TacticScaleWhat Suzhou Zelgen Biopharmaceuticals (泽璟制药) Does & How It Makes Money (688266.SS)
Updated October 2026 · reflects Suzhou Zelgen Biopharmaceuticals's latest reported financials
Chinese biotech developing and selling cancer, hemostasis and immune-disease drugs. The company earns revenue by manufacturing and selling its approved prescription drugs, mainly donafenib and recombinant human thrombin, in China.
How Suzhou Zelgen Biopharmaceuticals makes money
The company earns revenue by manufacturing and selling its approved prescription drugs, mainly donafenib and recombinant human thrombin, in China. It puts money into a pipeline of clinical-stage candidates that could become future products.
What Suzhou Zelgen Biopharmaceuticals does
Suzhou Zelgen Biopharmaceuticals, founded in 2009 and based in Kunshan, China, is a biopharmaceutical company that researches, develops, manufactures and sells medicines. It has two commercial products. Donafenib tosylate tablets treat liver cancer, hepatocellular carcinoma and metastatic radioactive iodine-refractory differentiated thyroid cancer. Recombinant human thrombin is used for hemostasis. Its main therapeutic areas are tumors and hematological diseases, bleeding and trauma, and immune inflammatory diseases. Its pipeline includes gecacitinib hydrochloride tablets, being developed for several immune and fibrotic conditions (severe alopecia areata, atopic dermatitis, ankylosing spondylitis, plaque psoriasis, idiopathic pulmonary fibrosis) and for myelofibrosis. Other candidates are recombinant human thyroid-stimulating hormone and ZG006 for small cell lung cancer and neuroendocrine carcinoma. ZG005 is in Phase I/II trials for cervical cancer, liver cancer and other tumors, and several earlier-stage oncology candidates (ZGGS18, ZGGS15, ZGGS34, ZG016, ZG2273 and others) target advanced tumors.
Products & services
- Donafenib tosylate tablets
- Recombinant human thrombin
- Gecacitinib hydrochloride tablets
- Recombinant human thyroid-stimulating hormone for injection
- ZG006 for injection
- ZG005 for injection
泽璟制药是做什么的？
苏州泽璟生物制药股份有限公司成立于2009年，总部位于江苏昆山，从事药品的研发、生产和销售。公司已上市的产品有两款：一是甲苯磺酸多纳非尼片，用于肝癌、肝细胞癌及转移性放射性碘难治性分化型甲状腺癌；二是重组人凝血酶，用于止血。业务覆盖肿瘤及血液疾病、出血与创伤、免疫炎症性疾病等治疗领域。 在研管线中，盐酸吉卡昔替尼片针对重度斑秃、中重度特应性皮炎、强直性脊柱炎、中重度斑块状银屑病、特发性肺纤维化和骨髓纤维化等适应症。此外还有注射用重组人促甲状腺激素，以及用于小细胞肺癌、神经内分泌癌等肿瘤的ZG006。ZG005处于I/II期临床，适应症包括宫颈癌、肝癌等，另有ZGGS18、ZGGS15、ZG016等多款早期项目针对晚期肿瘤。
What is Suzhou Zelgen Biopharmaceuticals worth?
On an owner-earnings DCF, Suzhou Zelgen Biopharmaceuticals's most-likely value is about ¥37 versus a recent price near ¥100 (171% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥8) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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