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3倍医药“牛股”突报亏损 紧急公布利好?
Zhong Guo Ji Jin Bao·2025-08-21 15:33

Core Viewpoint - The company Yipinhong reported a significant loss in the first half of the year, despite a substantial increase in stock price driven by the hype around its innovative gout drug AR882, which has recently completed patient enrollment for its global Phase III clinical trials [2][10]. Financial Performance - Yipinhong's revenue for the first half of 2025 was 584 million yuan, a decrease of 36% year-on-year [2][9]. - The net profit attributable to shareholders was a loss of 73.54 million yuan, compared to a profit of 46.46 million yuan in the same period last year. The loss would increase to 108 million yuan when excluding non-recurring items [2][9]. - The company's sales expenses for the first half of 2025 were 208 million yuan, accounting for 35.6% of revenue, which shows an upward trend compared to 34% in the first quarter of 2025 and 34.61% in the first half of 2024 [8][9]. Sales Expenses - From 2019 to 2022, Yipinhong's sales expenses consistently exceeded 50% of its revenue, with approximately 95% of these expenses categorized as "academic promotion fees" [7]. - Following a scandal involving the misappropriation of over 1.6 billion yuan in public relations expenses, the company had reduced its sales expenses, but there are signs of a resurgence in these costs [7][8]. Drug Development Progress - Yipinhong announced the completion of patient enrollment for its innovative gout drug AR882, developed in collaboration with Arthrosi, marking a significant milestone in its clinical trial process [10][12]. - AR882 is designed to lower serum uric acid levels by inhibiting the reabsorption of uric acid, and the global Phase III trials consist of two independent parallel studies, REDUCE 1 and REDUCE 2 [12]. - The company acknowledged the high investment, risk, and potential return associated with drug development, emphasizing the uncertainties in clinical trial progress, market competition, and the drug's acceptance post-approval [12]. Market Capitalization - As of August 21, Yipinhong's market capitalization exceeded 30 billion yuan, reaching 31.49 billion yuan [13].