Revenue Distribution and Growth - Life Science Services and Products accounted for 48.2% of the company's total revenue, while Biologics Development Services, Industrial Synthetic Biology Products, and Cell Therapy accounted for 12.7%, 5.1%, and 33.9% respectively[5] - The company's revenue distribution by region for 2023 was approximately $506.0 million (60.2%) in the US, $162.5 million (19.4%) in Mainland China, $99.5 million (11.9%) in Europe, $53.2 million (6.3%) in the Asia-Pacific region (excluding Mainland China), and $18.3 million (2.2%) in other regions[9] - Group revenue increased by 34.2% to $839.5 million in 2023, compared to $625.7 million in 2022[14] - Non-cell therapy external revenue grew by 8.9% to $554.5 million in 2023, up from $509.0 million in 2022[14] - Cell therapy external revenue surged by 144.2% to $285.0 million in 2023, compared to $116.7 million in 2022[14] - Revenue in 2023 reached $839.529 million, a significant increase from $625.698 million in 2022[17] - Total revenue for the year ended December 31, 2023, was approximately $839.5 million, a 34.2% increase compared to $625.7 million in the previous year[28] - Revenue breakdown by business unit: Life Science Services and Products (48.2%), Biologics Development Services (12.7%), Industrial Synthetic Biology Products (5.1%), and Cell Therapy (33.9%)[29] - Revenue by region: United States ($506.0 million, 60.2%), Mainland China ($162.5 million, 19.4%), Europe ($99.5 million, 11.9%), Asia-Pacific excluding Mainland China ($53.2 million, 6.3%), and other regions ($18.3 million, 2.2%)[27] - Life Science Services and Products revenue increased to $412.9 million in 2023 from $360.5 million in 2022[30] - Cell Therapy revenue grew significantly to $285.1 million in 2023 from $117.0 million in 2022[30] - The company's total revenue for 2023 was approximately $839.5 million, a 34.2% increase compared to $625.7 million in 2022, driven by growth in non-cell therapy business and CARVYKTI sales[50] Gross Profit and Net Loss - Group gross profit increased by 34.7% to $409.6 million in 2023, up from $304.1 million in 2022[14] - Non-cell therapy gross profit (before elimination) rose by 5.3% to $270.6 million in 2023, compared to $257.1 million in 2022[14] - Cell therapy gross profit (before elimination) jumped by 173.1% to $140.9 million in 2023, up from $51.6 million in 2022[14] - Group net loss narrowed to $355.1 million in 2023 from $428.0 million in 2022[15] - Adjusted net loss decreased to $298.2 million in 2023, compared to $359.4 million in 2022[15] - Non-cell therapy adjusted net profit (before elimination) was $58.1 million in 2023, slightly down from $62.4 million in 2022[15] - Cell therapy adjusted net loss (before elimination) improved to $356.6 million in 2023 from $422.1 million in 2022[15] - Gross profit for 2023 was $409.553 million, up from $304.083 million in 2022[17] - Net loss attributable to the company's owners in 2023 was $95.477 million, a decrease from $226.851 million in 2022[17] - Gross profit for 2023 was approximately $409.6 million, a 34.7% increase from $304.1 million in 2022[28] - The company's net loss narrowed to approximately $355.1 million in 2023, compared to $428.0 million in 2022[28] - Adjusted gross profit for Life Science Services and Products increased to $224.5 million in 2023 from $201.1 million in 2022[30] - The company reported an adjusted net loss of $298.2 million for 2023, an improvement from the $359.4 million loss in 2022[49] - The company's adjusted operating loss for the cell therapy segment in 2023 was $394.5 million, compared to $422.1 million in 2022, with R&D investment costs of $356.9 million[47] Business Units and Subsidiaries - The company's Life Science Services and Products division has been cited in over 87,745 peer-reviewed academic journal articles as of December 31, 2023[6] - The company's CDMO division, GenScript ProBio, provides end-to-end services from concept to commercialization for antibody/protein therapy, cell therapy, and gene therapy development[8] - Legend Biotech, a subsidiary of the company, is developing advanced cell therapy platforms including CAR-T, γδ T cells, and NK cell immunotherapies[8] - Bestzyme, another subsidiary, focuses on industrial enzyme and functional protein production using synthetic biology for industries such as feed, alcohol, food, and home care[8] - The company's