Tianfeng Securities·2025-08-21 10:16Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported significant financial performance in H1 2025, with total revenue of $2.433 billion, a year-on-year increase of 45%, and a GAAP net profit of $95.59 million, marking a turnaround from losses [1][13] - The company is expected to achieve continuous revenue growth, with projected revenues for 2025-2027 at $38.00 billion, $45.91 billion, and $54.04 billion respectively [6][10] Financial Performance - In Q2 2025, total revenue reached $1.315 billion, a 42% year-on-year increase, with GAAP net profit of $94.32 million, also reflecting a significant recovery [1][13] - The company has successfully reduced its R&D expenses, with a R&D expense rate of 40% in Q2 2025, down 9 percentage points year-on-year [2][32] - Sales and management expenses were $538 million in Q2 2025, with a corresponding expense rate of 41%, a decrease of 7 percentage points year-on-year [2][28] Product Performance - The core product, Zebutinib, achieved global sales of $950 million in Q2 2025, a 49% year-on-year increase, with strong growth in the US and Europe [3][17] - The second key product, Tislelizumab, also showed robust growth, with total revenue of $194 million in Q2 2025, a 22% year-on-year increase [3][22] Future Milestones - The company anticipates several key milestones in the next 18 months, including multiple drugs entering Phase III clinical trials or filing for market approval [4][5] - Notable upcoming events include the expected approval of Tislelizumab for early-stage non-small cell lung cancer in the EU and the initiation of Phase III trials for other products [4][5] Revenue Guidance - The company has updated its revenue guidance for 2025, raising the total revenue forecast from $4.9-5.3 billion to $5.0-5.3 billion, reflecting confidence in product performance [11][12]