CMB International released a research report stating that the launch of 3SBIO's (01530) 707 global clinical trial is expected to serve as an important catalyst for the group's profit growth. The target price was slightly reduced from HK$37.67 to HK$37.58, while maintaining a "Buy" rating.

3SBIO's first-half revenue reached RMB 4.4 billion, down 0.8% year-over-year, primarily affected by slower TPIAO sales, though this was partially offset by strong growth in the hair loss treatment product series. During the period, attributable net profit rose 24.6% year-over-year to RMB 1.1 billion, benefiting from a 49% year-over-year decrease in financial costs.

Despite ongoing pressure on existing core products, the company expects to launch multiple new drugs between 2025 and 2026, including 608 (IL-17A inhibitor) and 613 (IL-1β inhibitor), which are expected to drive sales revenue growth.

Additionally, the firm believes that 707 (PD-1/VEGF bispecific antibody) has the potential to become a global blockbuster drug. It is anticipated that Pfizer will actively promote the global clinical development of 707 and combination therapy regimens.