Investment Rating - The report maintains an "Outperform" rating for Innovent Biologics [2] Core Insights - Innovent Biologics achieved total revenue of RMB 13.0 billion in FY25, representing a year-on-year growth of 38%, with product sales revenue reaching RMB 11.9 billion, up 45% [3][15] - The company turned a net profit attributable to shareholders of RMB 810 million in FY25, compared to a loss of approximately RMB 100 million in the previous year [3][15] - The gross margin improved to 86.5%, an increase of 2.6 percentage points year-on-year [3][15] - The company expects to recognize out-licensing revenue progressively starting in 2026, with significant upfront payments from collaborations with Roche and Takeda [5][17] - The core asset IBI363 (PD-1/IL-2) is advancing smoothly, with three assets entering global Phase III clinical trials, estimated to have a combined addressable market exceeding USD 60 billion [19][21] Financial Summary - Revenue projections for FY26 and FY27 have been raised to RMB 17.8 billion and RMB 20.5 billion, respectively, along with net profit forecasts of RMB 2.3 billion and RMB 3.5 billion [10][21] - The company’s selling expenses increased by 31% year-on-year to RMB 5.7 billion, while R&D expenses decreased by 2% to RMB 2.6 billion [3][15] - The report indicates a strong organic sales growth driven by the oncology franchise and the expansion of the product portfolio, with multiple products included in the National Reimbursement Drug List (NRDL) expected to drive further growth in 2026 [4][16]

Core Viewpoint - The company, He Yu-B (02256), announced that its subsidiary, Shanghai He Yu Biomedical Technology Co., Ltd. ("He Yu Medicine"), has received FDA approval for the clinical trial application (IND) of its selective small molecule FGFR2/3 inhibitor, ABSK061, for treating children with achondroplasia (ACH) [1]. Group 1 - The IND approval from the FDA will facilitate the acceleration of ABSK061's overseas clinical development process [1]. - The drug has previously been granted Rare Pediatric Disease Designation (RPDD) and Orphan Drug Designation (ODD) by the FDA, which supports its development in the pediatric rare disease space [1].

Investment Rating - The report maintains an "Outperform" rating for Innovent Biologics [2] Core Insights - Innovent Biologics achieved total revenue of RMB 13.0 billion in FY25, representing a year-on-year growth of 38%, with product sales revenue reaching RMB 11.9 billion, up 45% [3][15] - The company turned a net profit attributable to shareholders of RMB 810 million in FY25, compared to a loss of approximately RMB 100 million in the previous year [3][15] - The gross margin improved to 86.5%, an increase of 2.6 percentage points year-on-year [3][15] - The report highlights strong organic sales growth driven by the oncology franchise and the expansion of the product portfolio, with multiple products included in the National Reimbursement Drug List (NRDL) expected to further boost sales in 2026 [4][16] - Out-licensing revenue of RMB 957 million was recognized in FY25, with significant upfront payments from collaborations with Roche and Takeda expected to be progressively recognized in the financial statements from 2026 onward [5][17] - The core asset IBI363 (PD-1/IL-2) is advancing smoothly, with three assets entering global Phase III clinical trials, estimated to have a combined addressable market exceeding USD 60 billion [7][19] - The early-stage pipeline shows strong global competitiveness, with 11 new molecules advanced into clinical development, expected to yield early data in 2026-2027 [9][20] - The target price is adjusted to HKD 107.40 based on a DCF model, reflecting an increase in revenue and net profit forecasts for 2026 and 2027 [10][21]

Core Viewpoint - Shanghai Pharmaceuticals reported a revenue of 283.58 billion RMB for the fiscal year 2025, marking a year-on-year growth of 3.03%, with a notable increase in net profit attributed to a one-time special gain from accounting changes [2] Financial Performance - The pharmaceutical manufacturing segment generated sales of 24.52 billion RMB, reflecting a 3.33% increase year-on-year [2] - The pharmaceutical commercial segment achieved sales of 259.06 billion RMB, with a year-on-year growth of 3.00% [2] - Net profit attributable to shareholders reached 5.73 billion RMB, up 25.74% year-on-year, primarily due to a one-time special gain from changing accounting methods [2] - Adjusted net profit, excluding one-time items, was 4.72 billion RMB, representing a decline of 5.56% year-on-year [2] - The industrial segment contributed a profit of 2.04 billion RMB, while the commercial segment contributed 3.46 billion RMB [2] R&D and Innovation - The company successfully launched the innovative drug Apixaban, providing a new treatment option for over 300 million patients with primary hypertension, marking a significant achievement in its innovation efforts [3] - The global innovative anti-CD20 antibody drug B001 has completed key endpoint analysis in clinical studies [3] - The company is advancing several drugs in clinical trials, including SHPL-49 for acute ischemic stroke and SRD4610 for amyotrophic lateral sclerosis [3] - The company is enhancing its innovation ecosystem by integrating resources from academia, research, and industry, and is building a collaborative research management system [3] - The establishment of "One Hospital and Four Institutes" aims to strengthen internal technology platforms and foster external collaborations with leading research institutions [3]

