Core Viewpoint - The company, Xiansheng Pharmaceutical (02096), is intensifying its innovative transformation with multiple innovative pipelines being launched internationally. The revenue and profit forecasts for 2026 have been raised due to the confirmation of upfront and milestone payments, while the 2025 and 2027 profit forecasts remain unchanged. The expected revenues for 2025-2027 are 7.63 billion, 10.03 billion, and 11.04 billion yuan respectively, with net profits of 1.15 billion, 1.65 billion, and 1.66 billion yuan, maintaining a "Buy" rating [1]. Business Analysis - On February 3, 2026, the company announced receiving a recent milestone payment of 40 million USD from AbbVie related to SIM0500 (GPRC5D/BCMA/CD3 tri-antibody). In January 2025, the company signed an overseas licensing option agreement with AbbVie for SIM0500, which includes an upfront payment and potential payments up to 1.055 billion USD, along with tiered royalties based on net sales outside Greater China [1][2]. - SIM0500 is a humanized TCE tri-antibody targeting two tumor-associated antigens, showing promising efficacy. It combines a low-affinity but highly targeted CD3 antibody with two anti-tumor-associated antibodies, GPRC5D and BCMA, demonstrating strong T-cell cytotoxic effects against multiple myeloma (MM) cells. In April 2024, SIM0500 received Fast Track designation from the FDA for patients with relapsed or refractory MM who have received at least three prior lines of therapy [1]. Innovation Transformation - Since 2025, the company has successfully licensed out four pipelines, including: 1. SIM0500 with AbbVie for licensing rights 2. SIM0505 (CDH6ADC) with NextCure, potentially yielding 745 million USD in related payments 3. SIM0613 (LRRC15ADC) with Ipsen, with a total transaction payment potential of 1.06 billion USD 4. SIM0709 (TL1A/IL-23 dual antibody) with Boehringer Ingelheim, which includes an upfront payment of 42 million euros and potential milestone payments up to 1.016 billion euros based on development progress and commercialization [2]. - The successful out-licensing of self-developed pipelines further validates the company's enhanced innovative R&D capabilities, with recognition from major multinational corporations (MNCs). There remains potential for continued new business development (BD) opportunities for numerous self-developed pipelines and innovative ADC platforms in the future [2].