Core Insights - The report from Guojin Securities indicates that Xiansheng Pharmaceutical (02096) is expected to experience strong growth due to the resonance between short-term pipeline expansion and long-term innovation iteration, forecasting revenues of 7.63 billion, 9.10 billion, and 11.04 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of +15.0%, +19.3%, and +21.4% [1] - The net profit attributable to the parent company is projected to be 1.15 billion, 1.38 billion, and 1.66 billion yuan for the same years, reflecting significant growth rates of +57.3%, +19.4%, and +20.5% [1] - The company has achieved a strategic transformation from a generic drug leader to an innovative pharmaceutical company, with the proportion of innovative drug revenue increasing from 45% in 2020 to 77% in the first half of 2025 [2] Short-term Outlook - The core pipeline is entering a concentrated harvest period, with accelerated inclusion in medical insurance expected to drive performance; key products in oncology and neurology are anticipated to capture market share quickly [3] - The insomnia drug Dalirelsin, which is not classified as a controlled substance, has a market potential exceeding 4 billion yuan due to its rapid onset and non-addictive nature [3] - Six products, including Maduonosavir and Ledeqibai monoclonal antibody, are expected to receive approval soon, which will further enhance revenue growth [3] Long-term Outlook - The early research pipeline focuses on differentiated targets, with several products already achieving business development (BD) partnerships, indicating sustained innovation capability [4] - The NMTiADC technology platform is expected to overcome ADC resistance, with related products entering clinical trials to validate the platform's strength [4] - The company is increasing investment in early research, with the potential for numerous early-stage pipelines to continue attracting BD opportunities [4] Stable Cash Flow - The product Xianbi New Injection has achieved a market share of 29% in the stroke treatment sector as of the first half of 2025, contributing to stable cash flow [5] - The company has established a strong presence in the oncology field with products like Envida and Endu, which are expected to grow steadily [5] - Despite potential risks from centralized procurement, the established sales channels for products like Aidesin in the rheumatology and immunology sectors are expected to support future growth [5]