海创药业：“抗癌神药”破冰仍亏损6185万元，“下半场”盈利焦虑仍存 | 看财报

Core Viewpoint - Haichuang Pharmaceutical-U (688302.SH) has achieved a significant milestone by generating revenue of 13.16 million yuan in the first half of the year, marking a substantial year-on-year growth of 11,899.08% due to the launch of its first Class 1 new drug, Deuteroenzalutamide soft capsule [2][3][5]. Financial Performance - The company reported a total revenue of 13.17 million yuan for the first half of the year, compared to 0.11 million yuan in the same period last year [5]. - Despite the revenue growth, the company continues to face deep losses, with a net profit attributable to shareholders of -61.85 million yuan, and a cumulative loss of over 1.7 billion yuan since 2018 [5][6]. - The net cash flow from operating activities was -47.43 million yuan, indicating ongoing financial strain [14]. Market Response - The stock market reacted cautiously to the earnings report, with a maximum pullback of over 13% in three days, reflecting concerns about the company's commercialization capabilities and profitability outlook [2][13]. - Following the earnings announcement, the stock initially opened high but closed lower, indicating market skepticism despite a 10.43% increase on the announcement day [11][13]. Product Development and Market Position - Deuteroenzalutamide is the first domestically developed innovative drug for prostate cancer treatment, with a significant market potential projected to grow from approximately 12.98 billion USD in 2023 to 27.5 billion USD by 2032 [18]. - The drug's pricing is set at 6,500 yuan per box, with expectations for inclusion in medical insurance and clinical guidelines [10][11]. - The company has faced challenges in its research pipeline, including the suspension of the HP501 project due to intense competition in the market for URAT1 inhibitors [16][17]. Sales and Marketing Strategy - The company is in the process of building its commercialization team, with plans to cover 21 provinces through partnerships and a self-operated team of about 60 members [15]. - Sales expenses have increased significantly, accounting for 80% of revenue, highlighting the need for improved sales efficiency [14]. Future Outlook - Analysts predict that Haichuang Pharmaceutical may not achieve profitability until 2027, with a consensus forecast of a net loss of 219 million yuan in 2025 [19]. - The company faces multiple pressure points, including high R&D costs, potential pricing pressures in insurance negotiations, and a strategic contraction of its research pipeline [20].