TacticScaleWhat Chongqing Zhifei Biological Products (智飞生物) Does & How It Makes Money (300122.SZ)
Updated October 2026 · reflects Chongqing Zhifei Biological Products's latest reported financials
Chinese vaccine maker and distributor of domestic and imported vaccines. It earns revenue mainly by selling its own vaccines and biological products, and by distributing imported vaccines in China.
How Chongqing Zhifei Biological Products makes money
It earns revenue mainly by selling its own vaccines and biological products, and by distributing imported vaccines in China. The customs clearance, registration and cold-chain logistics services support that distribution work.
What Chongqing Zhifei Biological Products does
Chongqing Zhifei Biological Products, founded in 2002 and based in Chongqing, is a Chinese biopharmaceutical company focused on vaccines and biological products. Its own products include recombinant COVID-19 vaccine, meningococcal polysaccharide and conjugate vaccines (group A and C, and ACYW135), a Haemophilus influenzae type b conjugate vaccine, a recombinant tuberculosis fusion protein and the Vaccae-brand mycobacterium injection. Zhifei also distributes imported vaccines. It handles customs clearance and product registration, and it runs cold-chain infrastructure such as cold storage, refrigerated vehicles and cold roll boxes. As a result, the company covers research, manufacturing and commercial distribution across China's vaccine market.
Products & services
- Recombinant COVID-19 vaccine
- Recombinant mycobacterium tuberculosis fusion protein
- ACYW135 meningococcal polysaccharide vaccine
- Group A and C meningococcal conjugate vaccine
- Haemophilus influenzae type b (Hib) conjugate vaccine
- Vaccae mycobacterium injection
智飞生物是做什么的？
重庆智飞生物制品股份有限公司成立于2002年，总部位于重庆，是一家专注于疫苗和生物制品的中国生物制药企业。自有产品包括重组新冠疫苗、A群C群及ACYW135群脑膜炎球菌多糖疫苗、A群C群脑膜炎球菌结合疫苗、b型流感嗜血杆菌结合疫苗、重组结核杆菌融合蛋白，以及“微卡”牌母牛分枝杆菌注射液。 公司还代理进口疫苗，负责清关和注册，并配备冷库、冷藏车和冷藏箱等冷链设施。因此，公司的业务覆盖中国疫苗市场的研发、生产和销售配送。
What is Chongqing Zhifei Biological Products worth?
On an owner-earnings DCF, Chongqing Zhifei Biological Products's most-likely value is about ¥57 versus a recent price near ¥13 (77% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥32) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $13 is below even the no-growth floor ($32); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -12.4%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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