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亏损的真相：账面巨亏与运营杠杆收窄在增长质量上，财报中最值得关注的亮点，是毛利的飙升——2025 年毛利同比暴增 437.2%，达到 2007.9 万美元。这表明，随着模型推理与系统基础设施配置的优化，公司正在跨越“卖得越多亏得越多”的算力陷阱，规模效应开始在账面上显现。
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其中，核心在研药ACC017的Ⅲ期临床试验已正式启动，首例受试者于2025年11月7日成功入组，计划于2027年完成NDA申报；HIV高端仿制药ADC201、ADC202的ANDA申请均已获受理，原料药上市申请也已获批，即将进入商业化阶段。
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