Ge Long Hui·2025-08-28 20:00Core Viewpoint - The company reported a revenue of 1.09 billion yuan for the first half of 2025, representing a year-on-year growth of 48%, while the net loss attributable to shareholders was 450 million yuan, a reduction in loss by 330 million yuan compared to the previous year, aligning with expectations [1] Group 1: Financial Performance - The company's gross margin reached 84.0% in the first half of 2025, an increase of 5.8 percentage points compared to the same period in 2024 [1] - The sales expense ratio was 47.9%, a decrease of 4.6 percentage points year-on-year, indicating effective cost and expense management [1] - The company reduced its losses by 42.4% year-on-year and by 23.2% quarter-on-quarter in the second quarter of 2025 [1] Group 2: Product Development and Market Potential - The core product, Tai Tasi Pu (泰它西普), has been approved for market launch, with expectations for pSS and IgAN to submit applications in the second half of 2025 [1] - The company has received approval for the use of Vidi Xi Tuo (维迪西妥单抗) in treating second-line HER2-positive breast cancer with liver metastasis, and has submitted applications for other indications [1] - The PD-1/VEGF dual antibody is advancing in global clinical research, with a focus on its potential for international expansion [2] Group 3: Clinical Trials and Regulatory Approvals - Tai Tasi Pu has reached the primary endpoint in the Phase III clinical trial for IgA nephropathy in China, with plans to expedite the application for market approval [2] - The trial included 318 adult patients receiving standard treatment, showing a 55% reduction in the urine protein-to-creatinine ratio after 39 weeks of treatment [2] Group 4: Profit Forecast and Valuation - Based on the semi-annual report and expected potential collaboration funds, the profit forecast for 2025/2026 has been adjusted from a loss of 915 million yuan/333 million yuan to a loss of 345 million yuan and a profit of 34 million yuan, respectively [3] - The target price has been raised by 10.6% to 105.44 HKD, indicating a 20% upside potential from the current stock price [3]