Core Viewpoint - The company leverages a strong technology platform and global strategic partnerships to build a potential revenue asset package exceeding $10 billion, focusing on accelerating global biotherapeutic innovation [1] Group 1: Financial Performance - The company achieved a significant breakthrough in 2023 with total revenue reaching $89.5 million and a net profit of $22.76 million, marking its first annual profit [2] - In 2024, total revenue is projected to be $38.1 million, showing a decline primarily due to reduced milestone prepayments, yet the company maintains profitability for the second consecutive year [2] - As of December 31, 2024, the company has cash reserves of $170 million, with operating cash flow reaching a historical high of $30.68 million, reflecting a 60% year-on-year increase [2] Group 2: Strategic Partnerships and Collaborations - The company has established robust partnerships with major players like Pfizer and AstraZeneca, contributing to a solid financial foundation through expected stable sales revenue [1] - A long-term strategic collaboration with AstraZeneca includes an upfront payment of $175 million and potential milestone payments up to $4.4 billion, along with a 9.15% equity stake in the company [1] Group 3: Product Pipeline and Innovation - The company is advancing its differentiated self-developed pipeline, with the re-submission of the BLA for HBM9161 for the treatment of gMG expected to receive approval in the second half of 2025 [3] - Collaborations have led to significant milestones, such as the $45 million upfront payment for HBM9378 and the $47 million upfront payment for HBM7020, indicating strong market interest and potential revenue [3] - The company is actively developing multi-target TCE and autoimmune therapies, showcasing the ongoing value release from its technology platform [3] Group 4: Investment Outlook - The company is expected to achieve revenues of $150.5 million, $107.0 million, and $111.0 million from 2025 to 2027, with net profits projected at $76.8 million, $28.6 million, and $28.3 million respectively [4] - The company adopts a unique self-research and diversified collaboration business model, enhancing global innovation in drug development [4]

Investment Rating - The report gives a "Buy" rating for Harbour BioMed (2142.HK) [1] Core Views - The company has achieved significant breakthroughs in both performance profitability and global licensing, marking a comprehensive move into the inflammation and immunology field [1][6] - The company has built a potential revenue asset package worth over $10 billion through strategic partnerships with major pharmaceutical companies like Pfizer and AstraZeneca [6][18] - The transition to a sustainable technology licensing model has led to consecutive profitability in 2023 and 2024, with a historical high in operating cash flow [6][21][24] Summary by Sections 1. Global Leading Fully Human Antibody Technology Platform and Innovator in Therapeutics - The company focuses on innovative therapies for oncology and immune diseases, leveraging its proprietary platforms, HarbourMice® and HBICE®, to expand its pipeline through self-research and diversified cooperation [11] - The management team is highly experienced and supports the company's global strategic layout [13] - The company has established a robust financial foundation with approximately $10 billion in potential milestone payments and future sales revenue by the end of 2024 [16] 2. Comprehensive Expansion into Inflammation and Immunology - The company is advancing its anti-FcRn monoclonal antibody, HBM9161, expected to receive domestic approval in H2 2025 [34] - A collaboration with WindwardBio for HBM9378 (long-acting TSLP monoclonal antibody) has a total transaction value of $970 million [37] - The company is exploring the autoimmune field with HBM7020 (BCMA*CD3) in partnership with Otsuka Pharmaceutical, with a total transaction value of $670 million [48] 3. Non-Immunology Product Areas TCE and ADC Pipeline Achieve External Licensing - The company has successfully licensed several products, including HBM7022 and HBM9033, with significant upfront and milestone payments [32] - The TCE therapy is gaining traction as a new direction for treating autoimmune diseases, leading to multiple licensing deals in the industry [50] 4. Key Assumptions and Investment Rating - The report projects revenues of $150.5 million, $107.0 million, and $111.0 million for 2025-2027, with net profits of $76.8 million, $28.6 million, and $28.3 million respectively [5]