According to Deep Blue Finance’s report on May 28, ZhiFei Bio’s difficulties began in 2024. Last year, in the first quarter, the company’s net profit plummeted by 28% year-on-year, and in the third quarter, it recorded its first single-quarter loss of 83.69 million yuan (RMB). The loss further expanded to 132 million yuan in the fourth quarter. Along with the sharp decline in performance, the company’s stock price fell from a high of 231 yuan in 2021 to less than 20 yuan now, a drop of 87%, with a market value evaporating over 300 billion yuan.
According to Wikipedia, ZhiFei Bio’s predecessor was JinXin Bio, founded in 1995. In 2002, it was on the brink of bankruptcy but held a vaccine license. In 2009, it underwent a shareholding reform, and in September 2010, it was listed on the Shenzhen Stock Exchange. In April 2011, it signed a distribution and promotion cooperation agreement with Merck & Co., and has since helped promote the sales of Merck’s vaccine products in mainland China.
Merck & Co. is one of the world’s largest pharmaceutical and vaccine companies, representing transnational monopoly capital. Merck relies on patent protections in fields like vaccines and anti-cancer drugs to limit competition, ensuring its products’ long-term monopoly in the market, making it a typical monopoly capitalist enterprise capable of controlling drug pricing, supply, and technological R&D worldwide.
From a near-bankrupt small company, ZhiFei Bio has, within just a few years, risen to a listed company and signed a contract with Merck, inevitably involving collusion with bureaucratic monopoly capital. The family history of Jiang Rensheng also confirms this: in 2002, they acquired Chongqing JinXin Bio, which was near collapse, for 500,000 yuan and renamed it ZhiFei Bio. After obtaining exclusive agency rights in China for Merck’s quadrivalent and nonavalent HPV vaccines in 2017, the company’s performance skyrocketed. At its peak in 2021, Jiang Rensheng’s family wealth reached 170 billion yuan, ranking as Chongqing’s richest. However, by 2025, according to the Hurun Global Rich List, their wealth had shrunk to 43 billion yuan.
The company’s wholly owned subsidiary, Anhui ZhiFei Longkema Biological Pharmaceutical, jointly developed the ZF2001 COVID-19 vaccine with the Institute of Microbiology, Chinese Academy of Sciences, which is the world’s first recombinant subunit protein COVID-19 vaccine approved for clinical use.
At the performance exchange meeting in May this year, ZhiFei Bio’s management admitted that there was a misjudgment of market changes and proposed that the core work for 2025 is “de-stocking, recovering payments, and reducing debt.”
These intentions are quite obvious and do not require much interpretation. The continuous losses over three quarters have made ZhiFei Bio unable to sit still. Meanwhile, Zhongxiu is still in a long-term economic crisis and depression, and now it is again aggressively poisoning China’s labor masses. As of May, reports from various regions indicate that the positivity rate continues to rise: “This month, the positivity rate for COVID-19 testing shows an upward trend, with southern provinces having higher positivity rates than northern provinces. During the monitoring period, the nucleic acid testing of respiratory samples showed the COVID-19 positivity rate increased from 7.5% to 16.2%, and among hospitalized severe acute respiratory infection cases, the COVID-19 positivity rate rose from 3.3% to 6.3%.”
The Guangdong Provincial Center for Disease Control and Prevention announced the epidemic overview of statutory infectious diseases in April 2025. A total of 17 types of Class B infectious diseases were reported, with 64,526 cases, and COVID-19 ranked first with 23,188 cases. Compared to 3,548 cases in March, the number of COVID-19 cases in April increased significantly.
The peak of infections is expected to reach around late May, lasting about 6 to 8 weeks, but final confirmation depends on authoritative judgment by disease control authorities.
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Zhongxiu has already begun a new round of poisoning.\n钟南山：目前新冠疫情仍处于高峰期_风险_患者_呼吸道
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The reactionary revisionism, in order to exploit the blood and sweat of the working masses, does not know how many more people the normalization of COVID-19 will harm.
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