Ge Long Hui·2025-11-18 20:02Core Insights - The company reported a 60% year-on-year revenue growth for the first three quarters of 2025, reaching 1.12 billion yuan, with a net loss of 64 million yuan, narrowing by 77% compared to the previous year [1] - The core product, Oubatinib, saw a 46% increase in sales to 1.01 billion yuan in the first three quarters, with third-quarter sales reaching 373 million yuan, reflecting a 35% year-on-year growth and a 14% quarter-on-quarter growth [1][2] - Research and development expenses for the first three quarters amounted to 676 million yuan, a 10% increase year-on-year, while sales expenses rose by 41% to 386 million yuan, with a sales expense ratio decreasing by 4.7 percentage points to 35% [1] Product Performance - Oubatinib's sales accelerated due to the approval for 1L CLL/SLL indications and increased contributions from MZL, leading to an upward revision of the 2025 sales target from over 35% to over 40% [2] - The company has initiated commercialization of Tanshizhuo monoclonal antibody for r/r DLBCL, approved in May 2025, and is conducting two registration studies for mesutoclax [2] Pipeline Development - The company plans to submit a new drug application for ITP indications for Oubatinib in the first half of 2026 and expects to read out IIb phase data for SLE by the end of 2025 [3] - The early-stage pipeline includes various technology platforms, with plans to submit 5-7 IND applications targeting malignancies and autoimmune diseases by 2026 [3] Financial Outlook - The earnings forecast for 2025 has been revised from a loss of 0.19 yuan per share to a profit of 0.09 yuan, with similar upward adjustments for 2026 and 2027 [4] - The target price has been increased from 11.8 HKD to 19.0 HKD, indicating a potential upside of 25% [4]