Recently, Wangshan Wangshui released its first financial report since its listing on the Hong Kong Stock Exchange.

In 2025, the company's annual revenue reached RMB 102 million, a year-on-year increase of 762.9% , and the gross profit margin soared from 29.5% to 79.0%.

The explosive growth in revenue was mainly due to the rapid increase in sales volume after the launch of the new ED drug and the revenue from licensing new indications for VV116.

However, Wangshan Wangshui's losses widened further to 360 million yuan in 2025, mainly due to share-based payment expenses and listing-related costs. Excluding these one-off factors, the company's core business's ability to generate cash is strengthening .

01
The commercialization of the new ED drug got off to a flying start.

In 2025, the biggest highlight of Wangshan Wangshui will be the successful NMPA approval of the Class 1 new drug Onveda (seminafil hydrochloride tablets, R&D code: TPN171) for the treatment of erectile dysfunction (ED).

The drug was approved in July and officially began commercial sales in August.

The launch of Angweida enabled Wangshanwangshui to achieve drug sales revenue of 57.84 million yuan in 2025 , compared to only 1.48 million yuan in 2024, fully demonstrating the market potential of the drug.

ED is a common male sexual dysfunction. According to epidemiological research data in my country, the prevalence of ED in adult men over 40 years old is as high as 40.6%, and the prevalence of ED increases with age.

Phosphodiesterase 5 (PDE5) inhibitors are currently the first-line treatment for erectile dysfunction (ED). In 2024, the global PDE5 inhibitor market reached US$10.6 billion. The Chinese PDE5 inhibitor market grew rapidly from RMB 5.5 billion in 2018 to RMB 9.3 billion in 2024, and is projected to reach RMB 15 billion by 2035.

Currently, six PDE5 inhibitors have been approved for marketing in China for the treatment of erectile dysfunction (ED), including sildenafil, vardenafil, and tadalafil, which were originally developed by multinational pharmaceutical companies, as well as domestically produced new drugs adenarfil, semafil, and tonodalafil.

According to data from Yaozhi, imported original drugs and generic versions of drugs such as sildenafil and tadalafil account for the majority of the domestic ED drug market share.

However, traditional PDE5 inhibitors have low selectivity for PDE5, and patients often experience adverse reactions such as back pain, muscle pain, limb pain, and visual abnormalities when using them, which limits the use and popularization of the drugs, leaving an unprecedented market for new-generation PDE5 inhibitors.

Smanafil from Wangshan Wangshui is a highly active and selective PDE5 inhibitor with significant clinical efficacy and high safety, and has the potential to become a best-in-class drug.

Its Phase III clinical trial showed that the recommended starting dose of selenofil was lower than that of other marketed drugs targeting the same target. Patients took 2.5, 5, and 10 mg as needed, and their erectile function specific scores (IIEF-EF) were as high as 25.7, 25.6, and 26.1 points respectively (an increase of 12.3, 12.3, and 12.7 points), which is close to the normal level.

In addition, selenophene has a significant safety advantage , with a lower incidence of adverse clinical reactions than other marketed drugs targeting the same target. This drug has weak inhibitory effects on other PDE subtypes (related to side effects), therefore, no or very few related adverse reactions have been observed, such as visual abnormalities, back pain, and muscle pain.

As a Class 1 new drug, semapheni has certain advantages in efficacy and safety, but the ED market is extremely competitive, with classic drugs such as sildenafil already having established a mature market.

Therefore, Wangshan Wangshui adopted a highly targeted and differentiated marketing strategy. Instead of relying entirely on traditional offline hospital channels, it adopted a digital marketing model to address the highly private nature of erectile dysfunction (ED).

It has established a dedicated digital marketing department and deployed a full-channel matrix, opening official flagship stores on six major platforms: JD.com, Tmall, Meituan, Pinduoduo, Douyin, and WeChat. Through new media, it has built a full-link conversion system from new users to loyal brand users and improved the brand service carrier matrix.

Currently, the "Prosperous Mountains and Prosperous Waters" marketing strategy has achieved initial success. In less than six months since its launch, Angweida has generated over 50 million yuan in revenue.

Furthermore, the potential applications of PDE5 inhibitors extend beyond erectile dysfunction (ED). These drugs also show promising prospects in treating other conditions such as pulmonary hypertension, heart failure, cognitive impairment, and retinal diseases. Wangshan Wangshui also hopes to further expand the application range of selenofil.

