InnoCare, a Chinese drugmaker, has achieved its first full-year profit of 644 million yuan, driven by licensing and product sales, two years ahead of plan. The company has also made significant strides in global expansion, including an out-licensing agreement with Prolium Bioscience. Despite this, InnoCare remains undervalued due to its significant business development deals and successful core pipelines. Despite these challenges, the company's drug sales reached 1.44 billion yuan last year, up 43.4%. Orelabrutinib, approved as a first-line treatment for chronic lymphocytic leukemia/small lymphocyptic lymphoma (CLL/SLL), further expands its addressable patient base and revenue potential. Additionally, the R&D pipeline is entering a new phase, with emerging "second growth curves" from new products moving closer to commercialization.