Investment Rating - The overall industry rating is neutral, indicating that the expected return over the next six months is between -5% and 5% relative to the CSI 300 index [8]. Core Insights - The pharmaceutical sector experienced a decline of 2.67% on March 3, 2025, underperforming the CSI 300 index by 1.13 percentage points, ranking 14th among 31 sub-industries in the Shenwan classification [4]. - Notable performances within sub-industries included offline pharmacies (-0.62%), blood products (-1.37%), and in vitro diagnostics (-1.50%), while hospitals (-4.32%), medical R&D outsourcing (-3.53%), and other biological products (-3.39%) lagged behind [4]. - Key individual stock performances included Kanghui Co., Ltd. (+10.01%), Lianhuan Pharmaceutical (+3.89%), and Jiuan Medical (+3.42%) on the gainers' list, while Tianzhihang (-11.45%), Saike Xide (-11.06%), and Wanze Co., Ltd. (-10.01%) were among the biggest losers [4]. Sub-industry Ratings - Chemical pharmaceuticals: No rating - Traditional Chinese medicine production: No rating - Biopharmaceuticals II: Neutral - Other pharmaceuticals: Neutral [3]. Industry News - Eli Lilly's Lebrikizumab, an anti-IL-13 monoclonal antibody, has received acceptance for market application in China, having previously been approved by the FDA in the U.S. for moderate to severe atopic dermatitis [5]. - Yihong Pharmaceutical's APL-1702 has been approved for the treatment of confirmed CIN2 patients aged 18 and above [5]. - Baiyao's Usymro has received approval from the UK Medicines and Healthcare products Regulatory Agency, enhancing the company's international presence [5]. - Yiling Pharmaceutical's chemical raw material drug, Pomalidomide, has been approved for market application [6]. - Haichuang Pharmaceutical's HP515, a selective THR-β agonist for treating metabolic-associated fatty liver disease, has completed participant enrollment in its Phase IIa clinical trial [6].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 海创药业股份有限公司（以下简称"公司"）自主研发的拟用于治疗代谢相 关脂肪性肝炎（MASH，曾用名非酒精性脂肪性肝炎（NASH））的 HP515 临床 IIa 期试验（以下简称"该研究"）于近日已完成全部参与者入组。截至本公告披露 日，国内无同类靶点产品获批上市。 现将相关情况公告如下： 海创药业股份有限公司 自愿披露关于治疗代谢相关脂肪性肝炎（MASH）药物 HP515 临床 IIa 期试验完成全部参与者入组的公告 证券代码：688302 证券简称：海创药业 公告编号：2026-004 一、 药品基本情况 HP515 片是公司自主研发的一种口服高选择性 THR-β（甲状腺激素受体 β 亚型）激动剂，HP515 片能直接作用于 THR-β 激活下游基因转录，通过增强肝 细胞脂质代谢活性、提高肝脏脂肪代谢、降低脂毒性达到对代谢相关脂肪性肝 炎的改善效果。HP515 于 2024 年 8 月获得中国国家药品监督管理局批准用于代 谢性脂肪性肝炎（MASH），并于 2 ...

现将相关情况公告如下： 004 证券代码：688302 证券简称：海创药业 公告编号：2026- 海创药业股份有限公司 自愿披露关于治疗代谢相关脂肪性肝炎（MASH）药物 HP515 临床 IIa 期试验完成全部参与者入组的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 海创药业股份有限公司（以下简称"公司"）自主研发的拟用于治疗代谢相 关脂肪性肝炎（MASH，曾用名非酒精性脂肪性肝炎（NASH））的 HP515 临床 IIa 期试验（以下简称"该研究"）于近日已完成全部参与者入组。截至本公告披露 日，国内无同类靶点产品获批上市。 三、 MASH 适应症简介 一、 药品基本情况 HP515 片是公司自主研发的一种口服高选择性 THR-β（甲状腺激素受体β 亚型）激动剂，HP515 片能直接作用于 THR-β激活下游基因转录，通过增强肝 细胞脂质代谢活性、提高肝脏脂肪代谢、降低脂毒性达到对代谢相关脂肪性肝 炎的改善效果。HP515 于 2024 年 8 月获得中国国家药品监督管理局批准用于代 谢性脂肪性 ...

Financial Performance Summary - In 2025, the company achieved operating revenue of 20.67 million RMB, an increase of 20.31 million RMB year-on-year [2] - The net profit attributable to the parent company was -136.69 million RMB, a reduction in loss of 62.81 million RMB year-on-year [2] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -167.37 million RMB, a reduction in loss of 50.14 million RMB year-on-year [2] - Total assets at the end of the reporting period were 1.31 billion RMB, a decrease of 3.44% year-on-year [2] - Equity attributable to the parent company was 1.06 billion RMB, a decrease of 10.75% year-on-year [2] Key Factors Influencing Performance - The significant increase in operating revenue was primarily due to the approval and sales of the company's first Class 1 new drug, Deuteroenzalutamide soft capsules (Project No: HC-1119), which was launched in May 2025 [2][4] - The drug was included in the National Medical Insurance Catalog in December 2025, leading to a substantial price reduction and affecting revenue due to inventory price adjustments and changes in marketing strategies [3] - Research and development expenses for 2025 were 113.69 million RMB, a decrease of 34.68% compared to the previous year, reflecting a strategic optimization of the R&D pipeline [3] - Sales expenses increased due to the need for market expansion and academic promotion activities, while the reduction in share-based payment expenses and an increase in government subsidies contributed to the overall financial situation [3]

