智通财经APP获悉，里昂发布研报称，荣昌生物(09995)次季销售额同比升39.1%，虽低于市场预期但超 出公司全年指引。净亏损同比收窄54.7%，好过市场预期。管理层维持全年销售指引不变，料同比增逾 30%，并预期2026年实现收支平衡。业务方面，RC18与RC48的适应症正逐步扩展，公司新型免疫治疗 (I/O)及ADC研发管线正逐步成型。该行分别上调2025至27年净利润预测79.6%、106.9%及116.4%，将目 标价由33.7港元大幅上调至103港元，维持"跑赢大市"评级。 ...

Market Position and Growth Potential - Kanghong Pharmaceutical has established a leading position in the Chinese ophthalmic anti-VEGF market, competing against three major global brands [2] - The company has successfully navigated market challenges over the past decade, demonstrating confidence in continuing to outperform international competitors [2] - The incidence rates of the five major indications for anti-VEGF products are stable, suggesting that Kanghong's growth will align with the overall market trend [2] Research and Development Strategy - The company focuses on key therapeutic areas: ophthalmology, psychiatry/neuroscience, and oncology, with a diversified R&D system covering traditional Chinese medicine, antibody drugs, gene therapy (AAV), and small molecule drugs [3] - Kanghong is advancing multiple innovative projects, including the "Shu Gan Jie Yu Capsule" for anxiety disorders, which is currently in phase III clinical trials [3][7] - The company plans to disclose clinical data for its gene therapy products through international academic journals and conferences [4] Financial Outlook - For 2025, Kanghong anticipates a revenue growth of 5%-15% compared to 2024, with a similar net profit growth forecast [7] - The "Shu Gan Jie Yu Capsule" is expected to see double-digit growth in 2024, outpacing the overall antidepressant market [7] Competitive Landscape and Policy Impact - The competitive landscape for anti-VEGF products has intensified, with four innovative drugs and two biosimilars entering the market following successful negotiations with national health insurance [5] - Kanghong is adapting to national procurement policies, with a significant portion of its chemical drugs selected for national procurement [4] Talent and Collaboration - The company emphasizes talent acquisition and development to support its R&D needs, particularly in gene therapy and advanced drug delivery systems [6] - External collaborations are viewed as a core strategy for long-term value growth, focusing on complementary technologies and commercial synergies [6]