InventisBio (SH:688382) Xin Lang Cai Jing·2025-08-28 06:35Core Viewpoint - The company reported a revenue of 0.19 billion yuan for the first half of 2025, reflecting a year-on-year increase of 28.85%, but incurred a net loss attributable to shareholders of 1.19 billion yuan and a net cash flow from operating activities of -1.07 billion yuan [1] Group 1: Financial Performance - The company achieved a revenue of 0.19 billion yuan, representing a year-on-year growth of 28.85% [1] - The net profit attributable to shareholders was -1.19 billion yuan, while the non-deductible net profit was -1.29 billion yuan [1] - The net cash flow from operating activities was -1.07 billion yuan [1] Group 2: R&D Pipeline and Product Development - The company's R&D pipeline covers multiple therapeutic areas, including oncology, metabolic diseases, and autoimmune diseases, with competitive products [2] - The company has advanced five small molecule compounds to clinical research stages, with two products already approved for marketing in China and included in the National Medical Insurance Directory [2] - Taragarestrant (D-0502) is the first oral SERD inhibitor from a Chinese company to enter clinical trials in the U.S., currently in phase III registration trials in China [2] - D-0120 is the first URAT1 inhibitor from a Chinese company to enter clinical trials in the U.S., with phase IIb trials completed in China [2] - D-2570 has shown significant efficacy in treating moderate to severe psoriasis, outperforming both placebo and existing TYK2 inhibitors, with a phase III trial protocol completed [2] Group 3: Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 to 2027 at -2.57 billion yuan, -2.23 billion yuan, and -0.46 billion yuan respectively [3] - The company possesses a comprehensive in-house R&D system that enhances the success rate of its products and shortens drug development cycles [3] - The company maintains a "buy" rating based on its strong R&D capabilities [3]