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]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Views - The report emphasizes three core investment directions: 1) Breakthroughs in cutting-edge technologies (e.g., First-in-class drugs in oncology, weight loss, autoimmune fields, and innovative devices like brain-machine interfaces); 2) Clinical validation and commercialization potential (focus on the progress of domestic innovative drugs going abroad and the clinical development progress post-BD transactions); 3) Efficiency advantages in the industry chain (CXO leaders and high-value consumables' global layout) [8] Industry Review - The pharmaceutical and biotechnology industry index increased by 0.81%, ranking 21st among 31 primary industries, outperforming the CSI 300 index which decreased by 0.27% [5][16] - The sub-industries of pharmaceutical circulation and in vitro diagnostics saw significant gains of 7.61% and 5.32% respectively, while medical research outsourcing and medical devices experienced declines of 3.49% and 1.76% [5][16] - As of November 14, 2025, the industry PE (TTM overall method, excluding negative values) was 30.89x, up from 30.67x in the previous period, indicating an upward valuation trend that remains below the average [21] - The top three PE ratios among the sub-industries were for vaccines (50.42x), hospitals (43.67x), and medical devices (37.84x), while pharmaceutical circulation had the lowest valuation at 15.46x [21] Important Industry News - The National Health Commission and others issued implementation opinions to promote and regulate the application of "AI + healthcare" [7] - The NMPA released a new version of the "Medical Device Production Quality Management Specifications" [7] - Novartis received NMPA approval for its first radioligand therapy drug "Pluvicto®" for dual indications [7] - Sanofi's innovative targeted nano-antibody "Cablivi®" was approved by NMPA for treating immune-mediated thrombotic thrombocytopenic purpura [7] - The U.S. government reached a drug price control agreement with Eli Lilly and Novo Nordisk, leading to significant price reductions for GLP-1 drugs [7]

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 ...

Core Insights - Nuo Cheng Jian Hua reported a continued loss in Q3 2025, with total revenue for the first three quarters reaching 1.115 billion yuan, a year-on-year increase of 59.85% [1][2] - The company’s net loss attributable to shareholders was 64.41 million yuan, with a non-GAAP net loss of 135 million yuan, both showing a reduction compared to the previous year [1][2] - In Q3 alone, the company experienced a larger loss, with revenue of 384 million yuan, a year-on-year increase of 38.09%, and a net loss attributable to shareholders of 34.32 million yuan, compared to a loss of 13.57 million yuan in the same period last year [1][2] Revenue and Profitability - The increase in revenue and drug sales was primarily driven by the continuous growth in sales of the core product, Aobutini (Yinokai), which generated sales of 1.010 billion yuan in the first three quarters, a year-on-year increase of 45.77% [1][2] - The company’s R&D expenditure accounted for a high proportion of revenue, at 60.61% for the first three quarters, a decrease of 27.53 percentage points from the previous year [1] - The gross profit margin for the first three quarters was 88.8%, an increase of 2.8 percentage points from the same period last year [1] Market Performance - As of the report date, Nuo Cheng Jian Hua's stock price increased by 0.20%, trading at 15.13 HKD per share, with a total market capitalization of 26.661 billion HKD [3]

Policy Developments - The National Medical Insurance Administration announced that as of November 12, 2025, 24 provinces and regions in China have completed the deployment of the medical imaging cloud software, with 140 million indexed data uploaded to the national center [2] Drug and Device Approvals - Changchun High-tech's subsidiary received FDA approval for the clinical trial of GenSci143, a dual-specific antibody drug targeting B7-H3 and PSMA for treating advanced solid tumors [4] - Zai Lab announced that its ZG006 injection, in combination with etoposide and cisplatin, received clinical trial approval for advanced neuroendocrine carcinoma [5] - Heng Rui Medicine received approval for the clinical trial of Rivegromab tablets for prostate cancer [6] - Haisco announced that its HSK39297 tablets for age-related macular degeneration received clinical trial approval, showing promising preclinical results [7] Capital Market Activities - Kintor Pharmaceutical reported the repurchase of approximately 3.31 million shares since October 2025, with plans to repurchase up to 25.46 million shares over the next 50 trading days [9] - Changlian Co. signed an agreement to establish a joint venture with Shanghai Waigaoqiao Biopharmaceutical, contributing 30 million yuan for a 60% stake [10] Financial Reports - In the third quarter report, Nocera Biopharma reported a net loss of 64.41 million yuan for the first three quarters of 2025, despite a revenue increase of 59.85% to 1.115 billion yuan, driven by sales of its core product [12] Industry Events - The first China-Africa Joint Medical Center was established in Guinea, aiming to enhance healthcare collaboration and address cardiovascular diseases in West Africa [14] Shareholder Actions - Renhe Pharmaceutical's controlling shareholder plans to reduce its stake by up to 0.21% through public trading or block transactions [16]

Core Viewpoint - The company, Nocare Biopharma, reported significant growth in revenue and improvements in gross margin for the first nine months of 2025, driven by the sales of its core product, Obatuzumab, and a licensing agreement with Prolium Bioscience Inc [2][3]. Financial Performance - Total revenue for the first nine months of 2025 reached 1.115 billion RMB, representing a year-on-year increase of 59.85% [2]. - The gross margin improved to 88.8%, up from 86.0% in the same period last year, an increase of 2.8 percentage points [2]. - The net loss for the same period was 72 million RMB, a reduction of 74.78% compared to the previous year [2]. Product Performance - Sales revenue from the core product, Obatuzumab, amounted to 1.010 billion RMB in the first nine months of 2025, marking a year-on-year growth of 45.77% [3]. - In April 2025, Obatuzumab received approval for a new indication for first-line treatment of chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL) in adult patients [3]. - Obatuzumab is the first and only BTK inhibitor approved in China for the MZL indication and has been included in multiple recommendations in the latest CSCO lymphoma treatment guidelines [3]. Cash Position - As of September 30, 2025, the company held approximately 7.759 billion RMB in cash and cash equivalents, which supports the acceleration of its pipeline projects [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688428 证券简称：诺诚健华 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是√否 管理层业绩评述 诺诚健华医药有限公司（以下简称"公司"）管理层评论说："公司是一家以卓越的自主研发能力为核心 驱动力的高科技创新生物医药企业，拥有全面的研发、生产和商业化能力，专注于肿瘤和自身免疫性疾 病等存在巨大未满足临床需求的领域，在全球市场内开发具有突破性潜力的同类首创或同类最佳药物。 2025年1-9月公司总营业收入11.15亿元，比上年同期增长59.85%，毛利率为88.8%，比上年同期的86.0% 提高了2.8个百分点。营业收入与毛利率的高速增长主要为核心产品奥布替尼（宜诺凯?） ...