL was established in 2002 and is a biopharmaceutical company engaged in the research, development, production, sales, promotion, distribution, and import and export of vaccines and biological products. It was listed on the Shenzhen Stock Exchange in September 2010, becoming the first private vaccine company to be listed on the Growth Enterprise Market. The company has five wholly-owned subsidiaries and two joint ventures. It has 15 products on the market, including vaccines for infectious diseases such as meningitis, cervical cancer, pneumonia, influenza, rotavirus, and shingles, as well as drugs providing effective solutions for tuberculosis infection diagnosis, prevention, and treatment. In the medical industry, ZHIFEI-BIOL was once referred to as "the king of vaccines." The company collaborated with Merck in 2011, creating a surge in HPV vaccine demand, which significantly boosted its performance under various influencing factors. Data shows that in 2016, ZHIFEI-BIOL's revenue was only 446 million yuan, with a net profit attributable to shareholders of just over 30 million yuan; by 2021, the net profit attributable to shareholders soared to 10.2 billion yuan By 2023, the net profit attributable to the parent company exceeded 8 billion yuan. In 2024, the company's net profit attributable to the parent company plummeted to 1.972 billion yuan. In its 2024 annual report, the company stated that its performance was significantly under pressure during the reporting period, mainly due to multiple factors such as industry policy adjustments, a decline in public vaccination willingness, and changes in market demand. The marketing and sales efforts for the company's main products did not meet expectations. The founder and chairman of ZHIFEI-BIOL is Jiang Rensheng. He topped the list of the richest people in Chongqing with 140 billion yuan in the "2021 Hurun Rich List"; in the "2025 Hurun Rich List," the Jiang Rensheng family's wealth was valued at 42 billion yuan, a significant decrease of nearly 100 billion yuan. Notably, in 2025, ZHIFEI-BIOL's procurement amount for Merck products significantly decreased to 2.179 billion yuan, accounting for 59.21% of the total annual procurement. In 2023, this procurement amount was 34.814 billion yuan, accounting for 96.06%; in 2024, the procurement amount was 26.377 billion yuan, accounting for 86.94%. In early April this year, ZHIFEI-BIOL announced that it had signed a "Revised and Restated Supply, Distribution, and Co-Promotion Agreement" with Merck, which comprehensively revised and restated the original agreement signed in 2023. The new agreement canceled the previously agreed basic procurement amount and instead adopted a "demand-driven rolling procurement" mechanism. ZHIFEI-BIOL stated that this adjustment and optimization of strategic cooperation between both parties demonstrates the company's determination to jointly respond to market changes with Merck, helps deepen the strategic partnership between both parties, enhances their collaborative response capabilities to market changes, and alleviates the company's operational pressure. The implementation of this agreement is beneficial for enhancing the company's risk resistance capability. As of the close on May 8, ZHIFEI-BIOL's stock price was 15.47 yuan per share, with a market value of 37 billion yuan, down nearly 90% from its peak of 152 yuan per share in May 2021 ### Related Stocks - [300122.CN](https://longbridge.com/en/quote/300122.CN.md) - [MRK.US](https://longbridge.com/en/quote/MRK.US.md) ## Related News & Research - [Transgene presents preclinical data for TG-MVA mpox vaccine, plans rapid clinical trial start](https://longbridge.com/en/news/290779518.md) - [Abera Bioscience reports preclinical data showing intranasal flu vaccine candidate protects mice in Vaccine paper](https://longbridge.com/en/news/290524501.md) - [08:10 ETIronmark Names Matt Marzullo Chief Executive Officer as Company Enters Next Stage of Growth](https://longbridge.com/en/news/290560977.md) - [19:29 ETDoH and Sanofi Partner to Advance Vaccine Innovation](https://longbridge.com/en/news/290487287.md) - [REG - Amedeo Air Four Plus - AA4P Epsilon (MSN206) Redelivery Condition](https://longbridge.com/en/news/290665318.md)