营收大幅增加、净利仍在亏损，迪哲医药离真正盈利还有多远

Core Viewpoint - Dize Pharmaceutical achieved commercial profitability for the first time in the first half of 2025, with a revenue of 355 million yuan, a year-on-year increase of 74.4%, but still reported a net loss of 377 million yuan [1][3][6] Financial Performance - The company reported a revenue of 355 million yuan in the first half of 2025, up 74.4% from the same period last year [2][3] - The net profit attributable to shareholders was a loss of 377 million yuan, compared to a loss of 345 million yuan in the same period last year [3][6] - R&D expenses reached 408 million yuan, accounting for 115% of revenue, although this was a decrease from 188.05% in the previous year [7][8] Product Development and Market Position - Dize Pharmaceutical's core products, Shuwozhe and Gaoruizhe, were included in the national medical insurance catalog, significantly enhancing their market accessibility [3][4] - Shuwozhe generated sales of approximately 91.29 million yuan after its launch in August 2023, while both core products together achieved sales of 360 million yuan in 2024 [4][6] Funding and Future Outlook - The company has accumulated losses of 4.567 billion yuan from 2018 to 2024, necessitating ongoing capital market financing to support R&D and operational costs [6][8] - Dize Pharmaceutical plans to raise up to 1.848 billion yuan through a private placement to fund new drug development and operational liquidity [8]