证券研究报告|医药生物|2025年3月29日 www.hczq.com 华创医药投资观点&研究专题周周谈·第119期 2025Q1医药业绩前瞻 本报告由华创证券有限责任公司编制 报告仅供华创证券有限责任公司的客户使用，本公司不会因按久收到本报告而预其为客户。华创证券的这些信息的准确性和完整性不作任何保证，报告中的内容和赏见仅体参考，并不构成本公司对所述证券买 卖的出价或狗价，本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 :请仔细阅读PPT后部分的分析师声明及免责声明。 ER | 01 | 行情回顾 | | --- | --- | | 02 | 板块观点和投资组合 | | 03 | 行业和个股事件 | 本周行情回顾 = 华创研究 本周中信一级行业指数涨跌幅 09 -1% -25 -3% -4% -5% -69 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.co ...

Market Review - The CITIC Pharmaceutical Index increased by 1.04%, outperforming the CSI 300 Index by 1.03 percentage points, ranking first among CITIC's 30 primary industries [5] - The top ten stocks by increase this week include Yihe Jiaye, Rundu Co., De Yuan Pharmaceutical, and others, while the top ten stocks by decrease include ST Xiangxue, Innovation Medical, and others [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is low, with public funds (excluding pharmaceutical funds) having low allocation to this sector. The macro environment, including the recovery of US Treasury yields, supports optimism for the pharmaceutical industry's growth by 2025 [9] - In the innovative drug sector, there is a shift from quantity to quality, emphasizing products that can generate profits. Companies to watch include Heng Rui, Bai Ji, Bei Da, and others [9] - In the medical device sector, there is a notable recovery in bidding volumes for imaging equipment, and home medical devices are benefiting from subsidy policies. Key companies include Mindray, United Imaging, and Yiyuan [9] - The CXO and life sciences services sector is expected to see a recovery in overseas investment and financing, with a positive outlook for 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, particularly in the specialty API sector, with companies like Tonghe Pharmaceutical and Tianyu Co. being highlighted [9] Industry and Company Events - The medical device market is expected to improve significantly from Q4 2024, with a projected 47.82% year-on-year growth in January 2025 [18] - The blood products sector is poised for growth due to relaxed approval for plasma stations and an increase in demand post-pandemic. Companies like Tiantan Biological and Boya Biological are recommended [12] - The retail pharmacy sector is expected to benefit from the acceleration of prescription outflow and an improved competitive landscape, with companies like Lao Bai Xing and Yifeng Pharmacy being highlighted [30] - The traditional Chinese medicine sector is recommended for its potential growth driven by basic drug reforms and state-owned enterprise reforms, with companies like Kunming Pharmaceutical and Kangyuan Pharmaceutical being noted [31] - The life sciences services sector is seeing a recovery in demand, with a focus on domestic and overseas market expansion. Companies are encouraged to pursue mergers and acquisitions to strengthen their market positions [29][30]

Group 1 - The Hang Seng Healthcare Index (HSHCI) has seen a strong increase of 1.80%, with notable gains from companies such as Lepu Biopharma-B (up 16.56%) and Zai Lab (up 10.27%) [1] - The Hang Seng Medical ETF (513060) has risen by 2.11%, marking its third consecutive increase, with a trading volume of 4.69 billion yuan [1][2] - The second Boao Lecheng Stem Cell Conference has opened, marking a new phase of standardized and high-quality development in China's stem cell industry [2] Group 2 - Financial analysts predict that the approval and implementation of more projects in the stem cell sector will lead to advanced treatment methods benefiting the public [2] - The domestic medical innovation industry is expected to experience multiple growth opportunities, particularly for companies with true innovation capabilities in new drug development [2] - The Hang Seng Medical ETF has seen a significant growth in scale, increasing by 34.09 billion yuan over the past year, ranking in the top third among comparable funds [2] Group 3 - Since its inception, the Hang Seng Medical ETF has achieved a maximum monthly return of 28.34% and an average monthly return of 7.00% [3] - The ETF has outperformed its benchmark with an annualized excess return of 2.02% over the past year [3] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [3] Group 4 - The tracking error of the Hang Seng Medical ETF is 0.033%, the highest tracking precision among comparable funds [4] - The latest price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 24.97, indicating it is at a historical low compared to the past year [4] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 55.64% of the index, with companies like WuXi Biologics and BeiGene among the leaders [4][6]

