神州细胞(688520.SH)：2025年预亏5.2亿元到5.8亿元

Core Viewpoint - Shenzhou Cell (688520.SH) is expected to report a significant net loss for the year 2025, with projected losses ranging from -5.8 billion to -5.2 billion yuan, primarily due to declining sales and increased commercialization costs [1] Financial Performance - The net profit attributable to the parent company is forecasted to be between -5.8 billion and -5.2 billion yuan for 2025 [1] - The net profit after deducting non-recurring gains and losses is expected to be between -5.63 billion and -5.03 billion yuan [1] - Research and development expenditures for 2025 are projected to be between 830 million and 870 million yuan [1] Reasons for Performance Change - The decline in sales revenue is attributed to the ongoing tightening of healthcare cost control policies and significant price reductions of the core product, Anjia [1] - Increased upfront commercialization investments, including academic promotion and sales team formation, have led to a noticeable rise in sales expenses [1] - The company continues to pursue a multi-product pipeline strategy, with several projects entering critical confirmatory clinical trial phases, maintaining high levels of R&D investment, which has impacted current profitability [1]