云顶新耀首次实现年度商业化盈利，称医保产品落地符合预期

Core Viewpoint - Cloud-based pharmaceutical company, CloudTop New Medicine, achieved its first annual commercial profitability in 2024, driven by significant revenue growth from its core products, despite an increase in net losses due to impairment losses on intangible assets related to mRNA COVID-19 vaccines [3][4]. Financial Performance - The company reported a total revenue of 707 million yuan, representing a year-on-year increase of 461% [3]. - The net loss for the year was 1.041 billion yuan, which widened from 845 million yuan in 2023, primarily due to a one-time impairment loss on intangible assets [3]. - Excluding the impairment loss, the net loss narrowed to 685 million yuan [3]. Product Performance - The revenue growth was largely attributed to three core products, with the IgA nephropathy treatment, Naimu Kang, contributing 353 million yuan in revenue since its launch in May 2024, marking a 1581% increase [3]. - Naimu Kang has successfully reached over 600 to 700 core hospitals, covering more than 60% of the target patient population [3]. Market Access and Policy - Naimu Kang was included in the 2024 National Medical Insurance Directory, becoming the only IgA drug covered by insurance [4]. - The company anticipates that the implementation of insurance policies will continue to progress positively, with over 10,000 patients having used Naimu Kang in the first quarter of the year [4]. - The government work report for 2025 emphasized the need to improve drug pricing mechanisms and support innovative drug development [4]. Competitive Landscape - The IgA nephropathy market is considered a hot sector, with multiple domestic and international companies involved [5]. - The company believes that its IgA drug has advantages in long-term safety and combination therapy, with a potential market of approximately 5 million patients in China [5]. Pipeline and Future Developments - The company is also focusing on its innovative fluoroquinolone antibiotic, Yijia, which generated 353 million yuan in revenue in 2024, reflecting a 256% increase [5]. - The autoimmune disease drug, Yichuomode, has been approved in Macau and Singapore, with a new drug application submitted to the Chinese regulatory authority [5]. - The company is advancing its mRNA drug pipeline, including a personalized tumor therapeutic vaccine, EVM16, which has completed its first patient dosing [6].