Core Viewpoint - The company is expected to achieve strong revenue and profit growth in 2025, with total revenue projected at 13.042 billion yuan, a year-on-year increase of 38.4%, and product revenue at 11.896 billion yuan, up 44.6% [1][2] - The company has established significant partnerships with Roche, Takeda, and Eli Lilly, highlighting its strong R&D capabilities and increasing international recognition [1] - The company is becoming a leading pharmaceutical enterprise in China, with a competitive global innovation pipeline, and aims to become a world-class biopharmaceutical company [1] Financial Performance - In 2025, the company reported total revenue of 13.042 billion yuan, a 38.4% increase year-on-year, with product revenue reaching 11.896 billion yuan, up 44.6% [1] - The company achieved a turnaround in IFRS net profit, reporting 814 million yuan in 2025, a significant improvement from a loss of 95 million yuan in 2024, driven by strong revenue growth and improved operational efficiency [1] - Non-IFRS net profit for 2025 was 1.723 billion yuan, a substantial increase from 332 million yuan in 2024, with EBITDA reaching 1.99 billion yuan, up from 412 million yuan in 2024 [1] Commercialization and Product Development - The company has built a leading oncology brand in China and is developing a rising chronic disease innovation brand, with a comprehensive product portfolio and a mature commercialization network [2] - The product portfolio has expanded to 18 products, with 12 included in the national medical insurance, covering oncology, metabolism, and autoimmune diseases [2] - The company’s product revenue of 11.896 billion yuan in 2025 marks its first breakthrough of 10 billion yuan, reflecting the foresight and efficient commercialization execution, with expectations to exceed 20 billion yuan in product revenue by 2027 [2]

Financial Performance - The company reported a revenue of 283.58 billion RMB for the fiscal year 2025, representing a year-on-year growth of 3.03% [1] - The pharmaceutical manufacturing segment achieved sales revenue of 24.52 billion RMB, up 3.33% year-on-year, while the pharmaceutical commercial segment generated sales of 259.06 billion RMB, also increasing by 3.00% [1] - Net profit attributable to shareholders was 5.73 billion RMB, a significant increase of 25.74% year-on-year, primarily due to a one-time special gain from changing the accounting treatment of a joint venture to a subsidiary [1] - After excluding one-time special gains, the adjusted net profit attributable to shareholders was 4.72 billion RMB, reflecting a decline of 5.56% year-on-year [1] R&D and Innovation - The company successfully launched the innovative drug Apixaban, providing a new treatment option for over 300 million patients with primary hypertension, marking a significant achievement in its innovation efforts [2] - The global innovative anti-CD20 antibody drug B001 has completed the primary endpoint analysis of its key study, while the traditional Chinese medicine for cervical spondylotic myelopathy has completed all cases in its Phase III clinical trial [2] - The company is advancing several other drugs in Phase III clinical trials, including SHPL-49 for acute ischemic stroke and SRD4610 for amyotrophic lateral sclerosis, indicating a robust pipeline [2] - The company is enhancing its innovation ecosystem by integrating resources from academia, research, and industry, and is building a collaborative research management system with institutions like Shanghai Jiao Tong University [2]

