Core Insights - The company reported a 60% year-on-year revenue growth for the first three quarters of 2025, reaching 1.12 billion yuan, with a net loss of 64 million yuan, narrowing by 77% compared to the previous year [1] - The core product, Oubatinib, saw a 46% increase in sales to 1.01 billion yuan in the first three quarters, with third-quarter sales reaching 373 million yuan, reflecting a 35% year-on-year growth and a 14% quarter-on-quarter growth [1][2] - Research and development expenses for the first three quarters amounted to 676 million yuan, a 10% increase year-on-year, while sales expenses rose by 41% to 386 million yuan, with a sales expense ratio decreasing by 4.7 percentage points to 35% [1] Product Performance - Oubatinib's sales accelerated due to the approval for 1L CLL/SLL indications and increased contributions from MZL, leading to an upward revision of the 2025 sales target from over 35% to over 40% [2] - The company has initiated commercialization of Tanshizhuo monoclonal antibody for r/r DLBCL, approved in May 2025, and is conducting two registration studies for mesutoclax [2] Pipeline Development - The company plans to submit a new drug application for ITP indications for Oubatinib in the first half of 2026 and expects to read out IIb phase data for SLE by the end of 2025 [3] - The early-stage pipeline includes various technology platforms, with plans to submit 5-7 IND applications targeting malignancies and autoimmune diseases by 2026 [3] Financial Outlook - The earnings forecast for 2025 has been revised from a loss of 0.19 yuan per share to a profit of 0.09 yuan, with similar upward adjustments for 2026 and 2027 [4] - The target price has been increased from 11.8 HKD to 19.0 HKD, indicating a potential upside of 25% [4]

瑞银发表研究报告指，诺诚健华第三季业绩大致符合预期，收入按年增长38%至3.84亿元，与市场及该 行预测的3.83亿及3.87亿元相若。期内净亏损达3400万元，略逊于市场预期的蚀2700万元。核心产品奥 布替尼第三季销售额按年增约34%至3.69亿元，增长维持强劲，公司维持2025年奥布替尼销售按年增长 35%以上的指引，意味第四季销售将达到约3.41亿元。瑞银指，随着与Zenas合作的首付款入账，诺诚健 华预计今年可实现盈亏平衡，计及与Zenas合作的首付款影响，将今年每股盈利预测上调至0.05元，明 年每股盈利预测下调93%至0.06元，目标价由25.8港元下调至23.6港元，维持"买入"评级。 ...

Core Viewpoint - UBS's research report indicates that Innovent Biologics' Q3 performance largely met expectations, with a year-on-year revenue growth of 38% to 384 million yuan, aligning closely with market and UBS forecasts of 383 million and 387 million yuan respectively [1] Financial Performance - The net loss for the period reached 34 million yuan, slightly worse than the market expectation of a loss of 27 million yuan [1] - Core product, Obinutuzumab, saw Q3 sales increase approximately 34% year-on-year to 369 million yuan, maintaining strong growth [1] - The company maintains its guidance for Obinutuzumab sales to grow over 35% year-on-year by 2025, implying Q4 sales will reach around 341 million yuan [1] Earnings Forecast - With the recognition of the upfront payment from the collaboration with Zenas, Innovent Biologics expects to achieve breakeven this year [1] - The earnings per share forecast for this year has been raised to 0.05 yuan, while the forecast for next year has been reduced by 93% to 0.06 yuan [1] - The target price has been adjusted down from 25.8 HKD to 23.6 HKD, while maintaining a "Buy" rating [1]

