Ge Long Hui·2025-11-18 06:17Core Viewpoint - UBS's research report indicates that Innovent Biologics' Q3 performance largely met expectations, with a year-on-year revenue growth of 38% to 384 million yuan, aligning closely with market and UBS forecasts of 383 million and 387 million yuan respectively [1] Financial Performance - The net loss for the period reached 34 million yuan, slightly worse than the market expectation of a loss of 27 million yuan [1] - Core product, Obinutuzumab, saw Q3 sales increase approximately 34% year-on-year to 369 million yuan, maintaining strong growth [1] - The company maintains its guidance for Obinutuzumab sales to grow over 35% year-on-year by 2025, implying Q4 sales will reach around 341 million yuan [1] Earnings Forecast - With the recognition of the upfront payment from the collaboration with Zenas, Innovent Biologics expects to achieve breakeven this year [1] - The earnings per share forecast for this year has been raised to 0.05 yuan, while the forecast for next year has been reduced by 93% to 0.06 yuan [1] - The target price has been adjusted down from 25.8 HKD to 23.6 HKD, while maintaining a "Buy" rating [1]