XPH(SZ:300147) Zheng Quan Shi Bao Wang·2025-04-29 02:24Core Viewpoint - ST Xiangxue (300147.SZ) reported a decline in revenue and profit for 2024, indicating a low point in business operations, but there are positive aspects in business management, new drug development, and corporate governance that may signal future growth opportunities for investors [1][2]. Business Operations - The company's largest revenue segment, traditional Chinese medicine materials, saw a year-on-year revenue increase of 25.69%, reaching 936 million yuan, contributing 280 million yuan in gross profit [1]. - ST Xiangxue has established a comprehensive industrial chain in the traditional Chinese medicine sector, including production and sales, with cultivation bases in regions such as Ningxia, Sichuan, Yunnan, and Guangdong [1]. New Drug Development - The company is advancing its first-class new drug TAEST16001 injection, which has entered the phase II clinical trial and was presented at the ASCO annual meeting [2]. - TAEST16001 is the first TCR-T cell therapy drug in China to receive IND approval, targeting advanced esophageal cancer and non-small cell lung cancer [2]. - The drug has shown a best response rate of 50% and a median progression-free survival of 5.9 months, indicating significant clinical efficacy and manageable safety [2]. Corporate Restructuring - In April, the company entered a pre-restructuring process, with a temporary administrator appointed to manage debt claims and conduct audits and evaluations [3]. - The restructuring plan aims to improve the company's asset-liability structure and enhance its operational and profitability capabilities, facilitating a return to sustainable and high-quality development [3].