Policy Developments - Ningxia is implementing a dual-track "monthly prepayment + annual prepayment" mechanism for medical insurance funds, aiming for real-time settlement with medical institutions by 2025. In the first two months of 2025, 255 million yuan was prepaid to designated medical institutions under the annual prepayment model [2] - The Ministry of Commerce will collaborate with the National Health Commission to release the "Health Consumption Special Action Plan" during the China International Consumer Products Expo, focusing on health-related sectors such as diet, fitness, and elderly care [3] Drug Approvals - The NMPA approved the launch of the novel antiviral drug Marzula Shave, developed by Qingfeng Pharmaceutical, for treating uncomplicated influenza in adolescents and adults aged 12 and above [6] - Merck's 21-valent pneumococcal conjugate vaccine Capvaxive has been approved for marketing in the EU, targeting invasive pneumococcal disease and pneumonia in adults [7][8] Capital Market Activities - Shanghai Laishi plans to acquire 100% of Nanyue Biological for 4.2 billion yuan to expand its plasma resources and production capabilities [10] - Lizhu Pharmaceutical intends to invest 1 billion yuan in Lizhu Biopharmaceutical to support its R&D projects and operational needs, valuing Lizhu Biopharmaceutical at 11.8 billion yuan [11] Industry Developments - Bayer signed a global licensing agreement with Suzhou Puhua Pharmaceutical for a PRMT5 inhibitor targeting MTAP-deficient tumors, with the first patient enrolled in a Phase I clinical trial [13] - Huadong Medicine's dual-target antibody drug HDM3019 has received clinical approval in China, with a collaboration agreement worth over 300 million USD for the development of autoimmune disease treatments [14] Financial Reports - iFlytek Medical Technology reported a revenue of 734 million yuan for 2024, a 32% increase from 2023, but still faced a net loss of 133 million yuan [19] - Yonghe Medical's revenue grew by 1.5% to 1.8045 billion yuan, with a reduced net loss of 226.6 million yuan [20] - BeiGene's revenue for 2024 reached approximately 3.8 billion USD, a 55% increase, with product revenue rising by 72.6% [21] - Shanghai Pharmaceuticals achieved a revenue of 275.251 billion yuan in 2024, a 5.75% year-on-year growth, with a net profit of 4.553 billion yuan [22] - Innovent Biologics reported a revenue of 1 billion yuan from its drug Abobotinib, driven by its inclusion in medical insurance [23] - Rhine Biotech's revenue for 2024 was 1.772 billion yuan, with a net profit of 163 million yuan, marking a 97.56% increase [24] - Rongchang Biotech reported a revenue of 1.717 billion yuan for 2024, with a net loss of 1.468 billion yuan [25]

Financial Performance - The company reported a net loss of 453 million yuan for the fiscal year 2024, with a cash-adjusted loss of 431 million yuan after excluding non-cash items[3]. - The company will not distribute profits for the fiscal year 2024, pending approval at the annual shareholders' meeting[8]. - The company reported a total revenue of RMB 1.2 billion for the fiscal year 2024, representing a year-over-year increase of 15%[20]. - The net loss attributable to shareholders decreased by 30.20% year-on-year, amounting to approximately RMB 440.63 million in 2024, compared to RMB 631.26 million in 2023, due to increased sales of the drug Orelabrutinib and reduced foreign exchange losses[32]. - The net cash outflow from operating activities improved significantly, decreasing from RMB 665.49 million in 2023 to RMB 365.55 million in 2024, attributed to increased sales and cash receipts from goods sold[32]. - The company reported a gross margin of 60% for the fiscal year 2024, an improvement from 55% in the previous year[20]. - Operating expenses were reduced by 10% year-over-year, contributing to improved profitability[20]. - The adjusted net loss for the year, excluding certain non-cash items, was RMB 430.80 million, compared to RMB 490.67 million in the prior year, reflecting a decrease of about 12%[41]. Research and Development - Research and development expenses increased by 7.57% year-on-year to 815 million yuan, reflecting the company's ongoing investment in new technology platforms and clinical trials[3]. - The company is investing RMB 200 million in R&D for new technologies, focusing on enhancing product efficiency and user experience[20]. - Research and development