Investment Rating - The report assigns a **Buy** rating to Simcere Pharmaceutical (2096 HK) with a target price of HK$10.00, representing a potential upside of 53.2% from the current price of HK$6.53 [5] Core Views - Simcere Pharmaceutical has entered into a licensing agreement with AbbVie for SIM0500, a BCMA x GPRC5D x CD3 trispecific antibody, with a total potential deal value exceeding $1.055 billion [1] - SIM0500 is currently in Phase I clinical trials for relapsed/refractory multiple myeloma (MM), a market with significant potential as the global MM treatment market is projected to reach $26.7 billion by 2024 [1] - The deal represents the second and largest out-licensing transaction in Simcere's history, following the 2022 licensing of SIM0278 to Almirall [1] - SIM0500 also shows potential in autoimmune diseases due to its ability to target B cells expressing BCMA and GPRC5D, with other BCMA-targeting drugs already demonstrating efficacy in conditions like Sjögren's syndrome and rheumatoid arthritis [1] - The TCE platform has been validated through this deal, with three additional molecules targeting AML, CLL/DLBCL, and solid tumors expected to enter clinical trials soon [1] Market Potential - The global MM market is substantial, with 188,000 new cases and 121,000 deaths annually, making it the largest single subtype in the hematologic oncology market [1] - SIM0500 has shown superior tumor suppression in preclinical models compared to competing BCMA x CD3 bispecific antibodies and GPRC5D x CD3 bispecific antibodies [1] - The low-affinity targeting of CD3 and subcutaneous injection formulation may reduce CRS risk and improve administration convenience [1]

Investment Rating - The report does not provide a specific investment rating for Simcere Pharmaceutical (2096 HK) [1] Core Views - Simcere Pharmaceutical's new drug Xianbixin sublingual tablets have been approved for market, which is expected to synergize with the injectable form to improve stroke treatment accessibility [2] - Two other drugs, Celsera and Enlituo, have been included in the National Reimbursement Drug List (NRDL), significantly enhancing their market accessibility [3] - The company's innovative drug revenue accounted for over 70% of total revenue in H1 2024, with a noticeable increase in gross margin [4] Financial Performance - In H1 2024, Simcere Pharmaceutical's revenue from innovative drugs reached 2 2 billion yuan, accounting for 70 7% of total revenue [4] - The company's gross margin in H1 2024 was 79 1%, an increase of 3 4 percentage points compared to the same period in 2023 [4] - Revenue is projected to grow from 6 64 billion yuan in 2024 to 9 36 billion yuan in 2026, with net profit expected to increase from 714 76 million yuan to 1 78 billion yuan over the same period [6][10] Product Pipeline - Xianbixin sublingual tablets showed a 64 4% functional recovery rate in clinical trials, significantly higher than the placebo group's 54 7% [2] - Celsera, a drug that protects bone marrow during chemotherapy, was successfully included in the NRDL and achieved localization in Hainan Province, potentially improving product gross margin [3] - Enlituo, a domestically developed EGFR monoclonal antibody, was approved in China in June 2024 and also included in the NRDL [3] Market Expectations - Xianbixin sublingual tablets are expected to achieve penetration rates of 0 9% and 3 9% in 2025 and 2026, respectively, with corresponding revenues of 250 million yuan and 650 million yuan [9] - Celsera is projected to reach penetration rates of 4%, 12%, and 16% in 2024, 2025, and 2026, respectively, with revenues of 220 million yuan, 420 million yuan, and 560 million yuan [9] - The company's overall revenue is expected to grow at a compound annual growth rate (CAGR) of 18 8% from 2024 to 2026 [10]

先聲藥業集團有限公司 | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------|-------|-------|----------------|-------|-------| | | | | | | | | （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） 股 份 代 號 : | | | | | | | 2024 中期報告 | | | | | | | | | | | | | | | | | | | | | | | | 讓患者早日用上 | | | | | | | | 藥物 | | 目錄 公司資料 2 財務概要 4 公司概覽 5 管理層討論及分析 7 31 企業管治及其他資料 獨立核數師審閱報告 43 44 合併損益表 合併損益及其他全面收益表 45 合併財務狀況表 46 合併權益變動表 48 51 簡明合併現金流量表 未經審核中期財務報告附註 52 公司資料 獨立非執行董事 宋瑞霖先生 汪建國先生 王新華先生 宋嘉桓先生 審計委員會 王新華先生（主席） 宋瑞霖先生 汪 ...

Investment Rating - The report maintains a "Buy" rating for Simcere Pharmaceutical Group (02096) [4] Core Views - Simcere Pharmaceutical's adjusted net profit grew rapidly in H1 2024, driven by the commercialization of innovative drugs [1] - The company's innovative drug revenue accounted for over 70% of total revenue, with a strong trend of increasing proportion [1] - Multiple blockbuster innovative drugs have made progress, with one new drug approved and two new drug NDAs accepted [1] - The report is optimistic about the company's performance growth from 2024 to 2026, driven by both existing and new innovative drug products [1][2] Financial Performance - H1 2024 revenue was approximately RMB 3.114 billion (YoY -7.9%), mainly due to declines in promotion service revenue and Simceres sales [1] - Innovative drug revenue was approximately RMB 2.203 billion (YoY -8.7%), accounting for 70.7% of total revenue [1] - Net profit attributable to shareholders was RMB 457 million (YoY -79.9%), while adjusted net profit was RMB 538 million (YoY +36.5%) [1] Innovation Progress - One new innovative drug, Enlituo, was approved for marketing [1] - Two new innovative drugs, Enzeshu and Keweike, had their NDAs accepted [1] - Leduquimab (IL-4Rα) completed FPI for two indications: atopic dermatitis and asthma [1] Financial Forecasts - 2024-2026 EPS is projected to be RMB 0.38, 0.48, and 0.59 per share respectively [2] - 2024E revenue is forecasted at RMB 7.459 billion (+13% YoY), with net profit of RMB 960 million (+34% YoY) [3][7] - 2025E revenue is projected at RMB 8.666 billion (+16% YoY), with net profit of RMB 1.225 billion (+28% YoY) [3][7] - 2026E revenue is expected to reach RMB 9.802 billion (+13% YoY), with net profit of RMB 1.489 billion (+22% YoY) [3][7] Valuation - As of September 4, 2024, the stock's closing price corresponds to a 2024 PE of 15x [2] - The report maintains a positive outlook on the company's growth potential driven by its innovative drug portfolio [2] Key Financial Ratios - Gross margin is expected to increase from 75.43% in 2023 to 81.25% in 2026 [9] - Net profit margin is projected to grow from 10.82% in 2023 to 15.19% in 2026 [9] - ROE is forecasted to improve from 9.90% in 2023 to 15.84% in 2026 [9] - Debt-to-asset ratio is expected to decrease from 33.45% in 2023 to 29.69% in 2026 [9]