cell therapy subsidiary, Legend Biotech, treated over 1,000 patients with CARVYKTI in 2023[20] - The company's synthetic biology business saw significant growth, with AI technology deployment improving R&D efficiency[20] - The company is actively conducting clinical trials to expand CARVYKTI's target market for early-stage multiple myeloma patients[21] - The company optimized its management team and market strategy to address production difficulties in its Bestzyme business[22] - The company operates in four business units: (i) Life Science Services and Products, (ii) Biologics Development Services, (iii) Industrial Synthetic Biology Products, and (iv) Cell Therapy[155] - The company's products and services are used by scientists and researchers for basic life science research, translational biomedical research, and early-stage drug development activities[155] - The company's cell therapy products are used to treat refractory diseases, including cancer and inflammatory diseases[155] Financial Position and Investments - Non-current assets increased to $1,034.191 million in 2023 from $781.433 million in 2022[17] - Cash and cash equivalents rose to $1,446.403 million in 2023 from $1,023.999 million in 2022[17] - The company's cash and cash equivalents increased to approximately $1.4 billion as of December 31, 2023, compared to $1.0 billion in 2022[69] - The company's property, plant, and equipment increased by 16.6% to $608.1 million as of December 31, 2023, compared to $521.6 million in 2022[66] - The company's contract costs increased by 8.5% to $17.9 million as of December 31, 2023, compared to $16.5 million in 2022[65] - The company's cash inflow from financing activities was approximately $1.1 billion, primarily due to the issuance of new ordinary shares and warrants by Legend[70] - Capital expenditures for the period included $4.1 million for intangible assets (software, patents, and licenses), $98.8 million for cooperative use rights, and $153.6 million for property, plant, and equipment[71] - The company held significant financial assets valued at $137.5 million as of December 31, 2023, including $105.3 million in liquid financial products and $31.9 million in non-liquid investments[72] - The company invested in low-risk, highly liquid financial products such as money market funds and credit-linked notes, with expected annual returns ranging from 1.4% to 5.9%[72] - As of December 31, 2023, the company held $75.0 million in credit-linked notes, with $43.0 million issued by J.P. Morgan Financial and $32.0 million by J.P. Morgan Structured Products B.V.[77] - The credit-linked notes provided fixed annual interest rates of 5.20%, 5.35%, 5.80%, and 5.92%, with the company assessing the risk of credit events as extremely low[77] - The company's total investment in financial products as of December 31, 2023, was $117.5 million, with a fair value of $118.3 million[76] - The company's financial products included non-principal-guaranteed floating income products and credit-linked notes, with investments in major banks and financial institutions in China, Hong Kong, the Netherlands, and the U.S.[76] - The company's financial products were not used as collateral for borrowing, and no defaults were reported by the issuing banks or financial institutions[76] - The company's investment strategy focused on enhancing cash utilization through financial products, with purchases approved by the CFO or subsidiary CFOs[74] - The company's financial products were primarily issued by major banks such as China Merchants Bank, Bank of China, and J.P. Morgan, with maturities ranging from 1 day to approximately 2 years[76] - The fair value gains on financial assets measured at fair value through profit or loss were approximately $2.4 million, with investment income of approximately $4.4 million during the reporting period[79] Financing and Loans - Probio Cayman raised a total of $150.0 million through the sale of 300,000,000 Probio A Class Preferred Shares and warrants[58] - Probio Cayman completed a Series C financing round, raising approximately $224.0 million by issuing 319,998,370 Probio C Class Preferred Shares[59] - The fair value of Probio A Class Preferred Shares, Probio C Class Preferred Shares, and Probio warrants was assessed at approximately $350.2 million as of December 31, 2023[59] - Probio Cayman completed a Series B financing