Zhongtai Securities has released a research report, forecasting that 3SBIO (01530) will achieve operating revenues of RMB 9.706 billion, RMB 11.326 billion, and RMB 12.870 billion for the years 2026 to 2028, respectively. Previous forecasts for 2026-2027 revenues were RMB 11.494 billion and RMB 13.153 billion. Net profit attributable to shareholders is projected to be RMB 2.268 billion, RMB 3.158 billion, and RMB 3.666 billion for the same period, compared to prior forecasts of RMB 2.648 billion and RMB 3.027 billion for 2026-2027. The minor adjustments are primarily based on extrapolations from the domestic drug commercialization situation in 2025. The firm's overseas collaboration for SSGJ-707 is solid, and its valuation ceiling has been lifted. A "Buy" rating is maintained. Zhongtai Securities' key views are as follows:
The global value of SSGJ-707 is accelerating. Pfizer has initiated multiple clinical trials: 1) NSCLC: Phase III Symbiotic-Lung-01 trial combining with chemotherapy for locally advanced or metastatic sq and nsq 1L NSCLC; Phase II trials for monotherapy or combination with chemotherapy or as consolidation post-chemotherapy for early and locally advanced NSCLC; and an Ib/II trial combining with an ITGB6 ADC for locally advanced or metastatic NSCLC. 2) Colorectal Cancer: Phase III Symbiotic-GI-03 trial combining with chemotherapy for 1L colorectal cancer. 3) SCLC: Phase II trial for 1L T-SCLC and Phase III Symbiotic-Lung-04 trial for 1L ES-SCLC, both combining with chemotherapy. 4) Phase III trial combining with chemotherapy for 1L gastric cancer. 5) Phase III Symbiotic-GYN-18 trial combining with chemotherapy for 1L pMMR endometrial cancer. 6) Ib/II trial for monotherapy or combination with ipilimumab for 1L liver cancer. 7) Ib/II trial for monotherapy or combinations in renal cell carcinoma. 8) Ib/II trial for monotherapy in 2L+ urothelial carcinoma or combination with a Nectin-4 ADC for 1L urothelial carcinoma. The candidate continues to be featured at international academic conferences, including a presentation at the 2026 AACR replicating domestic preclinical and early-stage data, showing higher VEGF binding affinity than bevacizumab or VEGF/PD-1 competitors. Data will be shared at ASCO for the Phase II trial of monotherapy in 1L PD-L1+ NSCLC and for the combination with chemotherapy in 1L advanced recurrent endometrial cancer.
With solid international collaboration and expansion of the domestic commercial pipeline, robust and sustained cash flow is anticipated, supporting R&D and global investment. The company's total revenue for 2025 was RMB 17.70 billion, a year-on-year increase of 94.3%, with net profit attributable to shareholders reaching RMB 8.48 billion, up 305.8% year-on-year. Revenue included RMB 9.43 billion in licensing income from the global licensing deal with Pfizer for the PD-1/VEGF bispecific antibody (SSGJ-707), accounting for 53.3% of total revenue. Based on recent international clinical progress and collaboration details for SSGJ-707, the sustainability of this revenue stream is expected. Domestically, late-stage products are providing strong succession: Yisaituo (Anmuqituzumab, IL-17A mAb) was approved for marketing in February 2026 for moderate-to-severe plaque psoriasis; Xinbiao (Luo Sai Erythropoietin α) was approved in March 2026, becoming the first domestically produced long-acting EPO preparation; DB-1303 (Pacantuzumab, HER2 ADC) had its NDA accepted by the CDE in April 2026 for HER2-positive unresectable/metastatic breast cancer; SSGJ-613 (IL-1β humanized monoclonal antibody) had its NDA for acute gouty arthritis accepted in June 2025; SSGJ-611 (IL-4Rα monoclonal antibody) had its NDA for moderate-to-severe atopic dermatitis in adults accepted in February 2026; and 601A (bevacizumab intravitreal injection solution) submitted and had its marketing application accepted in October 2025 for macular edema secondary to BRVO.
The advancement of the incremental early-stage innovative pipeline is accelerating, containing multiple potential first-in-class candidates. The company plans dual US-China submissions for several early-stage pipelines. SSGJ-705 (HER2×PD1 bispecific antibody) was approved in June 2025 to initiate Phase II clinical trials for HER2-expressing advanced malignant solid tumors (including breast cancer, gastric cancer, NSCLC), ranking 1/2 globally in R&D. SSGJ-706 (PD1×PDL1 bispecific antibody) was approved for two Phase II clinical trials in July 2025 for treating digestive system tumors and non-small cell lung cancer. SPGL008 (anti-B7H3 antibody/IL15Rα sushi IL15 fusion protein) announced a I/II trial in March 2026 for non-muscle invasive bladder cancer, ranking 1/1 globally. SSS59 (CD3×CD28×Muc17 trispecific antibody) announced a Phase I trial in April 2025 for treating solid tumors including gastric cancer. SSS55 (C3b fusion protein) is intended for periodontitis, paroxysmal nocturnal hemoglobinuria, and complement-related nephropathy, ranking 1/1 globally. SSS67 (ACVR2A×ACVR2B bispecific antibody) received FDA and NMPA approvals in 2026 for treating overweight/obesity. SSS68 (APRIL/BAFF bispecific antibody) received FDA IND approval in March 2026 for IgA nephropathy, ranking 1/2 globally.
Risk warnings include: risks related to the progress of in-house drug authorization falling short of expectations; risks of clinical development progress falling short of expectations; and the risk that publicly available information used in the research report may be outdated or not updated in a timely manner.
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