长春高新：2025年全年净利润同比预减91.48%—94.19%

Core Viewpoint - Changchun Gaoxin has announced a significant decline in its expected net profit for 2025, projecting a decrease of 91.48% to 94.19% year-on-year, primarily due to increased R&D expenses and market challenges in the pharmaceutical industry [1] Group 1: Financial Projections - The company expects a net profit attributable to shareholders of 150 million to 220 million yuan for 2025, representing a year-on-year decrease of 91.48% to 94.19% [1] - The projected net profit after deducting non-recurring gains and losses is estimated to be between 437 million and 507 million yuan, reflecting a year-on-year decline of 82.09% to 84.56% [1] Group 2: Reasons for Profit Decline - Increased R&D expenses due to the company's focus on traditional areas such as endocrine metabolism and women's health, as well as innovative directions related to oncology, respiratory, and immune diseases [1] - The launch of new products, including the first domestic innovative biological agent for acute gouty arthritis, has led to increased sales and marketing expenses, necessitating a market cultivation period for new products [1] - Adjustments in sales policies and pricing in response to industry policy changes and market conditions have resulted in reduced revenue and net profit [1] - The company’s subsidiary, Changchun Baike Biotechnology Co., is expected to incur losses in 2025, further impacting overall performance [1] Group 3: Licensing Agreement - The company’s subsidiary, Shanghai Saizeng Medical Technology Co., has entered into an exclusive licensing agreement for the GenSci098 injection project, which is expected to yield a total of $1.2 billion in upfront and milestone payments [1] - The agreement includes a non-refundable upfront payment of $70 million and an additional $50 million in milestone payments, with potential for up to $1.365 billion in further milestone payments and over 10% in sales royalties post-product launch [1] - The financial impact of this licensing agreement will not be reflected in the current reporting period due to accounting policy requirements [1]