round, raising approximately $37.3 million by issuing 57,314,000 Probio B Class Preferred Shares[60] - Nanjing Bestzyme Biotechnology Co., Ltd. raised RMB 250.0 million (approximately $35.2 million) through a Series A financing round, acquiring 10.4168% equity[61] - Probio Cayman completed a Series C financing round, raising a total of $224.0 million by issuing 319,998,370 Series C preferred shares[82] - Nanjing Bestzyme completed a Series A financing round, raising RMB 250.0 million (approximately $35.2 million) by issuing new registered capital of RMB 37,609,070 (approximately $5.3 million)[82] - Legend Biotech completed multiple financing rounds, including a private placement and registered direct offering, raising funds through the sale of shares at prices ranging from $26.12 to $64.0 per share[84] - GenScript Japan Inc. secured a long-term mortgage loan of JPY 10.0 million (approximately $71,000) from Mizuho Bank at a floating interest rate of TIBOR plus 0.25%[88] - Nanjing GenScript Biotech Corporation borrowed short-term loans totaling RMB 94.0 million (approximately $13.3 million) from Citibank at a fixed annual interest rate of 2.4%[88] - Nanjing GenScript Biotech Corporation borrowed short-term loans totaling RMB 50.0 million (approximately $7.1 million) from China Merchants Bank at a fixed annual interest rate of 2.5%[88] - Nanjing GenScript Biotech Corporation borrowed short-term loans totaling RMB 121.2 million (approximately $17.1 million) from China CITIC Bank at fixed annual interest rates ranging from 1.4% to 1.7%[88] - Jiangsu GenScript Biotech Corporation borrowed short-term loans totaling RMB 23.7 million (approximately $3.4 million) from China CITIC Bank at fixed annual interest rates ranging from 1.4% to 1.5%[88] - Nanjing Probio borrowed a short-term interest-bearing loan of RMB 10.0 million (approximately USD 1.4 million) from China Merchants Bank with a fixed annual interest rate of 2.6% for daily operations[89] - Nanjing Probio borrowed a short-term interest-bearing loan of RMB 72.4 million (approximately USD 10.2 million) from CITIC Bank with a fixed annual interest rate of 1.5% to 1.7% through bank bill discounting[89] - Jiangsu Probio borrowed a short-term interest-bearing loan of RMB 10.0 million (approximately USD 1.4 million) from China Merchants Bank with a fixed annual interest rate of 2.6% for daily operations[89] - Jiangsu Probio borrowed a long-term interest-bearing loan of RMB 41.6 million (approximately USD 5.9 million) from China Construction Bank and Jiangsu Bank with a fixed annual interest rate of 4.2%, using land use rights as collateral for factory construction[89] - Legend received prepaid funds totaling USD 250.0 million from a partner, with interest payable of USD 31.3 million as of December 31, 2023[91] - The group's current ratio improved to 4.8 (from 3.2 in 2022), and the debt-to-asset ratio decreased to 39.6% (from 46.5% in 2022)[94] - The group has USD 60.0 million in outstanding foreign exchange forward and option contracts as of December 31, 2023, to manage currency risk[98] - The group's assets in Tokyo, Japan, valued at approximately JPY 1.2 billion (USD 8.3 million), were mortgaged for a JPY 10.0 million (USD 71,000) loan[92] - Jiangsu Probio's land use rights valued at RMB 35.7 million (USD 5.0 million) were mortgaged for a RMB 41.6 million (USD 5.9 million) loan[92] R&D and Clinical Trials - The company plans to invest in R&D to enhance capabilities in cell and gene therapy (CGT) and other advanced therapies[34] - R&D expenses for 2023 increased by 10.9% to $432.8 million, compared to $390.1 million in 2022, driven by increased investment in cilta-cel clinical trials and other pipeline projects[55] - The company is actively conducting clinical trials to expand CARVYKTI's target market for early-stage multiple myeloma patients[21] - Legend Biotech submitted a supplemental Biologics License Application to the FDA to expand the indication of CARVYKTI® for multiple myeloma treatment[43] - CARVYKTI® (cilta-cel) received FDA approval in April 2024 for the treatment of relapsed or refractory multiple myeloma in adult patients who have received at least one prior line of therapy, including a proteasome inhibitor and an immunomodulatory agent, and are lenalidomide-resistant[44] - CARVYKTI® is currently marketed in the U.S., Germany, and Austria, with growing commercial demand from