三生国健药业（上海）股份有限公司2025年第一季度报告

Core Viewpoint - The company reported a steady revenue growth of 16.57% year-on-year for Q1 2025, driven by an increase in R&D projects and efficient internal operations [2][3]. Financial Performance - The company achieved an operating revenue of 311 million yuan in Q1 2025, with a net profit attributable to shareholders of 103 million yuan, reflecting a 12.99% increase compared to the same period last year [2][3]. - R&D expenses increased by 45.83% year-on-year, attributed to a higher number of R&D projects, while maintaining a reasonable expense ratio [2]. R&D Pipeline Progress - The company has made significant advancements in its research pipeline, including: 1. The NDA application for the anti-IL-17A monoclonal antibody ("608") for moderate to severe plaque psoriasis has been accepted [3]. 2. Clinical II phase for ankylosing spondylitis has completed all subject enrollments [3]. 3. Clinical III phase for anti-IL-5 monoclonal antibody ("610") for severe eosinophilic asthma is currently enrolling subjects [3]. 4. Multiple clinical phases for anti-IL-4Rα monoclonal antibody ("611") and anti-IL-1β monoclonal antibody ("613") have shown positive mid-term analysis results [3]. 5. The company has received IND approvals for several indications in the U.S. and China, indicating progress in its clinical trials [3]. Shareholder Information - The report includes details on the total number of ordinary shareholders and the shareholding status of the top ten shareholders, although specific numbers are not provided [4]. Other Important Information - The company emphasizes the importance of continuous innovation in drug development to ensure a pipeline of commercially viable products [6][7].