Ping An Securities released a research report stating that considering that the indications for the company's listed products are still expanding, and the pipeline valuation is expected to further improve, maintaining the “recommended” rating of Hehuang Pharmaceutical (00013.HK), the main business revenue for 2024-2026 is estimated to be US$6.71, 8.61, and 1,027 million US dollars, respectively, and net profit of -1.07, 0.2, and 95 million US dollars, respectively, in line with the previous one. The company's total revenue in 2023 was US$838 million (yoy +97%), of which comprehensive revenue from the oncology/immunology business was US$529 million (yoy +223%). Affected by the confirmed cooperative revenue of US$312 million with Takeda, the company's net profit to the mother was US$101 million. It was profitable for the first time, and the results were in line with expectations.