Guolian Research Reports point out that ZaiJing Pharmaceutical (688266.SH) products cover the fields of autoimmune, coagulation, and oncology. The company has already commercialized 2 innovative drugs, with the main product Donafenib's sales close to 0.4 billion yuan in 2023; several new drugs are expected to be launched later. In the layout of macromolecule drugs, ZaiJing Pharmaceutical has 4 bispecific antibodies under research, some of which may become next-generation immunotherapy drugs. Liver cancer and lung cancer are among the top ten cancer types in China by incidence, with new drugs frequently emerging in the oncology field rewriting existing clinical guidelines, and there is great potential for iterative new drugs. The company is developing multiple macromolecule biological drugs, with ZG006 being a CD3/DLL3/DLL3 tri-antibody, while similar target drugs have already been launched overseas like AMG757, which has been approved for small-cell lung cancer second-line treatment; the PD-1xTIGIT dual-antibody shows a high ORR in second-line cervical cancer, indicating that the company’s macromolecule drugs have authorization potential. Given that the company's innovative drugs are entering the commercialization cycle, with abundant research products and potential for external authorization, it is covered for the first time with a 'Buy' rating.