Research Express | Jiangsu Deyuan Pharmaceutical Accepts Multiple Institutional Visits; 2025 Revenue of 1.058 Billion Yuan, Up 21.8%; Innovative Drug DYX116 Set to Enter Phase II

On March 11, Jiangsu Deyuan Pharmaceutical Co., Ltd. (hereinafter referred to as “Deyuan Pharma”) held its 2025 annual report performance briefing via the Panorama Network “Investor Relations Interactive Platform” remotely. Company Chairman and General Manager Chen Xueming, Vice General Manager, Board Secretary, and Chief Financial Officer Wang Qibing attended, engaging in in-depth discussions with investors on core issues such as company operations, innovative drug progress, and capacity layout.

Performance: Revenue and Net Profit Both Increase, Asset-Liability Ratio Continues to Improve

According to the performance briefing, Deyuan Pharma achieved steady growth in 2025. The total operating revenue reached 1,057,759,800 yuan (about 1.06 billion USD), a year-on-year increase of 21.80%; net profit was 236,929,100 yuan (about 237 million USD), up 33.87% year-on-year; net profit after deducting non-recurring gains and losses was 228,590,900 yuan (about 229 million USD), up 34.79%. Operating cash flow was 156,667,100 yuan (about 157 million USD), a 34.68% increase from the previous year, indicating improved profitability quality.

In terms of financial structure, as of the end of 2025, the company’s total assets were 1,571,093,700 yuan (about 1.57 billion USD), up 13.48% from the end of the previous year; total liabilities were 264,202,900 yuan (about 264 million USD), a decrease of 5.13%; total owners’ equity was 1,306,890,800 yuan (about 1.31 billion USD), an 18.17% increase. The asset-liability ratio further improved to 16.82%, down 3.3 percentage points from 20.12% at the end of last year, continuously reducing financial risk.

Growth Drivers: Marketing, Centralized Procurement, and Cost Reduction & Efficiency

Regarding the reasons for performance growth, the company stated that it mainly benefited from three measures: First, adhering to a “marketing-first” strategy, continuously strengthening sales foundations, and promoting steady growth in product sales, with key products “Furuitong,” “Bokaiqing,” and new products making significant contributions; second, products such as Sitagliptin Tablets (5mg), Sitagliptin Metformin Hydrochloride Tablets (II) (50mg/850mg), and Sitagliptin Phosphate Tablets (100mg) won bids in the tenth batch of centralized drug procurement, with deliveries starting from March 2025 to the winning regions, rapidly expanding sales scale; third, strengthening internal operational management, optimizing personnel structure, strictly controlling expenses, and comprehensively improving profitability through cost reduction and efficiency enhancement.

Innovative Drug Pipeline: Multiple Projects Progressing Simultaneously, Oral GLP-1 Small Molecule Enters Preclinical Stage

In terms of innovative drug R&D, the company disclosed several progress updates:

• DYX116: Approved for clinical trials for glucose-lowering indications in December 2024, and for weight loss in July 2025. Completed Phase I clinical trials in December 2025, with data readout and unblinding expected by the end of March 2026. Plans to initiate Phase II trials for both indications in Q2 2026.
• DYX118 (Oral GLP-1 Receptor Small Molecule Agonist Project): In December 2025, the company signed a contract with Shanghai Institute of Materia Medica, Chinese Academy of Sciences, granting exclusive license rights within China for R&D, manufacturing, sales, and commercialization. Both parties will jointly promote international rights and share benefits according to agreed proportions. The project has identified a preclinical candidate (PCC) and is conducting preclinical studies.
• DYX216: Currently in the PCC confirmation stage, with subsequent advancement to preclinical research.

Generic Drugs and Capacity: 8 Approvals Achieved, Raw Material Drug Base Phase I Gradually Commencing Production

In the generic drug sector, the company obtained 8 drug registration approvals in 2025, with 1 additional approval in 2026, and 13 more products under review by the National Medical Products Administration (NMPA) Center for Drug Evaluation (CDE), continuously enriching the product pipeline.

Regarding capacity construction, the first phase of the raw material drug and formulation production base project is progressing smoothly. By the end of 2025, main structures and some production lines had reached operational status and were transferred to fixed assets. The products Nateglinide and Ipragliflozin had completed GMP compliance inspections, production license, and site transfer (“three-in-one” inspection). The process validation for Sitagliptin was completed, and subsequent acceptance and production will be steadily promoted. The designed capacity of the base includes: 10 tons/year of Pioglitazone Hydrochloride, 50 tons/year of Nateglinide, 13 tons/year of Linetins (Alogliptin Benzoate, Sitagliptin Phosphate, etc.), 5 tons/year of Ipragliflozin, and 1,000 tons/year of Metformin Hydrochloride.

As for external sales of raw materials, the company stated that currently all are for internal use. If capacity surplus occurs in the future, external sales may be considered to further improve resource utilization efficiency.

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