Chipscreen(SH:688321) Xin Lang Cai Jing·2025-08-17 12:34Core Viewpoint - The company is experiencing a turning point in performance due to the significant sales growth of innovative drugs, including Sidabenan (Aipush) and Siglitazone (Shuangluoping), which are addressing clinical needs and differentiating in the market [1][2]. Group 1: Financial Performance - The company achieved a revenue of 660 million yuan in 2024, representing a 26% year-on-year increase, driven by the substantial sales growth of Sidabenan and Siglitazone [1]. - The company's expenses amounted to 640 million yuan, with the expense-to-revenue ratio decreasing by 28% [1]. - Operating cash flow turned positive with a net inflow of 76.13 million yuan, marking a 148% year-on-year increase [1]. - As of the end of the period, the company had cash and cash equivalents totaling 470 million yuan and net assets of 1.58 billion yuan [1]. - For the first half of 2025, the company anticipates revenue of approximately 410 million yuan, an increase of 110 million yuan (+35%) compared to the same period last year [1]. Group 2: Product Pipeline and Market Potential - The company has a comprehensive oncology portfolio, with Sidabenan approved for multiple indications, including MYC/BCL2 double-expressing diffuse large B-cell lymphoma (DLBCL), peripheral T-cell lymphoma (PTCL), and breast cancer, with several other indications under research [2]. - Sidabenan is expected to activate cold tumors and has the potential to achieve peak sales exceeding 3 billion yuan, with ongoing Phase III clinical trials for colorectal cancer and melanoma [2]. - Siglitazone is projected to surpass 4 billion yuan in peak sales, as it improves metabolic diseases through various mechanisms, including blood sugar reduction and anti-inflammatory effects [3]. - The company forecasts continued revenue growth driven by the launch of new indications for Sidabenan, increased sales of Siglitazone, and potential approval of the pancreatic cancer treatment, Xioroni [3]. - Revenue projections for 2025-2027 are estimated at 907 million yuan, 1.447 billion yuan, and 2.507 billion yuan, with growth rates of 37.87%, 59.5%, and 73.25% respectively [3].