瞄准脂肪肝治疗，微芯生物扭亏

Core Viewpoint - MicuBio reported a significant improvement in its financial performance for the first half of 2025, with revenue growth exceeding 30% and a return to profitability, driven primarily by the sales increase of its innovative drugs [2][3]. Financial Performance - MicuBio achieved revenue of 407 million yuan, representing a year-on-year growth of 34.56% [2]. - The company recorded a net profit attributable to shareholders of 29.59 million yuan, marking a turnaround from previous losses [2]. Product Performance - The sales of the two innovative drugs, Westadbenamide and Siglitazone, saw substantial growth, with sales increasing by 125.70% and 15.14% respectively [3]. - Siglitazone is recognized as the world's first PPAR full agonist and has been included in the national medical insurance directory for two consecutive years [2][3]. Market Expansion - MicuBio has expanded its sales channels significantly, covering over 5,300 hospitals and 6,700 pharmacies nationwide for Siglitazone [3]. - The company is also accelerating its online channel presence through platforms like JD.com, Alibaba, and Meituan [3]. Research and Development - MicuBio is advancing multiple projects in clinical development and preclinical research across five major areas: malignant tumors, metabolic diseases, autoimmune diseases, central nervous system diseases, and antiviral treatments [3][5]. - The company is prioritizing the promotion of Siglitazone for Type 2 diabetes patients with MASH/MAFLD based on existing clinical trials and real-world evidence [5]. Future Prospects - Analysts expect continued revenue growth for MicuBio as new indications for Westadbenamide are launched, and Siglitazone sales increase [5]. - The company is actively pursuing international clinical and commercial collaborations for Westadbenamide and exploring licensing opportunities for other products [5]. Industry Context - The domestic innovative drug sector has seen a surge in overseas licensing deals, with 97 transactions completed by June, reflecting a 45% year-on-year increase [6]. - The total contract value for overseas licensing deals reached $44.2 billion, accounting for approximately 82% of the projected total for 2024 [6].