Summary of Zai Jian Pharmaceutical Conference Call Company Overview - **Company**: Zai Jian Pharmaceutical - **Year**: 2024 - **Revenue**: 533 million CNY, a year-on-year increase of 37.91% primarily driven by Donafenib [2][6] - **Net Profit**: -138 million CNY, a decrease of over 50% year-on-year, attributed to revenue growth and R&D expenditure planning [2][6] Key Products and Developments - **Donafenib**: - Approved for liver cancer and thyroid cancer, now included in medical insurance [2][6] - Expected sales of over 500 million CNY in 2024, with steady growth anticipated in 2025 [3][15] - **Recombinant Human Thrombin**: - Launched and included in medical insurance as of December 2023 [15] - **Jikaxitinib**: - Recently approved for myelofibrosis, expected to enter medical insurance negotiations by the end of the year [3][15] - **006 (DLL4 Triantibody)**: - Targeting small cell lung cancer, showing superior data compared to Pembrolizumab in ASCO presentations [2][8] - **005 (PD-1/TIGIT Bispecific Antibody)**: - First-line treatment for cervical cancer, with promising ASCO data showing an unconfirmed OR of 82% [2][8] R&D and Innovation - **R&D Platforms**: - Focus on small molecule drugs, complex protein biologics, and antibody new drugs, covering oncology, bleeding disorders, and inflammatory diseases [2][5] - **U.S. R&D Center**: - Achieved significant progress in anti-tumor fields, complementing domestic R&D efforts [5] - **Future Pipeline**: - Multiple late-stage products nearing commercialization, contributing to sustained revenue and profit growth [3][5] Financial Performance - **Revenue Growth**: - Driven by the commercialization of Donafenib and other products, with a focus on optimizing cost structure and improving operational efficiency [2][6] - **R&D Investment**: - High-intensity R&D spending with a stable sales expense ratio, leading to improved overall operational efficiency [5][6] Market Position and Strategy - **Overseas Market Expansion**: - Active in small cell lung cancer, aiming to compete with Amgen in first-line treatments [3][10] - **Potential Collaborations**: - Focus on partnerships with multinational companies for PDL1 and ADC products in small cell lung cancer [11][10] Challenges and Future Directions - **005 Product Challenges**: - Facing hurdles in the TIGIT pathway, with several overseas trials failing to meet primary endpoints [12] - **Future Product Expansion**: - Plans to explore combinations of PD-1/TIGIT with other products to address non-small cell lung cancer resistance [14] Conclusion - **Growth Potential**: - The company is well-positioned for future growth with a robust pipeline and established products, indicating a strong market presence and potential for significant revenue generation [9][17]

5月13日晚间，泽璟制药(688266)发布公告称，已收到国家药品监督管理局核准签发的《受理通知 书》，公司递交的盐酸吉卡昔替尼片治疗重度斑秃的新药上市申请(NDA)获得受理。这是盐酸吉卡昔替 尼片第二个申请新药上市的适应症。 盐酸吉卡昔替尼(曾用名：盐酸杰克替尼)是一种新型的JAK抑制剂，对JAK激酶的四个亚型JAK1、 JAK2、JAK3和TYK2都有显著的抑制作用。吉卡昔替尼能够有效抑制炎症和抑制T细胞过度激活，亦能 显著增加真皮层的厚度和促进毛囊再生，增加毛囊密度。 目前，我国尚无国产JAK抑制剂类药物获批用于治疗重度斑秃，泽璟制药若能成功获批，将填补这一空 白。同时，盐酸吉卡昔替尼片治疗中、高危骨髓纤维化适应症的NDA申请也正在国家药监局审批过程 中。 除已提交上市申请的适应症外，泽璟制药还在积极开展盐酸吉卡昔替尼片用于多个免疫炎症性疾病的临 床研究。其中，治疗重度斑秃的III期临床试验、治疗特发性肺纤维化的II期临床试验已取得成功；针对 中重度特应性皮炎(III期)、强直性脊柱炎(III期)等自身免疫性疾病的临床试验正在进行；用于治疗12岁 及以上青少年和成人非节段型白癜风患者的II/III期临床 ...

刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 市场表现： | 基本数据 | 日 | | | | 2025 | 年 | | 29 | 04 | | | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 103.09 | | | | | | | / 低 | | 最 | 高 | 最 | | | 年 | | | 内 | | | 一 | | （元） | | | | | | | | 109.89/49.00 | | | | | | | 总市值（百万元） | | | | | | | | 27,288.77 | | | | | | | 流通市值（百万元） | | | | | | | | 27,288.77 | | | | | | | 总股本（百万股） | | | | | | | | 264.71 | | | | | | | 资产负债率（%） | | | | | | | | 58.06 | | ...