Investment Rating - Maintains a **Buy** rating for Simcere Pharmaceutical (2096 HK) with a target price of HKD 10.00, implying a potential upside of 90.9% [1] Core Views - **1H24 Performance**: Adjusted net profit grew by 36% YoY, driven by gross margin recovery (+3.3ppts) and reduced R&D expense ratio (-4.8ppts) [1] - **Revenue Recovery**: Expected 2024-26 revenue CAGR of 14%, supported by stable sales of Xianbixin and rapid market penetration of new products [1] - **New Product Launches**: Key products like Xianbixin (sublingual tablet), Cosela, and Suvaximab are expected to drive growth, with combined peak sales potential exceeding RMB 8.5 billion [1] Financial Performance - **1H24 Revenue**: Declined by 7.9% YoY, with innovative drug revenue down 8.7%, accounting for 70.7% of total revenue [1] - **Gross Margin**: Improved to 78.8% in 2024E, up 0.3ppts from previous forecasts, with further improvement expected to 79.8% by 2026E [4] - **Adjusted Net Profit**: Forecasted to grow at a CAGR of 21% from 2024-26, reaching RMB 1.37 billion by 2026E [1][4] Product Pipeline and Market Potential - **Xianbixin**: Sales expected to stabilize, with sublingual tablet launch expanding treatment scenarios and maintaining a peak sales target of RMB 5.5 billion [1] - **Cosela**: Potential inclusion in NRDL by end of 2024 could drive annual sales to exceed RMB 500 million [1] - **New Launches**: Suvaximab and Daliresib expected to contribute over RMB 3 billion in peak sales within the next 18 months [1] Valuation and Forecasts - **DCF Valuation**: Target price revised to HKD 10.00 based on updated financial forecasts, reflecting a 91% upside potential [1] - **Free Cash Flow**: Expected to grow from RMB 750 million in 2025E to RMB 1.83 billion by 2033E, driven by operational leverage and cost efficiency [5] Industry Comparison - **Biotech Sector**: Simcere Pharmaceutical is part of a broader biotech sector with strong growth potential, as evidenced by similar buy ratings for peers like Legend Biotech (LEGN US) and BeiGene (6160 HK) [6]

Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 3.114 billion, a decrease of 7.9% compared to RMB 3.382 billion in the same period of 2023[2] - Revenue from innovative drug business was approximately RMB 2.203 billion, accounting for 70.7% of total revenue, a decrease of 8.7% compared to RMB 2.413 billion in the same period of 2023[2] - Profit attributable to equity shareholders was approximately RMB 457 million, a decrease of 79.9% compared to RMB 2.274 billion in the same period of 2023[2] - Adjusted profit attributable to equity shareholders was approximately RMB 538 million, an increase of 36.5% compared to RMB 394 million in the same period of 2023[2] - Revenue for the six months ended June 30, 2024, was RMB 3,113.5 million, a decrease from RMB 3,381.7 million in the same period in 2023[75] - Gross profit for the six months ended June 30, 2024, was RMB 2,461.9 million, compared to RMB 2,561.3 million in 2023[75] - Operating profit for the six months ended June 30, 2024, was RMB 492.2 million, a significant decrease from RMB 2,311.0 million in 2023[75] - Net profit attributable to equity shareholders for the six months ended June 30, 2024, was RMB 456.6 million, down from RMB 2,273.7 million in 2023[76] - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.18, compared to RMB 0.87 in 2023[76] - R&D expenses for the six months ended June 30, 2024, were RMB 566.1 million, a decrease from RMB 775.9 million in 2023[75] - Sales and distribution expenses for the six months ended June 30, 2024, were RMB 1,155.6 million, down from RMB 1,247.5 million in 2023[75] - Administrative and other operating expenses for the six months ended June 30, 2024, were RMB 230.8 million, compared to RMB 257.5 million in 2023[75] - Revenue for the six months ended June 30, 2024, was RMB 3,113,524 thousand, compared to RMB 3,381,695 thousand in the same period in 2023, representing a decrease of approximately 7.9%[90] - Government subsidies increased to RMB 64,360 thousand in 2024 from RMB 59,844 thousand in 2023, reflecting a 7.5% increase[92] - Other (losses)/gains net amounted to a loss of RMB 90,519 thousand in 2024, compared to a gain of RMB 1,953,152 thousand in 2023, primarily due to losses on financial assets measured at fair value[93] - The company sold its 50% stake in Jiangsu Bochuangyuan Biopharmaceutical Co., Ltd. for RMB 200,000 thousand, resulting in a net gain of RMB 197,222 thousand[93] - The sale of the company's total equity in Xiansheng (Shanghai) Pharmaceutical Co., Ltd. generated a net gain of RMB 592,269 thousand[94] - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.18, compared to RMB 0.87 in the same period in 2023[100] R&D and Innovation - The company has 14 products included in guidelines and pathways issued by over 100 government agencies or authoritative professional societies, and more than 40 products are included in the National Reimbursement Drug List (NRDL)[4] - The company has approximately 880 R&D personnel, including about 160 PhDs and 460 master's degree holders[4] - The company has established strategic partnerships with multiple innovative enterprises, research institutes, and clinical centers for collaborative R&D and technology transfer[5] - The company has a Scientific Advisory Board (SAB) consisting of over ten leading global scientists in oncology, neuroscience, and autoimmune fields to provide scientific advice for early drug discovery and clinical development[5] - The company's innovative drug R&D pipeline exceeds 60 projects, with 6 new IND approvals, 6 FPI/FIH achievements, and 2 LPI achievements[8] - The company has over 60 innovative drug R&D pipelines, with 16 innovative drugs currently in clinical research, 4 in NDA/key clinical stages, 12 in Phase I/II stages, and approximately 40 in preclinical stages[12] - SIM0270 (SERD BM) is in development for breast cancer, while SIM0235 (TNFR2) targets advanced solid tumors and CTCL in both China and the US[13] - SIM0500 (GPRC5D-BCMA-CD3 trispecific antibody) is being developed for multiple myeloma in