Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing stable growth in its core business, with significant potential for overseas expansion [5] - The company reported a revenue of 4.355 billion RMB in the first half of 2025, a slight decrease of 1.07% year-on-year, while the net profit attributable to shareholders increased by 24.6% to 1.36 billion RMB [7] - The company has a robust pipeline of clinical trials and innovative products, with a focus on four major areas: hematology and oncology, autoimmune diseases, nephrology, and others [7] Financial Performance Summary - Revenue projections for 2025 are estimated at 19.52 billion RMB, with a year-on-year growth rate of 114.3% [6] - The net profit attributable to shareholders is projected to be 10.46 billion RMB in 2025, reflecting a significant increase of 400.5% [6] - The earnings per share (EPS) is expected to reach 4.30 RMB in 2025, with a projected price-to-earnings (P/E) ratio of 6.92 [6] Key Developments - The company has entered into a licensing agreement with Pfizer for SSGJ-707, a PD-1/VEGF bispecific antibody, which includes an upfront payment of 1.4 billion USD and potential total transaction value exceeding 6 billion USD [7] - The company’s international market presence has expanded to over 35 countries, with overseas revenue growth of 70% [7] - The company’s R&D expenses increased by 15.13% year-on-year, indicating a commitment to innovation [7]
三生制药（01530）：内生业务稳定增长，掘金海外未来可期