Xin Lang Zheng Quan·2025-07-22 06:48Core Viewpoint - The Chinese innovative drug industry is experiencing a significant moment in the first half of 2025, driven by policy benefits and international breakthroughs, with three companies expected to turn losses into profits [1]. Group 1: Company Performance - Tonghua Dongbao expects to achieve a net profit of approximately 217 million yuan for the first half of 2025, marking a turnaround from losses in the previous year [2]. - The main reason for Tonghua Dongbao's performance improvement is the significant growth in sales of insulin analog products, leading to a substantial increase in domestic sales revenue [4]. - The internationalization strategy has also shown significant results, with noticeable growth in export revenue [5]. Group 2: Other Companies' Performance - Zhaoyan New Drug anticipates a net profit of between 50.32 million and 75.49 million yuan for the first half of 2025, recovering from a loss of 169 million yuan in the same period last year [6]. - The decline in Zhaoyan New Drug's operating income is attributed to intensified competition, which has compressed order profits and exacerbated losses in laboratory services [8]. - The fair value changes of biological assets have offset some business losses, contributing to the overall turnaround [9]. Group 3: BoTeng Co. Performance - BoTeng Co. expects a net profit ranging from 0 to 30 million yuan for the first half of 2025, recovering from a loss of 170 million yuan in the previous year [10]. - The company anticipates achieving revenue of 1.55 billion yuan, representing a year-on-year growth of 15% to 20% [12]. - The improvement in BoTeng Co.'s performance is driven by robust revenue growth, enhanced gross margins, effective cost control, and a reduction in losses from new businesses, along with non-recurring investment income of approximately 18.21 million yuan [13][14]. Group 4: Overall Industry Insights - The performance turnaround of Tonghua Dongbao, Zhaoyan New Drug, and BoTeng Co. reflects the positive progress of different segments within the biopharmaceutical industry in overcoming challenges and seeking growth and profitability restoration [15]. - However, the specific paths and sustainability of these improvements depend on each company's business model and future operating environment [15].