神州细胞：2025年全年预计净亏损5.20亿元—5.80亿元

Core Viewpoint - Shenzhou Cell has released its annual performance forecast, expecting a net profit attributable to shareholders of the listed company to be between -520 million yuan and -580 million yuan for the year 2025, indicating a significant year-on-year decrease in net profit [1] Financial Performance - The expected net profit excluding non-recurring gains and losses for 2025 is projected to be between -503 million yuan and -563 million yuan [1] - The company's overall operating revenue is expected to decline compared to the previous year due to significant drops in sales revenue of its core product, Anjiah [1] Factors Affecting Performance - The decline in sales revenue is attributed to the ongoing deepening of industry medical insurance cost control policies and multiple price reductions of the core product [1] - To facilitate market access and channel development for newly approved products during the reporting period, the company has increased its upfront commercialization investments, including academic promotion and sales team formation, leading to a noticeable short-term increase in sales expenses [1] - The company continues to adhere to a research and development strategy of advancing multiple product pipelines, with several ongoing projects entering critical confirmatory clinical trial stages, resulting in sustained high levels of R&D investment that impact current profitability [1]