记者丨 闫硕 编辑丨季媛媛 创新药 "黑马" 舒泰神，主力产品卖不动、5年亏超10亿，凭啥股价半年涨600%？ 今年以来，创新药迎来新一轮增长。二级市场上，截至8月27日收盘， 创新药企舒泰神作为一匹"黑马"，从年初至今股价涨幅已超6倍。 不 过，与之相对应的是，其上半年业绩依旧承压，尚未扭亏为盈。 | 50.85 -2.15 -4.06% | | | | | | 部泰神 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 300204 交易 | | SZSE CNY 10:40:03 交易中 | | | | | | 疑似减持受限公 ○ 十 | | 委比 | 55.67% 委差 | 108 | | Wind ESG评级 3 | | 详情 | | 卖五 | 50.92 | | 6 交生 | 586.23% 120日 | | 578.91% | | 卖四 | 50.88 | | 5 2日 | -4.97% 250日 | | 601.38% | | 卖三 | 50.87 | | 5 20日 | -2.19% 52周高 | | 66.66 | ...

21世纪经济报道记者 闫硕 今年以来，创新药迎来新一轮增长。二级市场上，创新药企舒泰神作为一匹"黑马"，从年初至今股价涨 幅已超6倍。不过，与之相对应的是，其上半年业绩依旧承压，尚未扭亏为盈。 日前，舒泰神发布2025年半年报，报告期内，公司实现营业收入1.26亿元，同比下降31.14%；实现归母 净利润-2463.56万元，同比大幅下降619.70%；实现扣非归母净利润-2771.67万元，同比下降334.84%； 基本每股亏损0.05元。 营收净利的"双降"延续了近几年下降的趋势。自2018年以来，舒泰神仅有2021年和2024年业绩实现营收 或归母净利润的"单降"，其余年份均为"双降"。2020年以来，公司更是连年亏损，截至今年上半年合计 亏损已超10亿元。 目前舒泰神上市销售产品主要为苏肽生（注射用鼠神经生长因子）和舒泰清（复方聚乙二醇电解质散 （IV））及其系列产品。 其中，苏肽生是我国注射用鼠神经生长因子领域第一个国药准字号产品，领先于同类产品先行上市，并 第一个完成产品上市后的Ⅳ期临床试验。而舒泰清作为清肠、治疗便秘的药物，是多个指南中的一线用 药/推荐药物。 但这两大产品今年上半年销售额并不理 ...

Core Viewpoint - Shuyou Shen is gaining market attention as an innovative drug development and commercialization company, focusing on clinical value and advancing its pipeline projects through strategic partnerships and external capital infusion [1][2]. Group 1: Company Strategy and Developments - The establishment of the subsidiary Beijietai in Wuxi is aimed at leveraging the favorable business environment and support for biopharmaceutical innovation [1][2]. - Shuyou Shen has received a total of 200 million yuan from the Jin Yi Yuan Li Fund for capital increase and equity transfer, indicating strong external investment interest [1]. - The company is committed to a strategy of innovation-driven development, focusing on differentiated competition and advancing drug commercialization [1][2]. Group 2: R&D Focus and Pipeline - Shuyou Shen is concentrating resources on clinical-stage projects with clear commercialization potential, particularly in areas such as neurological diseases, respiratory and critical care, infectious diseases, and autoimmune diseases [4]. - The company has multiple projects in clinical trials, with STSA-1002 and BDB-001 nearing completion of Phase II trials, and BDB-001 recognized as a breakthrough therapy by the National Medical Products Administration in 2023 [4]. - The company is also exploring the application of artificial intelligence in drug development to enhance efficiency and reduce costs [5][6]. Group 3: Market Position and Product Offerings - Shuyou Shen's main marketed products include innovative biopharmaceuticals such as Su Tai Sheng (injection of mouse nerve growth factor) and Shuyai Qing (compound polyethylene glycol electrolyte solution) [6]. - The company is actively iterating on its existing products, with new formulations launched since 2022 to improve patient compliance and accessibility [6].

