维持"买入"。 国内销售亮眼，BD驱动2025年扭亏为盈 2025年公司营收大幅提升，来自国内产品的销售快速爬坡和海外BD的进展：1）我们预计两大产品2025年收入超 过23亿，且随着两者在2025年底国谈中以较低降幅续约、泰它西普多个潜力适应症有望26年获批和RC28的潜在获 批，公司国内业务有望继续保持显著增长；2）公司在2025年完成多项BD交易，我们预计全年BD收益主要来自泰 它西普授权给VOR交易的4500万美元首付款和8000万美元的认股权证。 荣昌生物：BD驱动扭亏为盈 1月30日，公司发布2025年预告：实现营收32.5亿（+89%yoy），归母/扣非净利润7.16/7.85亿，均实现扭亏为盈。 我们认为荣昌生物处于海外潜力、国内业务、报表质量均在持续向好的阶段：1）RC148出海落地，年内有望启动 多个全球III期临床；2)管线全球价值逐步显现，维迪西妥单抗1LIII期入组加速，2L适应症报产在即，泰它西普的 SS全球III期有望启动；3）国内 荣昌生物：BD驱动扭亏为盈 1月30日，公司发布2025年预告：实现营收32.5亿（+89%yoy），归母/扣非净利润7.16/7.85亿，均实现扭 ...

Group 1 - The core viewpoint of the news is that Suzhou Saifen Technology Co., Ltd. has commenced construction on a new project aimed at increasing its production capacity for chromatography media, which is essential for biopharmaceutical separation and purification [1][2] - The new project in Yangzhou will add an annual production capacity of 200,000 liters of chromatography media, including affinity chromatography fillers, ion exchange fillers, and composite chromatography fillers, with a total construction area of approximately 21,000 square meters [1] - Saifen Technology has established itself as a leading domestic chromatography filler enterprise, actively participating in the rapid development of China's biopharmaceutical industry and the localization of the supply chain, with over 100 clinical and commercial projects in various biopharmaceutical segments [1][2] Group 2 - Since its listing, Saifen Technology has shown strong business growth, achieving operating revenue of 302 million yuan in the first three quarters of 2025, a year-on-year increase of 38.39%, and a net profit attributable to shareholders of 93.21 million yuan, up 71.07% [2] - The Yangzhou Phase II project is a key strategic move for the company to solidify its core business and expand production capacity, marking a significant step in leveraging capital markets to accelerate its strategic development [2] - The new project is expected to enhance the company's service capabilities to partners, improve delivery efficiency, and support stable production and capacity expansion for collaborative projects, while also aiding in the company's overseas market expansion strategy [2]

Group 1 - The company reported a significant revenue growth of 48.0% year-on-year, with 1H25 revenue reaching 1.098 billion yuan, and a reduction in net losses by 42.4% to 450 million yuan [1] - The company expects a revenue growth of over 30% for the full year, driven by steady sales of core products and the upcoming commercialization of RC28 [1][2] - The company has made progress in international expansion, with the successful authorization of Tai Tasi Pi and ongoing Phase III trials for Vidisizumab [3] Group 2 - The gross margin improved to 84.1%, an increase of 5.8 percentage points year-on-year, attributed to successful ramp-up of new facilities and process optimizations [4] - Operating cash flow significantly improved, with a 69% reduction in cash outflow in 2Q25, indicating a positive trend towards cash flow turning positive in the future [4] - The company is focusing its resources on potential pipeline and indication development, leading to a reduction in R&D expenses by 19.7% year-on-year [4] Group 3 - The company anticipates narrowing losses in 2025, approaching breakeven in 2026, and achieving profitability in 2027, with projected net profits of 346 million yuan in 2025 and 536 million yuan in 2027 [5] - The target prices based on DCF are set at 107.37 yuan for A-shares and 116.94 HKD for H-shares, with a WACC of 6.8% and a perpetual growth rate of 2.5% [5]