Dizhe Medicine: Revenue is expected to increase by 122.6% to 801 million yuan by 2025, with a competitive pipeline including 7 products already established.

Recently, Dihuan Pharmaceuticals released its 2025 annual report. In 2025, the company’s operating revenue was 801 million yuan, up 122.6% year over year; the net profit attributable to shareholders, which had been a loss of 846 million yuan in the same period last year, narrowed to a loss of 764 million yuan, with the loss amount decreasing; the non-GAAP net profit attributable to shareholders, which had been a loss of 899 million yuan in the same period last year, narrowed to a loss of 842 million yuan, with the loss amount decreasing; net operating cash flow was -588 million yuan, up 9.6% year over year; EPS (fully diluted) was -1.6567 yuan.

Of these, in the fourth quarter, the company’s operating revenue was 215 million yuan, up 901.6% year over year; the net profit attributable to shareholders, which had been a loss of 287 million yuan in the same period last year, narrowed to a loss of 184 million yuan, with the loss amount decreasing; the non-GAAP net profit attributable to shareholders, which had been a loss of 299 million yuan in the same period last year, narrowed to a loss of 211 million yuan, with the loss amount decreasing; EPS was -0.3992 yuan.

As of the end of the fourth quarter, the company’s total assets were 3B yuan, up 74.7% from the end of the prior year; shareholders’ equity attributable to the parent company was 1.29B yuan, up 567.8% from the end of the prior year.

In its 2025 annual disclosures, the company mentioned that during the reporting period, its operating business experienced significant changes. The company successfully got two already-listed drugs, Shuowuzhe® and Gaoruizhe®, first included in the National Reimbursement Drug List, and in July 2025 obtained FDA accelerated approval for上市, becoming the only targeted therapy in the market with dual approval in both the U.S. and China, and covered accessibility under national reimbursement, for second-line or later EGFRexon20ins non-small cell lung cancer. These changes have significantly enhanced the company’s market competitiveness and sales revenue.

In addition, during the reporting period, the company completed a follow-on financing to provide critical support for high-quality development. Although the company has made progress in drug sales, it still needs to continue advancing the expansion of product indications and the development of subsequent pipeline programs. At the end of the reporting period, the company was not yet profitable, and there were accumulated unaddressed losses.

(Dihuan Pharmaceuticals disclosure)

(Editor: Yang Yan Lin Chen)

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                                                            Medical