Recently, Wanbangde Pharmaceutical released its performance forecast, showing that it expects to achieve a net profit attributable to the parent company of 165 million yuan in the first quarter of 2026, an increase of 985.40% compared with 15.2018 million yuan in the same period last year ; even more impressive is the net profit excluding non-recurring items, which reached 164 million yuan, while the same period last year was a loss of 7.9053 million yuan, a year-on-year increase of 2174.55% .

This performance stands in stark contrast to the company's 2025 results. According to the company's previously disclosed preliminary 2025 financial report, Wanbangde's revenue for the entire year was 1.145 billion yuan, a year-on-year decrease of 20.69%; net profit attributable to the parent company was a loss of 199 million yuan, a significant decrease of 458.54% compared to 55.441 million yuan in the same period of the previous year. The company explained that the significant reduction in profits was due to some products failing to win bids in the tenth batch of centralized procurement.

From a full-year loss to a single-quarter profit exceeding 160 million yuan, Wanbangde achieved a remarkable V-shaped turnaround in its performance in just one quarter. In its announcement, Wanbangde clearly pointed to two core driving forces behind the surge in performance: the initial success of its innovative drug strategic transformation and the optimization of its internal management.

It is reported that in January this year, Wanbangde Pharmaceutical and Haixiang Pharmaceutical signed a cooperation agreement to cooperate on the research and development and commercialization of WP205. The total amount of cooperation is RMB 150 million, and the first installment of RMB 120 million has been received.

According to the agreement, the initial collaboration between the two parties will focus on Wanbangde Pharmaceuticals' WP205 product, which has already received orphan drug designation from the FDA—a new drug for amyotrophic lateral sclerosis (ALS) and is currently in the preclinical development stage. Haixiang Pharmaceuticals will act as the funding provider to support product development and commercialization, while Wanbangde Pharmaceuticals will be responsible for the specific research, development, launch, and commercialization work.

Regarding the progress of core products, Huperzine A controlled-release tablets, as a core product in the company's transformation from generic drugs to innovative drugs, are reshaping the treatment landscape for Alzheimer's disease. This drug is derived from the traditional Chinese medicine Huperzine spp., which has unique advantages in improving memory and cognitive function.

the Phase II/III pivotal registration clinical trial in February 2026. The trial is underway and has been selected as a major national science and technology project. It is one of the largest Alzheimer's disease registration clinical studies in China.

According to a research report by Dongwu Securities, if Huperzine A controlled-release tablets are successfully launched and become a first-line drug for the treatment of Alzheimer's disease, the potential peak sales in the domestic market alone could reach 13 billion yuan , based on an annualized cost of 10,000 yuan , with an even broader market potential overseas.

In conclusion , Wanbangde's explosive growth in the first quarter of 2026 is both a testament to its innovative drug transformation strategy and a microcosm of the wave of change in the pharmaceutical industry. From a loss of nearly 200 million yuan to a single-quarter profit exceeding 160 million yuan, this established pharmaceutical company demonstrated its determination and potential for transformation with a 2174.55% increase in non-GAAP net profit. However, this performance surge is just the beginning. In the vast ocean of innovative drugs, only continuous technological breakthroughs and a sound governance structure can support true long-term value.

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