Core Viewpoint - The company is experiencing a reduction in losses in the first half of 2025, with ongoing progress in its research pipeline [1][2] Financial Performance - In the first half of 2025, the company reported an adjusted loss of 0.78 billion, compared to a loss of 1.10 billion in the same period last year [1] - Research and development expenses for 2025H1 were 0.80 billion, a decrease of 37.5% year-on-year, primarily due to reduced expenses from the LZ901 domestic Phase 3 clinical trial [1] - Administrative expenses were 0.45 billion, down 42.6% year-on-year, mainly due to a reduction in share-based payment amortization [1] Research and Development Pipeline - LZ901: The company initiated a head-to-head clinical trial of LZ901 and the recombinant glycoprotein E subunit vaccine HZ/su (Shingrix) in November 2023, successfully completing it in 2025H1. Results indicated that LZ901 induced superior cellular immunogenicity and demonstrated better safety in adults aged 50 and above compared to HZ/su [1] - K3: This is a recombinant human anti-tumor necrosis factor (TNF)-α monoclonal antibody injection, a core pipeline product and a biosimilar to Humira (adalimumab), aimed at treating various autoimmune diseases. The company plans to evaluate the appropriate timing to initiate Phase 3 clinical trials in China, with the earliest expected start in the second half of 2026 [1] - K193: This is a bispecific antibody injection (CD19xCD3) for treating B-cell leukemia and lymphoma, which is the world's first asymmetric structure CD19/CD3 bispecific antibody. Phase 1 clinical trials began in December 2019, with completion expected in 2026 [2] - Other Preclinical Products: As of June 30, 2025, the company has six products in preclinical stages, including recombinant varicella vaccine, recombinant RSV vaccine, recombinant HSV-1 vaccine, recombinant HSV-2 vaccine, K333 bispecific antibody for treating myeloid leukemia, and K1932 bispecific antibody for treating lymphoma [2] Investment Outlook - The company maintains its previous profit forecast, expecting risk-adjusted revenues of 0.22 billion, 4.39 billion, and 9.71 billion for 2025 to 2027, with net profits attributable to the parent company of -1.46 billion, -1.27 billion, and 1.16 billion respectively [2] - The company maintains an "outperform the market" rating [2]