3SBIO (01530) continued its upward momentum, rising over 3% in Hong Kong trading. As of press time, the stock gained 3.61% to HK$32.16, with trading volume reaching HK$584 million.

China Merchants Bank International released a research report noting that 3SBIO's first-half revenue reached RMB 4.4 billion, declining 0.8% year-on-year, primarily due to slower TPIAO sales, though this was partially offset by robust growth in its hair loss treatment product portfolio. During the period, attributable net profit surged 24.6% to RMB 1.1 billion, benefiting from a 49% reduction in financial costs year-on-year.

While existing core products continue to face pressure, the company is expected to launch multiple new drugs between 2025 and 2026, including 608 (IL-17A inhibitor) and 613 (IL-1β inhibitor), which are anticipated to drive sales revenue growth. Additionally, the firm believes 707 (PD-1/VEGF bispecific antibody) has the potential to become a global blockbuster drug, with expectations that Pfizer will actively advance 707's global clinical development and combination therapy regimens. The firm considers the launch of 707's global clinical trials as a potential key catalyst for the group's profit growth trajectory.

CLSA noted that 3SBIO's first-half performance was mixed, with TPO sales showing weakness while Mandi sales demonstrated strong performance, driven by increased adoption of Mandi Foam and successful online distribution. The firm continues to expect overseas development progress of SSGJ-707 to serve as a key catalyst.

According to Pfizer, SSGJ-707 is expected to initiate a global Phase III study for non-small cell lung cancer by the end of 2025, while further exploring its applications in other tumor types, including additional Phase I/II studies in combination with its antibody-drug conjugate product portfolio.