Core Viewpoint - The company reported strong performance in 1H25, exceeding market expectations with significant growth in revenue and net profit driven by its innovative drug business [1][2]. Financial Performance - Revenue for 1H25 reached 3.585 billion yuan, a year-on-year increase of 15.1% [1] - Net profit attributable to shareholders was 604 million yuan, up 32.2% year-on-year, while adjusted net profit was 651 million yuan, reflecting a 21.1% increase [1] - The gross margin improved to 80.7%, an increase of 1.6 percentage points year-on-year [2] - Adjusted net profit margin stood at 18.2%, showing a year-on-year increase of 0.9 percentage points [2] Business Development - The innovative drug business showed strong commercialization progress, with revenue reaching 2.776 billion yuan in 1H25, a 26.0% increase year-on-year, and its revenue share rising from 74.3% in 2024 to 77.4% [1] - Key products such as Koseira and Xianbi sublingual tablets are experiencing rapid growth, with expectations for the launch of Koweike (Daliresheng) in 2H25 [1] - The company’s revenue in the neuroscience segment was 1.249 billion yuan, up 37.3% year-on-year, while oncology revenue reached 874 million yuan, a 41.1% increase [1] Research and Development - The company maintained a research and development investment rate of 28.7%, an increase of 9.0 percentage points year-on-year, indicating a commitment to innovation [2] - Two products were authorized for external licensing, and two products received approval for market launch [2] Profit Forecast and Valuation - The company raised its core net profit forecasts for 2025 and 2026 by 6% and 10% to 1.252 billion yuan and 1.427 billion yuan, respectively [2] - The current stock price corresponds to 23.8 times and 20.0 times the adjusted price-to-earnings ratio for 2025 and 2026 [2] - The target price was increased by 32.8% to 17.00 HKD, implying a potential upside of 33.1% [2]
先声药业(02096.HK)：1H25业绩超市场预期 创新药收入快速提升