Investment Rating - The report maintains a "Hold" rating for the company, with target prices set at HKD 75 for the Hong Kong stock and RMB 96.7 for the A-share [1][8]. Core Insights - The company reported a revenue of RMB 620 million in Q3 2025, representing a year-on-year increase of 33.1% and a quarter-on-quarter increase of 8.7%. The net loss attributable to shareholders narrowed to RMB 100 million, a decrease of 65.2% year-on-year and 48.3% quarter-on-quarter, slightly better than expectations [2][3]. - The gross margin for Q3 2025 was 84.6%, showing a year-on-year increase of 3.1 percentage points, while R&D expenses decreased by 29.9% year-on-year [2][3]. - The commercialization performance of the drug TaiTasi was slightly better than expected, with sales of RMB 380 million in Q3 2025, up 41.4% year-on-year. The drug VidiXimab achieved sales of RMB 240 million, up 21.4% year-on-year [3][4]. Financial Performance Summary - For the full year, the company expects a reduction in losses of approximately 50%, consistent with previous guidance. The revenue forecast for 2025 is RMB 2.889 billion, with a year-on-year growth of 68.9% [2][9]. - The net loss for 2025 is projected to be RMB 130 million, with a return to profitability expected in 2026 with a net profit of RMB 91 million [9][10]. - The company’s total market capitalization is approximately HKD 57.3 billion, with a recent average trading volume of HKD 681 million over the past three months [4][6]. Product Pipeline and Market Outlook - The company is focusing on the development of RC148 (PD-1/VEGF) for NSCLC, with plans to prioritize its clinical trials. The management has observed promising efficacy and safety in early trials [4][8]. - The ongoing national medical insurance negotiations for TaiTasi and VidiXimab are crucial, as moderate price reductions could positively impact stock performance [3][4].
荣昌生物（09995）：近期关注两款产品医保谈判结果