China and the US[13] - SIM0395 (PI3K/mTOR) is in Phase II trials for glioblastoma under the GBM AGILE study[13] - SIM0800 (AQP4) is in development for stroke-associated brain edema in China[13] - SIM0295 (URAT1) targets gout with hyperuricemia in China[13] - SIM0270 (SERD) completed Phase I clinical trials with over 200 patients enrolled, demonstrating superior efficacy and brain-blood ratio compared to competitors, and submitted a Pre-III meeting application to CDE on July 7, 2024[31] - SIM0235, a humanized TNFR2 monoclonal antibody, showed significant single-agent efficacy and potential for combination with PD-1 in preclinical models[32] - SIM0237 (PD-L1/IL15v bispecific antibody) achieved First Patient In (FPI) for non-muscle invasive bladder cancer patients on January 23, 2024[33] - SIM0501 (USP1 small molecule inhibitor) received NMPA approval for clinical trials in advanced malignant solid tumors on January 10, 2024, and completed First-in-Human (FIH) trial on March 19, 2024[34] - SIM0500 (GPRC5D-BCMA-CD3 trispecific antibody) received FDA IND approval on March 9, 2024, and NMPA IND approval on March 12, 2024, for relapsed or refractory multiple myeloma, and was granted FDA Fast Track designation on April 9, 2024[35] - SIM0395 (Paxalisib) showed promising clinical efficacy signals in MGMT unmethylated glioblastoma patients in a Phase II study, with key Phase III trial results expected in 2024[37] - SIM0506 (SOS1 small molecule inhibitor) received NMPA IND approval on April 26, 2024, for clinical trials in advanced solid tumors with KRAS pathway mutations[40] - SIM0508 (Polθ small molecule inhibitor) had its clinical trial application accepted by NMPA on June 4, 2024, with plans to submit to FDA by July 30, 2024[40] - SIM0505 (CDH6-ADC) is planned for IND submissions to NMPA and FDA by the end of 2024 and first half of 2025, respectively, for ovarian and kidney cancers[41] - SIM0686 (FGFR2b-ADC) is planned for IND submissions to NMPA and FDA in the first half of 2025 for gastric and lung cancers[42] - The company has approximately 40 preclinical candidate drugs, focusing on First-in-Class (FIC) and Best-in-Class (BIC) potential targets[40] - R&D investment for the six months ended June 30, 2024, was approximately RMB 612 million, a decrease of 38.1% compared to RMB 989 million in the same period in 2023[49] - R&D expenses for the six months ended June 30, 2024, were approximately RMB 566 million, a decrease of 27.0% compared to RMB 776 million in the same period in 2023[49] Product Approvals and Launches - The company has expanded its commercialized innovative drugs to 7, with the addition of Enlituo® approved for market launch, and two new drugs, Enzeshu® and Keweike®, having their New Drug Applications (NDA) accepted[8] - Enzeshu® (Suvizumab Injection) NDA was accepted by NMPA on March 15, 2024, for the treatment of recurrent ovarian, fallopian tube, or primary peritoneal cancer after platinum-based chemotherapy failure[9] - Keweike® (Daridorexant Hydrochloride Tablets) received a drug registration certificate from the Hong Kong Pharmacy and Poisons Board on May 20, 2024, allowing its sale in Hong Kong[9] - Enlituo® (Cetuximab Beta Injection) was approved by NMPA on June 18, 2024, for the first-line treatment of metastatic colorectal cancer (mCRC) with RAS/BRAF wild-type genes[9] - The company's innovative drug Xiannuoxin® (Xiannuotewei Tablets/Ritonavir Tablets Combination Pack) received regular approval from NMPA on July 8, 2024, becoming the first orally administered anti-COVID-19 innovative drug in China to receive such approval[11] - Keweike® (Daridorexant Hydrochloride Tablets) NDA was accepted by NMPA on July 16, 2024, for the treatment of adult insomnia characterized by difficulty falling asleep and/or maintaining sleep[11] - Endu® (recombinant human endostatin injection) is the first anti-angiogenic targeted drug in China and the only endostatin approved for global sales, with new indications being explored for malignant pleural and peritoneal effusions[16] - Envida® (envafolimab injection) is the world's first subcutaneously administered PD-(L)1 antibody, with 9 studies presented at the 2024 ASCO Annual Meeting, covering biliary tract cancer, liver cancer, and other areas[17] - The company has 7 commercialized innovative drugs covering oncology, nervous system, autoimmune, and anti-infective disease areas[15] - Endu® was included in the "Expert Consensus on Diagnosis and Treatment of Lung Cancer with Malignant Pleural Effusion" by the Chinese Anti-Cancer Association in January 2024[16] - Kosela® (Trilaciclib Hydrochloride for Injection) achieved a sales milestone and obtained full rights in April 2023, with localized production approved in China in December 2023[18] - Kosela® was upgraded to a Class I recommendation with 1A evidence in the 2024 CSCO Small Cell Lung Cancer Diagnosis and Treatment Guidelines[19] - Enlituo® (Cetuximab Beta Injection) was approved in China on June 18, 2024, as the first domestically developed EGFR monoclonal antibody for mCRC treatment[19] - Xianbixin® (Edaravone Dexborneol Injection) held a 22% market share in the stroke injection market, covering approximately 630,000 patients and over 4,800 medical institutions as of June 30, 2024[21] - Xianbixin® demonstrated significant improvement in neurological outcomes for LAA stroke patients in post-hoc analyses of TASTE and TASTE-SL studies presented at the 10th European Stroke Organization Conference in May 2024[20] - Aidexin® (Iguratimod Tablets) has benefited over 1 million patients in China since its launch in 2012 and presented 5 research findings at the 2024 EULAR Annual Congress[22] - Xiannuoxin® (Xiannuotavir/Ritonavir Combination) became the first domestically developed 3CL-targeted anti-COVID-19 drug to receive full approval in China on July 8, 2024[23] - Xiannuoxin® demonstrated clinical efficacy across Omicron variants in a Phase II/III trial published in The New England Journal of Medicine in January 2024, involving 1,092 patients with a median age of 35[23] - Xianbixin® sublingual tablets significantly improved neurological function recovery and independent living ability in AIS patients, as shown in the TASTE-SL Phase III clinical study published in JAMA Neurology (impact factor: 29.0) on February 19, 2024[24] - Enzeshu® (Suvizumab) met the primary endpoint in the SCORES