金吾财讯 | 交银国际研报指，金斯瑞生物(01548)预报1H25经调整除税前利润为1.75-2.05 亿元（美元，下同；上期亏损1.28亿），利润预计增长主要来自：1）许可收入增加：礼新医药将LM-299授权给默沙东，公司预计录得不少于1.82-2.13 亿元的许可收入。2）投资亏损收窄：蓬勃生物A 类及C类优先股的非现金公允价值亏损预计收窄至1,310万元-1,520万元。该机构预计公司非细胞核心业务在1H25取得小幅盈利、整体略超该机构此前的预期。该机构指，2Q25 Carvykti 销售表现超预期： Carvykti 2Q25 销售额约 4.39 亿元，同比/环比增长136%/19%，略超该机构和市场此前预期。随着欧美新产能落地，该机构预计3Q25的季度环比增长有望进一步提速。强生继续指引产品峰值销售超过50亿美元，体现其对前线/早期复发MM长期市场潜力的坚定信心。该机构维持买入评级和28.75港元的SOTP目标价，看好蓬勃和百斯杰迎来新增长拐点、传奇逐步进入盈亏平衡等因素驱动下的估值修复。
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