海创药业：2025年全年净亏损1.25亿元—1.50亿元

Core Viewpoint - The company, Haichuang Pharmaceutical, anticipates a net loss for the year 2025, with a projected net profit attributable to shareholders ranging from -125 million to -150 million yuan, reflecting a year-on-year reduction in losses of 24.81% to 37.34% [1] Financial Performance - The expected net profit excluding non-recurring gains and losses for 2025 is projected to be between -155 million and -185 million yuan, indicating a year-on-year reduction in losses of 14.95% to 28.74% [1] - The anticipated operating revenue for 2025 is estimated to be between 19 million and 22 million yuan, primarily due to limited sales from the newly approved drug and adjustments in pricing and distribution strategies [1] Key Factors Influencing Performance - The approval of the first Class 1 new drug, Deuteroenzalutamide soft capsule (Project No: HC-1119), is expected to generate minimal sales revenue in 2025, with only a slight increase in material and intermediate sales compared to the previous year [1] - The inclusion of Deuteroenzalutamide in the National Medical Insurance Drug List, effective January 1, 2026, is anticipated to lead to significant price reductions, impacting revenue due to inventory adjustments and changes in marketing strategies [1] - Research and development expenses for 2025 are projected to be between 105 million and 125 million yuan, a decrease of 49.03 million to 69.03 million yuan compared to the previous year, reflecting optimized R&D pipeline investments [1] - The company expects a reduction in share-based payment expenses due to the expiration of stock incentives and an increase in government subsidies related to earnings compared to the previous year [1]