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Key takeaway The company"s full-year revenue for 2025 met expectations, and its innovative pipeline shows promising potential. In 2025, the company generated revenue of 810 million yuan, representing a year-on-year increase of 52.07%, demonstrating outstanding performance. Building on this foundation, the company previously established a deep collaboration with AbbVie on ZG006, successfully launching the product internationally with outstanding performance. We believe that the company"s collaboration with AbbVie is expected to further accelerate the development of ZG006 for oncology indications overseas, while also demonstrating the company"s strong early-stage R&D capabilities and the innovative nature of its pipeline strategy. Overall, the company"s domestic commercial operations are stable, its innovative pipeline shows great potential, and the future looks promising. Event On March 27, Zelgen released its annual report for 2025. Quick Take Revenue growth in 2025 met expectations as the innovation pipeline continues to progress In 2025, Zelgen reported annual revenue of 810 million yuan, representing a year-on-year increase of 52.07%. The revenue growth aligned with expectations, primarily driven by increased product sales. Notably, sales of recombinant human thrombin rose significantly following its inclusion in the national medical insurance reimbursement list, while jicaxitinib tablets also contributed to the company"s revenue growth. In 2025, the company reported a net loss of 165 million yuan, showing a slight increase from a loss of 150 million yuan in 2024. This was primarily due to higher sales and marketing expenses following the launch of innovative drugs, along with increased R&D expenditures compared to the previous year. Overall, the company achieved significant revenue growth in 2025, demonstrating outstanding performance. The innovation pipeline continues to progress, with a deep collaboration established with AbbVie. Previously, the company entered into an extensive global collaboration with AbbVie for ZG006. The upfront payment for the entire transaction was $100 million, plus near-term milestone payments based on clinical progress and option-related payments of up to $60 million. If AbbVie exercises its licensing option, Zelgen will also be eligible to receive up to $1.075 billion in milestone payments, as well as royalties on net sales ranging from high singledigit to mid-teen percentages. In previous meetings, ZG006 has shown promising efficacy in indications such as SCLC, and the long-term benefit data is highly anticipated. Overall, the company"s collaboration with AbbVie is expected to further accelerate the development of ZG006 for overseas oncology indications. This also demonstrates that the company"s R&D capabilities have gained recognition from multinational pharmaceutical leaders, underscoring its exceptional research and development strengths. Outstanding financial performance, with increased investment in R&D expenses In 2025, the company"s R&D expenses reached 340 million yuan, representing a year-on-year increase of 10.8% compared to 2024. This growth was primarily driven by increased expenditures on clinical trial drugs and control drugs for ongoing research projects, higher clinical research costs, and expanded clinical research teams resulting in greater compensation expenses. The company"s sales expenses were 465 million yuan, a year-onyear increase of 71.44% from 2024, primarily due to increased marketing expenses. The company"s administrative expenses were 74 million yuan, a year-on-year increase of 27.59% from the previous year, primarily due to increased severance compensation and termination benefits for subsidiary employees. Overall, the company is operating smoothly and has a promising future. Breakthroughs in commercialization, clinical progress of pipeline drugs continues Jicaxitinib Hydrochloride Tablets: Approved for marketing by China"s National Medical Products Administration in May 2025, this product is indicated for intermediate- and high-risk myelofibrosis treatment. As the first domestically developed JAK inhibitor approved in China, it addresses the longstanding market gap in this therapeutic area that previously relied on imported drugs. In terms of commercialization, the product gained rapid traction after sales began in June and has been included as a Level I recommendation in the "CSCO Guidelines for the Diagnosis and Treatment of Hematologic Malignancies 2025." In December 2025, Jicaxitinib Hydrochloride Tablets were successfully included in the national reimbursement drug list, demonstrating significant potential for marketing. In terms of indication expansion, the NDA for treating severe alopecia areata has been accepted. The Phase III clinical trial for ankylosing spondylitis has met its primary efficacy endpoint, while the Phase III trial for