Dizal Pharmaceutical(SH:688192) Chang Jiang Shang Bao·2026-01-13 23:37Core Viewpoint - The company, DiZhe Pharmaceutical, aims to innovate and transform the Chinese pharmaceutical industry by developing original drugs that benefit global patients, with a projected revenue increase and reduced losses in the coming years [2][5]. Financial Performance - For the fiscal year 2025, DiZhe Pharmaceutical expects to achieve approximately 800 million yuan in revenue, representing a year-on-year increase of about 122.28% [5]. - The company anticipates a net loss of around 770 million yuan for 2025, which is a reduction of approximately 8.98% compared to the previous year [5]. - In 2024, the company reported a revenue of 360 million yuan, marking a significant year-on-year growth of 294.24% [4]. Research and Development - Over the past eight years, DiZhe Pharmaceutical has invested over 4.7 billion yuan in research and development, with a cumulative R&D expense rate of approximately 291% relative to its revenue of 1.37 billion yuan [8]. - The R&D expenses for 2025 are projected to be around 860 million yuan, an increase of 18.84% from the previous year [8]. Product Development and Market Strategy - DiZhe Pharmaceutical has received approval for two products, Shuwotai (舒沃替尼片) and Gaoruizhe (高瑞哲胶囊), which will be included in the national medical insurance drug list, enhancing patient accessibility and market share [5][9]. - The company is focusing on global strategic expansion and plans to issue overseas listed foreign shares on the Hong Kong Stock Exchange to enhance its international brand image and competitiveness [11]. Financial Health - The company's asset-liability ratio reached 98.70% at one point, indicating a precarious financial position, but improved to 49.39% and 51.15% by the second and third quarters of 2025, respectively [10][11].