study, showing statistically and clinically significant PFS improvement compared to the placebo group, with a trend of OS benefit and manageable safety[25] - Enzeshu®'s new drug application was accepted by the NMPA on March 15, 2024, for recurrent ovarian, fallopian tube, or primary peritoneal cancer treatment after platinum-based chemotherapy failure[26] - Keweike® (Daridorexant) completed enrollment of 205 patients in its Phase III clinical trial on March 15, 2024, and its new drug application was accepted by the NMPA on July 16, 2024[27] - LNK01001, a highly selective JAK1 inhibitor, successfully completed Phase II clinical trials for RA, AS, and AD, with no major cardiovascular adverse events or malignancies observed[28] - Maduoxinuowei (PA inhibitor) received clinical approval for pediatric granules on February 21, 2024, and completed bioavailability bridging patient enrollment on April 1, 2024[29] - Ledekibart (IL-4Rα) achieved FPI in Phase III clinical trials for adult and adolescent atopic dermatitis on July 8, 2024, and for asthma on July 23, 2024[30] Market and Sales - The company's marketing network covers over 3,000 tertiary hospitals, approximately 17,000 other hospitals and medical institutions, and over 200 large national or regional chain pharmacies[4] - The company has six pharmaceutical production bases that comply with China's GMP requirements, with some production lines having passed EU GMP certification or FDA inspections[5] - Revenue from drug sales slightly decreased to RMB 2,955,614 thousand from RMB 3,062,491 thousand[88] - Promotion service revenue dropped to RMB 130,398 thousand from RMB 319,204 thousand[88] - R&D service revenue was reported at RMB 27,512 thousand, a new addition compared to the previous year[88] - Oncology segment revenue was approximately RMB 619 million, accounting for 19.9% of total revenue, a decrease of 20.9% year-over-year[48] - Neuroscience segment revenue was approximately RMB 909 million, accounting for 29.2% of total revenue, a decrease of 13.8% year-over-year[48] - Autoimmune segment revenue was approximately RMB 850 million, accounting for 27.3% of total revenue, an increase of 29.0% year-over-year[48] Financial Position and Cash Flow - Operating cash flow for the first half of 2024 was RMB 863 million, compared to a net cash outflow of RMB 82 million in the same period last year, primarily due to increased investment in innovative drugs such as Xiannuoxin® in 2023[56] - Cash and cash equivalents as of June 30, 2024, were RMB 2.755 billion, up from RMB 2.007 billion as of December 31, 2023[56] - Bank loan balance as of June 30, 2024, was RMB 1.003 billion, with RMB 994 million due within one year[56] - The current ratio as of June 30, 2024, was 209.9%, and the debt-to-asset ratio increased to 41.0% from 33.5% at the end of 2023, mainly due to a RMB 970 million investment received by a subsidiary and a RMB 401 million dividend payable[56] - Trade receivables and bills decreased to RMB 2,413,321 thousand from RMB 2,631,645 thousand[81] - Cash and cash equivalents increased significantly to RMB 2,754,982 thousand from RMB 2,007,162 thousand[81] - Total assets minus current liabilities grew to RMB 8,656,120 thousand from RMB 8,167,767 thousand[83] - Net current assets improved to RMB 3,361,019 thousand from RMB 2,953,044 thousand[83] - Total equity stood at RMB 6,908,713 thousand compared to RMB 7,222,736 thousand[84] - Trade receivables and notes receivable as of June 30, 2024, amounted to RMB 2,413,321 thousand, a decrease from RMB 2,631,645 thousand as of December 31, 2023[102] - The majority of trade receivables and notes receivable (85.6%) were within 3 months of the invoice date as of June 30, 2024[104] - Cash and cash equivalents increased to RMB 2,754,982 thousand as of June 30, 2024, compared to RMB 2,007,162 thousand as of December 31, 2023[105] - Cash and cash equivalents in mainland China reached RMB 2,050,807 thousand as of June 30, 2024, up from RMB 1,843,969 thousand as of December 31, 2023[105] - Short-term bank loans increased to RMB 993,773 thousand as of June 30, 2024, compared to RMB 762,427 thousand as of December 31, 2023[107] - Trade payables and notes payable totaled RMB 355,912 thousand as of June 30, 2024, up from RMB 317,218 thousand as of December 31, 2023[107] - Other payables and accrued expenses increased to RMB 1,473,730 thousand as of June 30, 2024, compared to RMB 1,229,812 thousand as of December 31, 2023[109] - The company's subsidiary, Hainan Simcere Zaiming Pharmaceutical Co., Ltd., completed an additional capital increase of RMB 970,000 thousand on June 4, 2024[111] - The redemption liability related to the capital increase was recorded at RMB 975,103 thousand as of June 30, 2024[112] - Dividends payable to equity shareholders for the past fiscal year amounted to RMB 401,484 thousand as of June 30, 2024[113] Acquisitions and Investments - The company completed the acquisition of Nanjing Jiayuantang Biotechnology Co., Ltd. in November 2023, which was accounted for as a business combination

Revenue and Financial Performance - Total revenue for 2023 reached RMB 6.608 billion, a 4.5% increase from RMB 6.324 billion in 2022[6] - Revenue from innovative drug business was RMB 4.756 billion, accounting for 72.0% of total revenue, a 15.2% increase from RMB 4.128 billion in 2022[6] - Revenue from the oncology field was RMB 1.576 billion, accounting for 23.9% of total revenue, a 10.2% increase from 2022[6] - Revenue from the autoimmune field was RMB 1.415 billion, accounting for 21.4% of total revenue, a 10.5% increase from 2022[6] - Revenue from other fields was RMB 1.648 billion, accounting for 24.9% of total revenue, a 22.3% increase from 2022[6] - Net profit attributable to equity shareholders was RMB 715 million, a 23.2% decrease from RMB 931 million in 2022[6] - Basic earnings per share were RMB 0.27, a 25.0% decrease from RMB 0.36 in 2022[6] - The company's innovative drug business accounted for 72.0% of total revenue in 2023, up from 35% five years ago[8] - Net profit attributable to equity shareholders in 2023 was approximately RMB 715 million, a decrease of RMB 216 million (23.2%) compared to RMB 931 million in 2022[64] - Cash and cash equivalents as of December 31, 2023, were approximately RMB 2.007 billion, up from RMB 1.658 billion in 2022[65] - The company's asset-liability ratio