智翔金泰发预亏，预计2025年年度归母净亏损4.81亿元至5.87亿元

Core Viewpoint - Zhixiang Jintai (688443.SH) forecasts a net loss attributable to shareholders of the parent company for 2025, ranging from -480.64 million to -587.45 million yuan, representing a year-on-year reduction in losses by 209.83 million to 316.64 million yuan, or a decrease of 26.32% to 39.71% [1] Group 1: Financial Performance - The company's operating revenue is expected to significantly increase compared to the previous year, primarily due to steady sales growth of its first commercial product, Saliqi monoclonal antibody injection (Jinlixi), and revenue from the authorization license and commercialization agreement for GR1803 injection [1] - The reduction in net loss is attributed to the absence of share-based payment expenses in 2025, as the equity incentive plan for the core team implemented in 2022 will expire in 2024 [1] Group 2: Research and Development - The company continues to focus on original innovation and efficiently advancing the progress of various research projects, with multiple products entering clinical research and core products entering critical clinical trial phases [1] - The company maintains a high level of R&D investment in its ongoing projects [1]