expenses accounted for 80.70% of total revenue in 2024, a decrease of 21.83 percentage points from 102.53% in 2023, reflecting the substantial growth in revenue[31]. - The company has established a comprehensive research and development platform to accelerate drug discovery and improve clinical trial efficiency[49]. - The company is engaged in developing innovative small molecules, monoclonal antibodies, and bispecific antibodies targeting promising indications in hematological malignancies and solid tumors[88]. Product Pipeline and Approvals - The company has a robust product pipeline in hematological malignancies, autoimmune diseases, and solid tumors, with its core product, Orelabrutinib, already commercialized[4]. - The BLA for the Tafasitamab and Lenalidomide combination therapy has been accepted by the CDE and is under priority review, expected to receive approval in the first half of 2025[4]. - The company has multiple products in various stages of clinical trials, with several expected to advance to market approval by mid-2025, including Tafasitamab combined with Lenalidomide for treating relapsed or refractory DLBCL[46]. - The company aims to establish a leadership position in the hematological oncology field, focusing on treatments for Non-Hodgkin Lymphoma (NHL), leukemia, and multiple myeloma (MM)[47]. - The company aims to establish a competitive drug portfolio for the treatment of various solid tumors, utilizing targeted therapies, immuno-oncology methods, and advanced ADC technology[78]. Market Expansion and Strategy - The company expects revenue guidance for 2025 to be between RMB 1.5 billion and RMB 1.7 billion, indicating a growth rate of 25% to 42%[20]. - Market expansion plans include entering two new international markets by Q3 2025, aiming for a 10% market share in each[20]. - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of up to RMB 500 million allocated for this purpose[20]. - A strategic partnership with a leading tech firm is expected to enhance distribution channels and increase market penetration by 30%[20]. - The company plans to continue expanding its market presence and product offerings, focusing on the ongoing development of innovative therapies[32]. Clinical Trials and Efficacy - The ORR for Tafasitamab combined with Lenalidomide in clinical trials was reported at 73.1%, with 32.7% of patients achieving CR[55]. - ICP-248, a new oral BCL-2 inhibitor, has shown promising results in early trials, with an ORR of 87.5% in r/r CLL/SLL patients[59]. - The company aims to complete the Phase III clinical trial for Obinutuzumab in ITP by the end of 2025 and submit the NDA in the first half of 2026[68]. - The Phase II clinical trial data for Obinutuzumab in ITP will be published in The American Journal of Hematology in April 2024, with a Phase III trial expected to complete in 2025[141]. - The ongoing clinical trials for ICP-490 and ICP-B05 are expected to further evaluate their safety and efficacy in various cancer indications[123][124]. Innovation and Technology - The company is leveraging its proprietary ADC platform to develop differentiated ADC products aimed at improving efficacy and safety in cancer treatment[49]. - The proprietary ADC platform features irreversible bioconjugation technology and a drug-antibody ratio (DAR) of 8, aiming to enhance stability and therapeutic efficacy[82]. - The ADC platform utilizes proprietary linker-payload technology, achieving a drug-antibody ratio (DAR) of 8, aimed at providing effective and targeted cancer therapies[175]. - The company has completed the IV formulation dose escalation for ICP-B02, which shows good efficacy in FL and DLBCL patients[117]. Management and Governance - The company’s management team has extensive experience from major pharmaceutical companies, enhancing its capabilities in drug development and commercialization[45]. - The company operates as a red-chip enterprise, listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange's Sci-Tech Innovation Board[10]. Market Trends and Projections - The global pharmaceutical market size was $1.50 trillion in 2022 and is expected to reach approximately $2.09 trillion by 2030[189]. - The global oncology drug market size grew from $143.5 billion in 2019 to $228.9 billion in 2023, with a CAGR of 12.4%, and is projected to reach $419.8 billion by 2030, with a CAGR of 9.1% from 2023 to 2030[197]. - The global autoimmune disease treatment market is projected to reach $185 billion by 2029, with a compound annual growth rate (CAGR) of 3.7%[66].

