CSBIO(SZ:300255) Di Yi Cai Jing Zi Xun·2025-06-10 09:49Core Viewpoint - The stock price of Changshan Pharmaceutical (300255.SZ) surged over 150% within a month, reaching a market capitalization of 46.2 billion yuan, driven by market enthusiasm for GLP-1 weight loss drugs, despite the company facing declining revenues and net losses in recent years [1][2][3]. Group 1: Stock Performance - From May 5 to June 9, Changshan Pharmaceutical's stock price increased from 21.03 yuan to 52.09 yuan, a rise of over 140% [1][2]. - On June 6 and June 9, the stock closed at 43.41 yuan and 52.09 yuan, marking increases of 15% and 20% respectively, followed by a slight decline to 50.45 yuan on June 10 [2]. - The stock's performance significantly outpaced that of its industry peer, Hepalink (002399.SZ), which has a market capitalization of 18.12 billion yuan compared to Changshan's 46.2 billion yuan [2]. Group 2: Financial Performance - Changshan Pharmaceutical's revenue has been declining for three consecutive years, with figures of 2.336 billion yuan in 2022, 1.410 billion yuan in 2023, and an estimated 1.031 billion yuan in 2024, representing year-on-year decreases of 21.29%, 39.63%, and 26.92% respectively [3]. - The company reported net profits of 17.51 million yuan in 2022, a loss of 1.24 billion yuan in 2023, and a further loss of 249 million yuan in 2024 [3]. - In the first quarter of 2025, the company generated only 259 million yuan in revenue, a year-on-year decline of 12.1% [3]. Group 3: Market Dynamics - The surge in stock price is attributed to speculation around the company's GLP-1 drug, Aibennate, which is still in the approval process and has not yet been commercialized [4]. - The company’s main revenue source, low molecular weight heparin products, has been adversely affected by centralized procurement policies, leading to a significant drop in sales [3][4]. - The company’s R&D investment decreased sharply from over 200 million yuan in previous years to 115 million yuan in 2024, raising concerns about its ability to compete in the market [5]. Group 4: Investor Behavior - Initial stock price increases were driven by northbound funds and retail investors, with significant buying activity noted from institutional investors as the stock price rose [6][8]. - By June 9, institutional investors had begun to sell off shares, indicating a potential shift in market sentiment [10].