Chang Jiang Shang Bao·2025-05-06 00:55Core Viewpoint - Fudan Zhangjiang faces significant challenges due to a price adjustment of its key oncology drug, resulting in a projected revenue decline and potential losses for the product in 2025 [1][2][6]. Group 1: Price Adjustment Impact - The retail price of the oncology drug, Liposomal Doxorubicin (brand name: Liboduo), has been reduced by at least 35% effective May 1, 2024, due to its inclusion in the national centralized procurement list [1][5][6]. - The price adjustment is expected to lead to a more than 50% decline in sales revenue for Liboduo in 2025, raising concerns about the product potentially incurring losses [2][6]. Group 2: Financial Performance - Fudan Zhangjiang's revenue and net profit have declined for three consecutive years from 2022 to 2024, with 2024 projected revenues of 709 million yuan, down 16.61% year-on-year [2][8]. - The company reported a net profit margin of only 5.56% in 2024, significantly lower than the 21.44% in 2019, primarily due to high R&D and sales expenses [10]. Group 3: R&D Investments - Despite declining revenues, Fudan Zhangjiang has increased its R&D investment to 314 million yuan in 2024, accounting for 44.29% of its total revenue, indicating a commitment to innovation [9][10]. - The company is advancing several projects, including antibody-drug conjugates, with ongoing clinical trials and new production facilities [9]. Group 4: Market Performance - Since its listing in July 2020, Fudan Zhangjiang's stock price has dropped over 80%, from a peak of 42.35 yuan per share to 7.83 yuan as of April 30, 2024 [4][11].