--- title: "Winning a cancer-fighting pill, Nantong contractor rakes in 11 billion" type: "News" locale: "en" url: "https://longbridge.com/en/news/255107340.md" description: "71-year-old Du Jinhao successfully turned his company Allist from a loss to a profit through the development of anti-cancer drugs, achieving sales of 2.37 billion yuan and a net profit of 1 billion yuan within six months. Allist's market value exceeds 50 billion yuan, and Du Jinhao and his wife have a net worth of 11 billion yuan, making it onto the Hurun Global Rich List. The company's core product, Furmonertinib, is used to treat non-small cell lung cancer, with an expected market demand of 30 billion yuan by 2030" datetime: "2025-08-29T02:10:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/255107340.md) - [en](https://longbridge.com/en/news/255107340.md) - [zh-HK](https://longbridge.com/zh-HK/news/255107340.md) --- # Winning a cancer-fighting pill, Nantong contractor rakes in 11 billion 71-year-old Du Jinhao has transformed from a contractor into a pharmaceutical tycoon. His controlled innovative pharmaceutical company Allist has sold **2.37 billion yuan worth of a single drug in just six months, netting a profit of 1 billion yuan.** In 2020, the company's revenue was only 560,000 yuan, with losses reaching 300 million yuan. In four years, Du Jinhao led his team to achieve a remarkable turnaround. "The overall performance in the first half of the year is good, showing a steady growth trend. We are arranging production capacity based on market demand." A reporter from 21CBR contacted Allist as an investor, and the company stated that it is continuing to seek new targets, still focusing on the oncology field. As of the market close on August 28, Allist's market value exceeded 50 billion yuan. Du Jinhao and Qi Ju couple also made it onto the Hurun Global Rich List with a net worth of 11 billion yuan. All of this is thanks to a cancer drug developed by Du Jinhao. ## 1 Product Myth Among a host of star innovative pharmaceutical companies, Allist is quite low-key, with Du Jinhao and other management rarely making public appearances, but their performance in recent years has been truly impressive. Since the beginning of this year, Allist's stock price has risen from a low point, with a maximum increase of over 200%, becoming one of the high rebound targets. The capital market's enthusiasm is driven by fundamentals. From 2021 to 2024, **Allist's revenue increased from 530 million to 3.558 billion yuan, soaring nearly 7 times**, and it turned losses into profits, earning 1.43 billion yuan last year. From January to June, its revenue exceeded 2.37 billion yuan, with a net profit of 1.05 billion yuan, a year-on-year increase of over 60%, earning as much in half a year as it did in the previous three quarters. "We already have three commercialized products: Furmonertinib, Golitinib, and Pralsetinib," the company responded to the reporter. Among them, the core product in Du Jinhao's hands is the small molecule targeted drug Furmonertinib, and the research pipeline is primarily centered around it. This cancer drug was approved for marketing in 2021 and entered the medical insurance system the same year, **contributing over 90% of the revenue**; Allist's performance growth this year is also mainly driven by the sales increase of this drug. Furmonertinib is used to treat non-small cell lung cancer. Lung cancer is the most common tumor globally, with non-small cell lung cancer accounting for 85%, of which more than half are EGFR mutation types. It is predicted that **by 2030, the domestic market demand for EGFR-TKI drugs could reach 30 billion yuan.** Fumetinib, as a third-generation EGFR-TKI inhibitor, has outstanding clinical efficacy and resistance, with lower adverse reactions and better efficacy against brain metastases. After entering the medical insurance system, this drug quickly gained traction, with sales reaching 1.6928 million boxes last year, a year-on-year increase of over 80%. Fumetinib will undergo a second medical insurance renewal process, and Du Jinhao is preparing for sales growth. In mid-July, Allist announced that its new production line for 150 million tablets of fumetinib solid formulation has been approved for production, increasing the total annual capacity to 200 million tablets. Under Du Jinhao's leadership, Allist's ability to generate revenue is astonishing, with a gross profit margin consistently above 95%, reaching 98.94% in 2021, and its net profit margin once exceeding that of "pharmaceutical giant" Heng Rui Medicine. ## 2 Unprecedented Wealth According to Qichacha, Du Jinhao and Qi Jufu couple jointly hold over 37% of Allist's shares. This year, the couple has ascended to billionaire status, with a net worth of 11 billion yuan on the Hurun Global Rich List. As of the end of June, **Du Jinhao holds 1 billion yuan in cash**, double that of the end of last year, with the company's total cash equivalent exceeding 4.2 billion yuan and a debt-to-asset ratio of less than 10%. Wealthy Du Jinhao does not forget to lead employees to wealth together. On August 8, the company announced that its two employee stock ownership platforms, "Shanghai Aixiang" and "Nantong Aiyun," plan to reduce their holdings by 13.5 million shares. Based on the closing price of 94.51 yuan on that day, the proposed reduction corresponds to a maximum amount exceeding 1.2 billion yuan. The announcement shows that the shares of the two employee stock ownership platforms were obtained through equity incentives before the IPO, at a low cost. When employees subscribed to the equity of Shanghai Aixiang and Nantong Aiyun, the price per share was only 9.82 yuan to 9.92 yuan. Compared to the closing price of 113.32 yuan on August 28, **the value of their held equity has increased more than tenfold.