点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 产品矩阵强大丰富 2025H1,公司已有16款产品获批上市，包括12款肿瘤产品及4款综合管线产品，此外，公司预期将于2025年年底 前新增两款获批产品：IBI112（匹康奇拜单抗，抗IL-23p19单抗）及IBI310（伊匹木单抗N01注射液，抗 CTLA-4单抗）。新产品上市及强大的管线将为公司提供中长期增长动能，同时，公司将继续通过全渠道覆 盖、多元创新推广策略及核心产品生命周期管理，进一步加强在肿瘤及综合产品领域的优势地位。 通过合作及拓展市场准入加快全球布局 2025H1，公司与罗氏达成一项全球合作授权，授予罗氏IBI3009 （DLL3 ADC）的全球研发、生产及商业化权 利。同时，公司将持续拓展已获批产品在 ...

Core Viewpoint - The company reported a significant turnaround in its financial performance for the first half of 2025, achieving a net profit of 8.34 billion yuan compared to a net loss of 3.93 billion yuan in the same period last year, driven by strong product sales and a diverse product pipeline [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 59.53 billion yuan, representing a year-on-year increase of 50.6% [1]. - Product sales revenue was 52.34 billion yuan, up 37.3% year-on-year, while licensing fee income was 6.66 billion yuan [1]. Product Pipeline and Development - The company has a robust product matrix, with 16 products approved for market as of H1 2025, including 12 oncology products and 4 general pipeline products [1]. - Two additional products, IBI112 and IBI310, are expected to be approved by the end of 2025, which will further enhance the company's growth potential [1]. Global Collaboration and Market Expansion - The company entered a global collaboration agreement with Roche for the development, production, and commercialization rights of IBI3009 [2]. - Efforts are ongoing to expand market access for approved products in various regions, including Hong Kong, Macau, Southeast Asia, and Latin America [2]. Research and Development Investment - In H1 2025, the company invested 10.09 billion yuan in research and development, maintaining high efficiency and execution in its R&D efforts [2]. Profit Forecast and Valuation - Due to the accelerated product development and better-than-expected sales, the company's net profit forecasts for 2025 and 2026 have been raised to 8.46 billion yuan and 15.72 billion yuan, respectively [2]. - The company is recognized as a leading innovative pharmaceutical enterprise in China, with a strong commercial product portfolio aimed at providing comprehensive solutions for a wider patient demographic [2].