Chongqing Genrix Biopharmaceutical (SH:688443) Sou Hu Cai Jing·2026-01-31 18:44Core Viewpoint - The company Zhixiang Jintai (688443) is experiencing significant financial challenges, with projected losses for 2025 and a focus on product development in the autoimmune disease sector. Financial Performance - As of January 30, 2026, Zhixiang Jintai's stock closed at 28.29 yuan, down 3.25% from the previous week [1] - The company expects a net profit loss of 524 million to 630 million yuan for the year 2025 [1] - Projected operating revenue for 2025 is between 209 million and 251 million yuan [1] - The expected net profit loss attributable to shareholders is between 481 million and 587 million yuan [1] - The total market capitalization is 10.373 billion yuan, ranking 28th out of 51 in the bioproducts sector and 1969th out of 5184 in the A-share market [1] Product Development and Clinical Trials - The GR1802 injection (Tairiqibai monoclonal antibody) for moderate to severe atopic dermatitis has had its new drug application accepted as of September 2025 and is currently under review [2] - Other indications for GR1802, including chronic sinusitis with nasal polyps and chronic spontaneous urticaria, are in Phase III clinical trials, while asthma is in Phase II [2] - The GR1803 injection for multiple myeloma has received conditional approval for listing and is on the priority review list [7] Strategic Partnerships and Market Positioning - The company is strategically focusing on the autoimmune disease sector, particularly with the commercialization of its products [2] - The inclusion of the product Sairiqi monoclonal antibody in the national medical insurance directory is expected to enhance hospital access and reduce patient costs, thereby improving treatment adherence [2] - The company has established a professional business development team to explore potential partnerships and collaborations [3] Revenue Growth and Cost Management - The sales revenue from the product Jinlixi is expected to drive a nearly sixfold increase in revenue for 2025 [5] - Research and development expenses are projected to be between 425 million and 519 million yuan, reflecting a year-on-year decrease of 14.77% to 30.27% [8] - The anticipated net profit loss is expected to decrease by 26.32% to 39.71% compared to the previous year, primarily due to increased sales and the absence of share-based payment expenses in 2025 [8]