买入|维持 证券研究报告：医药生物 | 公司点评报告 发布时间：2025-11-21 股票投资评级 个股表现 -10% 2% 14% 26% 38% 50% 62% 74% 86% 98% 2024-11 2025-01 2025-04 2025-06 2025-09 2025-11 百济神州 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 298.80 | | --- | --- | | 总股本/流通股本（亿股）15.41 / 1.15 | | | 总市值/流通市值（亿元）4,604 / 344 | | | 52 周内最高/最低价 | 326.08 / 155.01 | | 资产负债率(%) | 43.6% | | 市盈率 | -82.09 | | 第一大股东 | Amgen Inc.,安进公司 | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:陈灿 SAC 登记编号:S1340525070001 Email:chencan@cnpsec.com 百济神州(688235) 盈利稳步提升 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 17.52 billion yuan, a 46% increase year-on-year, and a net profit of 450 million yuan compared to a loss of 2.88 billion yuan in the same period last year [5][6]. - The company has raised its full-year revenue guidance from 4.9-5.3 billion USD to 5-5.3 billion USD, while maintaining its guidance for positive GAAP operating profit for the year [5][6]. Financial Performance - In Q2 2025, the company achieved a revenue of 9.47 billion yuan, a 42.7% increase year-on-year, and a net profit of 540 million yuan, compared to a loss of 970 million yuan in the same quarter last year [5][6]. - The global revenue for the drug Zebutinib reached 1.74 billion USD in the first half of 2025, with a year-on-year growth of 54.7%, driven by strong performance in the US and Europe [6][7]. Product Development - The company is advancing its product pipeline, with several key trials underway, including a Phase III trial for a combination therapy involving Zebutinib [7][8]. - The company anticipates significant data releases in the second half of 2025 for various products, including a KRAS inhibitor and ADCs [8]. Earnings Forecast - The company is projected to achieve revenues of 37.1 billion yuan, 47.15 billion yuan, and 58.18 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 820 million yuan, 4.07 billion yuan, and 8.07 billion yuan [9][11].