Financial Performance - Total revenue increased by 36.7% from RMB 738.5 million in 2023 to RMB 1,009.4 million in 2024, primarily driven by strong sales growth of Oubatinib[4] - Gross profit rose by 42.8% from RMB 610.1 million in 2023 to RMB 871.0 million in 2024, with a gross margin of 86.3%, up 3.7 percentage points from 82.6% in 2023[4] - The net loss decreased by 29.9% from RMB 645.6 million in 2023 to RMB 452.9 million in 2024, indicating improved financial performance[6] - Total revenue for the year ending December 31, 2024, was RMB 1,009.4 million, with revenue from Orelabrutinib exceeding RMB 1 billion for the first time, marking a 49.1% increase from the previous year[46] - Net sales of drugs rose by 49.7% from RMB 671.6 million in 2023 to RMB 1,005.6 million in 2024, driven by rapid growth in sales of the drug Oubatinib[146] Expenses and Costs - Operating expenses increased by 8.1% from RMB 1,311.6 million in 2023 to RMB 1,417.8 million in 2024, with sales and distribution expenses rising by 14.5%[5] - Research and development expenses rose to RMB 814.0 million in 2024, up from RMB 751.2 million in 2023, reflecting increased investment in technology platform innovation and clinical trials[5] - The ratio of sales and distribution expenses to drug sales decreased from 54.6% in 2023 to 41.8% in 2024, indicating improved operational efficiency[5] - Administrative expenses decreased from RMB 193.5 million in 2023 to RMB 183.9 million in 2024, mainly due to a one-time payment related to the termination of an intellectual property transfer agreement[156] Cash and Assets - Cash and cash equivalents as of December 31, 2024, were approximately RMB 7.76 billion, providing flexibility for clinical development and investment in competitive product lines[6] - The net current assets amounted to RMB 6,759.2 million as of December 31, 2024, supported by cash and bank balances of RMB 6,222.6 million[162] - The company recorded a loss of RMB 5.3 million from joint ventures in 2024, compared to a loss of RMB 4.9 million in 2023[160] - Trade receivables and bills increased from RMB 307.6 million as of December 31, 2023, to RMB 351.0 million as of December 31, 2024, with a significant rise in receivables within three months from RMB 248.9 million to RMB 345.9 million[163] Product Development and Clinical Trials - The company is advancing over 30 ongoing global trials across various clinical stages, focusing on a strong and diverse pipeline of products[9] - The company aims to establish leadership in the hematology field, with Oubatinib as a core therapy and plans for regulatory approval of Tanshitumomab in the first half of 2025[10] - The NDA for Obinutuzumab's use in first-line CLL/SLL treatment was accepted by the CDE in August 2024, with approval expected within the year[11] - The BLA for the combination therapy of Tazemetostat and Lenalidomide for treating relapsed/refractory DLBCL has been accepted for priority review by the NMPA, with approval anticipated in the first half of 2025[13] - The company has initiated a Phase III clinical trial for ICP-248 in CLL/SLL patients, with the first patient expected to be enrolled in March 2025[15] Market and Competitive Position - The global autoimmune disease treatment market is projected to reach $185 billion by 2029, growing at a CAGR of 3.7%, driven by rising prevalence and new product launches[19] - The company aims to become a leader in the hematological malignancies field, supported by a robust product portfolio including Obinutuzumab and Tanshinone Monoclonal Antibody[37] - The company is positioned to address unmet clinical needs in autoimmune diseases through innovative therapies targeting B and T cell signaling pathways[19] Innovations and Collaborations - The company has enhanced its commercialization capabilities by optimizing its management team and strategies, leading to improved operational efficiency and market penetration[11] - A licensing agreement for the development and commercialization of ICP-B02 has been established, with potential milestone payments totaling up to $502.5 million based on clinical and regulatory achievements[16] - The company is actively seeking licensing and clinical collaboration opportunities to complement its existing product pipeline and enhance operational efficiency[41] Regulatory and Approval Updates - Obinutuzumab has been approved as the first and only BTK inhibitor for treating relapsed/refractory Marginal Zone Lymphoma (MZL) in China, and is listed as a first-line recommendation in the CSCO guidelines for