云顶新耀(01952.HK)深度系列报告(一)：自免肾病龙头BIOPHARMA 耐赋康+维适平塑造双增长极

Core Viewpoint - The company, Genscript Biotech, is focusing on a dual-driven growth strategy through "License-in products" and self-developed platforms, particularly in the fields of kidney disease, anti-infection, and autoimmune diseases, while also advancing in oncology with innovative therapies [1] Group 1: License-in Products - The company has introduced several key products, including Durvalumab (Budesonide), EVER001 (BTK inhibitor), and others, which are expected to solidify its growth foundation [1] - Durvalumab is the first and only approved drug for IgA nephropathy treatment globally, showing significant clinical benefits such as a 33.6% reduction in proteinuria over 9 months and a 5.05 mL/min/1.73m improvement in kidney function over 2 years [2] - EVER001, a new generation BTK inhibitor for primary membranous nephropathy, has shown over 93% reduction in anti-PLA2R antibodies and an 80% proteinuria remission rate, filling a clinical treatment gap [3] Group 2: Self-developed Products - Aikumo (Ibudilast) is an oral S1P receptor modulator targeting moderate to severe ulcerative colitis (UC), demonstrating a 27% clinical remission rate at 12 weeks and a 51.9% mucosal healing rate at 52 weeks, indicating its potential as a best-in-disease option [3] Group 3: Financial Projections - The company forecasts revenues of 1.791 billion, 3.169 billion, and 4.822 billion yuan for 2025-2027, with net profits of -376 million, 285 million, and 868 million yuan respectively, leading to an EPS of -1.06, 0.81, and 2.45 [4]