Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months compared to the benchmark index [11]. Core Insights - The company has demonstrated significant growth in its innovative drug business, with total revenue reaching 3.585 billion yuan in the first half of 2025, a year-on-year increase of 15.1%. Innovative drug revenue accounted for 77.4% of total revenue, reflecting a consistent upward trend over the past five years [7]. - The adjusted net profit for the first half of 2025 was 651 million yuan, up 21.1% year-on-year, with a research and development investment rate of 28.7%, an increase of 9 percentage points [7]. - The company has launched 10 innovative drugs and is focusing on three main areas: neuroscience, oncology, and autoimmune diseases, with notable revenue growth in these sectors [7]. Financial Forecast and Valuation - The company is projected to achieve revenues of 7.69 billion yuan, 9.01 billion yuan, and 10.43 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16%, 17%, and 16% [5][8]. - The forecasted net profit for the same years is expected to be 1.193 billion yuan, 1.389 billion yuan, and 1.609 billion yuan, reflecting significant growth of 63% in 2025 and steady growth of 16% in the following years [5][8]. - The report highlights a projected P/E ratio decreasing from 40.5 in 2024 to 18.5 in 2027, indicating an improving valuation as earnings grow [5]. Product Pipeline and Innovation - The company is advancing its innovative product pipeline, with several products in various stages of development, including two products in NDA review and three in Phase III clinical trials [7][8]. - Key products include the unique sublingual stroke treatment and a novel insomnia drug, both of which are expected to capture significant market share due to their differentiated mechanisms and clinical evidence [7]. - The company is also actively pursuing international collaborations and licensing agreements to enhance its technological platform and expand its market reach [7][8].