Allist(SH:688578) Changjiang Securities·2025-09-03 15:26Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 2.374 billion yuan for the first half of 2025, representing a year-on-year increase of 50.57%. The net profit attributable to shareholders was 1.051 billion yuan, up 60.22% year-on-year, while the net profit after deducting non-recurring items was 905 million yuan, reflecting a 39.92% increase year-on-year. The company's performance is strong, indicating robust sustainable development momentum [2][4][10]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 2.374 billion yuan, a 50.57% increase year-on-year. The net profit attributable to shareholders was 1.051 billion yuan, marking a 60.22% year-on-year growth. The net profit after deducting non-recurring items was 905 million yuan, which is a 39.92% increase year-on-year. The company’s financial health is solid, providing a strong foundation for sustainable growth [2][4][10]. Research and Development - The company invested 297 million yuan in R&D during the reporting period, a significant increase of 126.00% year-on-year, accounting for 12.50% of total revenue. This increase is attributed to the steady progress of ongoing projects and milestone payments for clinical projects of introduced products [10]. Product Development - The company is focusing on three main products: 1. Vomecitin: The company is deepening research on Vomecitin, expanding its clinical value and market competitiveness. The IND for a Phase III clinical trial was approved in January 2025, and a marketing application was accepted in July 2025 [10]. 2. Goralesib: The product received conditional approval for second-line monotherapy for KRAS G12C mutation in advanced NSCLC in May 2025, with promising clinical data [10]. 3. Pralsetinib: The domestic production application has been approved, expected to enhance supply chain resilience and product accessibility starting in 2026 [10]. Profit Forecast - The company’s net profit attributable to shareholders is projected to be 1.737 billion yuan in 2025, 2.105 billion yuan in 2026, and 2.521 billion yuan in 2027, with corresponding EPS of 3.86 yuan, 4.68 yuan, and 5.60 yuan respectively. The "Buy" rating is maintained based on these forecasts [10].