Group 1 - The core viewpoint of the report is that Haitong International has raised the expected future sales revenue share from BioNTech for the company, projecting total revenues of 1.75 billion, 970 million, and 1.37 billion RMB for the years 2025-2027 [1] - The company reported a revenue of 1.23 billion RMB for the first half of 2025, representing a year-on-year increase of 22.9%, primarily driven by licensing and collaboration agreement revenues [1] - The company’s R&D investment for the first half of 2025 was 350 million RMB, a decrease of 7.5%, with an R&D expense ratio of 28.4%, down by 9.4 percentage points [1] Group 2 - The company has outlined several key R&D catalysts, including the submission of clinical applications for DB-1303 (HER2ADC) for endometrial cancer and HER2+ breast cancer in the second half of 2025 [2] - The completion of Phase I SAD studies for DB-2304 (BDCA2ADC) targeting SLE is noted, with plans to initiate MAD studies by the end of 2025 [2] - Ongoing global Phase I trials for DB-1418 (EGFR/HER3ADC) and the expected disclosure of early data from new ADC platforms like DUPAC are highlighted for the second half of 2025 to 2026 [2]
海通国际：维持映恩生物-B“优于大市”评级 上调目标价至464.2港元