来源：子弹财经 | 作者 | 张旺 | 编辑 | 蛋总 | | --- | --- | --- | --- | | 美编 | 倩倩 | 审核 | 颂文 | 作为首家适用"第五套标准"登陆科创板的创新药企，泽璟制药曾被视为A股资本市场的一个划时代标 杆。 2020年1月23日，泽璟制药在上交所科创板成功上市，打破了此前A股对未盈利企业的门槛限制。自 此，宝贵的二级市场融资通道开始向一众无营收、无利润的创新药企业开放。 连亏六年仍未上岸 泽璟制药成立于2009年，创始人盛泽林曾在美国从事药物开发，回国后历任上海赛金生物董事、白鹭医 药COO等。 2020年1月，泽璟制药在尚无产品上市、尚无稳定收入来源的情况下，凭借在研管线和技术平台，以第 五套上市标准登陆科创板，开创了中国资本市场支持早期创新药企融资的先河。 泽璟制药的业务布局主要聚焦于肿瘤、自身免疫性疾病及止血领域。公司上市以来，已经从"三无"阶段 成长至商业化阶段。（编者按："三无"即无稳定营收、无持续盈利、无成熟商业化产品。） 2020年上市之初，其营业收入仅为2766万元。2021年，随着核心产品多纳非尼（商品名：泽普生）获批 上市并进入医保目录，公司收 ...

泽璟制药 20260107 摘要 泽璟制药多纳非尼已上市，吉卡西替尼重症斑秃适应症 NDA 已提交，并 与国内伙伴达成 CSO 协议，提升商业化能力。 006 项目（小细胞肺癌）：ESMO 会议数据显示，10mg 剂量三线及后 线治疗中位 PFS 达 7 个月，优于 DL3 CD3 双抗 TARA，媲美在研 ADC 产品，有望成为 best-in-class 品种。 005 项目（宫颈癌）：ASCO 会议数据显示，一线和二线治疗均表现出 良好疗效，一线宫颈癌联合贝伐单抗数据优于 PD-1 及 PD-1 CTLA-4 双 抗。 006 国内市场：小细胞肺癌新发患者众多，治疗手段升级延长生存期， 006 有望占据较高市场份额，销售峰值或超预期。 006 海外市场：虽处于一期临床，但安全性、有效性数据优异，正与艾 伯维探索 ADC 联合用药，有望成为广泛期小细胞肺癌基石用药。 005 国内市场：后线宫颈癌疗效显著，一线宫颈癌联合贝伐单抗优于 PD-1，2026 年 ASCO 有望发布一线肝癌联合贝伐单抗数据，商业化价 值显现。 泽璟制药未来的发展方向是什么？ 泽璟制药计划从一家 biotech 公司成长为一家 bi ...

Core Viewpoint - Zejing Pharmaceutical is planning to launch an IPO on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness, despite currently being unprofitable and facing financial pressures [1][2][3]. Financial Performance - As of Q3 2025, Zejing's debt-to-asset ratio reached 61.87%, the highest since Q3 2020, significantly exceeding the industry average of 34.36% by 27.51 percentage points [2][5]. - The company's liquidity ratios have declined, with the current ratio falling from 1.953 in Q3 2024 to 1.850 in Q3 2025, and the quick ratio decreasing from 1.831 to 1.721 in the same period [2]. - Operating cash flow has turned negative, with a net cash flow of -16.73 million yuan in the first three quarters of 2025, a 125.11% decrease from 66.65 million yuan in the same period of 2024 [2][5]. Revenue and Profitability - Despite revenue growth from 27.66 million yuan in 2020 to 533 million yuan in 2024, the company continues to report losses, with net losses of 319.2 million yuan in 2020 and narrowing to 93.42 million yuan in the first three quarters of 2025 [5][6]. - Sales expenses have consistently exceeded 50% of revenue, contributing to ongoing losses, with sales expenses rising from 35.07 million yuan in 2020 to 33.20 million yuan in 2025 [6]. Strategic Initiatives - The company aims to accelerate its internationalization strategy, having received FDA clinical trial approvals for multiple products, including ZG0895, which is in the I/II clinical trial phase [9][10]. - Zejing's previous attempt to internationalize through the acquisition of Gensun Pharmaceuticals resulted in continuous losses, leading to the decision to deregister Gensun to streamline operations and reduce costs [10]. Market Context - The global oncology drug market is projected to reach $649.7 billion by 2034, with a compound annual growth rate of 9.0% from 2024 to 2034, indicating significant growth potential for companies in this sector [6]. - The Chinese innovative drug market is experiencing rapid internationalization, with total foreign licensing amounts nearing $100 billion in 2025, highlighting the competitive landscape [7][9].

