NORTHLAND(BJ:430047) Shenwan Hongyuan Securities·2025-08-29 13:42Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a stable revenue of 0.37 billion yuan for H1 2025, reflecting a year-on-year growth of 1.5%, with a net loss attributable to shareholders of 0.20 billion yuan [4][7] - The review progress of Sedomin injection is on track, with expectations for commercialization by the end of 2025, although approval may be delayed to H1 2026 due to the innovative nature of the drug [7] - The company is actively preparing for the commercialization of Sedomin injection, including establishing a sales subsidiary and developing a patient support system [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 72 million yuan - 2025 H1: 37 million yuan - 2025E: 70 million yuan - 2026E: 173 million yuan - 2027E: 375 million yuan - The expected net profit for 2025E is -0.50 billion yuan, with a projected increase in revenue driven by the launch of Sedomin injection [6][9] - The gross margin is expected to be 49.6% in 2025E, increasing to 71.5% by 2027E [6]