盟科药业持续亏损，投资者追问“能挺多久”

Group 1 - The core issue is that Mengke Pharmaceutical has not achieved annual profitability since its listing on the STAR Market, with an expected loss of 240 million yuan in 2025 [1] - The company's total operating revenue for 2025 is projected to be 141.77 million yuan, representing an 8.83% year-on-year increase, while the net profit attributable to shareholders is expected to be -241.61 million yuan [1] - Mengke Pharmaceutical has only one product, Kantizolamine tablets, in the commercialization stage, leading to slow growth in main business revenue [1] Group 2 - Since its listing in August 2022, Mengke Pharmaceutical's revenue has increased year by year, but it has continued to incur losses, with net profits attributable to shareholders projected at -220 million yuan, -420 million yuan, and -440 million yuan for 2022, 2023, and 2024 respectively [1] - To improve its capital situation, Mengke Pharmaceutical initiated a financing plan in September 2025 to raise 1.032 billion yuan by issuing A-shares to Nanjing Haiqing Pharmaceutical, but the plan was ultimately unsuccessful due to opposition from major shareholder Genie Pharma [1] - The company stated that it will continue to seek funding support through various financing channels in the future [1] Group 3 - The ongoing losses have raised concerns among investors regarding the company's liquidity, prompting questions about how long the current cash flow can support operations [2] - In a November 2025 investor relations event, the company responded that operations are normal and it will continue to utilize raised funds, self-owned, or self-raised funds to accelerate the clinical and commercialization of new drugs [2]