Ge Long Hui·2025-11-08 13:24Core Insights - The company reported a total revenue of $1.4 billion in Q3 2025, representing a year-on-year increase of 41%, and achieved a GAAP net profit of $125 million, marking a turnaround from losses [1] - Zebutinib continues to show rapid growth, becoming the global leader in the BTKi market with Q3 sales of $1.04 billion, up 51% year-on-year and 10% quarter-on-quarter [1][2] - The company has raised its full-year guidance, projecting total revenue between $5.1 billion and $5.3 billion, with GAAP net profit expected to be positive for the year [1] Revenue and Profit Analysis - Zebutinib's sales in the U.S. reached $739 million, a 47% increase year-on-year, while European sales grew by 68% to $163 million [1] - The sales of another product, Tislelizumab, amounted to $191 million in Q3, reflecting a 17% year-on-year increase [1] R&D Pipeline and Future Prospects - The company anticipates significant upcoming milestones in its R&D pipeline, including clinical trials for various products scheduled for 2025 and 2026 [2] - The company has adjusted its net profit forecasts for 2025-2027 to $312 million, $795 million, and $1.222 billion, respectively, indicating a positive outlook for profitability [2] - The company maintains a "buy" rating due to its leading position in the domestic biopharma sector and successful international expansion [2]