REMEGEN(688331) Ge Long Hui·2025-05-24 02:28Group 1 - The company announced a placement of 19 million new H shares at a price of HKD 42.44 per share, raising approximately HKD 796 million to support pipeline expansion and operations [1] - The placement price represents a discount of about 3.49% compared to the average closing price of HKD 41.01 over the previous ten trading days, and the shares represent approximately 10.02% of existing H shares [1] - Post-placement, the company's cash reserves are expected to be nearly RMB 1.5 billion, sufficient to support R&D and operations until breakeven, effectively reducing operational risks [1] Group 2 - In Q1 2025, the company achieved revenue of RMB 526 million, a year-on-year increase of 59.2% and a quarter-on-quarter increase of 3.5%, driven by increased sales of Tai Tasi Pu and Vidi Si Tuo Monoclonal Antibody [2] - The company continued to optimize its cost structure, with sales, R&D, and management expense ratios decreasing by 9.1, 37.7, and 5.3 percentage points year-on-year, respectively [2] - The company maintained a trend of reduced losses, with net losses narrowing by 27.2% year-on-year, and is expected to continue this trend into 2025-2026, reaching breakeven in 2027 [2] Group 3 - The target price for the company has been raised to HKD 66 from HKD 35.2, reflecting an over 60% increase in net profit forecasts for 2027 and beyond, driven by optimistic projections for Tai Tasi Pu in overseas markets [3] - The peak sales forecast for Tai Tasi Pu in the U.S. has been increased to USD 1.5 billion, based on assumptions of a 60% success rate, 30% peak market share, and a treatment cost of USD 6,000 per week [3] - The company’s sales forecast for Tai Tasi Pu is considered reasonable, with potential for further upward adjustments as global Phase III studies progress [3]