申万宏源主要观点如下： 再鼎医药为一家处于商业化阶段的创新型全球生物制药公司。凭借授权引进(license-in)与自主研发，目 前公司共有七款产品于国内获批上市，包括四款肿瘤产品(则乐、爱普盾、擎乐、奥凯乐)、一款免疫产 品(艾加莫德)，以及两款感染性疾病产品(纽再乐、鼎优乐)。此外，公司拥有涵盖肿瘤、免疫、神经科 学和感染性疾病的广泛产品管线。 核心产品持续销售放量，新产品有望进一步丰富产品组合 2019年以来，随着首款商业化产品尼拉帕利于国内获批上市，目前公司已有七款商业化产品。2024年公 司总收入达到3.99亿美元，同比增长50%，主要由于卫伟迦/卫力迦、纽再乐等产品销售放量。新产品方 面，公司已于今年上半年向NMPA递交了KarXT和维替索妥尤单抗(TF ADC)的上市申请。此外，公司预 计将于今年下半年向NMPA递交贝玛妥珠单抗针对1L胃癌的上市申请。随着现有商业化产品的销售放 量，以及Kar-XT、贝玛妥珠单抗、ZL-1310(DLL3ADC)、povetacicept等新产品未来获批上市，公司预计 2028年营收有望达到20亿美元。 申万宏源发布研报称，随着商业化产品的销售放量，以及本地化生 ...

智通财经APP获悉，申万宏源发布研报称，随着商业化产品的销售放量，以及本地化生产布局，再鼎医 药(09688)预计将于2025年四季度实现non-GAAP经营利润。此外，该行预计2025-2027年公司收入分别 为5.53亿美元，8.02亿美元和12.03亿美元，2025-2027年公司归母净利润分别为-1.34亿美元、0.15亿美元 和1.73亿美元。基于DCF模型，给予目标价35.2港元。目标价对应39%的上涨空间，看好公司的创新管 线布局，首次覆盖给予买入评级。 申万宏源主要观点如下： 再鼎医药为一家处于商业化阶段的创新型全球生物制药公司。凭借授权引进（license-in）与自主研发， 目前公司共有七款产品于国内获批上市，包括四款肿瘤产品（则乐、爱普盾、擎乐、奥凯乐）、一款免 疫产品（艾加莫德），以及两款感染性疾病产品（纽再乐、鼎优乐）。此外，公司拥有涵盖肿瘤、免 疫、神经科学和感染性疾病的广泛产品管线。 核心产品持续销售放量，新产品有望进一步丰富产品组合 2019年以来，随着首款商业化产品尼拉帕利于国内获批上市，目前公司已有七款商业化产品。2024年公 司总收入达到3.99亿美元，同比增长50%，主 ...

Core Viewpoints - Zai Ding Pharma reported a 9% year-on-year revenue growth for Q2 2025, with total revenue reaching $110 million, despite a slowdown due to declining sales of the PARP inhibitor Niraparib, attributed to intensified competition in the same category [1] - The company expects rapid revenue growth in the next two to three years as multiple new products and indications are anticipated to be approved, aiming for operational profitability by Q4 2025 [1] - Key catalysts in the second half of the year include detailed data disclosure from the Phase III clinical trial of Bemarituzumab (FORTITUDE-101) and data readout from the Phase III trial of KarXT (ADEPT-2) [1] Financial Performance - In Q2 2025, Zai Ding Pharma's adjusted operating loss narrowed by 37% to $34.2 million, while net loss decreased by 28% to $54.9 million [1] - Revenue from Niraparib was $41 million, a 9% decline year-on-year due to competitive pressures, while Aigamod revenue grew by 14% year-on-year to $26.5 million, benefiting from extended treatment cycles and increased market penetration [1] - Omaveloxolone generated $14.3 million in revenue, reflecting a 16% year-on-year increase due to expanded market coverage [1] Product Pipeline and Innovations - ZL-1310 has received accelerated development status in small cell lung cancer, and Bemarituzumab has met primary endpoints in its Phase III study for FGFR2b overexpressing gastric cancer, with plans for a market application submission in China [2] - Aigamod has been upgraded in the Chinese guidelines for myasthenia gravis, highlighting its clinical value for early and long-term treatment [2] - ZL-1503 shows promising treatment prospects for atopic dermatitis, supported by its long half-life characteristics [2] Clinical Data and Efficacy - The global Phase II FIGHT study for Bemarituzumab demonstrated a median overall survival of 19.2 months in the chemotherapy combination group, with significant survival benefits in the FGFR2b overexpressing subgroup [3] - In the East Asian subgroup, median overall survival was further optimized to 30.1 months, underscoring the importance of biomarker selection for efficacy [3]

