公司代码：688266 公司简称：泽璟制药 苏州泽璟生物制药股份有限公司2025年半年度报告摘要 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 截至2025年6月30日，公司甲苯磺酸多纳非尼片治疗晚期肝癌和进展性、局部晚期或转移性放射性碘难 治性分化型甲状腺癌、重组人凝血酶均已纳入医保目录，盐酸吉卡昔替尼片已获批上市。由于多纳非尼 片仍需持续投入团队扩建和市场拓展等费用、重组人凝血酶和盐酸吉卡昔替尼片获批时间短且尚在市场 准入阶段，以及其它产品还处于上市申请或研发阶段需要较大研发投入，因此公司尚未盈利且存在累计 未弥补亏损。 未来一段时间，公司将存在累计未弥补亏损及可能持续亏损，并将面临如下潜在风险：公司多个产品仍 处于研发阶段，研发支出较大，公司虽有药品获得商业销售批准，但销售收入可能无法弥补亏损，公司 未来一定期间可能无法盈利或无法进行利润分配。公司未来亏损净额的多少将取决于公司药品商业化是 否成功、药品研发项目的数量及相关投入、与该等项目有关的成本 ...

报告期内，公司合计非经常性损益为2983.79万元，其中计入当期损益的政府补助为2281.71万元，其他符合非经常性损益定义的损益项目为1024.23万元，所 得税影响额为-329.53万元。 | 7 I f 4 | | --- | | 1 ⎞ | | 1 1 1 | | . . | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | | --- | --- | --- | | 营业收入 | 375.650.273.55 | 240.696.731.58 | | 利润总额 | -77.414.988.02 | -79.493.376.06 | | 归属于上市公司股东的净利润 | -72.803.538.99 | -66.536.070.99 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | -102.641.422.42 | -72.371,226.25 | | 经营活动产生的现金流量净额 | -17.020.276.08 | 112,553,063.11 | | | 本报告期末 | 上年度末 | | 归属于上市公司股东的净资产 | 1,176,615,436.44 | 1,253,85 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company has successfully commercialized three key drugs and is on the verge of launching a recombinant human thyroid-stimulating hormone [1][15]. - ZG006, a CD3/DLL3/DLL3 tri-antibody, is in Phase 2 clinical trials and is expected to be the first of its kind to enter Phase 3 trials globally [2][41]. - ZG005, a PD-1/TIGIT dual antibody, shows promising clinical trial results for cervical cancer and is actively expanding into multiple indications [3][31]. Financial Projections - Revenue forecasts for 2025 to 2027 are projected at 820 million, 1.201 billion, and 1.603 billion RMB, respectively, with net profits expected to be -20 million, 121 million, and 282 million RMB [4][6]. - The company is expected to achieve significant revenue growth rates, with a projected increase of 53.81% in 2025 [6]. Key Products Overview - The company has launched three key products: - Tofacitinib tablets for advanced liver cancer and radioiodine-refractory differentiated thyroid cancer, which are included in the national medical insurance directory [17][18]. - Recombinant human thrombin for hemostasis, which has shown clear clinical efficacy [21][30]. - JAK inhibitor JAK2 for myelofibrosis, which has been approved for market and is expanding into other indications [31][33]. Clinical Development Highlights - ZG006 has demonstrated significant anti-tumor activity and safety in small cell lung cancer patients during clinical trials [2][40]. - ZG005 has shown a 40.9% objective response rate in cervical cancer patients who had not previously received immune checkpoint inhibitors [3][34]. Market Potential - The market for recombinant human thrombin is expected to grow alongside the increasing number of surgical procedures in China, projected to reach 12.83 million by 2030 [21][25]. - The myelofibrosis drug market is anticipated to grow significantly, with the market size expected to reach 2.93 billion RMB by 2025 [31][32].