Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 84.00, indicating a potential upside of 16.2% from the current closing price of HKD 72.30 [4][14]. Core Insights - The early clinical data for IBI363 in lung cancer is encouraging, revealing a significant market opportunity. The target market for IBI363 is characterized as a "blue ocean" due to limited existing treatment options for first-line I/O resistant NSCLC patients [2][7]. - The report projects that IBI363 could achieve peak sales of approximately USD 1.5 billion by 2028, based on a conservative estimate of capturing around 10% of the post-PD-(L)1 treatment market with a 40% success rate [7][10]. - The financial forecasts show substantial revenue growth, with expected revenues increasing from RMB 6,206 million in 2023 to RMB 17,071 million by 2027, reflecting a compound annual growth rate (CAGR) of 36.2% from 2023 to 2024 and 20.0% from 2026 to 2027 [3][15]. Financial Overview - Revenue projections for the company are as follows: RMB 6,206 million in 2023, RMB 9,422 million in 2024, RMB 11,782 million in 2025, RMB 14,231 million in 2026, and RMB 17,071 million in 2027, with year-on-year growth rates of 36.2%, 51.8%, 25.1%, 20.8%, and 20.0% respectively [3][15]. - The net profit is expected to turn positive in 2025, reaching RMB 751 million, and further increasing to RMB 3,242 million by 2027 [3][15]. - The earnings per share (EPS) is projected to improve from a loss of RMB 0.66 in 2023 to a profit of RMB 1.97 by 2027 [3][15]. Clinical Data Highlights - IBI363 demonstrated an overall response rate (ORR) of 26-37% in squamous NSCLC patients, with a median progression-free survival (PFS) of 5.5-9.3 months and a median overall survival (OS) exceeding 15.3 months [7][8]. - In the EGFR wild-type non-squamous NSCLC cohort, the ORR was 24% with a median PFS of 5.6 months [7][9]. - The safety profile of IBI363 is reported to be manageable, with the most common grade 3 adverse events being joint pain and rash [7].

Core Viewpoint - The 2025 ASCO Annual Meeting will showcase significant research achievements of domestic innovative drugs, highlighting their potential in oncology treatment [1] Group 1: Innovative Drug Highlights - Several innovative drug molecules with first-in-class or best-in-class potential will present data, including IBI363 from Innovent Biologics, SKB264 from Kelun-Biotech, and others [1] - IBI363 is the world's first next-generation IO dual antibody designed with IL 2α bias, showing promising efficacy in treating IO-resistant tumors such as NSCLC, melanoma, and CRC [2] Group 2: Clinical Data and Efficacy - In a Phase I clinical study, IBI363 demonstrated an overall response rate (ORR) of 43.3% and a disease control rate (DCR) of 90.0% in squamous NSCLC patients at a 3 mg/kg dosage, with a median progression-free survival (mPFS) of 7.3 months [2] - For adenocarcinoma patients previously treated with PD-(L)1 therapy, the 3 mg/kg group showed an ORR of 76.0% and a DCR of 90.0%, with an mPFS of 4.2 months [2] Group 3: Comparative Efficacy - IBI363 exhibited significant clinical activity in IO-resistant lung squamous and adenocarcinoma patients, outperforming existing therapies such as docetaxel and various immune combination treatments [3] Group 4: Colorectal Cancer Potential - IBI363 also shows promise in late-line CRC treatment, with clinical studies indicating an overall survival (OS) of 16.1 months for patients treated with IBI363 monotherapy [5][6] - Compared to standard treatments like TAS-102 combined with bevacizumab, IBI363 demonstrated superior survival outcomes in patients with worse baseline characteristics [6]

Core Viewpoint - Zhongyin International has raised the target price for Innovent Biologics (01801.HK) to HKD 82 and maintains a "Buy" rating following positive data updates on IBI363 presented at the ASCO conference [1] Financial Projections - The revenue forecasts for Innovent Biologics for 2025, 2026, and 2027 have been increased to RMB 11.4 billion, RMB 14.2 billion, and RMB 17.9 billion respectively [1] Regulatory Developments - The US FDA has granted Fast Track designation for IBI363 for the treatment of advanced non-small cell lung cancer and melanoma, while the National Medical Products Administration has awarded it Breakthrough Therapy designation [1] Clinical Trials - The company plans to initiate two Phase III clinical trials in the second half of the year [1]

