InventisBio (SH:688382) HUAXI Securities·2025-09-09 14:10Investment Rating - The investment rating for the company is "Accumulate" [3][6]. Core Insights - The company has demonstrated exceptional capabilities in innovative drug research and development, with a competitive product pipeline [2]. - For the first half of 2025, the company reported a revenue of 0.19 billion yuan, representing a 29% year-on-year increase, and a net loss attributable to shareholders of 1.19 billion yuan, which is a 44% reduction in loss compared to the previous year [1][2]. Summary by Sections Company Overview - The company focuses on target selection in areas with large patient populations and unmet clinical needs, enhancing development speed through international multi-center clinical trials [2]. Product Pipeline - The company has several advanced clinical pipeline products, including: - KRASG12C inhibitor, Goserelin, which is approved for non-small cell lung cancer and is expected to be used for colorectal cancer and other cancers, with a market approval anticipated in November 2024 [2]. - Oral SERD targeted drug D-0502, which offers better convenience and compliance compared to existing muscle injection SERDs, with a key phase III registration trial approved in October 2021 [2]. - D-2570, a novel oral selective inhibitor targeting TYK2 for treating psoriasis and other autoimmune diseases, has shown significant efficacy in clinical trials and is expected to provide new treatment options for patients [2]. Financial Forecast - The company maintains its revenue forecasts for 2025-2027, expecting total revenues of 2.00 billion yuan, 3.50 billion yuan, and 5.00 billion yuan respectively, with EPS of -0.35, -0.24, and -0.33 yuan for the same periods [3][6].