17 November 2025 | 7:38AM HKT Equity Research InnoCare Pharma (9969.HK): Earnings Review: Strong Orela sales in 3Q; Raised guidance for 2025 with rich catalysts highlighted; Buy Accelerating sequential growth in 3Q: 3Q orela sales of Rmb383mn (+39% y/y or +18% q/q vs. +4% q/q in 2Q25) was on par with our estimates, mainly driven by: 1) broader hospital coverage especially low-tier markets; 2) solid growth of MZL, which contributed c.40% of new patients acquired. Net loss (-Rmb34mn vs. -Rmb48mn in 2Q) was na ...