moderate-to-severe atopic dermatitis and the Phase II/III trial for vitiligo are both progressing. This multi-indication strategy will unlock greater market potential. Recombinant Human Thrombin for Injection: As an innovative surgical hemostatic agent, it was launched in 2024 and included in the National Reimbursement Drug List in early 2025. Clinical data demonstrate that the product takes effect within 30 seconds, with a hemostasis rate significantly superior to the placebo group. With the support of promotional resources from our partner Grand Pharma, the number of participating hospitals has grown rapidly, and sales have increased significantly due to medical insurance coverage, making it one of the key revenue growth drivers. Recombinant Human Thyroid-Stimulating Hormone for Injection: The product met the endpoint in the Phase III clinical trial for postoperative adjuvant diagnostic use and was approved for marketing in January 2026, with promising commercialization prospects. In 2022, China reported approximately 466,100 new cases of thyroid cancer. According to Frost & Sullivan data, the Chinese market for recombinant human thyroid-stimulating hormone is projected to reach 571 million yuan by 2028. The company"s product can address the domestic gap in postoperative precision diagnostic drugs, enhance patient survival rates and life expectancy, and is expected to offer greater support for thyroid cancer patients. In addition, the company has partnered with Germany"s Merck, granting it exclusive promotion rights for a potential licensing fee of up to 250 million yuan. By leveraging Merck"s established channels, the company is poised to rapidly capture the market. ZG006: As the world"s first CD3/DLL3 trispecific antibody, it has been granted Orphan Drug Designation by the FDA and Breakthrough Therapy Designation by the NMPA. Phase II data presented at the 2025 ESMO Congress demonstrated excellent efficacy in patients with SCLC and advanced neuroendocrine carcinoma. The company is currently progressing registrational clinical trials for third-line and beyond SCLC, as well as second-line and beyond neuroendocrine carcinoma. Additionally, a global collaboration with AbbVie has been established to further advance the drug"s international clinical development. ZG005: A recombinant humanized anti-PD-1/TIGIT bispecific antibody. Phase I/II data presented at the 2025 ESMO Congress demonstrated excellent efficacy when combined with chemotherapy in first-line advanced neuroendocrine carcinoma patients. Additionally, clinical trials are underway for this product as a monotherapy in second-line cervical cancer and in combination with bevacizumab for first-line liver cancer. Recently, it was approved for advanced solid tumor trials in combination with ZGGS18 and gicaxitinib, with promising potential for synergistic efficacy. Clear key milestones for 2026 with strong growth potential The company has a strong pipeline of catalysts in 2026: ① The medical insurance policies for recombinant human thrombin and jicaxitinib hydrochloride continue to be implemented, with further expansion in hospital access, driving additional sales growth; ② Clinical data for ZG005 and ZG006, both as monotherapy and in combination, are expected to be further released; ③ ZG006 has entered into a collaboration with AbbVie, with overseas clinical trials progressing steadily. Earnings forecast and investment rating The company has a diverse pipeline of products in various therapeutic areas that have entered or are about to enter commercialization. The continued advancement of its pipeline ensures stable development. We estimate that from 2026 to 2028, the company"s revenue will be RMB 2.431 billion, RMB 2.675 billion, and RMB 3.210 billion, respectively, while net profit will be RMB 645 million, RMB 6 million, and RMB 297 million, respectively. We maintain our "Buy" rating. Risks: Uncertainty in new drug R&D. As tech innovation, the R&D of new medicine has features such as a long cycle, large investment, high risk, and low success rate. From lab research to approval, new medicines will go through preclinical research, clinical trials, registration and listing, after-sales supervision and many other complex procedures, and each is faced with the risk of failure. Existing products or treatments also have the risk of being replaced by new therapies and technologies. Commercialization risks. Medical insurance cost control exceeds expectations, resulting in innovative drug pricing not meeting expectations; the company has exclusive products in the volume expansion phase, but the autoimmune drug market is highly competitive. Meanwhile, thrombin sales are in the early ramp-up phase, which could pose risks of sales share falling short of expectations or sales expense ratio being higher than anticipated.【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。
【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。