Core Insights - The company, Innovent Biologics, has announced that it will achieve breakeven in 2025, two years ahead of schedule, driven by strong commercialization performance and strategic licensing deals [1][3][10] Financial Performance - For the first three quarters of 2025, the company reported total revenue of 1.12 billion yuan, a year-on-year increase of 59.8% [2] - Revenue from the key BTK inhibitor, Oubatinib, rose by 45.8% year-on-year to 1.01 billion yuan, surpassing the total revenue of the previous year [2] - The company's loss for the first three quarters narrowed significantly by 74.8% to 70 million yuan, attributed to strong revenue growth and strict cost management [3] Strategic Initiatives - The company has successfully executed a significant licensing deal worth over $2 billion, aimed at accelerating the internationalization of Oubatinib [4][5] - The management has raised the full-year sales guidance to at least a 40% year-on-year increase based on the strong performance in the first three quarters [2] Research and Development - The company has over 10 research pipelines, with several in Phase III clinical trials, which will benefit from the strong cash flow generated by its operations [1][3] - In addition to Oubatinib, the company has developed multiple research barriers, including a new generation BCL2 inhibitor, Mesutoclax, which has shown an 84.0% overall response rate in difficult-to-treat patients [7][8] Market Positioning - The company is positioning itself for global expansion, leveraging partnerships to enhance its market presence and profitability [4][5] - The collaboration with Zenas, a U.S.-based biotech, is expected to create synergies in the treatment of multiple sclerosis, targeting a market worth nearly $30 billion [6][8] Future Outlook - The company aims to enter a rapid development phase, with plans to push five to six innovative drugs for approval and three to four products for global markets [9][10] - The strategic focus has shifted from a single product explosion to a multi-driver approach, indicating a robust pipeline and potential for market revaluation [10]

证券日报网讯诺诚健华11月17日在互动平台回答投资者提问时表示，截至2025年10月31日公司A股股东 户数约为1.88万户。 ...

Investment Rating - The report maintains a "Buy" rating for InnoCare Pharma [8][16] Core Insights - InnoCare Pharma's revenue for the first three quarters of 2025 increased by 60% year-on-year, reaching RMB 1.12 billion, with a net loss of RMB 64 million, which is a 77% year-on-year reduction [5][12] - The company has raised its sales target for its key product, orelabrutinib, from over 35% year-on-year growth to over 40% for 2025, following strong sales performance [6][13] - The company has a robust pipeline for both liquid tumors and autoimmune diseases, with several products in various stages of development [7][14][15] Financial Performance - For the first three quarters of 2025, orelabrutinib sales reached RMB 1.01 billion, a 46% increase year-on-year, with third-quarter sales of RMB 373 million, reflecting a 35% year-on-year and 14% quarter-on-quarter growth [5][12] - Research and development expenses for the first three quarters of 2025 were RMB 676 million, a 10% increase year-on-year, while selling expenses rose by 41% to RMB 386 million [5][12] - As of September 2025, the company had approximately RMB 7.76 billion in cash on hand [5][12] Future Outlook - The company plans to submit a New Drug Application (NDA) for orelabrutinib for the treatment of ITP in the first half of 2026 and expects to read out phase IIb data for SLE by the end of 2025 [7][14] - InnoCare Pharma anticipates submitting 5-7 IND applications targeting malignant tumors and autoimmune diseases in 2026 [15]

Investment Rating - The report maintains a "Buy" rating for the company [1][7][15] Core Insights - The company has raised its 2025 sales target from a year-on-year growth of over 35% to over 40% due to strong sales performance of its key product, orelabrutinib, which saw a 46% year-on-year increase in sales to RMB 1.01 billion in the first three quarters of 2025 [4][5][12] - The company reported a revenue of RMB 1.12 billion for the first nine months of 2025, reflecting a 60% year-on-year growth, with a net loss of RMB 64 million, which is a 77% reduction compared to the previous year [4][11] - The company has a robust pipeline in both oncology and autoimmune diseases, with several products in various stages of development, including orelabrutinib and ICP-332 [5][6][13][14] Financial Performance - For the first three quarters of 2025, the company recorded a revenue of RMB 1.12 billion, with a net loss of RMB 64 million, and a third-quarter revenue of RMB 384 million, marking a 38% year-on-year increase [4][11] - Research and development expenses for the first three quarters were RMB 676 million, a 10% increase year-on-year, while selling expenses rose by 41% to RMB 386 million [4][11] - The company had approximately RMB 7.76 billion in cash as of September 2025, providing a solid financial foundation for ongoing and future projects [4][11] Sales and Product Development - Orelabrutinib's sales reached RMB 373 million in the third quarter of 2025, with a year-on-year growth of 35% and a quarter-on-quarter growth of 14% [5][12] - The company is advancing its autoimmune pipeline, with plans to submit a new drug application for orelabrutinib for ITP in the first half of 2026 and to read out phase IIb data for SLE by the end of 2025 [6][13] - The company expects to submit 5-7 IND applications targeting malignant tumors and autoimmune diseases in 2026, indicating a strong early-stage pipeline [14]

