Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.23 HKD per share, compared to the current price of 33.45 HKD [4]. Core Insights - The company has achieved profitability for the first time, reporting a revenue of 824 million RMB in the first half of 2024, a year-on-year increase of 477.2%. The net profit attributable to shareholders is 163 million RMB, marking a turnaround from losses [2]. - The sales of the core product, Nairike, have seen significant growth, with a revenue of 113 million RMB in the first half of 2024, a quarter-on-quarter increase of 120% and a year-on-year increase of 5%. The product has received approval for market entry in Macau and is expected to participate in national medical insurance negotiations [2]. - The company is advancing its pipeline with APG2575 expected to file for market approval within the year, alongside four ongoing Phase III clinical trials targeting various indications [2]. - The company is strategically positioning itself with differentiated pipelines, including APG-5918 and APG-2449, which are in early clinical stages [2]. Financial Summary - The company reported a significant increase in revenue from 210 million RMB in 2022 to an estimated 1,013 million RMB in 2024, reflecting a growth rate of 651.4% in 2022 and 356.5% in 2024 [3]. - The net profit is projected to improve from a loss of 883 million RMB in 2022 to a loss of 286 million RMB in 2024, indicating a narrowing of losses [3]. - The EBITDA is expected to improve from -836 million RMB in 2022 to -144 million RMB in 2024, showing a trend towards operational efficiency [3].
亚盛医药-B：核心产品国际化进展顺利