会计学院知识库

    生物医药行业是高新技术密集行业，同时，也是与人类生命息息相关的民生产业。其中，疫苗产业作为我国生物医药领域中相对高端的细分产业，更是成为世界各国优先发展的战略性产业。我国疫苗产业虽然起步较晚，但随着人们对接种疫苗益处认知的深入、政府对预防性医疗保健支出的增加及相关政策支持力度的不断加大，疫苗行业市场前景广阔。在新冠疫情的推动下，我国疫苗行业正迎来新一轮的景气期，行业市场规模逐步扩大，预计至2025年将达到610亿元。

    然而，由于生产技术的要求高、产品研发的周期长、审批及销售环节的监管严，疫苗行业的盈利状况较易受到研发进展、产品销售和安全、行业政策等方面的影响。本文选择集疫苗和生物制品的研发、生产和销售为一体的民营企业智飞生物作为典型案例，基于案例公司2016年—2020年的财务数据，依托四维评价模型，从盈利的收现性、结构性、持续性和稳定性四个维度进行了财务指标分析，此外，为了能够全面评估案例公司的盈利质量，还辅以非财务指标和盈利质量影响因素的分析。

    结果表明，作为民营疫苗企业的龙头，智飞生物在2016年—2020年间通过快速扩张，营业收入和净利润均得到大幅增长，但尚存主营业务收现能力和获利能力均弱、主营业务成本以外的支出偏大、研发能力不强、利润增长稳定性不足等问题。基于原因分析，本文提出，在未来，为谋求高质量发展，智飞生物应注重现金流量支撑，合理使用赊销政策。同时，也需优化收入结构，用代理带动自主，加强研发费用管理，控制销售费用，加强研发投入，提升市场竞争力。此外，还需健全风险预警机制，提升危机应对能力。

  Biomedicine industry is an advanced industry, but also a livelihood industry closely related to human life. Vaccine industry, as a high-end subdivision in the field of biomedicine, has become a priority high-tech strategic industry in the world. Although China's vaccine industry started late, with the deepening of people's understanding of the benefits of vaccination, the increase of government spending on preventive health care and the continuous strengthening of relevant policy support, the vaccine industry has a bright market prospect.Driven by the new crown epidemic, my country's vaccine industry is ushering in a new boom, and the marke tvalue is expected to reach 61 billion yuan by 2025.

  However, due to the high requirements of production technology, the long cycle of product development, and the strict supervision of approval and sales links, the profitability of the vaccine industry is easily affected by research and development progress, product sales and safety, and industry policies.This paper selects Zhifei Biotechnology, a private enterprise integrating the research and development, production and sales of vaccines and biological products as a typical case. According to the financial data of the case company from 2016 to 2020, relying on a four-dimensional evaluation model, from the profitability, structure and profitability The analysis of financial indicators is carried out from the four dimensions of sustainability, sustainability and stability. Besides, in order to comprehensively evaluate the earnings quality of the case company, it is also supplemented by the analysis of non-financial indicators and factors affecting profitability.

  The results show that, as a leader in private vaccine companies, Zhifei Biotechnology has experienced rapid expansion from 2016 to 2020, and its operating receipt and net profit have increased significantly, but the remaining main business has weak cash-generating ability and profitability. Excessive expenditures other than operating costs, weak R&D capabilities, and insufficient profit growth stability. Based on the analysis of the reasons, this paper presents that, in order to try for high-quality development in the future, Zhifei Biotechnology should pay attention to the cash flow support and rationally use the credit sales policy. At the same time, it is also necessary to optimize the income structure, use agents to drive independence, rationally capitalize R&D expenditures, control sales expenses, strengthen R&D investment, and enhance market competitiveness. Besides, it is necessary to improve the risk early warning mechanism and enhance the crisis response capability.