was 33.5% as of December 31, 2023, slightly down from 33.7% in 2022[65] - The company declared a final dividend of RMB 0.16 per share for 2023, totaling approximately RMB 417.56 million[72] - The company's bank loan balance as of December 31, 2023, was approximately RMB 1.221 billion, with RMB 1.015 billion due within one year[65] - The company's fixed deposit balance decreased significantly to RMB 12 million as of December 31, 2023, from RMB 975 million in 2022[65] - The company's pledged assets as of December 31, 2023, included RMB 76 million in receivables and RMB 53 million in bank deposits[66] - Available distributable reserves as of December 31, 2023, were RMB 132,582,000, down from RMB 252,418,000 in 2022[83] R&D and Innovation - R&D expenses were RMB 1.563 billion, a 9.6% decrease from RMB 1.728 billion in 2022, accounting for 23.7% of total revenue[6] - The company's R&D investment exceeded RMB 7 billion over the past five years[8] - The company has 14 products included in over 100 guidelines and pathways issued by government agencies or authoritative professional societies[7] - The company has a total of 1,000 R&D personnel, including approximately 170 PhDs and 490 master's degree holders[7] - The company plans to launch five to six innovative drugs in the next three years[8] - The company has an innovative product pipeline of over 60 new drugs, with 15 innovative drugs currently undergoing registration clinical studies[12] - Three new drug molecules are in the NDA or Phase III clinical research stage: Xianbixin® sublingual tablets, Enzesu® (Suvizumab for Injection), and Daliresin Hydrochloride Tablets[12] - Seven new preclinical candidate compounds (PCC) were added in 2023, including SIM0500, SIM0501, SIM0505, SIM0508, SIM0810, SIM0391, and SIM0682[12] - Six new indications/combinations entered clinical trials in 2023, including SIM0270, SIM0235, Xianbixin®, SIM0348, SIM0237, and Xianbixin® sublingual tablets[12] - Six first-in-human (FIH) trials were achieved in 2023, including SIM0237, SIM0348, Xianbixin®, SIM0278, Xianbixin® sublingual tablets, and Daliresin[12] - Enzesu® (Suvizumab for Injection) achieved the primary endpoint in a Phase III clinical trial for recurrent platinum-resistant epithelial ovarian cancer, fallopian tube cancer, and primary peritoneal cancer[13] - Xianbixin® sublingual tablets showed a significant improvement in functional outcomes for acute ischemic stroke patients compared to placebo (64.4% vs. 54.7%)[13] - The company's total R&D investment in 2023 was approximately RMB 1.96 billion, a 1.2% increase from 2022[15] - R&D expenses in 2023 were approximately RMB 1.563 billion, a 9.6% decrease from 2022[15] - New intangible assets from licensed rights in 2023 were approximately RMB 397 million, an 89.4% increase from 2022[15] - The company plans to accelerate the implementation of Innovation Strategy 2.0 in 2024, focusing on maximizing the value of innovation in China and expanding global innovation capabilities[16] - The company currently has six commercialized innovative drugs and nearly 60 innovative drug pipelines, with 15 new drug molecules undergoing registration clinical studies, including three in NDA or Phase III, 12 in Phase I/II, and approximately 40 in preclinical stages[17] - The company's innovative drug pipeline includes monoclonal antibodies, bispecific antibodies, multi-antibodies, fusion proteins, ADCs, and small molecule drugs, with significant clinical and commercialization potential[17] - The company has completed the construction of a new API base and antibody factory to enhance production efficiency and cost advantages, supporting pipeline expansion and market competitiveness[16] - The company is actively seeking external licensing opportunities and collaborating with industry partners to drive innovation and achieve win-win outcomes[16] - The company aims to improve R&D and business development (BD) capabilities, focusing on differentiated mechanisms, targets, and drug forms to enhance clinical value and pipeline synergy[16] - The company is committed to upgrading management and improving R&D and marketing operational efficiency to explore sustainable innovation development paths[16] - The company's drug Xianbixin® has been included in multiple clinical guidelines and consensus documents in China, and its Phase III clinical trial results were published in the international medical journal "STROKE"[21] - The TASTE II study for Xianbixin® completed follow-up of the last patient, enrolling over 1,300 AIS patients within 24 hours of onset, with results expected to be published in academic journals or conferences[23] - Xianbixin® is the only Class IIa recommended brain cell protection drug in the "Chinese Clinical Management Guidelines for Cerebrovascular Diseases (2nd Edition)" based on positive results from the TASTE study[23] - The EXPAND study for Xianbixin® completed enrollment of 4,750 AIS patients, with preliminary results selected for presentation at the 2024 ESOC conference[23] - Xianbixin® covered approximately 1.07 million patients and over 5,000 medical institutions as of December 31, 2023[23] - The company's drug Xianbixin® (edaravone dexborneol injection) has been approved for a new indication for intracerebral hemorrhage (ICH) and has initiated a Phase II clinical trial, with over 80 patients enrolled as of the report date[21][22] Product Performance and Market Coverage - The company's product Xiannuoxin® (Xiannuotewei tablets/Ritonavir tablets combination package) has covered 31 provinces, 306 cities, and over 3,800 medical institutions, benefiting 670,000 patients[11] - The company's product Xianbixin® (Edaravone Dexborneol Injection Concentrate) has benefited approximately 1.07 million patients and covered about 5,000 medical institutions[10] - The company's product Aidisin® (Ailamod Tablets) saw a year-on-year growth of approximately 21% in benefiting Chinese rheumatoid arthritis patients[11] - The company's product Kecera® (Trilaciclib Hydrochloride for Injection) achieved commercialization in China and was approved for regular marketing on October 27, 2023[10] - The company's marketing network covers over 2,800 tertiary hospitals, approximately 17,000 other hospitals and medical institutions, and over 200 large national or regional chain pharmacies[7] - Endostar® (recombinant human endostatin