中信建投发布研报称，2025年，核心产品泰它西普新增适应症获批后快速放量，维迪西妥单抗联合治疗 方案数据优异，同时RC28的DME适应症上市申请获受理；在研管线中RC148获突破性疗法认定，临床 数据持续验证价值。整体看，公司商业化进程提速，管线梯队布局完善，看好公司后续发展。 本文源自：智通财经网 智通财经获悉，荣昌生物(09995)午后涨超7%，截至发稿，涨6.39%，报90.75港元，成交额3.19亿港 元。 消息面上，据公众号，2025年ESMO年会上，维迪西妥单抗联合特瑞普利单抗对比化疗一线治疗HER2 表达的局部晚期或转移性尿路上皮癌Ⅲ期临床研究发布。甬兴证券发布研报称，维迪西妥联合免疫疗效 优异，标志着尿路上皮癌治疗格局重大变革。 ...

消息面上，据公众号，2025年ESMO年会上，维迪西妥单抗联合特瑞普利单抗对比化疗一线治疗HER2 表达的局部晚期或转移性尿路上皮癌Ⅲ期临床研究发布。甬兴证券发布研报称，维迪西妥联合免疫疗效 优异，标志着尿路上皮癌治疗格局重大变革。 中信建投发布研报称，2025年，核心产品泰它西普新增适应症获批后快速放量，维迪西妥单抗联合治疗 方案数据优异，同时RC28的DME适应症上市申请获受理；在研管线中RC148获突破性疗法认定，临床 数据持续验证价值。整体看，公司商业化进程提速，管线梯队布局完善，看好公司后续发展。 智通财经APP获悉，荣昌生物(09995)午后涨超7%，截至发稿，涨6.39%，报90.75港元，成交额3.19亿港 元。 ...

中信建投（601066）发布研报称，2025年，核心产品泰它西普新增适应症获批后快速放量，维迪西妥单 抗联合治疗方案数据优异，同时RC28的DME适应症上市申请获受理；在研管线中RC148获突破性疗法 认定，临床数据持续验证价值。整体看，公司商业化进程提速，管线梯队布局完善，看好公司后续发 展。 荣昌生物(09995)午后涨超7%，截至发稿，涨6.39%，报90.75港元，成交额3.19亿港元。 消息面上，据公众号，2025年ESMO年会上，维迪西妥单抗联合特瑞普利单抗对比化疗一线治疗HER2 表达的局部晚期或转移性尿路上皮癌Ⅲ期临床研究发布。甬兴证券发布研报称，维迪西妥联合免疫疗效 优异，标志着尿路上皮癌治疗格局重大变革。 ...

Core Insights - The approval of PD-1 inhibitors Keytruda and Opdivo a decade ago has significantly transformed cancer treatment, particularly in lung cancer, melanoma, and lymphoma, marking the beginning of the immunotherapy era [1] - As key patents near expiration and biosimilars enter the market, the market share of leading products is under pressure, with Merck's Keytruda sales growth slowing to 8% and BMS's Opdivo experiencing a 1% decline [1] - The oncology market is evolving into a "2.0 era," with companies like Merck and BMS focusing on combination therapies involving PD-1 and ADCs to maintain competitive advantages [1][2] Industry Overview - The global oncology drug market is projected to grow from $168 billion in 2020 to $247 billion by 2024, with a compound annual growth rate (CAGR) of 10.2%, while the ADC market is expected to exceed $35 billion with a CAGR of 41.7% [1] - The shift in market dynamics indicates a move towards a multi-target competition era, emphasizing ADCs and combination therapies [1] Company Strategies - Merck is actively building a "PD-1+ADC" treatment matrix through acquisitions and partnerships, aiming to extend the lifecycle of Keytruda [2] - Recent FDA approvals for combination therapies, such as Keytruda with Padcev for bladder cancer, highlight the potential for these combinations to change clinical practices [3] - BMS has also expanded its combination therapies, with its dual immunotherapy for liver cancer becoming the first approved in China [3] Domestic Innovations - Chinese biotech companies are rapidly advancing in the "PD-1+ADC" space, with companies like Junshi Biosciences reporting promising clinical data for their PD-L1 ADC, HLX43, in non-small cell lung cancer [4] - The industry is moving towards "dual antibodies/multi-antibodies + ADC" strategies, with companies like Rongchang Bio and Pfizer exploring innovative combinations [5] Future Directions - The next generation of IO and ADC therapies is expected to become a focal point for multinational corporations in the oncology sector, with a strong emphasis on business development in China [6] - Companies are increasingly inclined to pursue co-development models as clinical data becomes more robust, indicating a trend towards strategic partnerships in the industry [6]

