三生国健2025年业绩预增超300%，新药上市申请与辉瑞合作成焦点

Core Viewpoint - The recent developments of Sangfor Biopharma (688336.SH) focus on financial disclosures, product research progress, and partnership milestones [1] Financial Performance - The company announced a revenue forecast of approximately 4.2 billion yuan for 2025, representing a year-on-year growth of 251.76%, and a net profit of about 2.9 billion yuan, reflecting a year-on-year increase of 311.35%. This growth is primarily attributed to a licensing fee payment of approximately 2.89 billion yuan received from Pfizer for the SSGJ-707 project. However, these figures are preliminary estimates and subject to final audit [2] Product Development Progress - The company's core pipeline includes SSGJ-608 (for psoriasis) and SSGJ-613 (for acute gouty arthritis), both of which have submitted New Drug Applications (NDA) and are currently under review. Approval results are expected to be announced in 2026, and successful approvals could contribute to additional revenue [3] Business Development - The company is developing 22 projects in the autoimmune field, with 7 projects currently in Phase III clinical trials, such as SSGJ-611 for multiple indications. Clinical data announcements or application progress may occur in the future. The company plans to submit new drug applications annually from 2025 to 2028, indicating a promising long-term growth potential [4] Contract Developments - In May 2025, Sangfor Biopharma entered into a global licensing agreement with Pfizer for SSGJ-707 (a PD-1/VEGF dual antibody) with a total transaction value exceeding 6 billion USD. The upfront payment has been confirmed as revenue. The agreement includes development, regulatory, and sales milestone payments, which may trigger additional payments based on project progress, impacting the company's performance [5] Stock Performance - The company's stock has experienced volatility, with a cumulative decline of 6.83% over five consecutive days as of February 3, 2026. However, on February 6, the stock price rebounded to 60.00 yuan per share, with net inflows from major funds. Market reactions to the earnings forecast and research progress may continue [6]