MZL treatment[11] - The company has reached an agreement with the FDA to initiate Phase III trials for Obinutuzumab in treating primary progressive multiple sclerosis (PPMS) and secondary progressive multiple sclerosis (SPMS) patients[20] - The combination therapy of Tazemetostat and Lenalidomide has received accelerated approval in the US and conditional approval in Europe for treating relapsed refractory DLBCL[67] Future Plans and Projections - The company plans to submit the IND application for ICP-B794 in the first half of 2025 and initiate clinical trials in the second half of 2025, aiming to enhance its oncology portfolio[40] - The company plans to submit the New Drug Application (NDA) for ICP-723 by the end of March 2025[29] - The company aims to accelerate the progress of its clinical trials to meet the urgent treatment needs of patients[84]

证券研究报告|医药生物|2025年3月21日 www.hczq.com 华创医药投资观点&研究专题周周谈·第118期 2024年零售渠道中成药表现 本周专题联系人：高初茜 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号: S0360520110004 邮箱: lichanjuan@hcyjs.com | | 中药和流通组组长 高初茜 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 万梦蝶 | 执业编号：S0360523080008 邮箱：wanmengdie@hcyjs.com | | 分析师 王宏雨 | 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号: S0360524070007 邮箱: ...

Market Overview - The overall market sentiment for the pharmaceutical sector remains cautious, with the CITIC Pharmaceutical Index rising by 1.08%, underperforming the CSI 300 Index by 0.03 percentage points, ranking 18th among 30 CITIC first-level industry indices [4][7]. - The top ten stocks by weekly gain include Kanghui Pharmaceutical, *ST Jingfeng, and Rongchang Bio, while the biggest losers include Beiyikang and Wuxi Jinghai [3][4]. Investment Themes - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) showing low allocation to this sector. The outlook for the pharmaceutical industry in 2025 remains optimistic due to macroeconomic factors such as the recovery of US Treasury yields and the driving effect of large categories on the industry [7]. - In the innovative drug segment, there is a shift from quantity to quality, emphasizing differentiated and internationalized pipelines. Companies like Heng Rui, Bai Ji, and Bei Da are recommended for investment [7]. - The medical device market is witnessing a recovery in bidding volumes, particularly in imaging equipment, with companies like Mindray and United Imaging being highlighted. The home medical device market is also expected to benefit from subsidy policies [7]. - The CXO and life sciences services sector is anticipated to see a rebound in investment, with a focus on companies that can deliver high profit elasticity as they enter the return phase [7]. Traditional Chinese Medicine (TCM) Market - The retail sales of TCM are projected to remain stable, with a slight decline expected in 2024. The total retail sales are expected to reach 168 billion yuan, down 3.6% year-on-year [9][10]. - The top categories in TCM retail sales for 2024 include cold medicine, health supplements, and cardiovascular drugs, with notable products like Ganmao Ling Granules and Ejiao experiencing varying growth rates [15][19][24]. Specific Drug Categories - **Cold Medicine**: The retail sales are expected to decline by 8.4% in 2024, with the top product, Ganmao Ling Granules, showing a growth of 5.4% [20][21]. - **Health Supplements**: Despite a high base, the market is expected to see a slight decline, with Ejiao projected to drop by 13.4% [19][21]. - **Cardiovascular Drugs**: This category is experiencing its first decline in recent years, with a projected drop of 5.9% in 2024 [24]. - **Cough and Phlegm Relief**: Retail sales are expected to decrease by 4.3%, with products like Mi Lian Chuan Bei Pi Pa Gao showing a slight increase [29]. - **Gastrointestinal Drugs**: The market remains stable, with a projected decline of 3.4% in 2024 [33]. - **Musculoskeletal Drugs**: This category is expected to continue its downward trend, with a projected decline of 3.7% [36]. - **Urological Drugs**: The market has seen a significant decline, with a projected drop in sales [46]. - **Nervous System Drugs**: This category is expected to maintain stability, with a slight decline of 0.3% [48]. Conclusion - The pharmaceutical sector is navigating a complex landscape with varying performance across different categories. While some areas show promise for recovery and growth, others are facing challenges that could impact overall market sentiment and investment strategies [7][9][20][24].