Huaan Securities·2025-10-31 06:58Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant improvement in financial conditions, with a notable increase in revenue and a reduction in net losses. For Q3 2025, the revenue was 6.22 billion yuan, up 33.13% year-on-year, while the net loss was reduced by 65.24% year-on-year [1][2][3] - The company’s innovative drug, Tai'ai (泰它西普), has received acceptance for its market application for treating primary immunoglobulin A nephropathy, marking it as the first domestic original drug in this field [2] - The company is advancing its IO+ADC pipeline, with multiple research achievements published in top journals, indicating strong collaborative progress [3][8] Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 84.27%, an increase of 4.51 percentage points year-on-year. The operating cash flow was 2.17 billion yuan, up 125.99% year-on-year [3] - The projected revenues for 2025 to 2027 are 22.5 billion, 28.7 billion, and 36.3 billion yuan, respectively, with year-on-year growth rates of 31.1%, 27.5%, and 26.6% [11] - The company expects to reduce net losses significantly, with projections of -7.6 million, -4.8 million, and 0.7 million yuan for the same period [11] Pipeline and Clinical Development - The company is actively pursuing new indications for its main commercial product, Tai'ai, with applications for dry syndrome and systemic lupus erythematosus already accepted [8] - The ADC product, Vidisicimab, has shown promising results in clinical trials for treating urinary tract cancer, with data presented at major medical conferences [8][10] - The dual-target fusion protein RC28-E is in advanced stages of clinical trials, indicating a robust pipeline for future growth [8][10]