百利天恒（688506）：EGFR×HER3ADC有望成为肿瘤基石药物，HER2ADC展现BIC潜力

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for its stock performance in the next 6-12 months [4]. Core Insights - The company, Bai Li Tian Heng, is positioned as an innovative pharmaceutical enterprise focusing on ADC (Antibody-Drug Conjugates) and multi-antibody therapies. Its core pipeline, the EGFR×HER3 dual antibody ADC, iza-bren, is seen as a potential cornerstone treatment for various tumors, with over 40 ongoing clinical trials globally, including 3 global registration trials and 11 Phase III trials in China. The NDA for nasopharyngeal carcinoma is progressing, with expectations for approval in China by 2026. The drug has shown promising safety and anti-tumor activity across multiple cancer types [4][5]. - The company has licensed iza-bren to BMS, which could trigger up to $500 million in payments, with potential milestone payments reaching $7.1 billion. Additionally, the HER2 ADC, T-Bren, is advancing in 9 Phase III trials for HER2-expressing solid tumors in China and the U.S., showing efficacy in breast cancer [4][5]. - Revenue projections for the company are estimated at 2.251 billion, 2.302 billion, and 2.585 billion yuan for 2025, 2026, and 2027 respectively, with expected net losses of 527 million, 836 million, and 1.004 billion yuan during the same period [4][11]. Financial Data Summary - As of June 30, 2025, the company reported a basic and diluted earnings per share of -2.79 yuan, with a net asset value per share of 6.98 yuan and a return on equity of -39.94% [3]. - The company's revenue for 2023 is reported at 562 million yuan, with a significant projected increase to 5.823 billion yuan in 2024, followed by a decrease to 2.251 billion yuan in 2025. The net profit for 2023 is -780 million yuan, with projections of -527 million yuan in 2025 [11][14]. - The gross margin is expected to remain high, with estimates of 87.9% in 2025, while the net margin is projected to be -23.4% [12][14].