瑞银发表研报指，泰格医药发业绩预告，预计2025年度营业收入按年增长1%至16%，意味第四季收入 按年增长6.4%至72.9%，中位数升39.6%高过该行及市场预期；归属股东净利润预计为8.3亿至12.3亿 元，按年升105%至204%，则低过该行及市场预期。公司指，2025年新签订单的价格趋于稳定，但仍按 年下滑，对利润率构成压力，公司同时强调临床研发需求正复苏。瑞银关注泰格医药2026年新签订单的 价格复苏讯号，以及管理层对2026年收入及利润的指引，现予目标价57.1港元及"买入"评级。 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 78.83 HKD [5][3]. Core Insights - The company reported a revenue of 499 million CNY and a net profit of -79 million CNY for the first half of 2025. The core product, IL-4R monoclonal antibody Siponimod, is progressing well in commercialization, achieving sales of 170 million CNY in the first half of 2025. The product has been approved for three indications and is expected to enter negotiations for inclusion in the medical insurance directory, which could accelerate sales growth in the domestic market [1][3]. - The company has a diverse early-stage pipeline, with several products in various stages of clinical trials, including CM512 for moderate to severe atopic dermatitis and chronic rhinosinusitis with nasal polyps, and CM336 for relapsed or refractory multiple myeloma [2][3]. Financial Projections - Revenue projections for the company are estimated at 750 million CNY in 2025, 1.11 billion CNY in 2026, and 2.08 billion CNY in 2027. Net profits are expected to be -440 million CNY in 2025, -410 million CNY in 2026, and a positive 80 million CNY in 2027 [3][9]. - The company is expected to achieve a gross margin of 92% and a net margin of 3.6% by 2027, indicating a significant improvement in profitability as revenues grow [11][15]. Market Performance - The company's stock price was 66.50 HKD as of August 28, 2025, with a 12-month price range of 27.85 to 74.75 HKD. The stock has shown a relative return of 49.1% over the past three months and 68.5% over the past year [5][6]. Clinical Pipeline - The company has multiple products in its early pipeline, including CM512, CM518D1, CM336, and CM383, which are in various phases of clinical trials targeting conditions such as asthma, chronic obstructive pulmonary disease, and Alzheimer's disease [2][3].