基于荣昌生物优异的临床数据，该行对维迪西妥和泰它西普销售前景边际更乐观，泰它西普巨大的海外 自免市场价值有望逐步兑现；上调2025至2027年收入预测介乎1%至4%，上调目标价至109港元，维 持"买入"评级。 交银国际发表研究报告指，近期荣昌生物在2025 ACR公布了泰它西普的中国内地SS III期结果，主要终 点和所有次要终点均已达到。该行继续看好荣昌生物MG、SS等关键适应症的海外开发机会，维持全球 销售高峰超25亿美元的预测，巨大全球市场价值将继续在公司估值中逐步体现。 ...

每日晨报 2025 年 10 月 22 日 | 阿里巴巴 | | BABA US | | --- | --- | --- | | AI 及云业务价值长期仍有增长潜力 | | 评级: 买入 | | 收盘价: 美元 173.47 | 目标价: 美元 200.00 | 潜在涨幅: +15.3% | | 谷馨瑜,CPA | connie.gu@bocomgroup.com | | 2026 财年 2 季度（截至 9 月）业绩预览：预计集团收入同比增 3.9%，基 本维持此前预期（下调 0.2%）。其中预计淘天 GMV 增速与大盘趋势一 致， CMR 保持高于 GMV 增速（接近 11%）。预计淘宝闪购对 app 运营 数据拉动效果持续，受大额补贴影响，业务整体亏损预计在 376 亿元， 受此影响，电商业务整体利润表现预计同比仅增中高个位数至约 110 亿 元。海外电商受海外不确定性因素，同比增速预计放缓至 16%，并实现 盈亏平衡。云业务进一步加速，预计收入同比超 30%，利润率持稳。 今日焦点 | 中国宏观 | | | | 全球主要指数 | | --- | --- | --- | --- | --- | | 中国经 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has achieved continuous loss reduction for three consecutive quarters, driven by the commercialization of Tai'tasip and Vidi'sitom, with expectations for profitability improvement [1][2] - The company reported a revenue of 526 million yuan in Q1 2025, a year-on-year increase of 59.17%, primarily driven by the sales of Tai'tasip and Vidi'sitom [2] - The company is optimistic about the ongoing clinical trials and market potential of Tai'tasip for generalized Myasthenia Gravis (gMG) and other indications [3][4] Financial Performance - In Q1 2025, the company reported a net loss of 254 million yuan, a reduction of 95 million yuan year-on-year, indicating a trend of continuous loss reduction [2] - The R&D expense ratio decreased by 37.7 percentage points to 62.53%, while the sales and management expense ratios also saw significant declines, contributing to the loss reduction [2] - Revenue projections for 2025-2027 are estimated at 2.407 billion, 3.269 billion, and 4.185 billion yuan respectively, with expectations of continued loss reduction in 2025-2026 and profitability in 2027 [5][12] Pipeline and Market Potential - Tai'tasip has received breakthrough therapy designation in China and orphan drug status in the US, indicating strong market potential [3] - The company is advancing multiple products through clinical trials, with several indications expected to enter commercialization, supporting revenue growth [4] - The company is optimistic about the commercialization prospects of Tai'tasip in both domestic and international markets, particularly in the US [3][4]