InventisBio (SH:688382) EBSCN·2025-08-28 04:20Investment Rating - The report maintains a "Buy" rating for the company [3][5][13] Core Insights - The company has a competitive product pipeline covering multiple therapeutic areas, including oncology, metabolic diseases, and autoimmune diseases. It has advanced five small molecule compounds to clinical research stages since its establishment, with two products already approved for marketing in China and included in the National Medical Insurance Directory [2][3] - The company reported a revenue of 0.19 billion yuan for the first half of 2025, representing a year-on-year increase of 28.85%. However, it recorded a net loss attributable to the parent company of 1.19 billion yuan [1][3] Summary by Relevant Sections Revenue and Profit Forecast - The forecast for net profit attributable to the parent company for 2025 to 2027 is -2.57 billion yuan, -2.23 billion yuan, and -0.46 billion yuan respectively. The company has a comprehensive in-house R&D system that enhances the success rate of its products and shortens the drug development cycle [3][4] Product Pipeline - Taragarestrant (D-0502) is the first oral SERD inhibitor from a Chinese company to enter clinical trials in the U.S., currently in Phase III registration trials in China [2] - D-0120 is the first URAT1 inhibitor from a Chinese company to enter clinical trials in the U.S., with Phase IIb trials completed in China [2] - D-2570 has shown significant efficacy in treating moderate to severe psoriasis, outperforming existing TYK2 inhibitors and is expected to provide new treatment options for autoimmune disease patients [2] Financial Metrics - Revenue projections for 2023 to 2027 are 186 million yuan, 169 million yuan, 231 million yuan, 314 million yuan, and 517 million yuan respectively, with a projected revenue growth rate of 36.80% in 2025 [4][9] - The company is expected to maintain a gross margin of 100% throughout the forecast period [11]