CSPC Innovation(SZ:300765) Xin Lang Cai Jing·2026-01-21 10:25Core Viewpoint - New Nuo Wei (300765.SZ), a subsidiary of Shijiazhuang Yiling Pharmaceutical, is projected to incur a significant loss of between 170 million to 255 million yuan in 2025, marking a stark decline of 416% to 575% compared to the previous year's profit of 53.726 million yuan, indicating a dramatic shift from a peak net profit of over 700 million yuan in 2023 to its first annual loss in six years [2][13]. Group 1: Financial Performance - The anticipated net loss for 2025, excluding non-recurring gains and losses, is expected to be between 210 million to 315 million yuan, representing a decline of 596% to 844% from the previous year's profit of 42.342 million yuan [2][13]. - The company is experiencing a significant increase in research and development (R&D) expenditure, projected at approximately 1 billion yuan for 2025, which is an 18.76% increase year-on-year, contributing to the financial losses [5][16]. - The fourth quarter of 2025 is expected to see a substantial increase in losses, with estimated net losses ranging from 146 million to 231 million yuan, indicating a continuous decline in profitability over five consecutive quarters [7][18]. Group 2: Strategic Transition - New Nuo Wei is undergoing a strategic transformation from a traditional caffeine product leader to an innovative pharmaceutical platform, which involves substantial R&D investments aimed at expanding its drug pipeline [3][14]. - The company has achieved significant milestones in its R&D pipeline, including the approval of four antibody drugs, six ADC products, and one mRNA vaccine for clinical trials, reflecting a proactive approach to future growth despite current losses [5][16]. - The acquisition of an 80% stake in its subsidiary, Jushi Bio, for 1.1 billion yuan has increased the financial burden, as Jushi Bio is not yet profitable and its losses are now more pronounced in New Nuo Wei's financial statements [6][17]. Group 3: Market Position and Future Prospects - New Nuo Wei has submitted an application for a Hong Kong IPO under the name "Shijiazhuang Innovation," aiming to alleviate financial pressures and support its innovative drug business [19]. - The establishment of a joint venture focused on GLP-1 assets is part of a broader strategy to penetrate the weight loss and diabetes market, with the company investing approximately 158 million yuan for a 35% stake [22]. - The competitive landscape for GLP-1 drugs is intensifying, with over 30 competing products in the pipeline, raising concerns about market share and profitability for New Nuo Wei's upcoming products [23].