研报掘金丨华源证券：维持信立泰“买入”评级，创新管线持续丰富

Core Viewpoint - The report from Huayuan Securities indicates that Xinlitai's net profit attributable to shareholders reached 581 million yuan in the first three quarters of 2025, representing a year-on-year growth of 13.93% [1] - In Q3 2025, the net profit attributable to shareholders was 216 million yuan, showing a significant year-on-year increase of 30.19% [1] - The company maintains a "buy" rating due to better-than-expected profit performance and a rich pipeline of innovative drugs [1] Financial Performance - Xinlitai achieved a net profit of 581 million yuan for the first three quarters of 2025, up 13.93% year-on-year [1] - The net profit for Q3 2025 was 216 million yuan, reflecting a 30.19% increase compared to the same period last year [1] Research and Development Pipeline - The company currently has 74 new drugs under research, including 51 chemical new drugs and 23 biological new drugs [1] - The focus of research is on chronic diseases, with over 50 projects in development, covering oral small molecules, compound drugs, small nucleic acids, and oral peptides [1] - The international multi-center Phase II clinical trial for JK07 is progressing smoothly, with patient enrollment for the high-dose group underway [1] - The broad-spectrum anti-tumor innovative biological drug JK06 is currently enrolling patients in Phase I clinical trials in several European countries, with progress reported as smooth [1] - The innovative gene-editing drug YOLT-101 injection (SAL061) has submitted an IND and received implied approval for clinical trials [1]