Group 1: Financial Performance - Company reported total revenue of 376 million yuan for the first half of 2025, a year-on-year increase of 56.07% [1] - Net profit attributable to shareholders was -73 million yuan, while the net profit excluding non-recurring items was -103 million yuan [1] - Sales expenses increased by 75.76% to 211 million yuan, management expenses rose by 46.43% to 39 million yuan, and R&D expenses grew by 8.47% to 197 million yuan [1] Group 2: Product Development and Commercialization - The company successfully launched its key product, Jikaxitini, in May 2025, which is included in the CSCO guidelines for treating primary myelofibrosis [1] - Jikaxitini is expected to generate significant revenue due to its first-line and second-line treatment recommendations for related conditions [1] - The company is also advancing the regulatory review for its recombinant human thyroid-stimulating hormone [1] Group 3: Pipeline Potential - The company has a promising pipeline with several candidates progressing: ZG005 (PD-1/TIGIT bispecific antibody) shows an ORR of 40.9% for cervical cancer [2] - ZG006 (CD3/DLL3/DLL3 trispecific antibody) has received orphan drug designation and shows significant efficacy in small cell lung cancer [2] - ZGGS15 (LAG-3/TIGIT bispecific antibody) is the first of its kind to enter clinical trials, demonstrating good safety profiles [2] - ZGGS34 (MUC17/CD3/CD28) has submitted IND applications to CDE and FDA for advanced solid tumors [2] Group 4: Revenue Forecast - Projected total revenues for 2025, 2026, and 2027 are 824 million yuan, 1.388 billion yuan, and 2.391 billion yuan respectively [3] - Expected net profits for the same years are -95 million yuan, 117 million yuan, and 561 million yuan [3] - Current stock price corresponds to a PE ratio of 242 for 2026 and 50 for 2027 [3]

证券研究报告 泽璟制药(688266.SH) 投资评级： 买入（维持） ——商业化进展顺利，在研管线出海潜力可期 医药生物 | 化学制药 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 04 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 联系人 市场表现： | 基本数据 | 2025 | 年 | 09 | 日 | | | 月 | | | | | 03 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 106.94 | | | | | | 年 内 高 / 最 | | | | | | 最 | | | 低 | 一 | | | | （元） | | | | | 134.17/53.19 | | | | | | | | | 总市值（百万元） | | | | | | | | | | | 28,307.89 | | | 流通市值（百万元） | | | | | | | | | ...