Yangtze Securities: Initiates "buy" rating for Yifang Biotechnology, innovative pipeline demonstrates long-term value.

The research report of Yangtze Securities pointed out that Yifang Biology is targeting high-threshold small molecule targeted drugs in the Biotech industry, and its innovative pipeline demonstrates long-term value. The company is a leading domestic small molecule drug research and development Biotech enterprise, with a research and development pipeline focusing on high-threshold targets in areas such as tumors, immunity, and metabolism. As of March 2025, the company has had two drugs approved and marketed. The two blockbuster commercialized innovative drugs, the BD collaboration accelerates the release of potential Bevacitinib is the fourth third-generation EGFR-TKI approved in China, used for the treatment of EGFR mutation-positive NSCLC in the 1/2L, and its indications for 1L and 2L were included in the national medical insurance catalog in December 2023 and November 2024 respectively. In addition, the company's URAT1 inhibitor D-0120 for hyperuricemia and gout has also completed Phase IIb clinical trials in China, showing good potential as a drug. First coverage, "buy" rating.