三款新药上市仍未扭亏 泽璟制药上半年扣非净利润-1.02亿

Core Viewpoint - Zai Jian Pharmaceutical (688266.SH) reported a revenue of 376 million yuan for the first half of 2025, marking a year-on-year increase of 56.07%, but the net loss expanded from 66.54 million yuan to 72.80 million yuan, indicating ongoing financial challenges despite product approvals [1][3]. Group 1: Financial Performance - The company achieved a revenue of 376 million yuan in H1 2025, a 56.07% increase year-on-year [1]. - The net profit loss increased from 66.54 million yuan in the same period last year to 72.80 million yuan [1]. - The non-GAAP net profit loss rose from 72.37 million yuan to 102 million yuan [1]. - Cumulative losses since the company's listing in 2020 amount to approximately 1.72 billion yuan [3]. Group 2: Product Development and Market Strategy - Zai Jian Pharmaceutical has three products approved for sale, including Donafenib tablets, which are gradually increasing market share [1]. - The company is actively promoting Donafenib, having entered over 1,200 hospitals and 1,000 pharmacies by the end of the reporting period [1]. - The recombinant thrombin product has entered 590 hospitals and has seen significant sales growth after being included in the national medical insurance catalog [1]. - The company is focusing on the commercialization of Jikaxitini tablets, which were approved for treating primary myelofibrosis and are also being developed for other indications [2]. Group 3: Sales and Marketing Expenses - Sales expenses surged by 75.76% to 211 million yuan, accounting for 56% of total revenue [3]. - The increase in marketing expenses is attributed to new exclusive promotion fees for thrombin and expanded marketing efforts for Donafenib and Jikaxitini [3].