02
Exerting efforts in multiple fields

Another major driver of revenue growth for Wangshan Wangshui is the revenue from the license-out of the new indication for VV116.

VV116 (deuterium remidevir hydrobromide) is an oral nucleoside RNA-dependent RNA polymerase inhibitor with broad-spectrum antiviral potential, exhibiting inhibitory effects against a variety of RNA viruses, including SARS-CoV-2, RSV, human metapneumovirus (HMPV), Zika virus (ZIKV), and Nipah virus (NiV).

This drug was originally developed for the treatment of COVID-19 infection and was approved for marketing in Uzbekistan in 2021 (trade name: Mindvy). It was approved for marketing in China in 2023 (trade name: Mindvy), and is available in tablet form.

After its COVID-19 indication, Wangshan Wangshui has shifted its focus to the RSV market, which has huge potential.

Respiratory syncytial virus (RSV) is the leading pathogen detected in hospitalized infants and young children with respiratory infections, especially during the winter and spring seasons, when more than 80% of infants under the age of 2 have been infected with the virus. RSV infection can lead to severe respiratory illnesses in infants and young children, and may even be life-threatening for high-risk infants such as premature infants and those with congenital diseases.

Currently, global RSV prevention and treatment mainly include three categories: monoclonal antibodies, small molecule drugs, and vaccines. However, oral specific drugs for infants and young children remain a significant unmet clinical need.

VV116 is the only clinical-stage drug candidate in China targeting RdRp for the treatment of RSV infection. As an oral small molecule antiviral drug, its convenient administration method and well-defined antiviral mechanism give it a unique competitive advantage.

The IND application for the RSV indication of VV116 dry suspension was submitted in February 2023, and it entered Phase III clinical trials in December 2025. It has also been included in the Breakthrough Therapy Program by the Center for Drug Evaluation and is expected to become the world's first approved nucleoside anti-RSV drug.

In December 2025, Wangshan Wangshui announced that it had signed a licensing and collaboration agreement with Simcere Pharmaceutical, granting Simcere Pharmaceutical exclusive rights to develop, manufacture and commercialize VV116 respiratory syncytial virus (RSV) infection and human metapneumovirus (HMPV) infection in Greater China.

This collaboration brought Wangshan Wangshui RMB 33.77 million in licensing revenue, while also demonstrating the company's strength in the field of antiviral drugs.

In addition to the two marketed products VV116 and TPN171, Wangshan Wangshui has four clinical-stage and three preclinical-stage drug candidates, mainly focusing on three major areas: neuropsychiatric, reproductive health, and antiviral.

LV232, a candidate antidepressant, is a potential first-in-class dual-target 5-HTT/5-HT3 receptor modulator. This drug has brain-targeting properties and is expected to have fewer peripheral side effects and a faster onset of action compared to traditional antidepressants. It is currently in Phase II clinical trials and is expected to complete trials in the second half of 2026.

The novel antiepileptic drug candidate TPN102 has shown superior efficacy compared to the positive control drug in various animal models of refractory epilepsy. Furthermore, its inhibitory effect on carbonic anhydrase II, which is related to growth and development in children, is weaker than that of the positive control drug, suggesting it is more suitable for the treatment of pediatric patients with epilepsy. Currently, this drug is in Phase I clinical trials.

VV119, a candidate drug for mental illness, is a multi-target serotonin-dopamine activity modulator. It has a long half-life and the potential to be developed into a long-acting formulation; it is currently in Phase I clinical trials.

The novel nucleoside dual prodrug VV261 has broad-spectrum antiviral potential and is currently in Phase I clinical trials.

The novel candidate drug VV913 for treating premature ejaculation received implied approval for clinical trials in January 2026.

03
Conclusion

Wangshan Wangshui, which once stood at the forefront of the COVID-19 pandemic, has now built a rich pipeline matrix in the fields of antiviral, reproductive health, and neuropsychiatric care, reshaping its own valuation logic.

Currently, its erectile dysfunction (ED) drug is leading the commercialization effort and has become a new cash cow; its new antidepressant LV232 has entered critical Phase II clinical trials, targeting the billion-dollar mental illness market; and VV116 has shifted its focus to the RSV (respiratory vegetative state) track, continuing to unlock its value. With multiple initiatives underway, the next phase of Wangshan Wangshui's success is highly anticipated.

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