Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant sales growth in the first half of 2025, with a total revenue of 950 million yuan, although this represents a year-on-year decline of 31.27%. The net profit attributable to the parent company was -145 million yuan, a decrease of 146.80% year-on-year. However, cash and cash equivalents increased by 45.68% year-on-year to 3.103 billion yuan [4][5] - The commercialization of the first batch of products is on track, with the core product, Lukanosatuzumab, achieving sales of 310 million yuan in the first half of the year. This product is the first domestically approved ADC with global intellectual property rights in China, marking a significant milestone for the company [6][8] - The company has multiple new ADCs entering clinical trials, indicating a robust pipeline and potential for future growth. The expected revenues for 2025 to 2027 are projected to be 2.033 billion yuan, 3.147 billion yuan, and 2.833 billion yuan, respectively, with year-on-year growth rates of 5%, 55%, and -10% [7][8] Financial Summary - For the first half of 2025, the company reported a revenue of 950 million yuan, a net profit of -145 million yuan, and cash and cash equivalents of 3.103 billion yuan [4][5] - The projected financials for 2024 to 2027 include revenues of 1.933 billion yuan, 2.033 billion yuan, 3.147 billion yuan, and 2.833 billion yuan, with net profits of -267 million yuan, -375 million yuan, 46 million yuan, and -171 million yuan, respectively [9][10]
科伦博泰生物-B（06990）：半年销售增长迅猛，pharma之势渐成