Xin Lang Cai Jing·2025-11-21 06:33Core Insights - The company reported a significant increase in revenue and net profit for Q1-Q3 2025, with total revenue reaching 27.6 billion yuan (+44.2%) and a net profit of 1.14 billion yuan compared to a loss of 3.69 billion yuan in the same period last year [1] - The company adjusted its full-year revenue guidance from 5-5.3 billion USD to 5.1-5.3 billion USD while maintaining its guidance for positive GAAP operating profit [1] Revenue Breakdown - In Q3 2025, the company achieved a revenue of 10.08 billion yuan (+41.1%) and a net profit of 690 million yuan, recovering from a loss of 810 million yuan in Q3 2024 [1] - The global revenue for Zebutinib reached 2.78 billion USD (+53.2%) in the first three quarters, with the US contributing 1.99 billion USD (+48.8%), Europe 430 million USD (+75.0%), China 260 million USD (+359%), and other regions 110 million USD (+133.3%) [2] - In Q3 alone, Zebutinib generated 1.04 billion USD (+50.8%), with the US accounting for 740 million USD (+46.6%), Europe 160 million USD (+67.8%), China 90 million USD (+36.2%), and other regions 50 million USD (+116.6%) [2] Profitability and Expenses - The gross margin for Q3 2025 was 85.9% (+3.1 percentage points), continuing the trend from Q1 and Q2 [3] - R&D expenses were 520 million USD (+5.5%), showing a slight decrease from Q2, while sales, administrative, and general expenses also saw a decline [3] - Operating profit for Q3 reached 160 million USD, marking an improvement from Q2 [3] Future Prospects - The company is expected to launch several key clinical trials in H1 2026, including a Phase III trial for a CDK4 inhibitor and a Phase II trial for a BTK inhibitor [4] - Revenue forecasts for 2025, 2026, and 2027 are projected at 37.1 billion yuan, 47.15 billion yuan, and 58.18 billion yuan, respectively, with year-on-year growth rates of 36.3%, 27.1%, and 23.4% [5] - Net profit forecasts for the same years are 820 million yuan, 4.07 billion yuan, and 8.07 billion yuan, with substantial growth rates of 116.5%, 394.5%, and 98.3% [5]