Incidents:
From January to September 2025, the company's revenue increased by 40.12%, mainly due to a further increase in sales revenue of the company's products sidabendamide and siglitazide. Among them, sales revenue of sidabenamide increased by 18.76% year on year, and sales revenue of siglitazide increased by 136.13% year on year.
Reviews:
According to the company's announcement, siglitan sodium increased 125.7% year-on-year in the first half of 2025, and the year-on-year growth rate further accelerated to 136.1% in the first three quarters. The market demand for sugar and liver co-workers is huge. Siglitazepam is the company's first commercialization attempt in the field of major diseases, and it is gradually increasing its market share with its unique drug advantages. This year's growth trend reflects the success of the “self-employment+investment” model of siglitasone sodium, and the online channel layout is also contributing to the growth share. Sidabendamide increased 15.1% year-on-year in the first half of 2025, and the year-on-year growth rate further accelerated to 18.8% in the first three quarters. This year was the first year that sidabendamide DLBCL indications were officially covered by health insurance, and in July 2025, we announced that the DEB study had reached the end of treatment for EFS, with impressive results. The project published the main results of the trial on CSCO. The 54-month EFS rate of the test group reached 52.5%, which was 28% lower than that of the control group. It was widely recognized by the market and helped promote its medical promotion. The company's partner Huya Biotech released open single-arm subgroup data in phase III clinical trials this year. Sidabenamide combined with O has good curative efficacy in first-line treatment for asymptomatic brain metastatic melanoma patients, and the safety is controllable compared to PD1+CTLA4 combination therapy. We look forward to reading data from subsequent randomized double-blind trials.
Investment advice
Considering changes in the company's sales structure and the approval of several new products to be listed one after another, the future release of innovative products can be expected, and the profit forecast for the previous period is adjusted. That is, we predict that the company's total operating revenue for 2025-2027 will be 0.9/1.3/1.8 billion yuan (previous value 0.9/1.2/1.6 billion yuan), with a year-on-year increase of 41%/37%/40%, respectively, and Net income to mother of 0.098/0.219/0.395 billion yuan (previous value 0.039/0.101/0.435) billion yuan), with year-on-year increases of 185%/124%/80%, respectively. EPS was 0.24/0.54/0.97 yuan respectively, corresponding to the closing price of 27.82 yuan/share on November 27, 2025, and PE was 116/52/29X, respectively. Considering that the company's performance has a lot of room for growth, it maintains a “buy” rating.
Risk Alerts
New drug development fell short of expectations, market competition intensified, and commercialization performance after product launch fell short of expectations.