Core Insights - Innovent Biologics has received a second Breakthrough Therapy Designation (BTD) from China's NMPA for IBI363, a bispecific antibody fusion protein targeting squamous non-small cell lung cancer (sqNSCLC) [1][3] - IBI363 has also received Fast Track Designations (FTDs) from the U.S. FDA for sqNSCLC and melanoma, highlighting its potential in treating immunotherapy-resistant cancers [1][8] - The drug aims to address unmet clinical needs in patients who have progressed after anti-PD-(L)1 immunotherapy and platinum-based chemotherapy [1][4] Company Overview - Innovent Biologics is a leading biopharmaceutical company founded in 2011, focusing on developing high-quality medicines for various diseases, including oncology and autoimmune disorders [9] - The company has launched 15 products and has multiple assets in various stages of clinical trials, including 3 new drug applications under regulatory review [9] - Innovent collaborates with over 30 global healthcare companies, enhancing its research and development capabilities [9] Clinical Development - IBI363 has shown promising results in Phase 1 clinical studies, demonstrating manageable safety and encouraging efficacy in immunotherapy-resistant patients [2][6] - The drug's dual mechanism of action combines PD-1 blockade and IL-2-driven T-cell expansion, potentially reshaping the tumor microenvironment [3][5] - Innovent is accelerating global development for IBI363, with ongoing clinical studies in China, the U.S., and Australia targeting various tumor types [7]

Group 1 - The Hang Seng Index closed up 0.6%, while the Tech Index rose by 0.57% [1] - Most sectors in the market experienced gains, with significant strength in the consumer and pharmaceutical sectors [1] - Pop Mart (09992.HK) and Mixue Group (02097.HK) both saw their stock prices increase by over 5%, reaching historical highs [1] - Innovent Biologics (01801.HK) experienced a notable rise of over 14% [1]

Core Viewpoint - The Hong Kong stock market experienced a slight decline, but the innovative drug sector showed significant movement, with Innovent Biologics surging 17% in a single day, leading to a strong rebound in related ETFs [1] Group 1: Market Performance - The largest thematic ETF in the Hong Kong market, the Hong Kong Innovative Drug ETF (513120), was the most actively traded, with a turnover rate exceeding 38% and a transaction volume close to 40 billion yuan by 11:30 AM [1] - The surge in innovative drugs is attributed to multiple industry catalysts, enhancing market confidence [1] Group 2: Industry Catalysts - The China National Medical Products Administration issued 11 innovative drug approvals at the end of May, boosting expectations for commercialization among pharmaceutical companies [1] - High-quality research results from domestic innovative drugs were showcased at the American Society of Clinical Oncology (ASCO) and American College of Rheumatology (ACR) meetings, validating the value of leading pharmaceutical pipelines and business development capabilities [1] Group 3: Investment Strategy - Investors are encouraged to construct a strategy that includes the Hong Kong Innovative Drug ETF (513120), Medical ETF Leader (560260), and Pharmaceutical and Health ETF (159938) to capture opportunities across the entire innovative drug supply chain [1] - The three ETFs form a closed loop: the Hong Kong Innovative Drug ETF addresses R&D breakthroughs, the Medical ETF Leader focuses on industrialization, and the Pharmaceutical and Health ETF captures commercialization [2] Group 4: ETF Details - The Hong Kong Innovative Drug ETF (513120) tracks the China Securities Hong Kong Innovative Drug Index, with a current P/E ratio of 27 times and a valuation at the 18th percentile historically [4] - The Medical ETF Leader (560260) focuses on medical devices and services, with a P/E ratio of 31 times and a valuation at the 20th percentile historically [4] - The Pharmaceutical and Health ETF (159938) covers the pharmaceutical and health industry, with a P/E ratio of 35 times and a valuation at the 43rd percentile historically [4]

