InventisBio (SH:688382) Changjiang Securities·2025-08-29 07:55Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Viewpoints - The company reported a revenue of 19.16 million yuan for the first half of 2025, an increase of 28.85% compared to the same period in 2024, with a net profit attributable to shareholders of -119 million yuan, improving from -214 million yuan in 2024 [2][5][13] - The company is actively expanding its authorized products, including commercial cooperation for Beifutini and the approval of Gexuolei [7] - The ongoing clinical pipelines are progressing well, targeting high-barrier therapeutic areas, which enhances competitiveness [8][13] Summary by Sections Revenue and Profitability - In the first half of 2025, the company achieved a revenue of 19.16 million yuan, up 28.85% year-on-year, primarily due to increased income from technology licensing and cooperation [2][13] - The operating cost for the same period was 2.49 million yuan, a decrease of 60.63% compared to 2024, leading to an improved net profit of -119 million yuan, compared to -214 million yuan in 2024 [13] Product Pipeline - Beifutini (Simena®) has received NMPA approval for both first and second-line treatment of NSCLC and has entered the National Medical Insurance Directory [7] - Gexuolei (Anfangning®) was transferred to Zhengda Tianqing in August 2023 and was approved for market in November 2024, with positive clinical results reported at the 2025 ASCO conference [7] Research and Development - The registration phase III clinical trial for Taragarestrant (D-0502) is actively progressing for ER-positive, HER2-negative breast cancer [8] - The company has completed a phase II clinical trial for D-0120 in China and initiated a phase II trial in the US [8] - The phase III clinical trial plan for D-2570 has been completed, with the first patient dosed in a phase II trial for ulcerative colitis [8] Financial Forecast - The company forecasts net profits attributable to shareholders of -246 million yuan, -253 million yuan, and -227 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of -0.42 yuan, -0.44 yuan, and -0.39 yuan [8]