Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Insights - The company reported a total revenue of 354 million CNY for the year 2023, which includes collaboration income generated from the authorization to AZ. The adjusted net loss for 2023 was 318 million CNY, compared to a loss of 255 million CNY in the previous year. The total R&D expenditure for 2023 was 596 million CNY, up from 507 million CNY in 2022 [5][6]. - The core product CM310 has submitted a marketing application for adult moderate to severe atopic dermatitis and has been accepted, marking the company’s entry into a new commercialization cycle. The product has shown promising efficacy data in clinical trials [5][6]. - The company has also made progress with CMG901, which has demonstrated potential in treating gastric and gastroesophageal junction cancers, and has received orphan drug designation and fast track designation from the FDA [6]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 354 million CNY, with an adjusted loss of 318 million CNY and R&D expenses of 596 million CNY [5][6]. Product Pipeline - CM310 has completed its Phase III clinical trials for adult moderate to severe atopic dermatitis, achieving an EASI-75 responder rate of 66.9% and an IGA 0/1 rate of 44.2%. The product is also undergoing trials for chronic rhinosinusitis with nasal polyps and has initiated studies for adolescent atopic dermatitis and seasonal allergic rhinitis [5][6]. - CMG901 has shown a confirmed objective response rate of 33% in patients with Claudin 18.2 positive gastric and gastroesophageal junction cancers, with a disease control rate of 70% [6]. Future Outlook - The company is expected to incur net losses of 768 million CNY, 633 million CNY, and 239 million CNY for the years 2024 to 2026, respectively, with corresponding EPS of -2.75, -2.26, and -0.85 CNY [6].
管线顺利推进，即将迎接商业化新周期