Gelonghui November 20 | Tianfeng Securities Research Report points out that Junshi Biotech (688180.SH) is speeding up later pipeline research and development and strengthening the continuous development of core products. It is reported that the marketing application for angoricizumab has been accepted by the NMPA, covering indications including primary hypercholesterolemia (heterozygous familial and non-familial) and mixed dyslipidemia, as well as homozygous familial hypercholesterolemia for adults or adolescents aged 12 and over. Furthermore, the drug tifcemalimab being developed by FIC has been approved to conduct an international multi-center phase III clinical study. This is the first confirmatory study of a BTLA target drug. Taking into account the company's financial data for the third quarter and subsequent volume expectations, the bank adjusted the company's expected operating income from 2023 to 2025 from 2,040 billion, 2,924 billion, and 3.740 billion yuan to 1,502 billion, 2,591 billion yuan, and 3.796 billion yuan, maintaining the “buy” rating.