证 券 研 究 报 告 信立泰（002294）重大事项点评 强推（上调） 递交港股招股说明书，加快国际化进程 目标价：85.5 元 | | | 华创证券研究所 证券分析师：郑辰 事项： ❖ 近期，信立泰向香港联交所递交了发行 H 股股票并在香港联交所主板挂牌上 市的申请，加快公司国际化进程。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,012 | 4,460 | 5,161 | 6,476 | | 同比增速(%) | 19.2% | 11.2% | 15.7% | 25.5% | | 归母净利润(百万) | 602 | 640 | 692 | 857 | | 同比增速(%) | 3.7% | 6.4% | 8.1% | 24.0% | | 每股盈利(元) | 0.54 | 0.57 | 0.62 | 0.77 | | 市盈率(倍) | 115 | 108 | 100 | 80 | | 市净率(倍) | 7.9 | 7.8 ...

证 券 研 究 报 告 信立泰（002294）重大事项点评 强推（上调） 递交港股招股说明书，加快国际化进程 目标价：85.5 元 事项： ❖ 近期，信立泰向香港联交所递交了发行 H 股股票并在香港联交所主板挂牌上 市的申请，加快公司国际化进程。 公司研究 化学制剂 2026 年 03 月 30 日 | | | 华创证券研究所 证券分析师：郑辰 邮箱：zhengchen@hcyjs.com 执业编号：S0360520110002 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,012 | 4,460 | 5,161 | 6,476 | | 同比增速(%) | 19.2% | 11.2% | 15.7% | 25.5% | | 归母净利润(百万) | 602 | 640 | 692 | 857 | | 同比增速(%) | 3.7% | 6.4% | 8.1% | 24.0% | | 每股盈利(元) | 0.54 | 0.57 ...

Business Highlights - OmniAb has 104 active partners as of September 30, 2025 [13] - The company has 399 active programs as of September 30, 2025, a net addition of 36 programs year-to-date [16, 18] - There are 32 active clinical programs and approved products as of September 30, 2025 [26] - OmniAb is launching OmniUltra in December, a new technology for antibody and peptide therapeutics discovery [11, 41] Financial Performance - Q3 2025 total revenue was $22 million, compared to $42 million in Q3 2024 [65] - License and milestone revenue decreased to $06 million in Q3 2025 from $14 million in Q3 2024 [65] - Service revenue decreased to $12 million in Q3 2025 from $25 million in Q3 2024 [65] - Royalty revenue increased to $04 million in Q3 2025 from $03 million in Q3 2024 [65] - Research and Development expenses decreased to $104 million in Q3 2025 from $133 million in Q3 2024 [65] - Net loss was ($165) million in Q3 2025, compared to ($164) million in Q3 2024 [65] Financial Guidance - The company expects 2025 revenue to be in the range of $18 to $22 million [67] - The company expects 2025 operating expense to be in the range of $82 to $86 million [67]