both the U.S. and Europe[44] - The cell therapy segment revenue for 2023 was approximately $285.1 million, a 143.7% increase compared to $117.0 million in 2022, driven by collaboration revenue from CARVYKTI sales under the Janssen agreement[47] - The cell therapy segment's adjusted gross profit for 2023 was approximately $143.9 million, a 171.5% increase compared to $53.0 million in 2022[47] - Legend Biotech received milestone payments of $15 million and $20 million from Janssen for regulatory submissions in Europe and the US, respectively[107] - Legend Biotech entered into a licensing agreement with Novartis, receiving a $100 million upfront payment and potential milestone payments of up to $1.01 billion[107] Operational Efficiency and Market Strategy - The company optimized its management team and market strategy to address production difficulties in its Bestzyme business[22] - The company's inventory turnover days decreased to 62 days in 2023 from 71 days in 2022[17] - The company plans to increase R&D investment, enhance operational efficiency through digital transformation, and expand global production capacity to mitigate supply chain risks[111] - In the life sciences division, the company aims to improve throughput and reduce costs through automation and AI-driven R&D capabilities[112] - The group plans to expand production capacity globally, including molecular biology and protein business capacity in China and overseas markets, and GMP production facilities for plasmids and vectors in China and the US[95] - The company aims to expand production capacity in the US, Singapore, and mainland China to support long-term growth[34] - The company intends to increase market penetration in North America and expand production capacity to reduce supply chain risks[39] - The company plans to leverage its synthetic biology capabilities to provide innovative products in new application areas[41] Employee and Management - As of December 31, 2023, the company had a professional team of approximately 6,937 members[5] - The company's total employee compensation expenses (excluding equity-settled share-based compensation) amounted to approximately $449.8 million, representing 53.6% of total revenue[113] - The company has adopted multiple equity incentive plans, including pre-IPO and post-IPO share option plans, to reward employees and directors for their contributions[114][115] - Total number of employees as of December 31, 2023, is 6,937, with production staff accounting for 53.4% (3,706 employees), sales and marketing for 9.2% (639 employees), administration for 15.7% (1,090 employees), R&D for 9.8% (677 employees), and management for 11.9% (825 employees)[116] - The company's compensation policy for directors and senior management is based on the company's operating performance, individual performance, and comparable market data, and is regularly reviewed by the Remuneration Committee[116] - The company invests in continuous education and training programs for employees to enhance their skills and knowledge, covering technical knowledge, environmental protection, health and safety management systems, and mandatory training required by applicable laws and regulations[117] - The board of directors consists of 13 members, including 4 executive directors, 3 non-executive directors, and 6 independent non-executive directors

证券研究报告 公 2024年04月07日 司 报 告 金斯瑞生物科技(01548) │ 行 业： 医药生物/生物制品 港 投资评级： 买入（维持） 股 - 传奇生物CARVYKTI，全球首款获批MM二线治疗的BCMA靶向疗法 当前价格： 13.54港元 公 目标价格： 27.47港元 司 事件： 点 基本数据 评 研 美国东部时间2024年4月5日，金斯瑞子公司传奇生物宣布，美国FDA已 总股本/流通股本(百万股) 2,124.03/2,124.03 究 批准CARVYKTI用于治疗既往至少接受过一线治疗，包括一种蛋白酶体抑制 流通市值(百万港元) 28,759.33 剂（PI）和一种免疫调节剂（IMiD)且对来那度胺耐药的复发或难治性多发 每股净资产(元) 5.01 性骨髓瘤（RRMM）患者。在全球已获批的包括 CAR-T 疗法、双特异性抗体 资产负债率(%) 38.36 和抗体药物偶联物（ADC）在内的 B 细胞成熟抗原 (BCMA) 靶向疗法中， 一年内最高/最低(港元) 24.95/12.56 CARVYKTI是首个且唯一获批用于多发性骨髓瘤患者二线治疗的。 股价相对走势 ➢ 全球首款CAR-T获批二 ...

证券研究报告 公 2024年03月29日 司 报 告 金斯瑞生物科技(01548) 行 业： 医药生物/生物制品 │ 港 投资评级： 买入（维持） 股 当前价格： 14.50港元 细胞疗法+生命科学双轮驱动的 CGT 产业链龙头 - 公 目标价格： 27.43港元 司 事件： 年 基本数据 报 点 公司发布2023年度业绩，2023全年实现营收8.40亿美元，同比+34.2%； 总股本/流通股本(百万股) 2,123.86/2,123.86 评 毛利润4.10亿美元，同比+34.7%；经调整净利润-2.98亿美元，同比收窄 流通市值(百万港元) 30,795.98 17.0%。业绩基本符合预期。 每股净资产(元) 5.01 资产负债率(%) 38.36 ➢ 生命科学等非细胞疗法业务保持稳健增长 一年内最高/最低(港元) 24.95/12.56 2023年非细胞疗法业务营收5.55亿美元，同比+8.9%；经调整净利润0.58 亿美元，同比-6.9%。其中生命科学业务营收 4.05 亿美元，同比+15.6%， 股价相对走势 受益于欧美业务量和海外营运效率提升，经调整净利润0.78亿美元，同比 金斯瑞生物科技 +1 ...

