经济观察网基于最新公开信息，诺诚健华-U(688428)在2026年有以下值得关注的事件进展，主要涉及临 床研发、合作推进和产品商业化等方面。 临床研发进展 ICP-488(高选择性TYK2抑制剂)：2026年2月2日，公司宣布其治疗银屑病的III期临床试验已完成患者入 组，共入组383例患者，标志该药取得关键临床节点。 Soficitinib(TYK2抑制剂)：2026年年初，治疗中重度特应性皮炎的III期注册临床试验已完成患者入组； 该药治疗白癜风、结节性痒疹等适应症的临床试验也在加速推进。 奥布替尼(BTK抑制剂)： 可持续盈利基础：公司2025年首次实现扭亏为盈(营收约23.7亿元，归母净利润约6.3亿元)，管理层表示 将从2025年起进入可持续盈利阶段，重点通过全球化布局和管线多元化巩固业绩。 以上内容基于公开资料整理，不构成投资建议。 治疗特发性血小板减少性紫癜(ITP)的III期临床研究已完成，预计2026年上半年提交新药上市申请 (NDA)。 治疗系统性红斑狼疮(SLE)的IIb期研究已达到主要终点，III期注册临床试验即将启动。 BCL2抑制剂(Mesutoclax/ICP-248)：目前正 ...

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].