Core Viewpoint - The strategic cooperation agreement between Innovent Biologics and Eli Lilly has been effective since March 24, 2026, aimed at advancing new drug development in oncology and immunology, without involving equity transactions [1][3]. Group 1: Agreement Details - The agreement was initially announced on February 8, 2026, and is the seventh collaboration between the two companies, enhancing their long-term partnership to deliver innovative drugs to global patients [1][3]. - Innovent Biologics clarified that the agreement is not a merger or acquisition, emphasizing that it is solely focused on research collaboration and does not alter the company's independent operations or equity structure [1][3]. Group 2: Financial Aspects - Innovent Biologics will receive an upfront payment of $350 million, with the potential to earn up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [2][4]. - The company retains all rights to the relevant projects in Greater China while Eli Lilly obtains exclusive global development and commercialization rights outside of this region [2][4]. Group 3: Company Background - Founded in 2011, Innovent Biologics focuses on the research, production, and sales of innovative drugs in major disease areas such as oncology, autoimmune diseases, metabolism, and ophthalmology [2][5]. - The company has 18 products approved for market, with 4 new drug molecules in Phase III or pivotal clinical studies, and an additional 15 new drug candidates in clinical research [2][5]. - Innovent Biologics has established over 30 strategic collaborations with international partners, including Eli Lilly, Roche, Takeda, Sanofi, Incyte, and MD Anderson Cancer Center [2][5].

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （股份代號：9969） 人民幣股份發行所得款項用途的最新消息 InnoCare Pharma Limited 諾誠健華醫藥有限公司 茲提述諾誠健華醫藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）日 期為2021年3月11日、2021年5月26日、2021年9月13日、2022年4月13日、2022年 5月11日、2022年6月1日、2022年8月5日、2022年8月22日、2022年9月1日、2022 年9月8日、2022年9月16日、2022年9月20日及2025年3月27日的公告以及本公司 日期為2021年6月3日及2022年5月18日的通函、日期為2022年6月6日及2025年4月 28日的補充通函（「該等通函」），內容有關（其中包括）人民幣股份發行。除另有 界定者外，本公告所用詞彙具有該等通函所界定者的相同涵義。 所得款項用 ...

Investment Rating - The report maintains an "Outperform" rating for Sichuan Kelun-Biotech [2][9]. Core Insights - The company achieved a revenue of CNY 2.06 billion in FY25, reflecting a year-on-year growth of 6.5%. Drug sales revenue was CNY 540 million, while licensing and collaboration income decreased by 20% to CNY 1.50 billion. The net loss for the year was CNY 380 million, compared to a loss of CNY 270 million in FY24 [3][16]. - Several products have been successfully commercialized in China, including sac-TMT, tagitanlimab, cetuximab N01, and trastuzumab botidotin, with the first three included in the National Reimbursement Drug List (NRDL) [4][17]. - The company is progressing with multiple clinical trials, including 17 global Phase 3 trials for sac-TMT, with data readouts expected to begin in 2027 [5][19]. Financial Summary - Revenue projections for FY26 and FY27 have been adjusted to CNY 2.8 billion and CNY 4.8 billion, respectively, reflecting the company's commercialization progress and potential changes in milestone payments [9][21]. - The gross profit margin is expected to improve from 71.9% in FY25 to 77.5% in FY27, indicating enhanced profitability as the company scales its operations [14][21]. - The net profit attributable to the parent is forecasted to be CNY -220 million in FY26 and CNY 820 million in FY27, showing a significant turnaround in profitability [9][21].

Investment Rating - The report maintains an "Outperform" rating for the company [2][9]. Core Insights - The company achieved a revenue of CNY 2.06 billion in FY25, reflecting a year-on-year growth of 6.5%. Drug sales revenue was CNY 540 million, while licensing and collaboration income decreased by 20% to CNY 1.50 billion. The net loss for the year was CNY 380 million, compared to a loss of CNY 270 million in FY24 [3][16]. - Several products have been successfully commercialized in China, including sac-TMT, tagitanlimab, cetuximab N01, and trastuzumab botidotin, with the first three included in the National Reimbursement Drug List (NRDL). The NDA for lenvatinib fumarate has been submitted, with commercialization expected to start in 2027 [4][17]. - The company is progressing well in its clinical trials, with sac-TMT approved for multiple indications in China and 17 global Phase 3 trials initiated by Merck. Key data readouts are anticipated in 2026 and 2027 [5][19][23]. Financial Summary - Revenue projections for FY26 and FY27 have been adjusted to CNY 2.8 billion and CNY 4.8 billion, respectively, reflecting the company's commercialization progress. The net profit attributable to the parent is forecasted to be CNY -220 million in FY26 and CNY 820 million in FY27 [9][21]. - The gross profit margin is expected to improve from 71.9% in FY25 to 77.5% in FY27, indicating enhanced operational efficiency [14].