InventisBio (SH:688382) Changjiang Securities·2025-06-18 09:02Investment Rating - The report initiates coverage with a "Buy" rating for the company [11]. Core Insights - The company, Yifang Biotech, is a leading domestic biotech firm focused on small molecule targeted innovative drugs, with a strong pipeline in oncology, autoimmune diseases, and metabolic disorders. The company has two drugs approved for market, with several others in advanced clinical stages, indicating a need for re-evaluation of its value [4][7][21]. Summary by Sections Company Overview - Yifang Biotech specializes in high-barrier small molecule drug development, with a pipeline that includes drugs for cancer, autoimmune diseases, and metabolic disorders. The company has received significant investment and successfully listed on the STAR Market in July 2022 [21][30]. Product Pipeline - The company has two commercialized drugs: the third-generation EGFR-TKI, Beifuteni, and the KRAS G12C inhibitor, Gesolezib. Additionally, it has several promising candidates in development, including the TYK2 inhibitor D-2570 and the oral SERD D-0502, which are in advanced clinical stages [7][8][10][34]. Commercialization and Partnerships - Beifuteni has shown competitive efficacy in treating EGFR mutation-positive NSCLC, with a median progression-free survival (mPFS) of 22.1 months, significantly longer than the comparator drug. The company has partnered with Beida Pharmaceutical for commercialization, leveraging their established sales channels [8][38]. - Gesolezib, another key product, has demonstrated strong clinical data with an overall response rate (ORR) of 52% and a disease control rate (DCR) of 88.6%. The company has signed an exclusive licensing agreement with Zhengda Tianqing to enhance its commercialization potential [8][9]. Financial Projections - Revenue forecasts for the company are projected at 191 million yuan, 255 million yuan, and 399 million yuan for the years 2025 to 2027, respectively [11].