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海创药业(688302):氘恩扎鲁胺开启商业化,创新研发持续推进

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Views - The company's first product, Deuteroenzalutamide soft capsule, has commenced commercialization, contributing revenue of 13.07 million yuan in Q2 2025. This product is the first domestically approved innovative drug for metastatic castration-resistant prostate cancer (mCRPC) [3][4]. - The company is actively investing in innovative drug research and development, with a focus on differentiated pipeline development. In H1 2025, the R&D expenditure was 56.97 million yuan, with several promising candidates in the pipeline [4][6]. - Revenue projections for 2025, 2026, and 2027 are estimated at 159 million yuan, 380 million yuan, and 586 million yuan, respectively, with corresponding net profits of -195 million yuan, -99 million yuan, and 13 million yuan [6][7]. Summary by Sections Recent Performance - The company reported a revenue of 0.13 million yuan for H1 2025, a significant increase from 110,000 yuan in the same period last year. However, the net profit attributable to the parent company was -62 million yuan [3]. Product Development - Deuteroenzalutamide soft capsule is a self-developed androgen receptor (AR) inhibitor, approved by the National Medical Products Administration in May 2025. Clinical trials indicate a 42% reduction in the risk of disease progression or death compared to other endocrine therapies [4]. R&D Investment - The company is committed to continuous investment in innovative drug development, with a focus on unique therapeutic areas. The pipeline includes HP518, HP501, and HP515, targeting various conditions such as high uric acid levels and obesity [4][6]. Financial Forecast - The financial outlook suggests a gradual improvement in performance, with expectations of revenue growth and a return to profitability by 2027. The projected P/E ratio for 2027 is 497.41X, indicating high growth potential [6][7].