ASK PHARM(SZ:002755) Changjiang Securities·2025-11-16 07:44Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has demonstrated robust growth in net profit, with a cumulative revenue of 1.434 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.57%. The net profit attributable to the parent company reached 223 million yuan, marking a significant year-on-year growth of 75.81% [2][4][10]. - The company has successfully commercialized its first-class new drug, Liratinib tablets (奥壹新®), and has eight innovative pipelines in the fields of oncology and anti-infection that continue to show clinical value, providing future growth potential [2][10]. - The company is accelerating its commercialization process through its ophthalmology pipeline and optimizing its R&D strategy [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 1.434 billion yuan, a year-on-year increase of 3.57%. The net profit attributable to the parent company was 223 million yuan, reflecting a year-on-year growth of 75.81%. In the third quarter alone, the net profit reached 63.33 million yuan, up 23.15% year-on-year [4][10]. Product Development - The company has received approvals for three new products in the first three quarters of 2025, including the first-class new drug Liratinib tablets, which is a third-generation EGFR-TKI. Additionally, two generic drugs have been approved, with six more generic drugs pending approval [10]. - The company has a total of 42 projects under research, with 9 key innovative drugs in development. Notably, two oncology pipelines have shown significant clinical benefits, with promising data presented at the 2025 ESMO conference [10]. Strategic Partnerships - The company’s subsidiary, AskGene Pharma, has licensed the exclusive rights for its ophthalmology pipeline ASKG712 to I-Mab's subsidiary Visara for multiple markets, which includes an upfront payment of 7 million USD and potential milestone payments of up to 89 million USD [10]. Profit Forecast - The company is projected to achieve net profits of 281 million yuan, 491 million yuan, and 747 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.30 yuan, 0.53 yuan, and 0.81 yuan [10].