17 November 2025 | 7:38AM HKT Equity Research InnoCare Pharma (9969.HK): Earnings Review: Strong Orela sales in 3Q; Raised guidance for 2025 with rich catalysts highlighted; Buy Accelerating sequential growth in 3Q: 3Q orela sales of Rmb383mn (+39% y/y or +18% q/q vs. +4% q/q in 2Q25) was on par with our estimates, mainly driven by: 1) broader hospital coverage especially low-tier markets; 2) solid growth of MZL, which contributed c.40% of new patients acquired. Net loss (-Rmb34mn vs. -Rmb48mn in 2Q) was na ...

Summary of the Conference Call for 诺诚健华 Company Overview - **Company**: 诺诚健华 (Nocera Biopharma) - **Industry**: Biotechnology and Pharmaceuticals Key Financial Highlights - Total revenue for the first three quarters reached **¥11.2 billion**, a **59.8%** year-on-year increase [2][3][8] - Core product **奥布替尼 (Aubutin)** contributed **¥10.1 billion**, growing **45.8%** year-on-year [2][3][8] - The company expects full-year revenue to exceed **¥20 billion**, with a cash reserve of approximately **¥78 billion** (around **$10 billion**) [3][8] Product Development and Approvals - **奥布替尼** received approval for first-line treatment of chronic lymphocytic leukemia in China, expanding its commercial potential [5][11] - **Tansitumab** for diffuse large B-cell lymphoma has been approved and is now prescribed in over **20 provinces** in China [4][10][14] - New drug application for **Zula Tract Nap Nap** has been accepted and prioritized for review [2][5] - Ongoing clinical research includes **9 Phase III trials**, with plans for multiple new molecules to enter clinical stages annually [4][7][40] Strategic Partnerships - A global collaboration agreement with **Xenios BioPharma** was established, granting rights for **奥布替尼** outside Greater China and Southeast Asia, with a total deal value exceeding **$2 billion** [2][6][12][13] - Previous collaboration with **Prelude** for CD3/CD20 bispecific antibodies in autoimmune diseases [6] Market Performance and Future Outlook - The company anticipates achieving **break-even** by **2026** and sustainable profitability post-2027 through new drug promotions [4][7][38] - **奥布替尼** is expected to maintain its leading position in the marginal zone lymphoma market, with further growth anticipated from new indications [9][30] - The company is focused on expanding its hospital coverage and enhancing patient education to boost product awareness [30][31] Clinical Research and Innovations - **奥布替尼** is advancing in autoimmune disease research, with a Phase III NDA submission for **ITP** expected in the first half of **2026** [11][26] - The development of **Mesothelin**, a new BCL-2 inhibitor, shows promising results in various cancers, with a total market potential exceeding **$20 billion** [15][16] - **泰喜多单抗** is noted for its superior efficacy in DOR and OS compared to other mechanism drugs, enhancing its market position [14] Financial Projections and Cost Management - R&D expenses for **2025** are projected to be under **¥1 billion**, with sales expenses expected to account for **40%** of commercial product sales [36] - The company aims to maintain a commercial expense ratio of **35% to 40%** in **2026**, while increasing efficiency [37] Strategic Goals - The future strategy includes continuous innovation pipeline development, enhancing commercialization capabilities, and expanding market coverage [39] - The company plans to submit **5 to 7 new molecules** for clinical trials in the coming year, which will be crucial for its growth trajectory [40] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, product developments, strategic partnerships, and future outlook in the biotechnology industry.

瑞财经 刘治颖 11月13日，诺诚健华-U(SH688428)披露2025年第三季度季度报告。 2025年1-9月，诺诚健华营业收入11.15亿元，同比增长59.85%；归属于上市公司股东的净亏损6441.49 元，上年同期亏损2.75亿元。 2025年7-9月，诺诚健华营业收入3.84亿元，同比增长38.09%；归属于上市公司股东的净亏损3432.35万 元，上年同期亏损1356.99万元。 | | | | 单位:元 | 币种:人民币 | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告期 | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 波变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 383,894,221.54 | 38.09 | 1,115,328,393.86 | 59.85 | | 药品销售收入 | 382,810,487.61 | 38.21 | 1,024,039,061.63 | 47.38 | | 利润息额 | -33.595,736.3 ...