** Shanghai Aixiang is held by 26 employees, including not only the Du couple but also employees in positions such as general manager, deputy general manager, secretary of the board, medical director, and marketing director. Based on the stock price on the announcement day, Du Jinhao's entrepreneurial partner and core founder of Allist, Jeffery Yang Guo, son of Guo Jianhui, holds 25.62 million shares, valued at over 2.4 billion yuan; Chairman Du Jinhao himself holds 10.8 million shares, valued at 1.021 billion yuan In terms of compensation, Du Jinhao has always been generous and performance-oriented. The average annual salary per employee was 230,000 yuan in 2020, **reaching 480,000 yuan in 2024**, more than doubling. In the first half of the year, its management expenses increased by more than 10%, one reason being the salary increase. The compensation for core executives saw a significant increase last year. Among them, the top marketing position, Huang Chen, had a salary of 4.0433 million yuan last year, more than doubling compared to 2023; Vice Chairman and General Manager Hu Jie reached 3.0406 million yuan. As the head of the company, Du Jinhao's salary last year was 4.9511 million yuan, an increase of over 40% compared to 2023. ## 3 Cross-Industry R&D In the pharmaceutical circle, Du Jinhao is actually a "layman." He is from Nantong, Jiangsu, born in 1954. After graduating from Qidong Middle School, he began to venture into society and became a contractor. In 1996, he founded Yangtze River Construction Group in Shanghai, accumulating substantial capital under the development dividends of the infrastructure industry. Entering the pharmaceutical industry was purely coincidental. In 2000, Guo Jianhui, who was in the United States, discovered the molecular structure of Aliskiren and applied for a patent. In 2004, Guo gave up a tenured position at the National Institutes of Health (NIH) in the U.S. and resolutely returned to China to start a business with the patent. As fellow townsmen from Qidong, the two hit it off, **Du Jinhao invested 8 million yuan to hold 80%, while Guo Jianhui took a 20% stake with the patent as valuation, thus Ailist was born.** After 8 years of R&D, in 2012, Guo Jianhui led the team to develop the first domestically produced antihypertensive drug Aliskiren with independent intellectual property rights, which has now become a blockbuster product with annual sales of over 1 billion. Unfortunately, shortly after the new drug was launched, Guo Jianhui passed away due to illness. The team suffered a heavy blow, but Du Jinhao did not give up and led the company to choose a new direction. He transferred the technology of Aliskiren to Xinlitai, obtaining 820 million yuan in funding, while shifting focus to cancer drug R&D. Du Jinhao chose lung cancer, which has the highest incidence and mortality rates in the country. He did not broadly lay out pipelines but instead focused on careful investment. In fact, the highly effective Furmetin did not burn too much money. From 2017 to 2021, when the product was approved for market launch, the total R&D investment was less than 700 million yuan, showcasing remarkable efficiency. At the end of 2020, Du Jinhao led the company to go public on the Sci-Tech Innovation Board With the flagship products selling well, Du Jinhao has not been able to relax. Last year, he secured exclusive licenses for two products from Jako with an investment of 850 million. In May of this year, one of the drugs was approved for market launch, used for the treatment of G12C mutation non-small cell lung cancer, breaking the reliance on a single product. To cope with the competition from third-generation EGFR-TKI drugs on the market, Du Jinhao has intensified the expansion of the clinical application range of Furmonertinib. In July of this year, its application for a second-line treatment indication for another type of non-small cell lung cancer was included in the priority review. Planning ahead, Du Jinhao, at the age of seventy, continues to strive for the future. Author of this article: Reporter | Han Lu Editor | Tan Lu, Source: 21st Century Business Review, Original Title: "Investing in an Anti-Cancer Pill, Nantong Contractor Rakes in 11 Billion" Risk Warning and Disclaimer The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. 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