开源证券给予三生国健“买入”评级：业绩同环比增速稳健，在研项目稳步推进

Group 1 - The core viewpoint of the report is that the company, 三生国健 (Sangfor), is rated as "Buy" due to its stable performance growth and significant collaborations [1] - The company's performance shows steady year-on-year and quarter-on-quarter growth, with authorized revenue recognition enhancing apparent performance [1] - A key partnership has been established with Pfizer, with the company receiving the first licensing payment from Pfizer in Q3 2025 [1] - Upcoming clinical projects are progressing towards the New Drug Application (NDA) stage, and early research projects are advancing rapidly [1]