多个差异化早期管线快速推进中。公司早期管线中，TSLP×IL-13 双特异性抗体CM512 已开展中重度特 应性皮炎适应症2 期临床、慢性鼻窦炎伴鼻息肉适应症2 期临床、中重度哮喘以及中度至重度慢性阻塞 性肺疾病适应症2 期临床；CDH17 ADC CM518D1已开展晚期实体瘤患者的1/2 期临床; BCMA×CD3 双 特异性抗体CM336 已开展复发或难治性多发性骨髓瘤的1/2 期临床、复发或难治性原发性轻链型淀粉样 变性的2 期临床；CD38 抗体已开展原发免疫性血小板减少症的2 期临床、IgA 肾病的2 期临床、复发/难 治性再生障碍性贫血的1b/2 期临床；Aβ原纤维抗体CM383 已开展阿尔茨海默病源性轻度认知功能障碍 和轻度阿尔茨海默病的1b 期临床。 投资建议：我们预计公司2025 年-2027 年的收入分别为7.5 亿元、11.1 亿元、20.8 亿元，净利润分别 为-4.4 亿元、-4.1 亿元、0.8 亿元；考虑到公司已上市/即将上市产品的放量潜力以及丰富的临床研发管 线，我们认为公司未来发展前景可观，首次给予买入-A 的投资评级，根据DCF 模型给与6 个月目标价 78.83 港元。 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 78.83 HKD [5][3]. Core Insights - The company reported a revenue of 499 million CNY and a net profit of -79 million CNY for the first half of 2025. The core product, IL-4R monoclonal antibody Siponimod, is progressing well in commercialization, achieving sales of 170 million CNY in the first half of 2025. The product has been approved for three indications and is expected to enter negotiations for inclusion in the medical insurance directory, which could accelerate sales growth in the domestic market [1][3]. - The company has a diverse early-stage pipeline, with several products in various stages of clinical trials, including CM512 for moderate to severe atopic dermatitis and chronic rhinosinusitis with nasal polyps, and CM336 for relapsed or refractory multiple myeloma [2][3]. Financial Projections - Revenue projections for the company are estimated at 750 million CNY in 2025, 1.11 billion CNY in 2026, and 2.08 billion CNY in 2027. Net profits are expected to be -440 million CNY in 2025, -410 million CNY in 2026, and a positive 80 million CNY in 2027 [3][9]. - The company is expected to achieve a gross margin of 92% and a net margin of 3.6% by 2027, indicating a significant improvement in profitability as revenues grow [11][15]. Market Performance - The company's stock price was 66.50 HKD as of August 28, 2025, with a 12-month price range of 27.85 to 74.75 HKD. The stock has shown a relative return of 49.1% over the past three months and 68.5% over the past year [5][6]. Clinical Pipeline - The company has multiple products in its early pipeline, including CM512, CM518D1, CM336, and CM383, which are in various phases of clinical trials targeting conditions such as asthma, chronic obstructive pulmonary disease, and Alzheimer's disease [2][3].