injection) was included in the national medical insurance drug list in 2017 and is recommended in multiple clinical practice guidelines for NSCLC[25] - Two studies on Endostar® combined with immunotherapy presented at the 2023 ASCO annual meeting showed promising results for first-line and second-line treatment of advanced NSCLC[25] - The ENPOWER study presented at the 2023 WCLC showed that Endostar® combined with PD-1 inhibitors and chemotherapy provided good clinical efficacy and tolerable toxicity for EGFR/ALK-negative advanced NSCLC[26] - Envafolimab® (Envarsus®) was included in six important CSCO guidelines for 2023, including gastric cancer, colorectal cancer, and endometrial cancer[28] - Envafolimab® studies on liver cancer and rectal cancer were selected for poster presentations at the 2023 ASCO Gastrointestinal Cancers Symposium[28] - Endostar® was recommended in the 2023 Chinese Expert Consensus on Malignant Pleural Effusion Treatment and the 2024 Expert Consensus on Diagnosis and Treatment of Lung Cancer with Malignant Pleural Effusion[27] - Envida® (Envafolimab) was recommended for the treatment of advanced/recurrent gynecological tumors with MSI-H/dMMR in the "Guidelines for Clinical Application of Immune Checkpoint Inhibitors in Gynecological Tumors (2023 Edition)" based on CN006 study (2B evidence)[29] - At the 2023 ASCO Annual Meeting, two Envida®-related studies were presented, showing promising efficacy in gastric cancer and soft tissue sarcoma, particularly in combination with SOX (oxaliplatin and tegafur) for PD-L1-positive advanced gastric adenocarcinoma[29] - Envida® was recommended for advanced/recurrent endometrial cancer with MSI-H/dMMR in the "Chinese Medical Association Gynecological Oncology Clinical Guidelines 7th Edition (2023)" (2B evidence)[29] - Three Envida® clinical studies were presented at the 23rd World Conference on Lung Cancer (WCLC), showing efficacy and tolerability in combination with Endostar® for PD-L1≥1% advanced NSCLC, and promising results in combination with Endostar® and β-glucan for immunotherapy-resistant NSCLC[29] - Five Envida® studies were presented at the 2023 ESMO Congress, demonstrating antitumor efficacy and safety in hepatocellular carcinoma, NSCLC, and colorectal cancer cohorts, as well as in combination with lenvatinib for PD-1-resistant NSCLC[29] - Cosela® (Trilaciclib) reduced the incidence of ADC-related adverse events by more than 50% in a Phase II trial for unresectable locally advanced or metastatic triple-negative breast cancer (TNBC)[31] - A population pharmacokinetic analysis of Trilaciclib in extensive-stage small cell lung cancer (ES-SCLC) showed stable myeloprotection at the recommended dose (240mg/m2) without dose adjustment based on age, sex, or liver/kidney function[31] - Trilaciclib combined with Sacituzumab Govitecan (SG) in a Phase II study for metastatic TNBC (mTNBC) showed potential to reduce adverse events such as neutropenia, anemia, nausea, and diarrhea[31] - Trilaciclib was recommended in the "Chinese Medical Association Lung Cancer Clinical Diagnosis and Treatment Guidelines (2023 Edition)" for prophylactic use before chemotherapy to reduce chemotherapy-induced myelosuppression (Class 1 evidence)[32] - Cosela® received NMPA approval for routine marketing and localization production in China, enhancing accessibility for Chinese cancer patients[32] - Aidi Xin (Iguratimod Tablets) was included in the National Medical Insurance Drug Catalog in 2017 and is recommended as a primary treatment for active rheumatoid arthritis by multiple clinical practice guidelines[33] - Seven research achievements related to Iguratimod were released at the 2023 EULAR conference, covering indications such as rheumatoid arthritis (RA), secondary osteoporosis, and osteoarthritis (OA)[33] - A study published in August 2023 in *Frontiers in Immunology* showed that Tofacitinib combined with Iguratimod is more effective than Methotrexate/Leflunomide in treating RA-related interstitial lung disease (RA-UIP)[33] - Iguratimod was included in the 2023 edition of the *Primary Sjögren's Syndrome Diagnosis and Treatment Guidelines* and the *Chinese Clinical Practice Guidelines for Off-label Drug Use in Sjögren's Syndrome (2023 Edition)*[34] - Xiannuoxin (Xiannuotavir/Ritonavir Combination) was conditionally approved by the NMPA on January 28, 2023, for treating mild to moderate COVID-19 in adults[35] - Xiannuoxin was temporarily included in the medical insurance payment scope on February 8, 2023, and later officially included in the 2023 National Medical Insurance Drug Catalog, with the price reduced to RMB 479 per box/course[35][37] - Two real-world studies of Xiannuoxin involving approximately 2,200 patients were initiated in April 2023[36] - Xiannuoxin was ranked first among domestic COVID-19 small-molecule antiviral drugs with a total score of 70.1 in the *COVID-19 Small-Molecule Antiviral Drug Evaluation and Selection Expert Consensus* released by the Guangdong Pharmaceutical Association in September 2023[36] - The storage conditions for Xiannuoxin were updated to "sealed, stored at no more than 30°C," and its shelf life was extended from 12 months to 18 months on August 24, 2023[36] - The discovery process and preclinical research results of Xiannuotavir, the active ingredient of Xiannuoxin, were published online in *Nature Communications* on October 13, 2023[36] - Xiannuoxin® significantly reduced the median time to sustained recovery of 11 target COVID-19 symptoms by 35.8 hours in the mITT1 population and by 60.4 hours in the subgroup with high-risk factors[38] - Xiannuoxin® reduced viral load by 96.9% (-1.51log10 copies/mL) compared to the placebo group on day 5 of treatment in the mITT1 population[38] - Xiannuoxin® demonstrated good safety with a slightly higher incidence of adverse events compared to the placebo group, most of which were mild or moderate and resolved without intervention[38] - Xiannuoxin® was included in a study with a median patient age of 35 years, and 95.9% of patients had completed their first vaccination, with 76.7% receiving a booster dose[38] - Xianbixin® sublingual tablets showed a significant improvement in functional outcomes (mRS score 0-1) in 64.4% of patients compared to 54.7% in the placebo group at 90 days post-treatment[40] - Xianbixin® sublingual tablets demonstrated consistent benefits