研究报告Research Report 15 Mar 2024 金斯瑞生物科技 Genscript Biotech (1548 HK) 2023 年点评：生命科学业务展现韧劲，CARVYKTI 商业化持续放量，看好前线治疗获批 23FY Review: Life science business shows resilience, and the commercialization of CARVYKTI continues to increase, and we expect frontline treatment will be approved. [观Ta点bl聚e_焦yem Inevie1s] tment Focus [Tab维le_持Inf优o] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件 评级 优于大市OUTPERFORM 现价 HK$17.20 公司发布 2023 年业绩：2023 年，公司实现营业收入 8.40 亿美元 目标价 HK$30.45 （+34%），其中非细胞治疗板块，外部收入5.55亿美 ...

金斯瑞生物科技（1548.HK）公司点评 CARVYKTI用于早期治疗获ODAC推荐，加速前线扩展和产能提升 2024年03月16日 ➢ 事件：3月16日，传奇生物发布公告，CARVYKTI获得美国FDA肿瘤药物 推荐 维持评级 咨询委员会（ODAC）用于复发或难治性多发性骨髓瘤患者早期治疗的推荐，该 当前价格： 17.20港元 积极建议是委员会对 3 期研究 CARTITUDE-4 的疗效和安全性数据进行评估后 提出的。ODAC一致投票支持CARVYKTI（11票对0票），认为其对拟议适应症 [Table_Author] 的风险-获益评估结果良好。CARTITUDE-4支持的补充生物制品许可申请正在接 受FDA审查，PDUFA目标日期为2024年4月5日。 ➢ CARVYKTI 持续提高市场渗透率，前线适应症扩展和产能提升快速推进。 2023年CARVYKTI实现5亿美元的全球销售额，同比增长273%，传奇生物持 续投入研发以推进 CARVYKTI 用于多发性骨髓瘤的前线治疗，目前已获得 FDA ODAC和EMA CHMP用于前线治疗的积极意见，公司预计2024年CARVYKTI 分析师 王班 标签扩展至前 ...

[Table_StockInfo] 买入 2024年 03月 12日 证券研究报告•2023年年报点评 当前价： 15.52港元 金斯瑞生物科技（1548.HK） 目标价： 32.55港元 Cilta-cel 持续高速放量，四位一体未来可期 投资要点 西南证券研究发展中心 [T ab事le件_S：um公m司a披ry露] 2023年年报，2023年集团实现收益 8.4亿美元（+34.2%）， [分Ta析bl师e_：Au杜th向or阳] 实现毛利4.1亿美元（+34.7%），集团亏损较2022年的约4.3亿美元收窄至约 执业证号：S1250520030002 3.6亿美元，经调整净亏损较2022年的约3.6亿美元收窄至约3亿美元。 电话：021-68416017 邮箱：duxy@swsc.com.cn  细胞疗法：Carvykti商业化持续放量，前线治疗临床试验推进顺利。2023年公 司细胞疗法外部收益约为2.9亿美元（+144.2%），CARVYKTI®（西达基奥仑赛， [相Tab对le指_Q数u表ot现eP ic] cilta-cel）2023Q4和全年净贸易销售额分别约为1.59亿美元和5亿美元。欧洲 ...

股 票 研 究 [Table_industryInfo] 医药 [ Table_Main[金I Tnaf 斯bol]e 瑞_Ti生tle]物 科技（1548） [评Tab级le_：Inv est] 增持 当前价格（港元）： 17.28 业绩符合预期，细胞疗法提线在即 2024.03.14 海 ——金斯瑞生物科技2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 丁丹(分析师) 甘坛焕(分析师) 52周内股价区间（港元） 12.82-24.45 当前股本（百万股） 2,123 公 0755-23976735 021-38675855 当前市值（百万港元） 36,690 司 dingdan@gtjas.com gantanhuan028803@gtjas.com 证书编号 S0880514030001 S0880523080007 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023年公司细胞疗法持续放量，欧美提线（2-4L）治疗r/r MM有望2024年获批， 金斯瑞生物科技 恒生指数 患者人群数有望进一步扩大，细胞疗法有望加速放量，维持“增持”评级。 香 ...