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - Yum China reported Q3 2025 revenue of $3.2 billion, a year-on-year increase of 4%, and core operating profit of $399 million, up 8%, aligning with expectations [1][4] - The net new store openings for KFC and Pizza Hut reached a record high in Q3, with a total of 536 new stores, bringing the total to 17,514 [2][4] - Same-store sales for KFC increased by 2% year-on-year, while Pizza Hut saw a 1% increase, marking the 12th consecutive quarter of positive same-store sales growth [5] Summary by Sections Overseas Catering - Yum China achieved Q3 2025 revenue of $3.2 billion, a 4% increase year-on-year, and core operating profit of $399 million, an 8% increase, meeting expectations [1][4] - KFC and Pizza Hut net new store openings reached a record high in Q3, with 536 new stores added, totaling 17,514 stores [2][4] - KFC's same-store sales increased by 2% year-on-year, with transaction volume up 3% and average ticket price down 1% to 38 yuan [5] Overseas Pharmaceuticals - Rongchang Biologics reported a 42.3% year-on-year revenue increase in the first three quarters of 2025, reaching 1.72 billion yuan, with a net loss of 551 million yuan, narrowing by 48.6% [8] - In Q3, revenue grew by 33.1% year-on-year and 8.7% quarter-on-quarter, reaching 622 million yuan, with a net loss of 101 million yuan, narrowing by 65.2% year-on-year [8] - The company’s R&D expenses decreased by 22.8% year-on-year to 891 million yuan in the first three quarters [8] Overseas Education - The education sector's growth rate has bottomed out, with New Oriental's revenue growth accelerating due to its strong reputation [3] - The education index fell by 6.0% in the week of October 31 to November 6, underperforming the Hang Seng Index by 6.1 percentage points [15] - New Oriental's GMV on Douyin was approximately 170 million yuan for the week, with a daily average of 24.2 million yuan, reflecting a 2.7% week-on-week decline [16]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for the stock in the next six months [1]. Core Insights - The company has shown strong performance with a significant reduction in losses. In the first three quarters of 2025, it achieved revenue of 1.72 billion yuan, a year-on-year increase of 42.27%, and a net profit attributable to the parent company of -551 million yuan, narrowing losses by 48.60% [7]. - The commercialization of core products is accelerating, with new indications opening up growth potential. The sales of the core product, Tai Ta Xi Pu, have maintained high growth, particularly after the approval for myasthenia gravis in May [7]. - The company is optimizing expenses, with a notable decrease in R&D expenses due to overseas clinical trial costs being borne by partners [7]. Financial Performance Summary - Total revenue is projected to grow from 1.72 billion yuan in 2023 to 4.13 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 30% [3][8]. - The net profit is expected to improve from -875 million yuan in 2025 to a positive 88 million yuan in 2027, indicating a turnaround in profitability [3][8]. - The earnings per share (EPS) is forecasted to move from -1.55 yuan in 2025 to 0.16 yuan in 2027, reflecting a significant recovery [3][8]. Product Development and Pipeline - The company is actively expanding its product pipeline, with several new indications for existing drugs showing promising results. The application for IgAN has been accepted, and positive results have been reported for the dry eye syndrome clinical trials [7]. - The collaboration with external partners is enhancing the efficiency of the R&D pipeline, with several products in advanced stages of clinical trials [7]. Market Position and Future Outlook - The company is positioned to benefit from the growing demand for its core products, with expectations of continued market expansion and improved operational efficiency [7]. - The report suggests that the company's strong performance and product pipeline warrant a "Buy" rating, reflecting confidence in its future growth trajectory [1][7].