across various subgroups including age, gender, time to treatment, and medical history[40] - Suvexituzumab (Enzeshu®) achieved the primary endpoint of PFS in the SCORES study, showing statistically and clinically significant improvement compared to the placebo group[41] - Suvexituzumab (Enzeshu®) showed a trend towards OS benefit, although the data is not yet mature[41] - Enlituo® (EGFR) received NDA acceptance in China for the treatment of metastatic colorectal cancer, potentially becoming the first domestically produced anti-EGFR monoclonal antibody in the Chinese market[42] - The company secured exclusive commercialization rights for Enlituo® in mainland China through a partnership with Mabpharm[42] - DORA (Daridorexant) has completed Phase III clinical trials overseas, showing significant improvement in sleep onset, maintenance, and total sleep time compared to placebo, with no changes in sleep structure. It has also demonstrated good safety and tolerability, with no evidence of dependency, rebound insomnia, withdrawal symptoms, or drug abuse[43] - DORA has been approved for marketing in the US, UK, Italy, Germany, Switzerland, and Canada, and is the only DORA-class insomnia drug approved by the EMA for improving daytime function[43] - DORA achieved FPI (First Patient In) in its Phase I clinical study in China on November 30, 2023, and FPI in its Phase III clinical study in China on December 17, 2023, involving 33 centers[44] - LNK01001, a selective JAK1 inhibitor, achieved positive top-line data in a Phase II clinical study for active ankylosing spondylitis (AS) on August 23, 2023, and FPI in a Phase III study for rheumatoid arthritis on December 20, 2023[44] - ADC189, an anti-influenza PA inhibitor, has completed Phase III clinical trials for adult/adolescent influenza and received clinical approval for pediatric granules in February 2024[45] - Rademikibart (IL-4Rα) is undergoing clinical trials in China for atopic dermatitis and asthma, with exclusive rights for development, production, and commercialization in Greater China secured through a partnership with Connect Biopharma[45] - SIM0270, a second-generation SERD inhibitor, has completed dose escalation and expansion phases in combination therapy for estrogen receptor-positive breast cancer[46] - SIM0335, a topical ointment targeting IL-17A-related pathways, completed Phase IIa clinical trials for plaque psoriasis in January 2023, with low systemic exposure and minimal safety risks[46] - SIM0235, a humanized TNFR2 monoclonal antibody, has shown significant single-agent efficacy and potential for combination with PD-1 in preclinical models, with clinical trials progressing smoothly in both China and the US for recurrent or refractory advanced solid tumors and cutaneous T-cell lymphoma (CTCL)[47] - SIM0237, a PD-L1/IL15v bispecific antibody, has demonstrated superior efficacy in preclinical studies compared to PD-L1 and IL-15 monotherapies, with Phase I trials for advanced solid tumors underway in both China and the US[47][48] - SIM0501, a USP1 small molecule inhibitor, has shown significant anti-proliferative activity in HRD tumors in preclinical studies, with IND approvals from

Investment Rating - Buy rating with a current price of HKD 5.41 and a target price of HKD 11.79 [1] Core Views - The company reported 2023 revenue of RMB 6.608 billion, a 4.5% YoY increase, driven by rapid growth in innovative drug revenue, which reached RMB 4.756 billion (+15.2% YoY), accounting for 72% of total revenue [3] - R&D, sales, and management expenses were RMB 1.563 billion (-9.6% YoY), RMB 2.356 billion (-1.9% YoY), and RMB 499 million (+12.4% YoY), respectively, with expense ratios of 23.7%, 35.7%, and 7.6%, showing a stable or declining trend [3] - Net profit attributable to shareholders was RMB 715 million (-23.2% YoY), mainly affected by changes in the fair value of financial assets [3] - Revenue from the nervous system field was RMB 1.969 billion (-13.1% YoY), accounting for 29.8% of total revenue, primarily due to price reductions for Xianbixin injections [3] - Revenue from the oncology field was RMB 1.576 billion (+10.2% YoY), accounting for 23.9% of total revenue, while revenue from the autoimmune field was RMB 1.415 billion (+10.5% YoY), accounting for 21.4% of total revenue, driven by the growth of Aidexin [3] Revenue Breakdown by Segment - Oncology: Revenue of RMB 1.576 billion in 2023, expected to grow at a CAGR of 30% over the next three years, driven by the expansion of Endostar indications, localization of Cosela, and market share growth of Envida [6] - Central Nervous System: Revenue of RMB 1.969 billion in 2023, expected to recover growth as the impact of Xianbixin price reductions diminishes, with new products like Xianbixin sublingual tablets and Dalireson expected to contribute to growth [6] - Autoimmune: Revenue of RMB 1.415 billion in 2023, driven by Aidexin sales, which is recommended in clinical guidelines for rheumatoid arthritis and primary Sjögren's syndrome [6] - Other Products: Revenue of RMB 1.648 billion in 2023, expected to grow at a CAGR of 8% over the next three years [6] Financial Projections - Revenue is expected to grow to RMB 7.621 billion, RMB 8.860 billion, and RMB 10.069 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 15.3%, 16.3%, and 13.7% [4] - Net profit attributable to shareholders is projected to be RMB 1.108 billion, RMB 1.346 billion, and RMB 1.587 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 55.0%, 21.6%, and 17.8% [4] - EPS is expected to be RMB 0.42, RMB 0.52, and RMB 0.61 in 2024, 2025, and 2026, respectively [4] Valuation - The company is valued at 25x PE for 2024, with a target price of HKD 11.79 per share [4] - The company's gross margin is expected to increase to nearly 80% due to the localization of Cosela and the higher proportion of high-margin innovative drug revenue [8]