Core Viewpoint - The company's performance in the first three quarters of 2025 aligns with expectations, showing significant revenue growth driven by key products [1][2]. Revenue Performance - The company reported revenue of 593 million yuan for 1-3Q25, representing a year-on-year increase of 54.49%. The net loss attributable to shareholders was 93.42 million yuan, with 3Q revenue reaching 218 million yuan, up 51.85% year-on-year [1][2]. - Quarterly revenue breakdown for 1-3Q25 shows 168 million yuan in Q1, 208 million yuan in Q2, and 218 million yuan in Q3, with year-on-year growth rates of 54.9%, 57.0%, and 51.9% respectively [2]. Key Growth Drivers - The main contributors to revenue growth include the rapid market uptake of recombinant thrombin following its inclusion in the national medical insurance directory and the commercialization of gilteritinib, which began in June [2]. - The sales of gilteritinib have exceeded 10 million yuan, supported by the company's self-built sales team, and it is expected to participate in medical insurance negotiations this year [2]. Clinical Development Highlights - The company is focusing on the progress and data validation of its potential blockbuster products ZG006 and ZG005, which have shown promising clinical data at various academic conferences [3]. - ZG006 has been selected for oral presentations at the recent ESMO conference, showcasing impressive results in its Phase I trial, with ongoing Phase II data also being presented [3]. - A key registration clinical trial for ZG006 in treating third-line and above small cell lung cancer (SCLC) began patient enrollment in September 2025, and a Phase III trial comparing ZG006 to chemotherapy for second-line SCLC has received regulatory approval [3]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with a target price of 145.0 yuan based on DCF valuation, indicating a potential upside of 39.6% from the current stock price [4].

Core Insights - The article discusses the upcoming listing of He Yuan Bio, Xi'an Yicai, and Bibet on the Sci-Tech Innovation Board, marking them as the first batch of newly registered companies in the Sci-Tech Growth Layer [3] - The Sci-Tech Growth Layer aims to support technology enterprises and enhance their development through a more inclusive and adaptable listing system [3][4] Group 1: Market Overview - The total market capitalization of the 32 existing companies in the Sci-Tech Growth Layer exceeds 1 trillion yuan, with significant representation in new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [4] - These companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and commercialization efforts [4] Group 2: Financial Performance - In 2024, the 32 companies are projected to achieve a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [6] - The average annual compound growth rate of revenue for these companies is 27.87%, outpacing the overall growth rate of the Sci-Tech Board by nearly 4 percentage points [6] - Despite ongoing losses due to high R&D costs and product introduction phases, 19 companies are expected to reduce their losses year-on-year in 2024, with 16 companies reducing losses by over 20% [6] Group 3: R&D and Innovation - The 32 companies are expected to invest a total of 30.6 billion yuan in R&D in 2024, with a median R&D expenditure to revenue ratio of 65.4%, leading the Sci-Tech Board [7] - Notable achievements include the launch of 20 new drugs with global novelty and the development of significant AI technologies, enhancing the competitive edge of domestic firms [7] Group 4: Institutional Support - Recent reforms, including the "1+6" initiative, have provided tailored support for companies at different stages, facilitating easier access to financing for R&D projects [8] - The merger and acquisition framework has also been improved, allowing companies to pursue external growth strategies more effectively [8]

Core Insights - The article discusses the upcoming listing of He Yuan Bio, Xi'an Yicai, and Bibet on the Sci-Tech Innovation Board, marking them as the first batch of newly registered companies in the Sci-Tech Growth Layer [1][2]. Group 1: Overview of the Sci-Tech Growth Layer - The Sci-Tech Growth Layer was established as part of the "1+6" reform, allowing 32 existing unprofitable companies to enter this layer, which aims to better serve the needs of technology enterprises and new productive forces [2][3]. - The total market capitalization of the 32 existing companies exceeds 1 trillion yuan, with significant representation in strategic emerging industries such as new generation information technology (15 companies) and biomedicine (14 companies) [3]. Group 2: Financial Performance and Growth - The 32 existing companies have collectively raised 105.2 billion yuan through IPOs, which has catalyzed their R&D investments and commercial capabilities [3]. - In 2024, these companies are projected to achieve a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [4]. - The average annual compound growth rate of revenue for these companies is 27.87%, outperforming the overall growth rate of the Sci-Tech Innovation Board by nearly 4 percentage points [4]. Group 3: R&D and Innovation - The 32 companies are expected to invest a total of 30.6 billion yuan in R&D in 2024, with a median R&D expenditure to revenue ratio of 65.4%, leading the Sci-Tech Innovation Board [5]. - Notable achievements include the launch of 20 globally innovative Class 1 new drugs by the innovative pharmaceutical sector, with significant contributions from companies like BeiGene and Zai Lab [5]. Group 4: Institutional Support and Future Prospects - Recent reforms, including the "Sci-Tech Board Eight Articles" and "M&A Six Articles," provide tailored support for companies at different stages, facilitating their growth and development [6]. - The entry of new companies like He Yuan Bio, Xi'an Yicai, and Bibet into the Sci-Tech Growth Layer is expected to further expand the sector, alongside other unprofitable companies applying for IPOs [6].