Group 1 - The company announced a projected revenue of 20.67 million yuan for 2025, representing a year-on-year increase of 5535.71% [2] - The net profit attributable to the parent company's owners is expected to be -136.69 million yuan, showing a reduction in losses by 62.81 million yuan year-on-year [2]

Core Viewpoint - Haichuang Pharmaceutical (688302.SH) reported significant revenue growth in its 2025 performance announcement, primarily driven by the sales of its first class 1 new drug, Deuteroenzalutamide soft capsule (Project No: HC-1119), which was approved for sale in May 2025 [1] Financial Performance - The company achieved operating revenue of 20.67 million yuan, an increase of 20.31 million yuan year-on-year [1] - The net profit attributable to the parent company was -136.69 million yuan, a year-on-year reduction in losses of 62.81 million yuan [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses was -167.37 million yuan, a year-on-year reduction in losses of 50.14 million yuan [1]

Financial Performance - The total operating revenue for 2025 was RMB 20.67 million, a significant increase of 5,535.71% compared to RMB 0.3668 million in the previous year[4] - The net profit attributable to the parent company was a loss of RMB 136.69 million, an improvement of RMB 62.81 million compared to a loss of RMB 199.50 million in the previous year[6] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was a loss of RMB 167.37 million, an improvement of RMB 50.14 million compared to a loss of RMB 217.51 million in the previous year[6] - The company’s basic earnings per share for 2025 were -RMB 1.38, compared to -RMB 2.01 in the previous year[4] - The company’s weighted average return on net assets was -12.12%, an improvement from -15.59% in the previous year[4] Assets and Equity - The company’s total assets at the end of the reporting period were RMB 1,314.70 million, a decrease of 3.44% from RMB 1,361.58 million at the beginning of the period[5] - The company’s equity attributable to the parent company decreased by 10.75% to RMB 1,064.12 million from RMB 1,192.25 million[5] Research and Development - The company’s R&D expenses for 2025 were RMB 113.69 million, a decrease of 34.68% from RMB 174.03 million in the previous year[7] Product Development - The first-class new drug, Deutetrabenazine soft capsules (Project No: HC-1119), was approved for sale in May 2025, contributing to the significant increase in revenue[8] Market Strategy - The company is in the early stage of commercializing its drug products, requiring significant investment in market expansion and academic promotion activities[7]

Core Insights - The company reported a significant increase in revenue for the fiscal year 2025, achieving 20.67 million yuan, which represents a year-on-year growth of 5535.71% [1] - Despite the revenue growth, the company recorded a net loss attributable to shareholders of 137 million yuan, an improvement from a net loss of 199 million yuan in the same period last year [1] - The primary driver for the revenue increase was the approval and subsequent sales of the company's first Class 1 new drug, Deuteroenzalutamide soft capsules (Project No: HC-1119), which was approved for sale in May 2025 [1]

Group 1 - The company announced a revenue of 20.67 million yuan for the year 2025, an increase of 20.31 million yuan year-on-year [1] - The net profit attributable to the parent company's owners was -137 million yuan, a reduction in losses of 62.81 million yuan year-on-year [1] - The net profit attributable to the parent company's owners, excluding non-recurring gains and losses, was -167 million yuan, a reduction in losses of 50.14 million yuan year-on-year [1]

Core Viewpoint - HaiChuang Pharmaceutical (688302) has made significant progress in commercialization, medical insurance access, and research pipeline, with revenue growth and reduced losses as indicated in its performance forecast [1] Group 1: Project Advancement - The company announced on February 1, 2026, that its soft capsule production line for the anti-tumor drug has passed GMP compliance inspection, indicating the core product, Deuteroenzalutamide soft capsules, is now capable of large-scale production, completing the "R&D - Production - Sales" full industry chain [2] Group 2: Business Progress - Deuteroenzalutamide soft capsules were included in the national medical insurance catalog on December 2025, effective from January 1, 2026, which is expected to enhance patient accessibility through a "direct sales + agency" dual-track model; the product was previously approved for market launch in May 2025 and included in the CSCO Prostate Cancer Diagnosis and Treatment Guidelines [3] Group 3: Product Development Progress - The company is focusing on prostate cancer and metabolic diseases, with the oral AR PROTAC drug HP518 having completed Phase I clinical trials, while Phase II trials in China and combination therapy studies are ongoing; HP515, aimed at treating metabolic-associated fatty liver disease (MASH), has entered Phase II clinical trials, with preclinical data on its combination with GLP-1 presented at international conferences [4] Group 4: Performance and Operations - The 2025 performance forecast indicates the company expects revenue between 19 million and 22 million, representing a significant year-on-year increase, with losses narrowing by 24.81% to 37.34%, primarily due to the sales of Deuteroenzalutamide [5] Group 5: Institutional Research - In January 2026, the company hosted a research meeting with 29 institutions, including Foresight Investment and Western Securities, reflecting market interest in its innovative drug pipeline [6]