Group 1: Overview of Market Trends - The performance of the Shanghai Composite Index and the ChiNext Index over the past year shows significant fluctuations, with the ChiNext Index experiencing a decline of 32% [2][3] - The top five performing industries recently include Beauty Care, Banking, and Pharmaceutical Biotechnology, while the bottom five include Defense, Computer, and Electronic sectors [3][4] Group 2: Company Insights - Meitu Inc. (01357.HK) - Meitu is positioned as a leader in the visual economy, leveraging AI to accelerate commercialization, with projected revenues of 4.14 billion, 4.99 billion, and 5.82 billion yuan for 2025-2027, reflecting growth rates of 23.8%, 20.6%, and 16.6% respectively [6][7] - The company has a large user base and is expanding its product offerings, with a monthly active user count of 266 million as of December 2024, showing a year-on-year growth of 6.7% [7][8] - Meitu's strategy focuses on enhancing AI capabilities, global expansion, and productivity, with a projected increase in paid user penetration rates [8] Group 3: Company Insights - Greentown China Holdings Limited (03900.HK) - Greentown China reported a growth in monthly sales, with a total sales amount of 186 billion yuan in May 2025, marking a year-on-year increase of 14.8% [9][11] - The company maintains a strong land acquisition strategy, with a total of 30 new land plots acquired in the first five months of 2025, reflecting a land acquisition intensity of 84% [11][12] - Profit forecasts for 2025-2027 are set at 3.33 billion, 4.54 billion, and 5.43 billion yuan, with corresponding EPS of 1.31, 1.79, and 2.14 yuan [9][11] Group 4: Company Insights - Poly Developments and Holdings Group Co., Ltd. (600048.SH) - Poly Developments remains the top-ranked company in the industry despite a decline in sales amount and area in May 2025, with a signed sales amount of 285.12 billion yuan, down 19.26% year-on-year [14][15] - The company has a strong focus on high-tier cities, with over 90% of land acquisitions occurring in first and second-tier cities [14][16] - Profit forecasts for 2025-2027 are estimated at 5.68 billion, 6.56 billion, and 7.51 billion yuan, with corresponding PE ratios of 17.2, 14.9, and 13.0 [14][15] Group 5: Company Insights - Fangsheng Pharmaceutical Co., Ltd. (603998.SH) - Fangsheng Pharmaceutical's newly approved product, a traditional Chinese medicine for tension-type headaches, is expected to enhance its performance in the cardiovascular sector, with profit forecasts of 308 million, 378 million, and 457 million yuan for 2025-2027 [18][19] - The prevalence of tension-type headaches presents a significant market opportunity, as they account for a large percentage of primary headache cases [19][20] Group 6: Company Insights - Zai Lab Limited (09688.HK) - Zai Lab is adopting a dual strategy of "License-in + Independent R&D" to build a differentiated product pipeline, with expected revenues of 567 million, 830 million, and 1.226 billion USD for 2025-2027 [22][23] - The company anticipates significant growth from its lead product, with multiple key products expected to submit NDA applications in 2025 [22][23]

Core Viewpoint - Several innovative biopharmaceutical companies in China are approaching profitability, driven by the sales growth of their core products, marking a shift towards self-sustainability after years of heavy R&D spending [1][2][3]. Group 1: Company Performance - Innovent Biologics reported a revenue of 380 million yuan in Q1, a year-on-year increase of 129.9%, achieving a net profit of 14 million yuan for the first time since its A-share listing in 2022, primarily due to the sales growth of its core product, Oubatinib, which saw a revenue increase of 89.2% to 310 million yuan [2]. - BeiGene's Q1 revenue reached 8.048 billion yuan, up 50.2% year-on-year, with losses narrowing from 1.908 billion yuan to 94.5 million yuan, driven by the sales of its self-developed products [3]. - Zai Lab achieved a revenue of 106.5 million USD in Q1, a 22% increase year-on-year, with product revenue growing by 21% [3]. Group 2: Market Trends - The trend of narrowing losses and approaching profitability is observed across multiple companies, including Junshi Biosciences and Rongchang Biopharmaceuticals, indicating a maturation of the industry and a shift towards commercial viability [3]. - The average time for an innovative drug to go from development to market exceeds 10 years, with China's innovative drug policies gradually improving since 2016, leading to faster approvals [5][6]. Group 3: Financial Reserves - As of the end of Q1, Innovent Biologics held approximately 7.78 billion yuan in cash, supporting its ongoing clinical trials and investments in differentiated ADCs [4]. - BeiGene and other companies like Junshi Biosciences have also reported significant cash reserves, with BeiGene's cash and cash equivalents exceeding 10 billion yuan [4]. Group 4: Policy and Regulatory Environment - The establishment of favorable policies and the inclusion of innovative drugs in the national medical insurance list have significantly boosted the sales of these products, with over 149 innovative drugs included in the insurance directory by the end of 2024 [6][7]. - The number of active innovative drugs developed by Chinese companies has reached 3,575, ranking first globally, with a notable increase in the proportion of domestically developed drugs approved for market [7][8].