云顶新耀（01952）：深度系列报告（一）：自免肾病龙头 Biopharma，耐赋康+维适平塑造双增长极

Investment Rating - The report initiates coverage with a "Buy" rating for the company [12][14]. Core Insights - The company, Genting Biopharma, focuses on innovative drug and vaccine research, manufacturing, and commercialization, establishing a dual-driven growth model through license-in products and self-developed high-barrier pipelines [3][8]. - Key products include Nefukang (Budesonide) for IgA nephropathy, EVER001 for primary membranous nephropathy, and Aicuo Mod (Etrolizumab) for moderate to severe ulcerative colitis, all showing significant clinical evidence and market potential [9][10][11]. - The company has seen substantial revenue growth, with projected revenues of 1.791 billion, 3.169 billion, and 4.822 billion RMB for 2025-2027, respectively, and a turnaround in profitability expected by 2025 [12][30]. Summary by Sections Company Overview - Genting Biopharma was founded in July 2017 and has developed a diverse product pipeline covering oncology, nephrology, and infectious diseases [18]. - The company has shifted focus towards nephrology and autoimmune diseases, divesting from oncology to enhance resource allocation [18]. Product Pipeline - The product pipeline includes Nefukang, which is the first approved drug for IgA nephropathy globally, and EVER001, a reversible BTK inhibitor targeting primary membranous nephropathy [9][10]. - Aicuo Mod has shown rapid efficacy in inducing clinical remission in ulcerative colitis patients, with a significant mucosal healing rate [11]. Financial Performance - The company achieved a revenue of 707 million RMB in 2024, a 461% increase year-on-year, and expects continued growth with a revenue of 446 million RMB in the first half of 2025 [28][30]. - The net profit is projected to improve from a loss of 376 million RMB in 2025 to a profit of 868 million RMB by 2027, indicating a strong recovery trajectory [12][30]. Market Potential - The chronic kidney disease (CKD) patient population is substantial, with approximately 1.25 billion patients in China, representing a significant market opportunity for the company's nephrology products [32]. - The company’s products are positioned to address unmet medical needs in the nephrology and autoimmune disease sectors, with a focus on innovative treatment approaches [3][8].