REMEGEN(SH:688331) 光大证券研究·2025-08-28 23:05Core Viewpoint - The company reported a significant increase in revenue for the first half of 2025, driven by the strong sales of its core products, while also showing a notable reduction in net losses compared to the previous year [4][5]. Financial Performance - The company achieved an operating revenue of 1.098 billion yuan, a 48.02% increase from 742 million yuan in the same period last year [4]. - The net loss attributable to shareholders was 450 million yuan, with a net loss of 446 million yuan after excluding non-recurring gains and losses, indicating a substantial year-on-year decrease in loss amounts [4]. Product Sales and Market Penetration - The sales of core products, Tai Tasi Pu and Wei Di Si Tuo Dan Kan, have significantly increased, contributing to the revenue growth [5]. - As of June 30, 2025, the company has established a commercial team of approximately 900 sales personnel for autoimmune products and has completed drug access for over 1,000 hospitals [5]. - The oncology commercialization team has over 500 sales personnel and has also completed drug access for more than 1,000 hospitals [5]. Clinical Trial Progress - The company has multiple drug molecules in clinical stages, targeting various indications, with significant progress reported as of June 30, 2025 [6]. - RC28 has completed patient recruitment for Phase III clinical trials for wet age-related macular degeneration and diabetic macular edema, and is currently following up on Phase II clinical trial participants for diabetic retinopathy [6]. - An agreement was reached with Santen Pharmaceutical (China) for the licensing of RC28-E injection [6]. - RC88 is undergoing a Phase II clinical trial in China for advanced malignant solid tumors, with patient enrollment completed [6]. - RC148 is in a Phase Ib clinical study for the treatment of locally advanced or metastatic non-small cell lung cancer [6]. - RC278 is conducting I/II phase clinical trials for various solid tumors, with IND approval received in July 2025 [7]. - RC288 is in the IND preparation stage [7].