Investment Rating - The investment rating for 3SBio Inc. is Neutral with a 12-month price target of HK$9.37, indicating a downside potential of 58.2% from the current price of HK$22.40 [8][7]. Core Insights - The management of 3SBio Inc. highlighted the successful execution of the licensing-out deal for SSGJ-707 with Pfizer, which was negotiated in less than two months. The initiation of global clinical trials is expected to begin in the third or fourth quarter of 2025 after the deal closes [2][1]. - The company is actively seeking business development opportunities with a growing pipeline that includes assets such as TL1A, BDCA2, and multiple early-stage antibodies, as well as a pre-clinical candidate for weight loss [2][1]. - Product sales in the first half of 2024 are anticipated to be soft due to a challenging industry environment and a high sales base from key drugs, particularly TPO, which saw a growth of 23% year-on-year in the first half of 2024 [3][1]. Summary by Sections Licensing and Business Development - The licensing-out deal for SSGJ-707 is a significant milestone, with the first overseas study expected to start in late 2025. The phase 3 clinical trial for SSGJ-707 as a monotherapy has already commenced in China [2][1]. - The company is focusing on sourcing late-stage assets to enhance its product portfolio, including a recently licensed oral paclitaxel expected to drive growth in 2026 [6][1]. Financial Performance - The company anticipates earnings growth to outperform revenue growth due to savings in operating expenses, despite the soft product sales outlook for the first half of 2024 [3][1]. - The financial forecasts indicate a revenue increase from RMB 9,108 million in 2024 to RMB 11,112.7 million by 2027, with an expected EBITDA growth from RMB 2,922.2 million to RMB 3,856.6 million over the same period [8][7].
高盛：三生制药_2025 年中国医疗保健企业日 —— 关键要点