Group 1: Shanghai Jahwa - Shanghai Jahwa is confident about achieving high double-digit GMV growth for its core brands during the 618 shopping festival [1] - The employee stock ownership plan aims to enhance competitiveness, reduce turnover rates, and foster a sense of ownership among employees [1] - The company has made strategic adjustments in the past six months, including organizational design, talent development, and cultural initiatives [1] - E-commerce strategies have been refined, including inventory management, pricing adjustments, organizational restructuring, and product iterations [1] - The Yuze B5 series is planned to be a key product line on JD.com [1] - The company aims for double-digit revenue growth this year and to turn profits around [1] - The long-term profit recovery is expected to follow a timeline of 1-2 years for revenue growth, 2-3 years for profit improvement, and 3-5 years to meet profit margin targets [1] - The main brand Yuze is positioned as a skin barrier repair expert, while Liushen is expanding its usage scenarios and target demographics [1] Group 2: Zai Lab - Zai Lab introduced its pipeline drugs ZG006, ZG005, and ZGGS18, highlighting their latest developments and future plans for the next 3-5 years [2] - ZG006 is the world's first DLL3-expressing tumor tri-specific antibody, which has received clinical trial approvals from NMPA and FDA, showing promising early efficacy [2] - ZG005 is one of the first drugs in clinical research targeting the same pathway, with multiple clinical studies underway [2] - ZGGS18 has completed the dose escalation in Phase I trials in China and is currently in Phase I/II clinical trials [2] - The company plans to continuously explore the commercialization potential of its existing and upcoming products to achieve sustained revenue growth [2] - Zai Lab also discussed the sales progress and future expectations for recombinant human thrombin and the approval status of recombinant human thyroid-stimulating hormone [2] Group 3: Company Overview - Shenzhen Zhongou Ruibo Investment Management Co., Ltd. was established in 2007 and is one of the earliest private equity fund management companies in China [3] - The company focuses on secondary market securities investment and has launched over 50 private equity products in collaboration with top domestic financial institutions [3] - It obtained private fund manager qualifications in 2014 and launched its first overseas fund in 2016 [3] - The name "Rabbit Fund" reflects the company's investment culture of risk management, emphasizing the importance of risk prevention and management [3] - The investment philosophy is centered on growing alongside great companies and adapting strategies to respect market trends [3] - The company has received numerous accolades for its performance, including the "Morningstar Award" and "Golden Bull Award" [3]

Core Viewpoint - The article highlights the journey of Sheng Zelin, the founder of ZaiJing Pharmaceutical, who established the company at the age of 49 and has faced significant challenges despite recent stock price increases and revenue growth. The company has been criticized for its declining R&D investment and increasing sales expenses, raising concerns about its future in the competitive pharmaceutical industry [2][12][18]. Company Overview - Sheng Zelin founded ZaiJing Pharmaceutical in 2009, and it became the first "three-no" (no products, no revenue, no profit) company to be listed on the Sci-Tech Innovation Board in 2020 [2][10]. - The company's stock price has doubled in the past year, with a market capitalization of 26.68 billion yuan and Sheng Zelin's wealth exceeding 5 billion yuan [2][10]. - Despite achieving over 500 million yuan in revenue in 2024, the company has accumulated losses of approximately 2.8 billion yuan from 2016 to 2024 [2][12][13]. Financial Performance - In 2024, ZaiJing Pharmaceutical reported a revenue of 533 million yuan, a year-on-year increase of 37.91%, but still recorded a net loss of 138 million yuan [12][18]. - The company has faced continuous losses since 2016, with cumulative losses reaching 2.8 billion yuan by 2024 [12][13]. R&D and Sales Strategy - ZaiJing Pharmaceutical has seen a significant reduction in R&D investment, with R&D expenses decreasing from 509 million yuan in 2021 to 388 million yuan in 2024, while sales expenses have consistently exceeded half of the annual revenue [25][18]. - The number of R&D personnel has also declined, from 324 in 2022 to 289 in 2024, indicating a shift in focus towards marketing rather than innovation [25][18]. Market Position and Challenges - The company successfully launched its core product, Donafenib, in 2021, which broke the long-standing monopoly of Bayer's drug in the liver cancer market [10][24]. - However, ZaiJing Pharmaceutical missed critical market opportunities due to delays in product launches and is now facing intense competition from generics and other innovative therapies [20][25]. - The reliance on capital infusion for operations raises concerns about the sustainability of the business model, especially with increasing marketing costs and decreasing R&D efforts [18][15].