Core Viewpoint - The company, Shiyao Group, is expected to report a significant net loss for its subsidiary, Shiyao Innovation, in 2025, contrasting with a profit in the previous year, primarily due to increased R&D investments and operational challenges [1][2]. Group 1: Financial Performance - Shiyao Innovation anticipates a net loss attributable to shareholders of 170 million to 255 million yuan for 2025, compared to a profit of 53.7263 million yuan in the previous year [1]. - The expected net loss, excluding non-recurring items, is projected to be between 210 million and 315 million yuan, down from a profit of 42.3419 million yuan in the prior year [1]. Group 2: R&D Investments - The company is significantly increasing its R&D expenditures, with total R&D costs expected to rise to approximately 1 billion yuan, marking a substantial year-on-year increase [1]. - Several products in the pipeline have made important progress, including four antibody drugs, six ADC products, and one mRNA vaccine receiving clinical trial approvals for the first time in 2025 [1]. Group 3: Subsidiary Developments - In early November 2025, Shiyao Innovation completed the acquisition of an additional 29% minority stake in its subsidiary, Jushi Biotech, raising its ownership to 80% [2]. - The increased stake in Jushi Biotech, which is currently not profitable due to high R&D investments, will have a more pronounced impact on the consolidated financial statements of Shiyao Innovation [2]. Group 4: Functional Raw Materials Business - Shiyao Innovation is working to strengthen its position in the functional raw materials sector, particularly in caffeine products, although the gross margin and profitability of these products have slightly declined compared to the previous year due to market factors [2].
石药集团：石药创新预计2025年度归母净亏损1.7亿元–2.55亿元