Ge Long Hui A P P·2025-10-09 07:01Core Insights - Qianhong Pharmaceutical achieved a revenue of 862 million yuan in H1 2025, representing a year-on-year increase of 0.72% [1] - The company reported a net profit attributable to shareholders of 258 million yuan, reflecting a year-on-year growth of 41.17% [1] - The revenue from the formulation segment was 543 million yuan, showing a decline of 7.15% year-on-year, while the gross margin for this segment improved to 69.90%, an increase of 8.54 percentage points year-on-year [1] Clinical Development - As of June 30, 2025, the company has four innovative drugs in phase II clinical trials or about to enter phase III, with several others in phase I or awaiting approval for clinical research [1] - The original Class I new drug QHRD107 capsule has completed phase IIa clinical trials and has been successfully published at the EHA annual meeting, currently applying to the CDE for phase IIb clinical research [1] - The original Class I new drug QHRD106 injection has completed phase II clinical trials and is currently applying to the CDE for phase III clinical research [1] Financial Forecast - Based on the stable revenue growth and rapid profit increase in H1 2025, the revenue forecasts for 2025-2027 have been updated to 1.749 billion yuan, 2.091 billion yuan, and 2.500 billion yuan respectively [1] - The net profit forecasts for 2025-2027 have been updated to 459 million yuan, 423 million yuan, and 475 million yuan respectively [1] - The company maintains an "overweight" rating [1]