Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced rapid sales growth of its flagship product, Siponimod, with a revenue increase of 807.96% year-on-year in H1 2025, reaching 499 million yuan. The net profit attributable to shareholders was -78.84 million yuan [7] - The revenue forecast for 2025-2027 has been revised upwards, with expected revenues of 800 million, 1.01 billion, and 1.62 billion yuan respectively, compared to previous estimates of 467 million and 1.003 billion yuan [7] - The company is actively expanding its product pipeline with next-generation dual antibodies, which are currently in various stages of clinical trials [8] Financial Summary - In H1 2025, the company achieved a revenue of 499 million yuan, with a year-on-year growth of 807.96%. The net profit attributable to shareholders was -78.84 million yuan [7] - The projected revenues for 2025, 2026, and 2027 are 800 million, 1.01 billion, and 1.62 billion yuan respectively, with year-on-year growth rates of 87.0%, 26.2%, and 60.4% [10] - The company’s gross margin is expected to remain high at around 95% for the forecast period [10] Product Development and Market Expansion - Siponimod is rapidly gaining traction in the market, with sales of approximately 169 million yuan in H1 2025, driven by its indications for moderate to severe atopic dermatitis, chronic sinusitis with nasal polyps, and seasonal allergic rhinitis [8] - The company has successfully completed overseas licensing for multiple products, generating 329 million yuan in revenue from product collaborations and licensing in H1 2025 [9]
康诺亚-B（02162）：港股公司信息更新报告：司普奇拜单抗快速放量，积极布局下一代自免双抗