Core Viewpoint - CICC has raised its net profit forecast for Innovent Biologics (01801) for 2025 by 84.3% to 871 million yuan, maintaining the 2026 net profit forecast at 1.3 billion yuan, while increasing the target price by 24.1% to HKD 118.3, indicating a 30.0% upside potential from the current stock price [1]. Group 1 - The company's 1H25 performance exceeded expectations, with revenue of 5.95 billion yuan, a year-on-year increase of 50.65%, and a net profit of 834 million yuan, significantly surpassing CICC's expectations due to scale effects and improved operational efficiency [2]. - The sales revenue from the company's products in 1H25 reached 5.23 billion yuan, up 37.3% year-on-year, with a gross margin of 86.0%, an increase of 3.1 percentage points year-on-year, driven by the strong performance of the oncology product portfolio [3]. Group 2 - The company has successfully commercialized five new drugs as of mid-2025, expanding its product portfolio to 16, with significant contributions expected from new products like Masituzumab and the potentially approved Pikanqi monoclonal antibody in the second half of the year [3]. - The company has made notable progress in its next-generation pipeline, with promising proof-of-concept data for IBI363 presented at the 2025 ASCO conference, and ongoing clinical trials for various indications, including colorectal cancer and non-small cell lung cancer [4]. Group 3 - The company is exploring a multi-dimensional innovative product portfolio, with new ADCs and oral GLP-1 candidates entering phase I clinical trials, indicating potential for more growth points in the future [5].
中金：维持信达生物(01801)跑赢行业评级 上调目标价至118.3港元