688235，关键拐点

Core Insights - The company achieved a significant milestone by reporting its first half-year profit in 2025, marking a transition from a high-investment R&D phase to a sustainable growth phase [1] - Total revenue for the first half of 2025 reached 17.518 billion RMB, a year-on-year increase of 46.0%, with core product revenue at 17.360 billion RMB, up 45.8% [1] - The company reported a net profit of 450 million RMB for the first half, a turnaround from a loss of 2.877 billion RMB in the same period last year [1] Revenue Breakdown - The global sales of the core product, BTK inhibitor Baiyueze (Zebutinib), reached 12.527 billion RMB, a year-on-year increase of 56.2% [2] - In the U.S., Baiyueze sales amounted to 8.958 billion RMB, up 51.7% year-on-year, while sales in Europe grew by 81.4% [2] - The company's other key product, Bai Ze An (Tislelizumab), generated sales of 2.643 billion RMB, reflecting a growth of 20.6% [2] Global Expansion and Future Outlook - The company has deepened its global footprint, with approvals in 47 markets and new reimbursement inclusions in 20 markets during Q2 [3] - Upcoming key data from two blood cancer products in Phase 3 clinical trials is expected, with over 20 R&D milestones anticipated in the next 18 months [3] - The company raised its full-year revenue guidance for 2025 from a range of 35.2 billion to 38.1 billion RMB to 35.8 billion to 38.1 billion RMB, indicating management's confidence in future growth [4]