证券研究报告·海外公司点评·药品及生物科技(HS) 金斯瑞生物科技（01548.HK） 2023 年年报点评：业务多点开花，业绩快速 2024年 03月 14日 增长 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 628.52 841.55 1,168.83 1,711.65 2,581.05 同比 22.78% 33.89% 38.89% 46.44% 50.79% 金斯瑞生物科技 恒生指数 26% 归母净利润（百万元） -226.85 -95.48 -62.05 32.91 162.93 20% 14% 同比 34.79% 57.91% 35.01% 153.05% 395.01% 8% 2% -4% EPS-最新摊薄（元/股） -0.11 -0.04 -0.03 0.02 0.08 -10% -16% -22% P/E（现价&最新摊薄） - - - 1,114.69 225.19 -- 32 48 %% [关T ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The life sciences business showed robust growth with revenues of approximately $413 million in 2023, a year-over-year increase of 14.5%, and an adjusted gross margin of 54.4% [2]. - The CDMO business experienced a slight decline in revenue, achieving $109 million in 2023, down 12% year-over-year, primarily due to capacity utilization and pricing pressures [2]. - Sales of the cell therapy product Cilta-cel surged to $500 million in 2023, reflecting a 273% increase year-over-year, indicating a strong growth trajectory [2]. - The company reported total revenues of $840 million for 2023, a 34.2% increase year-over-year, with an adjusted net loss of approximately $298 million, showing a reduction in losses compared to the previous year [2]. Financial Performance Summary - Revenue projections for 2024-2026 indicate significant growth, with expected revenues of $1.188 billion in 2024 and $3.099 billion in 2026, reflecting growth rates of 41.1% and 56.3% respectively [4]. - The adjusted net profit forecast for 2024 is -$106 million, improving to $114 million in 2025 and reaching $381 million in 2026 [4]. - The earnings per share (EPS) is projected to improve from -$0.05 in 2024 to $0.18 in 2026 [4].

Investment Rating - The report assigns a "Buy" rating for the company, Kingsray Biotech (1548 HK), with a target price of HKD 27.75, indicating a potential upside of 78.8% from the current closing price of HKD 15.52 [1][10]. Core Insights - The company demonstrated resilience in its performance during 2023, with revenues reaching USD 840 million, a year-on-year increase of 34.2%, aligning closely with previous expectations [1]. - Adjusted net loss for 2023 was USD 298 million, significantly better than the anticipated loss of USD 395 million, showcasing improved operational efficiency [1]. - The overall gross margin stood at 48.8%, exceeding the forecast of 46.5%, primarily driven by the rapid improvement in the gross margin of the cell therapy segment [1]. - The report anticipates a recovery in the company's CDMO business in 2024, supported by a gradual improvement in overseas financing and accelerated market expansion [1]. Revenue Performance and Guidance - Non-cell therapy business segments showed robust growth, with life sciences services generating external revenue of USD 405 million, up 16% year-on-year, slightly exceeding expectations [2]. - The report provides guidance for 2024, projecting a revenue growth of 15-20% for life sciences services, with gross margins stabilizing around 55% [2]. - The cell therapy segment is expected to achieve peak sales of at least USD 5 billion for cilta-cel, with production capacity anticipated to double by the end of 2025 [2]. Financial Projections - The report slightly adjusts revenue forecasts for 2024 and 2025 down by 0.6% and 0.5%, respectively, but reduces the net loss forecast for 2024 by 4% and increases the net profit forecast for 2025 from USD 940 million to USD 1.48 billion [2]. - The introduction of 2026 profit forecasts estimates revenue at USD 2.16 billion, with a compound annual growth rate (CAGR) of 37% from 2023 to 2026 [2]. Valuation and Target Price - The report employs a sum-of-the-parts (SOTP) valuation method, leading to a target price of HKD 27.75, maintaining the "Buy" rating [2][8]. - The valuation breakdown indicates that the cell therapy segment contributes significantly to the overall target valuation, accounting for 69% of the total [8].