Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of HKD 25.73 [5][3]. Core Insights - The company reported a revenue of HKD 0.51 billion and a net profit of -HKD 0.75 billion for the first half of 2025. Significant progress was made with its autologous CAR-T therapies, including the acceptance of the NDA for Claudin18.2 CAR-T and the ongoing commercialization of BCMA CAR-T [1][3]. - The company is rapidly advancing its universal CAR-T products, with several in development targeting various cancers and autoimmune diseases. Initial clinical data for CT0596 shows good tolerability and promising efficacy signals [2][3]. Financial Projections - Revenue projections for 2025 to 2027 are HKD 1.4 billion, HKD 3.6 billion, and HKD 7.1 billion, respectively. Net profits are expected to be -HKD 6.7 billion, -HKD 6.5 billion, and -HKD 4.7 billion for the same period [3][8]. - The company anticipates a significant increase in revenue driven by the potential of its products and a robust clinical development pipeline [3][8]. Market Performance - The company's stock price as of August 22, 2025, was HKD 21.06, with a market capitalization of HKD 12,130.27 million [5][6]. - The stock has shown a relative return of -19.8% over the past month and an absolute return of -13.5% [6]. Financial Statements Overview - The income statement forecasts a revenue increase from HKD 0 million in 2023 to HKD 710.86 million in 2027, with net losses decreasing from -HKD 747.79 million in 2023 to -HKD 466.63 million in 2027 [12][13]. - The balance sheet indicates a total asset increase from HKD 2,257.21 million in 2023 to HKD 3,201.67 million in 2027, with total liabilities rising from HKD 455.51 million to HKD 3,930.68 million over the same period [10][13].
科济药业-B（02171）：自体CAR-T进入兑现阶段，通用型CAR-T快速推进中