事件描述 2、在研管线持续推进 1）Taragarestrant（D-0502）：其用于治疗ER 阳性、HER2 阴性局部晚期或转移性乳腺癌适应症的注册 III 期临床试验正在积极推进中；2）D-0120：中国IIb 期临床试验已于2024 年11 月完成，并另于2023 年 4 月在美国启动与别嘌醇联合用药的II 期临床试验；3）D-2570：2025 年4 月，公司D-2570 的III 期临床 试验方案已完成与CDE 沟通。2025年5 月，D-2570 治疗溃疡性结肠炎适应症的II 期临床试验已完成首 例患者给药。 盈利预测：预计公司2025-2027 年归母净利润分别为-2.46 亿元、-2.53 亿元及-2.27 亿元，对应EPS 分别 为-0.42 元、-0.44 元及-0.39 元，维持"买入"评级。 风险提示 1、销售不及预期风险； 2025 年8 月22 日，益方生物发布2025 年半年度报告：2025 年上半年度公司实现营业收入1916.38 万 元，较2024 年同期增加28.85%，实现归母净利润-1.19 亿元（2024 年同期为-2.14亿元）。 事件评论 营业收入同比增长，盈利 ...

Core Insights - Yifang Biotechnology (Shanghai) Co., Ltd. reported a revenue of 169 million yuan for 2024, a year-on-year decrease of 9.02%, and a net loss of 240 million yuan, which is a 15.41% reduction in losses compared to the previous year [1] - The company has made significant progress in its innovative drug development pipeline, although it has not yet achieved profitability [1][2] - The decline in revenue is primarily attributed to reduced income from technology licensing and the lack of substantial sales from new products [1] Financial Performance - Total revenue for 2024 was 169 million yuan, down 9.02% year-on-year [1] - Net loss for the year was 240 million yuan, with a year-on-year improvement of 15.41% [1] - Cumulative unabsorbed losses reached 2.545 billion yuan [1] Product Development - Yifang Biotechnology has received approval for two products: Beifutine (brand name: Saimeina) and Gexuolei (brand name: Anfangning) [1] - The company is advancing its pipeline with several key products, including D-2570 (a TYK2 inhibitor) for moderate to severe psoriasis, which has shown significant efficacy in clinical trials [2] - Other products in development include D-0502 (an oral SERD for breast cancer) and D-0120 (a URAT1 inhibitor), both of which are progressing through clinical trials [2] Commercialization Strategy - The company relies on technology licensing and product sharing for revenue generation [1] - Yifang Biotechnology plans to leverage partner channels for commercialization while exploring its own sales model to accelerate product value realization [2] - The sales team has not yet been established for products outside of licensed offerings, indicating a need for further development in this area [2]