Core Insights - The company, Nocera Biopharma-U (688428), is making significant progress in clinical research, partnerships, and product commercialization in 2026. Clinical Development Progress - ICP-488 (highly selective TYK2 inhibitor) has completed patient enrollment for its Phase III clinical trial for psoriasis, with a total of 383 patients enrolled, marking a key clinical milestone [2] - Soficitinib (TYK2 inhibitor) has completed patient enrollment for its Phase III registration trial for moderate to severe atopic dermatitis, with accelerated trials for indications like vitiligo and nodular prurigo [2] - Obinutuzumab (BTK inhibitor) has completed its Phase III clinical study for idiopathic thrombocytopenic purpura (ITP) and is expected to submit a New Drug Application (NDA) in the first half of 2026; a Phase IIb study for systemic lupus erythematosus (SLE) has met its primary endpoint, with a Phase III trial set to begin soon [3] - BCL2 inhibitor (Mesutoclax/ICP-248) is advancing two registration Phase III clinical studies in the hematological malignancies field [3] Collaboration and International Expansion - The partnership with Zenas BioPharma, established in October 2025, plans to initiate a global Phase III clinical trial for Obinutuzumab targeting secondary progressive multiple sclerosis (SPMS) in the first quarter of 2026; Zenas will also advance two preclinical molecules from Nocera Biopharma into clinical stages in 2026. The total potential value of this collaboration exceeds $2 billion, including milestone payments and royalties [4] Commercialization and Product Pipeline - Newly approved drugs, Tansimod (Mingnuokai) and Zolbetuximab (Yinuoxin), which were approved in 2025, are now on the market and expected to contribute to revenue growth alongside Obinutuzumab. The new indications for Obinutuzumab (such as first-line treatment for CLL/SLL) are anticipated to drive continued sales growth [5] - The company achieved profitability for the first time in 2025, with revenue of approximately 2.37 billion yuan and a net profit of about 630 million yuan. Management indicates that the company will enter a phase of sustainable profitability starting in 2025, focusing on global expansion and pipeline diversification to solidify performance [5]

Core Viewpoint - UBS reports that Tigermed has issued a performance forecast, expecting a 1% year-on-year growth in revenue for 2025, indicating a 6.4% year-on-year growth in Q4 revenue to 72.9 billion, with a median increase of 39.6% exceeding both UBS and market expectations [1] Revenue and Profit Forecast - The company anticipates net profit attributable to shareholders to be between 830 million and 1.23 billion, representing a year-on-year increase of 105% to 204, which is below UBS and market expectations [1] - The pricing of new orders signed in 2025 is expected to stabilize but still decline year-on-year, putting pressure on profit margins [1] Market Signals and Management Guidance - The company emphasizes a recovery in clinical research demand [1] - UBS is focused on signals of price recovery for new orders in 2026, as well as management's guidance on revenue and profit for 2026 [1] - UBS has set a target price of 57.1 HKD and maintains a "Buy" rating [1]

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].