Jing Ji Guan Cha Wang·2025-06-19 06:10Core Viewpoint - The stock price of Innovent Biologics (688428.SZ, 09969.HK) has doubled since the beginning of the year, driven primarily by the strong performance of its flagship product, Oubatinib [1][2]. Group 1: Stock Performance - As of June 18, the A-share price increased from 12.32 CNY to 24.93 CNY, a rise of over 102% [1] - The Hong Kong stock price rose from 6.12 HKD to 13.28 HKD, an increase of nearly 117% [1]. Group 2: Company Overview - Innovent Biologics is a commercial-stage biopharmaceutical company focused on unmet clinical needs in oncology and autoimmune diseases, aiming to develop first-in-class or best-in-class innovative drugs [1]. Group 3: Product Performance - Oubatinib, a second-generation BTK inhibitor, is the company's first commercialized product and is central to its strategy, with ongoing development for multiple blood cancer targets and four autoimmune disease indications, including multiple sclerosis [1]. Group 4: Revenue and Financials - Oubatinib's sales for 2024 are projected at 1 billion CNY, a year-on-year increase of 49.14%, contributing 99% to the company's performance [2]. - Oubatinib's revenue has consistently accounted for over 90% of Innovent's total revenue in recent years, leading to a gradual reduction in losses from 887 million CNY in 2022 to 441 million CNY in 2024 [2]. - In Q1 2025, total revenue grew by 129.9% year-on-year to 380 million CNY, primarily due to Oubatinib's continued growth and a licensing agreement with Prolium [2]. Group 5: Future Outlook - Innovent Biologics plans to increase R&D investment, advance clinical development and commercialization of its pipeline products, expand business collaborations, and leverage artificial intelligence technology, expecting continued revenue growth and reduced losses in 2025 [3].