GLMS SEC issued a research report stating that INNOVENT BIO (01801) demonstrated robust revenue growth and significantly improved profitability levels, with its global pipeline gradually entering the registration study phase. The firm forecasts the company's operating revenues for 2025-2027 to reach RMB 11.788 billion, RMB 15.256 billion, and RMB 20.516 billion respectively, representing year-over-year growth rates of 25.11%, 29.43%, and 34.47%. Net profit attributable to shareholders is projected at RMB 604 million, RMB 1.396 billion, and RMB 3.007 billion respectively, with growth rates of turning profitable, 131.07%, and 115.45%. EPS is expected to be RMB 0.35, RMB 0.81, and RMB 1.76 per share. As a rare domestic innovative drug leader with global R&D and commercialization capabilities, the company maintains clear strategy and efficient execution. GLMS SEC maintains its "BUY" rating.

**Key Investment Highlights:**

**Strong Financial Performance with Optimized Operating Efficiency** INNOVENT BIO released its 2025 interim results, achieving total revenue of RMB 5.953 billion in H1 2025, up 50.6% year-over-year. Period profit reached RMB 834 million, representing a significant turnaround from losses. Non-IFRS profit was RMB 1.213 billion, with Non-IFRS EBITDA at RMB 1.413 billion, demonstrating substantially enhanced profitability. The company's product portfolio has expanded to 16 marketed products, with oncology and comprehensive pipelines working synergistically. Multiple new drugs have achieved successful commercialization while global expansion continues to advance.

In H1 2025, product revenue reached RMB 5.234 billion (up 37.3% year-over-year), while licensing fee income surged to RMB 666 million (up 474% year-over-year) primarily due to upfront payments from the Roche collaboration. Gross margin improved to 86.0% (up 3.1 percentage points year-over-year), R&D expenses were optimized to RMB 1.009 billion (down 28% year-over-year), and sales expense ratio decreased to 39.9%. As of June 30, 2025, cash reserves stood at approximately RMB 11 billion, providing solid support for global innovation.

**Core Pipeline IBI363 Launches Global Phase III Clinical Trial** IBI363 (PD-1/IL-2α-bias) presented breakthrough data at the ASCO annual meeting, demonstrating superior efficacy in cold tumors and IO-resistant patient populations. The company has initiated a pivotal Phase II study in melanoma and received FDA approval to conduct a global Phase III clinical trial (MarsLight-11) for squamous NSCLC, planning to enroll patients from multiple countries. Phase Ib/II studies for first-line NSCLC and CRC indications have also been completed.

**Significant Multi-Pipeline Progress with Deepening Global Expansion** CLDN18.2 ADC (IBI343) has initiated a Phase III study in pancreatic cancer, while HER2 ADC (IBI354) is advancing Phase III clinical trials in ovarian cancer. In the metabolic field, cornerstone product Mazdutide has added two Phase III studies. IBI112 (IL-23p19) for psoriasis indication is under NDA review, with approval expected by the end of 2025. The company reached a global collaboration agreement with Roche for IBI3009 (DLL3 ADC) and is advancing MRCT clinical studies in Australia, China, and the United States.

**Risk Factors:** Commercialization sales below expectations, clinical progress delays, and intensified market competition.