Core Insights - The launch of the "1+6" reform on June 18 has established the Sci-Tech Innovation Board's growth tier, allowing 32 unprofitable listed companies to enter this tier, leading to significant innovation and a total market value exceeding 1 trillion yuan [1][2] - The growth tier companies are primarily in strategic emerging industries such as new-generation information technology, biomedicine, new energy, and high-end equipment manufacturing, showcasing a diverse and inclusive listing system [2][3] - The total R&D investment of the 32 growth tier companies is projected to reach 30.6 billion yuan in 2024, with a median R&D expenditure to revenue ratio of 65.40%, indicating a strong focus on innovation [3][4] Group 1: Institutional Inclusivity - The growth tier companies utilize various listing standards, with 11 companies under the fifth standard (market value + R&D progress), 8 under the fourth standard (market value + revenue), and others under different criteria, all not requiring prior profitability [2] - These companies have collectively raised 105.2 billion yuan through IPOs, facilitating R&D investments and capacity building [2] - The total market value of growth tier companies has reached 1.09 trillion yuan, with 19 companies valued over 10 billion yuan, indicating increasing market recognition of their investment value [2] Group 2: Innovation Outcomes - The growth tier companies are experiencing accelerated innovation outcomes, with innovative pharmaceutical companies launching 20 new drugs classified as national Class 1 new drugs [3] - Companies like Zejing Pharmaceutical have successfully developed innovative drugs, filling domestic treatment gaps for serious conditions [3] - New-generation information technology firms are also advancing rapidly, with products like DeepSeek and DeepEdge10 entering mass production, supporting domestic AI technology development [3] Group 3: Performance Growth - From 2019, the average annual compound growth rate of revenue for these companies is 27.87%, outperforming the overall sector [4] - In the first half of 2025, revenue growth for these companies reached 37.79% year-on-year, with 22 unprofitable companies achieving profitability and "delisting" from the unprofitable category [4] - Despite initial losses due to high R&D costs, the companies are showing a clear trend of reduced losses, with a significant reduction of 7.123 billion yuan in losses in the first half of 2025 [4] Group 4: Supportive Policies - Recent reforms, including the "Eight Articles of the Sci-Tech Innovation Board" and "Six Articles of Mergers and Acquisitions," provide targeted support for growth tier companies at various development stages [5][6] - New refinancing standards for companies with high R&D investments have been introduced, allowing them to raise funds for R&D projects without strict limitations [6] - The merger and acquisition framework supports companies in acquiring unprofitable but strategically beneficial firms, with several successful transactions reported [6][7]

Core Insights - The launch of the "1+6" reform on June 18 has established the Sci-Tech Innovation Board's growth tier, allowing 32 unprofitable listed companies to enter this tier, leading to increased revenue and reduced losses, with a total market value exceeding 1 trillion yuan [1][2]. Group 1: Growth Tier Companies - Recent IPOs include He Yuan Bio, Xi'an Yicai, and Bibete, which will directly enter the growth tier, contributing to a total of 54 unprofitable companies listed since the board's inception, with 22 achieving profitability post-listing [2]. - The growth tier companies are primarily in strategic emerging industries, including new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [3]. - The growth tier companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and capacity building [3]. Group 2: Financial Performance - In 2024, the 32 growth tier companies achieved a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [5]. - The average annual compound growth rate of revenue for these companies is 27.87%, outperforming the overall board's growth rate by nearly 4 percentage points [5]. - By the first half of 2025, the growth tier companies experienced a year-on-year revenue increase of 37.79%, indicating a strong growth trend [5]. Group 3: Loss Reduction - In 2024, 19 growth tier companies reduced their losses year-on-year, with 16 companies reducing losses by over 20% [6]. - By the first half of 2025, the overall loss reduction amounted to 7.12 billion yuan, with 21 companies reducing losses, and 13 of them by over 20% [6]. - Notable examples include Baijie Shenzhou, which transitioned from a loss of 13.6 billion yuan in 2022 to a profit of 450 million yuan in 2025, and Hanwujing, which achieved profitability for four consecutive quarters starting from Q4 2024 [6]. Group 4: R&D Investment - The 32 growth tier companies invested a total of 30.6 billion yuan in R&D in 2024, with a median R&D investment to revenue ratio of 65.4%, leading the Sci-Tech Innovation Board [8]. - The board's support has enabled these companies to achieve significant R&D milestones, including the launch of 20 new drugs with global innovation attributes [8]. - For instance, Baijie Shenzhou's fundraising efforts have led to the successful development of Zebutini, which became the first domestic drug to exceed 1 billion USD in sales [8]. Group 5: Institutional Support - The "1+6" reform and related policies have provided tailored support for growth tier companies, facilitating their financing and development [10]. - Eight growth tier companies have completed refinancing, raising a total of 13.2 billion yuan, with over 30% of the funds allocated to R&D [10]. - The merger and acquisition framework has also been enhanced, with six disclosed transactions since the introduction of the "Sci-Tech Board Eight Articles," focusing on acquiring quality unprofitable companies [11].