Group 1 - The Hang Seng Index increased by 0.72% during the midday trading session [1] - The Hang Seng Tech Index rose by 1.01% [1] - Innovent Biologics saw a significant increase of over 15% in its stock price [1] Group 2 - Meituan's stock price increased by over 4% [1] - Pop Mart's stock price rose by over 3% [1]

Group 1 - The Hong Kong stock market saw a broad increase in early trading, with the healthcare sector performing actively, particularly the Hang Seng Healthcare Index ETF (159557) which rose by 3.56% with a turnover rate of 8.1% [1] - Among the constituent stocks, Innovent Biologics surged over 17%, while Zai Lab and China National Pharmaceutical Group both increased by more than 8% [1] - The 2025 American Society of Clinical Oncology (ASCO) annual meeting is highlighted as a significant event, showcasing the latest research from local companies such as Diagreat Pharmaceuticals, Kelun Pharmaceutical, and China National Pharmaceutical Group, with over 70 original research presentations from Chinese researchers [1] Group 2 - Donghai Securities noted that the recent presentation of numerous domestic innovative drug projects at the ASCO meeting indicates the growing international recognition of local innovative pharmaceutical companies, suggesting that innovative drugs are a key investment theme within the healthcare sector [1] - The report emphasizes investment opportunities in sub-sectors such as medical devices, traditional Chinese medicine, chain pharmacies, and medical services [1] - Changjiang Securities pointed out that domestic innovative drugs are currently undervalued, with some products showing potential to be the best in their class globally, supporting the outlook for these drugs to gain international market presence and valuation upside [2]

本文源自：金融界 摩根大通此前发布研报称，信达生物旗下PD-1/IL-2alpha-bias双特异性抗体融合蛋白产品IBI363及和重 组人源抗CLDN18.2偶联物(ADC)IBI343最新研究数据都令人鼓舞，认为两款药物拥有较大潜力，因此 将潜在内地销售额预测上调，并新增两款候选药物的潜在美国市场销售额预测，因为预期信达可能将该 两项资产授权出海或自行启动全球开发。 广发证券表示，当前时点，重申重视港股创新药的配置价值，原因在于：增速降档阶段，出海并建立全 球比较优势的产业大概率对应股市的超额收益；当前资本市场的关注焦点正悄然从传统的地产和政策周 期转向更具长期战略意义的中美科技博弈。特别是在经历年初DeepSeek大模型横空出世带来的情绪提 振后，投资者开始系统性重估中国在关键技术领域的突围潜力。 没有股票账户的投资者可以通过港股创新药ETF基金（520700）联接基金（A：023481；C：023482） 便捷布局。 金融界6月4日消息，截至10：35，港股创新药ETF基金（520700）涨4.00%，盘中换手率超55.40%，成 交额超1.52亿，市场交投活跃。热门成分股方面，信达生物涨超17%，泰 ...

截至2025年6月4日 10:16，中证香港创新药指数(931787)强势上涨5.04%，成分股君圣泰医药-B(02511)领 涨17.44%，信达生物(01801)上涨17.14%，开拓药业-B(09939)上涨9.70%，泰格医药(03347)，再鼎医药 (09688)等个股跟涨。港股创新药ETF(513120)上涨4.56%，涨幅居全市场ETF第二！ 冲击4连涨。 流动性方面，港股创新药ETF盘中换手23.32%，成交23.69亿元，市场交投活跃。拉长时间看，截至6月 3日，港股创新药ETF近1周日均成交37.57亿元。规模方面，港股创新药ETF最新规模达98.55亿元，居 全市场港股医药类ETF第一。 信达证券表示，国产创新药板块近年来展现出强劲的投资价值和发展潜力，主要得益于政策支持、技术 进步以及资本市场对高质量医药企业的认可。随着中国创新药从"拼数量""拼速度"向"拼质量""拼创 新"的转变，行业整体的研发能力和产品差异化优势不断提升，形成了较为明确的竞争壁垒。 港股创新药ETF(513120)，（联接A:019670，联接C:019671）：紧密跟踪中证香港创新药指数，投资港 股创新药产业。值 ...