Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Insights - The company has shown significant revenue growth, achieving total revenue of 74.15 million yuan in 2024, a year-on-year increase of 19,110% [4][9] - The core pipeline, including the drug IMM01, is progressing steadily with two Phase III clinical trials expected to report mid-term data in 2026 [5][7] - The company is actively expanding business development (BD) collaborations, including partnerships for dual-specific antibodies targeting PD-L1/VEGF and CD47/CD20 [6][7] Financial Summary - The company is projected to generate revenues of 151 million yuan in 2025, followed by 139 million yuan in 2026, and a significant increase to 675 million yuan in 2027 [9][11] - The net profit attributable to the parent company is expected to be -227 million yuan in 2025, -456 million yuan in 2026, and -508 million yuan in 2027 [9][11] - The company’s cash and short-term financial assets amounted to 752 million yuan in 2024, reflecting a year-on-year growth of 23% [4][7]
宜明昂科-B（01541）：核心管线稳步推进，积极拓展BD合作