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][4]. Core Views - The pharmaceutical sector is experiencing a digital transformation and intelligent upgrade, with AI expected to significantly impact drug development, medical imaging, multi-omics diagnostics, and healthcare services [37][36]. - The report emphasizes the importance of high-quality R&D innovation as the core driver of the pharmaceutical industry, with a focus on innovative drugs and medical devices [37][36]. - The report suggests that the recent market shift has led to increased support for innovative drugs, with policies expected to further bolster the sector [37][36]. Market Performance - The overall A-share market rose by 1.36%, with the pharmaceutical and biotechnology sector increasing by 1.77%, outperforming the broader market [27][27]. - Specific segments within the pharmaceutical sector showed varied performance, with the medical commercial sector leading with a 6.44% increase [27][27]. Key Companies and Investment Recommendations - The report recommends several companies with strong growth potential, including: - Mindray Medical (迈瑞医疗): A leader in domestic medical devices benefiting from new infrastructure and product upgrades [39]. - United Imaging Healthcare (联影医疗): Focused on high-performance medical imaging equipment and expanding into international markets [39]. - WuXi AppTec (药明康德): A comprehensive drug development service platform poised to benefit from the global outsourcing market [39]. - New Industries (新产业): A leader in chemiluminescence immunoassay with strong growth prospects [39]. - Aikang Medical (爱康医疗): A low-valuation leader in the medical consumables sector [37][39]. Clinical Data and Innovations - The report highlights recent clinical data from the American Academy of Dermatology (AAD) meeting, showcasing advancements in psoriasis treatments, particularly focusing on TYK2 inhibitors [2][20]. - Notable products include: - Icotrokinra by Johnson & Johnson, showing significant efficacy in clinical trials [14][21]. - ICP-488 by Innovent Biologics, demonstrating promising results in Phase II trials [17][21]. - D-2570 by Eifang Biotech, also showing strong efficacy in clinical trials [20][21]. Valuation Metrics - The TTM P/E ratio for the pharmaceutical and biotechnology sector is reported at 31.76x, compared to the overall A-share market at 18.46x [33][33]. - Specific sub-sectors show varied P/E ratios, with chemical pharmaceuticals at 36.94x and medical services at 38.31x [33][33].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [4]. Core Viewpoints - The company is positioned as a leader in the domestic blood cancer drug market, with continuous innovation driving steady growth. It has a strong pipeline of products in development and is expected to expand its commercial offerings significantly in the near future [8][15]. - The company has successfully raised a total of $1.34 billion through multiple funding rounds from 2020 to 2022, which has been directed towards enhancing research and development efforts [8][15]. - The company is expected to achieve revenues of 1.01 billion yuan in 2024, representing a year-on-year growth of 36.8%, with a projected net loss of 444 million yuan, a reduction of approximately 30% compared to the previous year [8][15]. Financial Summary - **Revenue Forecasts**: - 2022: 625 million yuan - 2023: 739 million yuan - 2024E: 1,010 million yuan - 2025E: 1,442 million yuan - 2026E: 1,797 million yuan - **Growth Rates**: - 2023: 18.1% - 2024E: 36.8% - 2025E: 42.7% - 2026E: 24.7% [8][15]. - **Net Profit Forecasts**: - 2022: -887 million yuan - 2023: -631 million yuan - 2024E: -444 million yuan - 2025E: -300 million yuan - 2026E: -214 million yuan [8][15]. - **Return on Equity (ROE)**: - 2022: -11.7% - 2023: -9.0% - 2024E: -6.7% - 2025E: -4.8% - 2026E: -3.5% [8][15]. Product Pipeline - The company has 13 products in development, with two already commercialized. The pipeline includes several products that are expected to enter the market soon, such as ICP-723 and various indications for Obinutuzumab [8][23]. - The company is focusing on blood cancers, autoimmune diseases, and solid tumors, with a significant number of products in late-stage clinical trials [8][23]. Market Position - The company is recognized as the fifth A+H listed pharmaceutical company in China, with a management team that possesses extensive experience in drug development and commercialization [15][19]. - The company has established a strong market presence through its lead product, Obinutuzumab, which has been pivotal in its revenue growth since its launch [8][15].