海归盛泽林深耕创新药收获50亿财富 泽璟制药累亏28亿研发费连降亟待谋变

Core Viewpoint - The article highlights the journey of Sheng Zelin, the founder of ZaiJing Pharmaceutical, who established the company at the age of 49 and has faced significant challenges despite recent stock price increases and revenue growth. The company has been criticized for its declining R&D investment and increasing sales expenses, raising concerns about its future in the competitive pharmaceutical industry [2][12][18]. Company Overview - Sheng Zelin founded ZaiJing Pharmaceutical in 2009, and it became the first "three-no" (no products, no revenue, no profit) company to be listed on the Sci-Tech Innovation Board in 2020 [2][10]. - The company's stock price has doubled in the past year, with a market capitalization of 26.68 billion yuan and Sheng Zelin's wealth exceeding 5 billion yuan [2][10]. - Despite achieving over 500 million yuan in revenue in 2024, the company has accumulated losses of approximately 2.8 billion yuan from 2016 to 2024 [2][12][13]. Financial Performance - In 2024, ZaiJing Pharmaceutical reported a revenue of 533 million yuan, a year-on-year increase of 37.91%, but still recorded a net loss of 138 million yuan [12][18]. - The company has faced continuous losses since 2016, with cumulative losses reaching 2.8 billion yuan by 2024 [12][13]. R&D and Sales Strategy - ZaiJing Pharmaceutical has seen a significant reduction in R&D investment, with R&D expenses decreasing from 509 million yuan in 2021 to 388 million yuan in 2024, while sales expenses have consistently exceeded half of the annual revenue [25][18]. - The number of R&D personnel has also declined, from 324 in 2022 to 289 in 2024, indicating a shift in focus towards marketing rather than innovation [25][18]. Market Position and Challenges - The company successfully launched its core product, Donafenib, in 2021, which broke the long-standing monopoly of Bayer's drug in the liver cancer market [10][24]. - However, ZaiJing Pharmaceutical missed critical market opportunities due to delays in product launches and is now facing intense competition from generics and other innovative therapies [20][25]. - The reliance on capital infusion for operations raises concerns about the sustainability of the business model, especially with increasing marketing costs and decreasing R&D efforts [18][15].