热景生物股价反弹创新药临床推进，2025年业绩预亏

Core Viewpoint - Recent stock price rebound for Hotgen Biotech as innovative drug development enters a critical phase, but the company's 2025 earnings forecast indicates potential for increased losses [1] Stock Performance - On February 10, 2026, Hotgen Biotech's stock rose by 5.06%, closing at 146.44 CNY per share, with a trading volume of 134 million CNY and a total market capitalization of approximately 13.576 billion CNY [2] - Year-to-date, the stock has declined by 12.22%, but has shown a rebound trend over the last five trading days [2] - As of February 2, 2026, the company's financing balance was 154 million CNY, accounting for 1.21% of the circulating market value, which is at a relatively low level for the past year [2] Institutional Holdings Analysis - Shenwan Hongyuan Fund's product "Shenwan Hongyuan Medical Pioneer Stock A" increased its holdings in Hotgen Biotech in Q4 2025, holding 70,600 shares as of February 10, 2026, which represents 5.13% of the fund's net value, making it the third-largest holding [3] Product Development Progress - The company's globally first acute myocardial infarction therapeutic drug SGC001 has entered Phase II clinical trials, regarded as a potential catalyst in the market [4] - This pipeline is a core part of the company's "diagnostics + innovative drugs" dual-drive strategy [4] Strategic Advancement - On January 9, 2026, Hotgen Biotech signed a strategic cooperation agreement with Hebei Medical University School of Pharmacy to deepen collaboration in cutting-edge biomedical research and talent cultivation [5] - The company may benefit from industrial funds and customs facilitation policies due to its layout in the Beijing-Tianjin-Hebei region, aiding overseas market expansion [5] Performance and Operational Situation - According to earnings forecasts released on January 16 and 17, 2026, the company expects a net profit loss attributable to shareholders of 210 million to 230 million CNY for 2025, representing an increase in losses of 9.94% to 20.42% year-on-year [6] - Projected operating revenue is expected to decline to 400 million to 420 million CNY, a year-on-year decrease of 17.79% to 21.71% [6] Company Project Advancement - In December 2025, the company announced plans to invest 371 million CNY to gain controlling interest in its subsidiary Shunjing Pharmaceutical to accelerate the development of its innovative drug pipeline [7]