China Post Securities·2025-09-30 05:33Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 17.52 billion yuan, a 46% increase year-on-year, and a net profit of 450 million yuan compared to a loss of 2.88 billion yuan in the same period last year [5][6]. - The company has raised its full-year revenue guidance from 4.9-5.3 billion USD to 5-5.3 billion USD, while maintaining its guidance for positive GAAP operating profit for the year [5][6]. Financial Performance - In Q2 2025, the company achieved a revenue of 9.47 billion yuan, a 42.7% increase year-on-year, and a net profit of 540 million yuan, compared to a loss of 970 million yuan in the same quarter last year [5][6]. - The global revenue for the drug Zebutinib reached 1.74 billion USD in the first half of 2025, with a year-on-year growth of 54.7%, driven by strong performance in the US and Europe [6][7]. Product Development - The company is advancing its product pipeline, with several key trials underway, including a Phase III trial for a combination therapy involving Zebutinib [7][8]. - The company anticipates significant data releases in the second half of 2025 for various products, including a KRAS inhibitor and ADCs [8]. Earnings Forecast - The company is projected to achieve revenues of 37.1 billion yuan, 47.15 billion yuan, and 58.18 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 820 million yuan, 4.07 billion yuan, and 8.07 billion yuan [9][11].