（文章来源：证券日报） 证券日报网讯 2月27日，泽璟制药发布2025年度业绩快报公告称，公司2025年度实现营业总收入81， 273.36万元，同比增长52.50%；归属于上市公司股东的净利润为-16，069.72万元。 ...

格隆汇2月27日丨泽璟制药(688266.SH)公布2025年度业绩快报，公司2025年度实现营业收入8.13亿元， 同比上年增长52.50%；归属于上市公司股东的净利润为-1.61亿元，归属于上市公司股东的扣除非经常 性损益的净利润为-2.12亿元，亏损同比上年有所增加；加权平均净资产收益率-13.76%，亏损同比增加 4.34个百分点。 报告期内，吉卡昔替尼片获批上市销售，公司努力开拓市场，提升药品的市场覆盖率；重组人凝血酶正 式纳入国家医保目录，公司与独家市场推广合作伙伴合作顺利，药品准入医院数量和销量快速提升；同 时，公司持续推进新药研发，因新药研发项目所处具体研发阶段不同，研发费用同比增加。 ...

格隆汇2月27日丨泽璟制药(688266.SH)公布2025年度业绩快报，公司2025年度实现营业收入8.13亿元， 同比上年增长52.50%；归属于上市公司股东的净利润为-1.61亿元，归属于上市公司股东的扣除非经常 性损益的净利润为-2.12亿元，亏损同比上年有所增加；加权平均净资产收益率-13.76%，亏损同比增加 4.34个百分点。 报告期内，吉卡昔替尼片获批上市销售，公司努力开拓市场，提升药品的市场覆盖率；重组人凝血酶正 式纳入国家医保目录，公司与独家市场推广合作伙伴合作顺利，药品准入医院数量和销量快速提升；同 时，公司持续推进新药研发，因新药研发项目所处具体研发阶段不同，研发费用同比增加。 ...

证券代码：688266 证券简称：泽璟制药 公告编号：2026-008 苏州泽璟生物制药股份有限公司 2025 年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审 计，具体数据以苏州泽璟生物制药股份有限公司（以下简称"公司"）2025年年度 报告为准，提请投资者注意投资风险。 1 | 归属于母公司的所有者权 益 | 108,269.72 | 125,385.79 | -13.65 | | --- | --- | --- | --- | | 股 本 | 26,470.82 | 26,470.82 | 无变化 | | 归属于母公司所有者的每 股净资产（元） | 4.09 | 4.74 | -13.71 | 注：1.本报告期初数同法定披露的上年年末数。 2.以上财务数据及指标以合并报表数据填制，但未经审计，最终结果以公司 2025 年年度报告为准。 二、经营业绩和财务状况情况说明 一、2025 年度主要财务数据和指标 单位：人民币万元 | 项目 ...

泽璟制药晚间公告，2025年度实现营业收入8.13亿元，同比增长52.50%；归属于上市公司股东的净亏损 1.61亿元，上年同期净亏损1.38亿元。2025年末，公司总资产29.71亿元，归属于母公司的所有者权益 10.83亿元。报告期内，吉卡昔替尼片获批上市销售，公司努力开拓市场，提升药品的市场覆盖率；重 组人凝血酶正式纳入国家医保目录，公司与独家市场推广合作伙伴合作顺利，药品准入医院数量和销量 快速提升；同时，公司持续推进新药研发，因新药研发项目所处具体研发阶段不同，研发费用同比增 加。 ...

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]

中国经济网北京2月21日讯 泽璟制药（688266.SH）2月14日披露《股东及董事、高级管理人员减持 股份计划公告》。 根据公告，控股股东、实际控制人之一、董事长、总经理ZELIN SHENG（盛泽林）因自身资金需 求，拟通过集中竞价或大宗交易方式减持公司股份数量不超过273,907股，即不超过公司总股本的 0.1035%；股东宁波泽奥创业投资合伙企业（有限合伙）（以下简称"宁波泽奥"）拟通过集中竞价或大 宗交易方式减持公司股份数量不超过2,475,090股，即不超过公司总股本的0.9350%。上述减持计划的减 持期间为自公告披露之日15个交易日后3个月内，减持价格将根据减持时的市场价格确定。 按2月13日公司收盘价94.42元计算，ZELIN SHENG（盛泽林）拟减持套现合计约25,862,298.94元， 宁波泽奥拟减持套现合计约233,697,997.80元，两者合计拟减持套现约259,560,296.74元。 截至公告披露日，ZELIN SHENG（盛泽林）直接持有公司股份49,910,527股，占公司总股本的 18.8549%，股份来源于公司首次公开发行前持有及二级市场增持；ZELIN SHEN ...

