Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved total revenue of 5.953 billion yuan in H1 2025, representing a year-on-year increase of 50.6%. The net profit reached 834 million yuan, a significant turnaround from a loss of 393 million yuan in H1 2024. The Non-IFRS net profit was 1.213 billion yuan, compared to a loss of 160 million yuan in the same period last year [6] - The company has successfully commercialized five new drugs during the reporting period, marking a significant breakthrough in its product line. The approval of Masitide (a GLP-1/GCG dual-target agonist) for long-term weight management in adults and the approval of Tezotuzumab for thyroid eye disease fill a 70-year treatment gap in the domestic market [7] - The company is advancing its global innovation pipeline, with IBI363 (a next-generation IO therapy) receiving FDA approval for a pivotal clinical trial, and IBI343 (an ADC) entering a Phase III clinical trial for pancreatic cancer, showcasing the global value of its ADC platform [8] Financial Summary and Valuation Metrics - For 2025, the company is projected to achieve a net profit of 988 million yuan, with earnings per share (EPS) of 0.6 yuan. The price-to-earnings (P/E) ratio is expected to be 137.8 times [9] - The company's revenue is forecasted to grow to 11.55 billion yuan in 2025, with a year-on-year growth rate of 22.6%. The gross margin is expected to be 83.5% [9] - The company’s total assets are projected to reach 24.567 billion yuan by 2025, with total liabilities of 11.156 billion yuan, indicating a healthy balance sheet [11]
信达生物（01801）：公司信息更新报告：2025H1公司实现持续盈利，双轮驱动战略顺利起航