Core Viewpoint - Rongchang Biologics reported significant revenue growth and improved financial performance in Q3 2025, alongside the acceptance of its innovative drug application for IgA nephropathy, indicating strong potential in the biopharmaceutical market [1][2]. Financial Performance - For Q3 2025, the company achieved revenue of 6.22 billion yuan, a year-on-year increase of 33.13% - The net profit attributable to shareholders was -1.01 billion yuan, a reduction in losses by 65.24% year-on-year and a 48.25% decrease in losses compared to the previous quarter - The overall gross margin for the first three quarters was 84.27%, up by 4.51 percentage points year-on-year, while the operating cash flow net amount was 2.17 billion yuan, an increase of 125.99% year-on-year [1]. Product Development and Approvals - The company’s innovative drug, Tai A, for treating IgA nephropathy, has been accepted for priority review by the National Medical Products Administration, marking it as the first domestic original drug in this field [1]. - The company is advancing multiple clinical trials for Tai A in various autoimmune diseases, with results published in top medical journals [2]. - The company’s dual-target fusion protein, RC28-E, has been licensed to a Japanese company, generating upfront payments and potential milestone payments totaling up to 10.45 billion yuan [3]. Future Projections - Revenue projections for 2025 to 2027 are 22.5 billion yuan, 28.7 billion yuan, and 36.3 billion yuan, respectively, with year-on-year growth rates of 31.1%, 27.5%, and 26.6% - The net profit attributable to shareholders is expected to improve from -7.6 billion yuan in 2025 to 0.7 billion yuan in 2027, reflecting a significant turnaround in profitability [3].

Core Insights - The report emphasizes the significant role of phosphoramidite monomers in the small nucleic acid industry chain, highlighting their impact on the development of small nucleic acid drugs, which are considered promising candidates for treating various diseases due to their unique molecular structures and therapeutic mechanisms [1][6][10] - The report predicts robust growth in the demand for phosphoramidite monomers, with multinational pharmaceutical companies likely to benefit from this trend, as the global nucleotide market is projected to reach USD 730 million in 2023, with China being the largest production market [10][11] Section Summaries Phosphoramidite Monomer's Role - Phosphoramidite monomers are crucial raw materials for synthesizing small nucleic acid drugs, enhancing their stability and biological activity, and driving innovation in drug development [6][9] - The solid-phase phosphoramidite method is the mainstream technique for synthesizing oligonucleotides, which are a major cost component in nucleic acid drug production [9] Market Dynamics - The report notes that 90% of global nucleotides are used for nucleic acid drug production, with only about 10% allocated to health foods and agriculture [10] - The small nucleic acid drug market is primarily dependent on major multinational pharmaceutical companies, indicating potential benefits for companies within their supply chains [11] Investment Recommendations - The report suggests focusing on innovative drug companies such as Furuya Co., OncoOne, and others, as well as raw material suppliers like WuXi AppTec and others, indicating a diverse range of investment opportunities in the sector [10]

Group 1: Medical Device Sector - The medical device sector is expected to see valuation recovery opportunities due to "policy optimization, economic recovery, and performance rebound" [1] - Since 2025, medical device bidding has been gradually improving, with some companies likely to see performance reversals in Q3 2025 as inventory is consumed [1] - High-value consumables have faced performance and valuation suppression due to centralized procurement and tariffs, but the easing of these factors presents significant valuation recovery opportunities [1] Group 2: Innovative Drugs - Multiple results of domestic innovative drugs will be showcased at the European Society for Medical Oncology (ESMO) in mid to late October 2025, highlighting the competitive clinical data of Chinese innovative drugs [2] - The trend of domestic innovative drugs going overseas is strengthening, with significant clinical progress and data readouts enhancing their global market commercialization certainty [3] - The Chinese innovative drug industry is showing a long-term positive development trend, particularly evident in the explosive growth of business development (BD) transactions in recent years [3]

Core Viewpoint - Rongchang Biopharma (09995) shares increased by nearly 5%, closing at HKD 96.95 with a trading volume of HKD 706 million, driven by significant research presentations at the ESMO annual meeting in Berlin [1] Group 1: Research Highlights - Rongchang Biopharma presented 10 key studies at the ESMO annual meeting from October 17 to 21, 2025, including the pivotal Phase III study data of Vidisicimab for first-line treatment of urothelial carcinoma, which was prominently featured at the conference and published in the New England Journal of Medicine [1] - The Phase III clinical research data for Taitasip in treating IgA nephropathy will be presented as a "Late-Breaking Oral" report at the American Society of Nephrology (ASN) annual meeting scheduled for November 5 to 9, 2025, in Houston, USA [1] Group 2: Market Outlook - Huatai Securities believes that the dense data readouts validate the global competitiveness of the company's pipeline and are expected to accelerate its overseas expansion: 1) The overseas Phase I/II study of Vidisicimab is progressing steadily, with expectations for the 2LUC indication to achieve BLA by early 2026; 2) RC148 has received CDEBTD approval, and the overseas Phase I/II clinical trial has been approved by the FDA, indicating significant overseas potential; 3) The global Phase III enrollment for Taitasip is proceeding smoothly, with pSS expected to become the next key indication [1]