【信达生物（1801.HK）】产品矩阵强大丰富，多款后期临床项目取得重要里程碑——2025年半年报点评（王明瑞/张瀚予）

Core Viewpoint - The company reported a significant turnaround in its financial performance for the first half of 2025, achieving a revenue of 5.953 billion yuan, a year-on-year increase of 50.6%, and a net profit of 834 million yuan, compared to a net loss of 393 million yuan in the same period last year [3]. Group 1: Product Portfolio and Growth Potential - The company has a robust product matrix with 16 products approved for market, including 12 oncology products and 4 comprehensive pipeline products. It anticipates the approval of two additional products by the end of 2025, which will provide long-term growth momentum [4]. - The company plans to enhance its market position in oncology and comprehensive products through multi-channel coverage, innovative promotion strategies, and lifecycle management of core products [4]. Group 2: Global Expansion and Collaborations - In the first half of 2025, the company entered into a global collaboration with Roche, granting them rights for the global research, production, and commercialization of IBI3009 (DLL3 ADC). The company is also working on expanding market access for its approved products in various countries and regions, including Hong Kong and Macau, with ongoing registration efforts in Southeast Asia and Latin America [5]. Group 3: Research and Development Investment - The company invested 1.009 billion yuan in R&D during the first half of 2025, maintaining high efficiency and excellent execution in its R&D efforts, and is continuously advancing the global development of its next-generation innovative pipeline [6].