Xin Lang Cai Jing·2025-08-27 02:39Core Viewpoint - The company reported significant revenue growth in the first half of 2025, driven by strong sales of its core product, while also narrowing its net loss compared to the previous year [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 1.168 billion yuan, a year-on-year increase of 48.64%, with drug sales reaching 1.059 billion yuan, up 49.41% [1][2]. - The net profit attributable to shareholders was -413 million yuan, a reduction of 36.01% from -645 million yuan in the same period last year, indicating improved operational efficiency [1][3]. - R&D expenses totaled 706 million yuan, a 29.14% increase, accounting for 60.39% of revenue, which is a decrease of 9.12 percentage points from the previous year [1][3]. Growth Drivers - The growth was fueled by the expansion of indications for the core product, Toripalimab (Tuoyi), which has now been included in the national medical insurance directory for 10 indications, including new approvals for liver cancer treatment [2]. - The company has enhanced its commercialization capabilities, with its product now available in over 6,000 medical institutions and more than 3,000 pharmacies [2]. International Expansion - The company has made progress in its internationalization efforts, with Toripalimab approved for sale in Australia, Singapore, the UAE, and Kuwait, successfully entering 40 global markets [2]. Pipeline Development - The company is advancing its research pipeline, with key developments including the anti-BTLA monoclonal antibody tifcemalimab entering Phase III clinical trials and other products in various stages of clinical development [4]. - The company is accelerating the development of early-stage pipelines, including several innovative drug candidates, aiming to enhance its long-term competitiveness [4]. Profit Forecast - Revenue projections for 2025-2027 are 2.6 billion, 3.5 billion, and 4.5 billion yuan, with year-on-year growth rates of 33.45%, 34.62%, and 28.57% respectively [5]. - The net profit forecast for the same period is -685 million, 37 million, and 315 million yuan, with significant growth rates of 46.53%, 105.47%, and 739.94% respectively [5].