3倍医药“牛股”突报亏损，紧急公布利好？

Core Viewpoint - Yipinhong experienced a significant loss in the first half of the year despite a substantial increase in stock price driven by the hype around its innovative gout drug AR882, which has seen a maximum increase of 4.4 times this year, currently still over 3 times after a pullback [2][5]. Financial Performance - In the first half of 2025, Yipinhong reported revenue of 584 million yuan, a year-on-year decline of 36%. The net profit attributable to shareholders was a loss of 73.54 million yuan, compared to a profit of 46.46 million yuan in the same period last year. The loss would expand to 108 million yuan when excluding non-recurring items [4][10]. - The sales expenses for the first half of 2025 amounted to 208 million yuan, accounting for 35.6% of revenue, showing an upward trend compared to 34% in the first quarter of 2025 and 34.86% for the entire previous year [9][10]. Drug Development Update - Following the financial report, Yipinhong voluntarily disclosed the progress of its innovative gout drug AR882, stating that the global Phase III clinical trial has completed the enrollment of all participants [12][15]. - AR882 is a first-class innovative drug developed in collaboration with Arthrosi, designed to treat gout by inhibiting uric acid reabsorption. The trial consists of two independent parallel studies, REDUCE 1 and REDUCE 2, with the completion of participant enrollment marking a significant milestone [15]. Market Position - As of August 21, 2025, Yipinhong's market capitalization exceeded 30 billion yuan, reaching 31.49 billion yuan [16].