机构：国信证券 研究员：马千里/陈曦炳/彭思宇 2025上半年亏损收窄，在研管线有序推进。2025上半年公司经调整亏损0.78亿元，上年同期为亏损1.10 亿元。2025H1 研发开支为0.80 亿元（同比-37.5%），主要由于LZ901 国内Ph3 临床试验产生的开支减 少；行政开支为0.45 亿元（同比-42.6%），主要为股份支付的摊销减少。 公司计划根据市场情况及公司可动用资源，进一步评估在中国启动K3 的Ph3 临床试验的适当时机，目 前预计Ph3 临床最早将于2026H2 启动。 K193 ： 用于治疗B 细胞白血病和淋巴瘤的双特异性抗体注射液（CD19xCD3）在研产品，是全球首款 具有不对称结构的CD19/CD3 双特异性抗体。K193 于2019 年12 月启动国内Ph1 临床，预计2026 年完成 Ph1 临床试验。 其他临床前阶段的在研管线：截至2025 年6 月30 日，公司共有6 个临床前阶段的在研产品，分别为重组 水痘疫苗、重组RSV 疫苗、重组HSV-1 疫苗、重组HSV-2 疫苗、用于治疗髓系白血病的K333 双特异性 抗体和用于治疗淋巴瘤的K1932 双特异性抗体。 投资建 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5][11]. Core Insights - The company has successfully completed a head-to-head clinical trial of its recombinant shingles vaccine LZ901 against Shingrix, showing superior cellular immunogenicity and better safety in adults aged 50 and above [1][9]. - The adjusted loss for the first half of 2025 narrowed to 0.78 billion yuan from a loss of 1.10 billion yuan in the same period last year, with R&D expenses decreasing by 37.5% to 0.80 billion yuan [1][8]. - The company has a robust pipeline with several products in various stages of development, including K3, a biosimilar to Humira, and K193, a bispecific antibody for treating B-cell leukemia and lymphoma [2][10]. Financial Projections - Revenue projections for 2025 to 2027 are 0.22 billion yuan, 4.39 billion yuan, and 9.71 billion yuan respectively, with net profits expected to be -1.46 billion yuan, -1.27 billion yuan, and 1.16 billion yuan [3][11]. - The company anticipates a significant revenue increase in 2026, with a projected growth rate of 1857.4% compared to 2025 [4]. Pipeline Overview - As of June 30, 2025, the company has six products in preclinical stages, including vaccines for varicella, RSV, HSV-1, HSV-2, and two bispecific antibodies for leukemia and lymphoma [2][10]. - The LZ901 vaccine is expected to receive commercial approval in the first half of 2026 [9].