Investment Rating - Buy (Maintained) with a target price of HKD 7.62 [1] Core Views - The company is entering a period of intensive product launches, with a strong pipeline of innovative drugs [2] - Revenue in 2023 reached RMB 6.61 billion (+4.5%), while net profit was RMB 710 million (-23.2%) [2] - The proportion of innovative drugs continues to rise, accounting for 72% of total revenue in 2023 [2] - The company has six innovative drugs in the commercialization stage, with several key products expected to be approved in 2024 [2] Revenue Breakdown by Segment - **Neurology**: Revenue of RMB 1.97 billion (-13.1%), accounting for 29.8% of total revenue [2] - **Oncology**: Revenue of RMB 1.58 billion (+10.2%), accounting for 23.9% of total revenue [2] - **Autoimmune**: Revenue of RMB 1.42 billion (+10.5%), accounting for 21.4% of total revenue [2] - **Other Segments**: Revenue of RMB 1.65 billion (+22.3%), accounting for 24.9% of total revenue [2] Key Product Developments - **Xianbixin Sublingual Tablets**: NDA accepted by NMPA in June 2023, expected to meet clinical needs for stroke treatment [2] - **Enlituo (CMAB009)**: Expected to be approved for colorectal cancer in H2 2024 [2] - **Suvizumab**: Submitted for NDA in March 2024 for recurrent ovarian cancer [2] - **ADC189**: Expected to submit NDA in 2024 [2] R&D Pipeline Progress - **Xianbixin for Cerebral Hemorrhage**: Phase II clinical trials ongoing with over 80 subjects enrolled [2] - **Daliresen**: Phase III clinical trials completed in March 2024, NDA expected in H2 2024 [2] - **Lederceptib**: Exclusive rights obtained for development, production, and commercialization in Greater China [2] Financial Forecasts - **Revenue**: Expected to reach RMB 7.56 billion, RMB 8.6 billion, and RMB 9.78 billion in 2024, 2025, and 2026 respectively [2][7] - **Net Profit**: Expected to grow to RMB 974.65 million, RMB 1.28 billion, and RMB 1.69 billion in 2024, 2025, and 2026 respectively [3] - **EPS**: Forecasted at RMB 0.37, RMB 0.49, and RMB 0.65 for 2024, 2025, and 2026 respectively [3] Valuation and Peer Comparison - The company's 2024 PE ratio is 13.2x, lower than the industry average of 17.4x [8] - Comparable companies include CSPC Pharmaceutical Group, Sino Biopharmaceutical, and Hansoh Pharmaceutical [9] - The company is valued at a 19x PE ratio, supporting the target price of HKD 7.62 [8]

Investment Rating - Buy (Maintained) [1] Core Views - The company's performance is under short-term pressure, but the high growth driven by innovative drugs is becoming more certain [1] - Revenue in 2023 reached 6,640 million yuan (YoY +4.3%), with drug sales and promotion services contributing 6,567 million yuan [2] - Innovative drug revenue was approximately 4,756 million yuan (YoY +15.2%), accounting for 72.0% of total revenue (65.3% in 2022) [2] - Net profit attributable to the parent company was 715 million yuan (YoY -23.4%), impacted by fair value losses in the investment portfolio and one-time income from the disposal of subsidiaries [2] - Operating net profit attributable to the parent company was 757 million yuan (YoY +12.3%), showing steady growth [2] - R&D and sales expenses accounted for 23.7% and 35.7% of revenue, respectively, with both declining for three consecutive years, indicating improved operational efficiency and economies of scale [2] Financial Forecasts and Valuation - Revenue is expected to grow to 7,550 million yuan in 2024E, 8,900 million yuan in 2025E, and 10,600 million yuan in 2026E [2] - Net profit attributable to the parent company is forecasted to be 945.85 million yuan in 2024E, 1,244.75 million yuan in 2025E, and 1,635.91 million yuan in 2026E [2] - EPS is projected to be 0.36 yuan in 2024E, 0.48 yuan in 2025E, and 0.63 yuan in 2026E [2] - P/E ratios are estimated at 15.01x for 2024E, 11.41x for 2025E, and 8.68x for 2026E [2] Business Segments Neuroscience - Neuroscience revenue in 2023 was 1,970 million yuan (YoY -13%), accounting for 30% of product revenue [3] - Xianbixin has digested the impact of price reductions, with hospital listings (+26.7%) and patient numbers (+21.6%) showing steady growth [3] - Xianbixin sublingual tablets received NDA approval in June 2023, and the Xianbixin series is expected to be applied in the full course of stroke treatment [3] - Daridorexant, an anti-insomnia innovative drug, is expected to submit NDA in Q3 2024 [3] - SIM0801 (QPCT) for Alzheimer's disease is in global Phase II trials, and SIM0800 (AQP4) for brain edema is in Phase 1a trials [3] Oncology - Oncology revenue in 2023 was 1,580 million yuan (YoY +10%), accounting for 24% of total revenue [3] - The "Endu + Envida" product combination continues to grow steadily, and the new product Kosela has shown initial success in market expansion [3] - Kosela, a first-in-class full-line bone marrow protection drug, is widely recommended in multiple guidelines and has broad prospects for ADC and IO combination therapies [3] - External collaborations are accelerating commercialization, with EGFR monoclonal antibody CMAB009 expected to launch in 2024 and VEGF antibody Suvaxeta expected to submit NDA in 2024 [3] - High-potential innovative products include SIM0270 (SERD), SIM0500 (GPRC5D-BCMA-CD3), SIM0501 (USP1), and SIM0237 (PDL1/IL15v) [3] - ADC pipeline includes SIM0508 (CDH6-ADC) and SIM0686 (FGFR2b-ADC) with differentiated layouts [3] Autoimmune and Anti-Infective - Autoimmune and anti-infective revenue in 2023 was 1,600 million yuan (YoY +44%), accounting for 24% of total revenue [3] - The company has a deep layout in rheumatoid arthritis (RA) treatment, with Aitoxin maintaining growth [3] - Key targets in the autoimmune field include IL4R (Lederchibai, IL4Rα), IL17 (SIM335, IL17A), URAT1 (SIM295, URAT1), and JAK1 (LNK01001, JAK1) [3] - The anti-infective segment is in the initial construction phase, with Xiannuoxin quickly entering the market and BIC new drug ADC189 expected to bring new growth [3] Financial Ratios - ROIC is expected to increase from 8.23% in 2023A to 14.04% in 2026E [9] - ROE is projected to rise from 9.90% in 2023A to 14.81% in 2026E [9] - Gross margin is forecasted to remain stable at around 75-77% from 2023A to 2026E [9] - Net profit margin is expected to increase from 10.82% in 2023A to 15.43% in 2026E [9] - Debt-to-asset ratio is projected to decrease from 33.45% in 2023A to 28.35% in 2026E [9] Market Data - Closing price: HKD 5.44 [5] - 52-week low/high: HKD 4.94/10.42 [5] - P/B ratio: 1.98x [5] - Market capitalization: HKD 14,197.10 million [5] Key Financial Data - Total assets: 10,853.67 million yuan in 2023A, expected to grow to 15,404.96 million yuan in 2026E [8] - Total liabilities: 3,630.93 million yuan in 2023A, expected to increase to 4,367.16 million yuan in 2026E [8] - Shareholders' equity: 7,222.74 million yuan in 2023A, expected to grow to 11,049.24 million yuan in 2026E [8]