MicuRx(SH:688373) 光大证券研究·2025-03-20 08:56Core Viewpoint - The company reported a significant increase in revenue for 2024, but also experienced a widening net loss, indicating challenges in profitability despite growth in sales [2]. Group 1: Financial Performance - The company achieved an operating revenue of 130 million yuan in 2024, representing a substantial year-on-year growth of 43.51% [2]. - The net profit attributable to the parent company was -441 million yuan, with a year-on-year loss increase of 4.65% [2]. - The non-recurring net profit was -459 million yuan, reflecting a year-on-year loss increase of 1.14%, which was below previous expectations [2]. Group 2: Product Development - The company is developing new specifications and formulations, including a 12-tablet pack of its core product, Kantizolam, aimed at short-term medication patients, which is expected to enhance patient penetration [3]. - The MRX-4, a prodrug of Kantizolam, is a water-soluble injectable product that completed Phase III clinical trials in China in November 2024, targeting complex skin and soft tissue infections in adults [3]. - The company is actively pursuing the market application for MRX-4, which is anticipated to expand the usage scenarios and departments for Kantizolam, potentially driving further revenue growth [3]. Group 3: Clinical Progress - The global Phase III clinical trials for MRX-4 and Kantizolam tablets are progressing steadily, focusing on diabetic foot infections and skin infections [4]. - In early 2025, the Data Monitoring Committee (DMC) completed the first safety and efficacy evaluation, confirming that the drug's safety and efficacy meet good expectations [4]. - The company's MRX-8 and MRX-5 have also completed Phase I clinical trials overseas, showing good safety profiles, with MRX-5 receiving FDA orphan drug designation in 2025, which may expedite its clinical and market progression [4].