Dongguan Securities·2025-09-01 12:21Investment Rating - The report assigns an "Accumulate" rating to the company, indicating an expectation that the stock will outperform the market index by 5% to 15% over the next six months [2][9]. Core Insights - The company reported stable growth in Q2 2025, achieving revenue of 94.70 billion yuan, a year-on-year increase of 42.69% and a quarter-on-quarter increase of 17.68%. The net profit attributable to shareholders was 5.44 billion yuan [6]. - The growth in product revenue is primarily driven by the sales of self-developed products such as Baiyueze (Zebutinib Capsules) and the licensed product from Amgen, as well as Baizean (Trelatuzumab Injection) [6]. - Baiyueze® had global sales of 125.27 billion yuan in the first half of 2025, representing a 56.2% year-on-year increase, with U.S. sales reaching 89.58 billion yuan, up 51.7% [6]. - Baizean® sales totaled 26.43 billion yuan, a 20.6% increase year-on-year, benefiting from new indications approved for insurance coverage in China [6]. - The company is accelerating its R&D innovation, establishing a global clinical development capability with a team of over 3,700, allowing for faster and more cost-effective drug development [6]. - The company aims to achieve over 20 milestone advancements in its hematology and solid tumor pipelines within the next 18 months [6]. Financial Projections - The company is projected to achieve total revenue of 36,924 million yuan in 2025, with net profit expected to reach 770 million yuan, and EPS forecasted at 0.50 yuan [7]. - By 2026, total revenue is expected to grow to 45,612 million yuan, with net profit projected at 3,626 million yuan and EPS at 2.35 yuan [7].