深度*公司*3SBIO INC(1530.HK)：FLATTISH 1H25 MISSED; PFIZER’S TRIAL INITIATION OF 707 COULD BE KEY CATALYST
Ge Long Hui·2025-09-04 03:17
机构：中银国际 研究员：Sharon SHI 1H25 results were soft with revenue declining by 0.8% YoY to RMB4.36bn and adjusted net profits to shareholder increasing by 2.1% YoY to RMB1.36bn, missing our expectations. Legacy products like TPIAO, EPO, and Yisaipu recorded declines, while Mandi gained sales momentum with the launch of new SKUs. Later this year, we will monitor Pfizer's development plan for 707, as well as 707's Phase II data in CRC at the ESMO conference. Post results, we raised our TP for 3SBio to RMB 38.20, pri ...