Zelgen(SH:688266) Xin Lang Cai Jing·2025-04-24 02:39Core Viewpoint - The company achieved a total revenue of 533 million yuan in 2024, representing a year-on-year growth of 37.91%, which meets market expectations and demonstrates excellent performance. Meanwhile, the company reported a non-GAAP net loss attributable to the parent of 171 million yuan, reducing losses by 178 million yuan compared to the same period last year, indicating strong operational performance. In 2025, commercialized products such as Donafenib and Thrombin are expected to further increase revenue, while early-stage products ZG005 and ZG006 are anticipated to release new clinical data, showing promising efficacy. Overall, the company is viewed as having a stable operation and superior early product design, with positive prospects for future development [1][2][6]. Event - On April 19, the company released its 2024 annual report [1]. Financial Performance - In 2024, the company achieved a revenue of 533 million yuan, a year-on-year increase of 37.91%, primarily driven by increased sales of Donafenib. The non-GAAP net loss attributable to the parent was 171 million yuan, a reduction of 178 million yuan from the previous year, mainly due to revenue growth and a decrease in total operating costs. The company’s financial condition is robust, with ample cash reserves of 2.154 billion yuan at the end of 2024. Sales expenses increased by 8.37% to 271 million yuan, while R&D expenses decreased by 21.83% to 388 million yuan due to the varying stages of innovative drugs. Management expenses rose significantly by 251.35% to 58 million yuan, mainly due to the previous year's adjustment of share-based payment expenses [2][3]. Product Pipeline and Clinical Progress - The commercialization process has made breakthroughs, with the drug Jikaxitini (Thrombin) for treating myelofibrosis currently under review for market approval, expected in 2025. The estimated annual new cases of myelofibrosis in China by 2030 is 63,000, with approximately 300,000 existing patients. The drug has shown significant efficacy in Phase III clinical trials, positioning it as a potential best-in-class (BIC) treatment. Additionally, Jikaxitini is in Phase III clinical trials for various immune-inflammatory diseases, showing promising results in treating severe alopecia areata and significant efficacy in idiopathic pulmonary fibrosis [3]. Upcoming Catalysts - The company has numerous catalysts for 2025, including the entry of recombinant thrombin into medical insurance, expected to drive further sales growth. The approval of Jikaxitini is anticipated within the year. More clinical data for ZG005 related to cervical cancer and liver cancer is expected to be disclosed at major conferences, while early-stage data for ZG006 in solid tumors is also anticipated [5][6]. Revenue Projections - The company forecasts revenues of 712 million yuan, 1.54 billion yuan, and 2.5 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at -127 million yuan, -77 million yuan, and 147 million yuan [6].