Core Viewpoint - Shuyou Shen (300204) has been dubbed the "king of A-share gains" in innovative drugs, with a nearly 500% increase in stock price over two months, driven by the progress of three innovative drugs, including the acceptance of the listing application for STSP-0601 by the National Medical Products Administration [1][4][10] Stock Performance - On June 17, Shuyou Shen's stock price opened at 39.1 yuan per share, peaked at 43.15 yuan, and ultimately closed at 35.75 yuan, down 8.33% for the day, with a trading volume of 2.27 billion yuan and a turnover rate of 12.27% [3][4] - The stock has seen a cumulative increase of 470.18% from April 8 to June 17, making it the top performer in the A-share innovative drug sector [4][10] Institutional Involvement - Recent trading data indicates that institutional investors and speculative funds have been the primary drivers behind the stock's price surge, with institutions net buying approximately 211 million yuan from May 27 to June 9 [4][10] New Drug Developments - Shuyou Shen is focused on developing therapeutic drugs for unmet clinical needs, with a particular emphasis on protein drugs and chemical drugs targeting infectious diseases, respiratory and critical illnesses, autoimmune diseases, and neurological disorders [6][10] - The most notable drug in development is STSP-0601, which has received a registration application acceptance notice from the National Medical Products Administration, aimed at treating bleeding in adult patients with hemophilia A or B [6][7][8] Financial Performance - The company has reported net losses for five consecutive years, with revenues declining from 4.25 billion yuan in 2020 to 3.25 billion yuan in 2024, and corresponding net losses increasing from -1.33 billion yuan to -1.45 billion yuan [10][11] - In Q1 of this year, the company reported revenues of approximately 63.21 million yuan, a year-on-year decrease of 33.45%, while the net loss was reduced to -2.335 million yuan [10][11] Market Outlook - Analysts suggest that the future direction for innovative drug companies should focus on diversification and innovation, emphasizing the importance of R&D investment and market strategy adjustments [12] - Shuyou Shen has indicated plans to utilize various financing methods to alleviate short-term pressures while continuing its commitment to innovative drug development [12]

Core Viewpoint - Shuyou Shen's subsidiary, Beijitai, has received priority review status from the National Medical Products Administration (NMPA) for its product STSP-0601, which is intended for the treatment of bleeding in adult patients with hemophilia A or B with inhibitors, marking a significant advancement in the drug's approval process [2][3]. Company Developments - Shuyou Shen's stock price surged nearly 190% over a 10-day period, reaching a peak of 34.49 yuan per share, the highest since 2016, following the announcement of the priority review [4]. - The company has 13 major R&D projects in clinical research stages, focusing on unmet therapeutic needs, including monoclonal antibodies and protein drugs [4]. - The capitalized R&D expenditure for STSP-0601 (with inhibitors) is reported at 85.16 million yuan, while for STSP-0601 (without inhibitors) it stands at 10.89 million yuan [3]. Industry Context - The NMPA has also granted priority review status to other companies, including He Yu and Ke Ji Pharmaceuticals, indicating a broader trend in the industry towards expedited drug approvals [5][6]. - He Yu's drug ABSK021 has received multiple recognitions, including breakthrough therapy designation from the NMPA and FDA, and has seen a significant revenue increase due to licensing agreements [6][7]. - Ke Ji's product, a CAR-T cell therapy candidate, has also been recognized by the NMPA and FDA, highlighting the growing focus on innovative cancer treatments within the industry [7].

Core Viewpoint - The collaboration between Sihuan Pharmaceutical and Pfizer for the overseas commercialization rights of SSGJ-707 has set a record for the upfront payment of 1.25 billion USD for a domestic innovative drug, significantly boosting the A-share innovative drug sector [1] Group 1: Stock Performance and Market Reaction - Following the announcement, Sihuan Pharmaceutical's stock surged, with a cumulative increase of 49.2% from May 18 to May 23, and a trading volume of 3.18 billion CNY [1] - The stock's performance is attributed to the rising interest in innovative drugs, with expectations for increased profitability and valuation in the sector due to policy support and AI integration [1] Group 2: Company Strengths and Challenges - Sihuan Pharmaceutical focuses on the research, production, and marketing of innovative biopharmaceuticals, with a strong pipeline of projects in clinical trials, particularly the STSP-0601 injection for hemophilia A and B patients [1] - The termination of several COVID-19 related projects has positively impacted the company's financials, leading to a significant reduction in losses and improved market perception [1] - However, the company's core product revenues are declining, with a 10.81% drop in total revenue to 325 million CNY in 2024, and a 63.69% increase in net losses to 145 million CNY [5][6] Group 3: Product Performance - The main product, Shutaqing, saw a revenue decline of 8.20% to 179 million CNY, while the second major product, Sutai Sheng, experienced a 17.30% drop to 134 million CNY, reflecting challenges in market expansion and competition [5] - The overall revenue from core products has been shrinking, with projections indicating a further decline in Q1 2025 [6] Group 4: Valuation and Future Outlook - The current valuation of Sihuan Pharmaceutical at a price-to-sales ratio of 24.1 times is considered overly optimistic compared to peers, given the declining lifecycle of core products and ongoing cash flow pressures [6] - Despite the challenges, the biopharmaceutical industry holds significant growth potential, and successful breakthroughs in R&D could lead to a turnaround in performance and valuation for the company [6]