Core Insights - The launch of the "1+6" reform on June 18 has established the Sci-Tech Innovation Board's growth tier, allowing 32 unprofitable listed companies to enter this tier, which has led to significant innovation and a total market value exceeding 1 trillion yuan [1][2]. Group 1: Growth Tier Companies - The 32 companies in the growth tier are primarily from strategic emerging industries, including new generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [3]. - These companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and capacity building [3]. - The total market value of growth tier companies has reached 1.09 trillion yuan, with 19 companies valued over 10 billion yuan, indicating growing market recognition of their investment value [3]. Group 2: Revenue and Profitability Trends - In 2024, the 32 growth tier companies achieved a total revenue of 67.575 billion yuan, with 29 companies surpassing 100 million yuan in revenue [5]. - The average annual compound growth rate of revenue for these companies since 2019 is 27.87%, outpacing the overall board's growth rate by nearly 4 percentage points [5]. - By the first half of 2025, these companies demonstrated a significant reduction in losses, with 21 companies reducing losses year-on-year, and 13 companies reducing losses by over 20% [6]. Group 3: R&D Investment and Innovation - The 32 growth tier companies invested a total of 30.6 billion yuan in R&D in 2024, with a median R&D investment to revenue ratio of 65.4%, leading the Sci-Tech Innovation Board [7]. - These companies have launched 20 new drugs with "global new" attributes and achieved breakthrough therapy designations for 10 drugs, contributing to the "Healthy China" initiative [7]. - Notable companies like BeiGene have transitioned from significant losses to profitability, with expectations of achieving full-year profitability in 2025 [6][7]. Group 4: Institutional Support and M&A Activity - The "1+6" reform and related policies have provided tailored support for growth tier companies, including relaxed refinancing standards for R&D investments [10]. - The M&A framework has facilitated strategic acquisitions of unprofitable companies, with several successful transactions enhancing production capacity and market competitiveness [11]. - The ongoing reforms and institutional support are expected to foster sustainable growth for companies in the Sci-Tech Innovation Board, despite inherent uncertainties in technology innovation [11].

Core Insights - The article discusses the upcoming listing of He Yuan Bio, Xi'an Yicai, and Bibet on the Sci-Tech Innovation Board, marking them as the first batch of newly registered companies in the Sci-Tech Growth Layer [1] - The Sci-Tech Growth Layer aims to support technology enterprises and enhance new productive forces through a more inclusive and adaptable listing system [1][2] Group 1: Market Overview - The total market capitalization of the 32 existing companies in the Sci-Tech Growth Layer exceeds 1 trillion yuan, with significant representation in new generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [2] - These companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and capacity building [2] Group 2: Financial Performance - The 32 companies in the Sci-Tech Growth Layer are projected to achieve a total revenue of 67.6 billion yuan in 2024, with 29 companies surpassing 100 million yuan in revenue [3] - The average annual compound growth rate of revenue for these companies is 27.87%, outpacing the overall growth rate of the Sci-Tech Board by nearly 4 percentage points [3] - In 2025, the companies are expected to see a year-on-year revenue growth of 37.79%, indicating a strong growth trend [3] Group 3: R&D Investment - The total R&D investment of the 32 companies is expected to reach 30.6 billion yuan in 2024, with a median R&D investment to revenue ratio of 65.40%, leading the Sci-Tech Board [4] - The innovative drug sector has seen significant advancements, with 20 new drugs achieving "global new" status and 10 drugs receiving breakthrough therapy designations [4] Group 4: Technological Advancements - New generation information technology companies are accelerating their technological advancements, with notable products like DeepSeek and the DeepEdge 10 chip entering the market [5] - These advancements are enhancing China's competitiveness in international standards and technology [5] Group 5: Institutional Support - Recent reforms and institutional innovations, such as the "1+6" reform, are providing tailored support for companies at different stages of development [6] - The new refinancing standards and merger regulations are facilitating external growth and R&D funding for companies in the Sci-Tech Growth Layer [6]