Core Viewpoint - Nocera Health (09969) has experienced a significant stock increase of over 11%, currently trading at HKD 13.15, with a transaction volume of HKD 155 million [1] Financial Performance - The company has issued a positive earnings forecast, expecting revenue of approximately RMB 2.37 billion in 2025, representing a year-on-year growth of about 134% [1] - Nocera Health anticipates its first net profit of around RMB 630 million in 2025, marking a turnaround from previous losses [1] Growth Drivers - The anticipated growth in revenue is primarily attributed to the rapid increase in drug sales and business development (BD) income [1] - The company plans to continue its globalization efforts, aiming to complete two BD transactions throughout 2025 [1] Product and Market Strategy - According to Ping An Securities, the core product, Oubatinib, is steadily gaining market traction, with comprehensive strategies in hematological malignancies, autoimmune diseases, and solid tumors [1] - The company is actively pursuing external collaborations, with plans to finalize two licensing agreements in 2025, which will contribute to upfront payments and future milestone revenue recognition [1] Revenue Forecast - Revenue projections for 2025-2027 have been revised upwards to RMB 2.371 billion, RMB 2.575 billion, and RMB 2.732 billion, respectively [1] - The expected revenue growth rates for 2025, 2026, and 2027 are 134.9%, 8.6%, and 6.1% respectively [1]

Core Viewpoint - The company, Nuo Cheng Jian Hua (09969), is expected to achieve a net profit of approximately RMB 633 million in 2025, marking its first profit after losses, with a significant revenue growth of around 134% year-on-year, reaching approximately RMB 2.365 billion [1][2]. Group 1: Financial Performance - The company anticipates a total revenue of approximately RMB 2.365 billion for the year 2025, representing a growth of about 134% compared to the previous year [1]. - The net profit attributable to the parent company is projected to be around RMB 633 million, an increase of approximately RMB 1.074 billion compared to the previous year [1]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to be around RMB 534 million, which is an increase of approximately RMB 974 million year-on-year [1]. Group 2: Product Development - The company's drug revenue is expected to grow rapidly, driven by the approval of new indications for its drug, Acalabrutinib, in April 2025 for the treatment of chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL) [1]. - Acalabrutinib is the first and only BTK inhibitor approved in China for the MZL indication, contributing to the anticipated revenue growth [1]. - In May 2025, the company received approval for the marketing application of a combination therapy involving Tisagenlecleucel and Lenalidomide for adult patients with relapsed/refractory diffuse large B-cell lymphoma (DLBCL) [1]. Group 3: Business Development - Business development (BD) revenue is another key factor contributing to the rapid growth in total revenue for 2025, with the company achieving two BD transactions during the year [2]. - In January 2025, the company entered into a licensing collaboration with Prolium Bioscience Inc. for ICP-B02 (CM355, a CD20xCD3 bispecific antibody) [2]. - In October 2025, the company reached an authorization agreement with Zenas BioPharma, Inc. regarding Acalabrutinib and two preclinical molecular-related rights [2].