泽璟制药（688266）：2025年半年报点评：商业化品种持续放量，在研管线进展顺利

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 376 million yuan in the first half of 2025, representing a year-on-year increase of 56.07%. However, it recorded a net loss attributable to shareholders of 72.8 million yuan, with a slight increase in losses compared to the previous year [1][6] - The commercialized products, including Donafenib and recombinant human thrombin, are showing steady growth. Donafenib has been introduced in over 1,200 hospitals, while recombinant human thrombin has been included in the national medical insurance directory for 2024, with significant sales growth [1][2] - The company has multiple promising pipelines, including ZG006 and ZG005, which are showing good efficacy and safety in clinical trials for various cancers [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 376 million yuan, with a year-on-year growth of 56.07%. The net profit attributable to shareholders was -72.8 million yuan, and the net profit after deducting non-recurring items was -103 million yuan, indicating a slight increase in losses compared to the previous year [1][6] - Revenue projections for 2025 to 2027 are estimated at 825 million yuan, 1.36 billion yuan, and 1.94 billion yuan, respectively, with growth rates of 54.8%, 65.2%, and 42.6% [2][4] Product Pipeline - The company is actively promoting its products, with Donafenib and recombinant human thrombin showing robust market penetration. Donafenib has been introduced in over 1,200 hospitals, while recombinant human thrombin has been adopted by over 590 hospitals [1][2] - The company has received approval for the marketing of Jikaxitinib for bone marrow fibrosis and is progressing with its NDA application for severe alopecia areata [1] - ZG006 has shown significant anti-tumor activity in clinical trials for small cell lung cancer, and ZG005 is being developed for multiple solid tumors [2]