Core Viewpoint - Zai Lab (688266) has entered a strategic collaboration with AbbVie for the global development and commercialization of ZG006, receiving an upfront payment of $100 million and potential milestone payments up to $1.075 billion, along with tiered royalties [1][4]. Group 1: Company Developments - Zai Lab's stock price increased by 3.27% this week, closing at 94.42 CNY, with a market capitalization of 24.994 billion CNY, ranking 16th in the chemical pharmaceutical sector [1]. - ZG006 has shown significant efficacy in treating small cell lung cancer, with an overall response rate (ORR) of 60.0% in the recommended dose group and a confirmed ORR of 53.3% [1][4]. - ZG005 has demonstrated an ORR of 40.9% in second-line and above cervical cancer patients, with a median progression-free survival (mPFS) exceeding 11 months [2][4]. - The injection of human thyroid-stimulating hormone beta (Zesuneng) was approved on January 8 for use in post-operative follow-up of differentiated thyroid cancer, with marketing efforts led by Merck in China [2][4]. - The drug Jikaxitini tablets were included in the national medical insurance directory effective January 1, 2026, and are recommended as a first-line treatment for anemia in myelofibrosis [2][4]. Group 2: Financial Performance - The company expects its revenue for 2025 to be between 796.49 million CNY and 828.99 million CNY, representing a year-on-year growth of 49.45% to 55.55%, primarily driven by increased sales of recombinant thrombin and the launch of Jikaxitini tablets [3][4]. - Despite revenue growth, the company anticipates a net loss due to increased sales and research expenses [3]. Group 3: Shareholder Actions - The chairman and major shareholder, Zelin Sheng, plans to reduce his holdings by up to 273,907 shares (0.1035%), while Ningbo Zeao intends to reduce its holdings by up to 2,475,090 shares (0.9350%) between March 17 and June 16, 2026 [3][4].

Core Viewpoint - The article discusses the current funding logic in the market, highlighting the significant movements of public funds in the technology sector, particularly in the semiconductor and biopharmaceutical industries, as they adjust their portfolios based on performance and valuation metrics [3][8]. Group 1: Public Fund Movements - Public funds have shown a notable shift in their holdings, particularly in the STAR Market, with the STAR 50 Index rising by 12.1% this year [3][4]. - The total market capitalization of STAR Market companies reached 10.4 trillion yuan, with the technology sector dominating, accounting for 62.1% of the total market cap [5][6]. - The semiconductor industry remains the core focus for fund allocation, with 12 companies in the sector having a market capitalization exceeding 10 billion yuan [9][11]. Group 2: Semiconductor Sector Insights - The market's pricing anchor for the semiconductor sector has shifted from "valuation expansion" to "performance realization," emphasizing the importance of actual earnings [13][14]. - Key drivers for future growth in the semiconductor sector include strong order backlogs, profit growth through acquisitions and expansions, and sustained price increases in advanced processes [13][14]. - Public funds have significantly increased their holdings in semiconductor materials, chip design, and equipment, with companies like ShenGong Co. seeing an 11% increase in fund holdings [15][21]. Group 3: Biopharmaceutical Sector Insights - The biopharmaceutical sector is a critical area for public funds, with major holdings in companies like BeiGene and United Imaging Healthcare, although the sector has faced a reduction in holdings for several key companies [24][26]. - The article notes that innovative drug companies are currently under pressure, with significant reductions in holdings observed in companies like BaiLi TianHeng and RongChang Biopharma [26][28]. - Despite the challenges, companies with strong earnings potential and innovative drug pipelines are still attracting interest from public funds, indicating a selective investment approach [35][40].

业绩经营情况 公司预计2026年营收为7.96亿至8.29亿元，同比增长49.45%至55.55%，主要受益于重组人凝血酶医保放 量及吉卡西替尼商业化推进。 泽璟制药与艾伯维就ZG006药物达成全球开发及商业化协议，艾伯维获得大中华区以外独家权利；泽璟 已收到1亿美元首付款，并可能获得最高6000万美元近期里程碑付款及10.75亿美元远期里程碑付款。 ZG006针对小细胞肺癌和神经内分泌癌的临床试验数据显示，在II期剂量优化试验中，10mg组确认客观 缓解率（ORR）达53.3%，中位无进展生存期（mPFS）为7.03个月。 产品研发进展 除ZG006外，注射用ZG005在宫颈癌II期临床试验中确认ORR为40.9%，疾病控制率（DCR）68.2%；公 司多款候选药物如ZGGS18、ZGGS34等已进入中美I期临床阶段。 经济观察网 根据截至2026年2月14日的公开信息，泽璟制药-U（688266.SH）近期有以下事件值得关 注： 高管减持 公司公告称，股东ZELIN SHENG（盛泽林）拟减持不超过273,907股（占总股本0.1035%），股东宁波 泽奥拟减持不超过2,475,090股（占总股本0.93 ...