Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is entering a sustainable profit phase, with positive earnings guidance for 2025 [5] - The company reported a net profit of 37.7millionfor2024,slightlyexceedingexpectations,indicatingfinancialself−sufficiency[7]−Thecoreproduct,Furmonertinib,hasexceededmarketexpectationsinglobalsales,andthecompanyisexpandingitspipelinewithtangibleprogress[7]FinancialPerformanceSummary−Revenueprojectionsfor2025areestimatedat694 million, with a year-on-year growth rate of 10.17% [6][11] - The net profit for 2025 is projected to be 393million,reflectingasignificantyear−on−yearincreaseof942.79350 million and $450 million in 2025 [7] Future Catalysts - Continued overseas sales growth for Furmonertinib in Europe and Japan is anticipated to drive new growth [7] - The company plans to submit a New Drug Application (NDA) for Savolitinib for NSCLC in 2025 [7] - The antibody-drug conjugate ATTC platform is expected to start clinical trials in the second half of 2025 [7] Pipeline Overview - The company has a diversified and validated late-stage product pipeline, including several drugs with positive clinical data and upcoming NDA submissions [8]
