舒泰神股价狂飙380％的魔幻与现实：靠一款未上市新药搅动资本狂欢，连亏五年业绩困局待解｜创新药观察

Core Viewpoint - The stock price of Shuyou Shen has surged by 380% within six months, driven by the conditional acceptance of its new hemophilia drug STSP-0601 by the National Medical Products Administration, raising hopes for a turnaround despite the company's ongoing financial struggles [2][7]. Group 1: Financial Performance - Shuyou Shen has reported continuous losses for five years, accumulating over 1 billion yuan in losses, with a revenue of only 63.21 million yuan in Q1 2025, a 33% year-on-year decline [2][6]. - The company's revenue for 2024 was approximately 324.82 million yuan, a decrease of 10.81% compared to 2023, while the net profit attributable to shareholders was -144.84 million yuan, showing a 63.69% improvement from the previous year [5]. Group 2: Product Dependency and Challenges - The company heavily relies on two older products, Shuyou Qing and Su Tai Sheng, which accounted for nearly 90% of its revenue at their peak, but faced significant market challenges leading to a sharp decline in sales [3][4]. - The termination of the research and development of its hepatitis B drug STSG-0002 and the failure to launch effective COVID-19 treatments have compounded the company's difficulties [6][10]. Group 3: New Drug Prospects - STSP-0601, aimed at treating hemophilia, has been positioned as a potential lifesaver for the company, with market forecasts suggesting domestic sales could exceed 2 billion yuan [7][9]. - However, STSP-0601 faces challenges in a competitive market, with existing products already capturing significant market share, and its target patient group being relatively niche [9][12]. Group 4: Research and Development Investment - In 2023, the company's R&D expenditure reached 448 million yuan, exceeding its revenue, but it failed to yield successful products, leading to financial strain [10]. - R&D investment was reduced by over 60% in 2024, raising concerns about the impact on future drug development and market competitiveness [10].