BIOKIN PHARMACEUTICAL(SH:688506) Xin Lang Cai Jing·2025-05-06 10:39Group 1 - The company's Q1 2025 revenue was 67.44 million yuan, a year-on-year decrease of 98.77%, with a net loss attributable to shareholders of 531 million yuan compared to a net profit of 5.005 billion yuan in the same period last year [1] - The significant decline in revenue and profit was primarily due to the absence of large intellectual property licensing income and related cash inflows in the current reporting period, which were present in Q1 2024 [1] Group 2 - The core product BL-B01D1 (EGFR×HER3 dual antibody ADC) has initiated over 40 clinical studies as of April 2025, including 8 Phase III registration trials for various cancers [2] - BL-B01D1 is expected to present multiple clinical data at the 2025 ASCO conference, with potential submissions for market approval by the end of 2025 or in 2026 [2] - The product has the potential to become a standard first-line treatment for tumors and is anticipated to be a significant blockbuster drug [2] Group 3 - On April 15, 2025, the company initiated its first overseas registration clinical trial for BL-B01D1 in triple-negative breast cancer (TNBC) patients, which will trigger a milestone payment of 250 million USD upon initiation [3] - The company is progressing with early basket studies for BL-B01D1 in overseas markets and plans to submit its first application to the FDA as early as 2028 [3] - The revenue forecast for the company is 2.018 billion yuan for 2025, with projections of 2.035 billion yuan and 2.541 billion yuan for 2026 and 2027, respectively [3]