CM310 上半年实现1.69 亿元销售，维持首年销售目标5 亿元不变，下半年积极准备医保谈判工作： CM310 商业化正在稳步推进中，截至2025 年8 月，公司商业团队规模达到360+人，已覆盖30 省， 240+城市，覆盖医院超1,400 家。公司表示，上半年CM310 在鼻科的放量（两个适应症：鼻窦炎伴鼻息 肉、过敏性皮炎）略超其在皮肤科放量（特应性皮炎适应症），下半年公司商业化工作重心为医院准 入、加大皮肤科的推广力度以及积极准备国家医保谈判。公司对于CM310多个适应症同时纳入医保充 满信心，我们认为至少特应性皮炎及鼻窦炎伴鼻息肉两项适应症应该可轻松纳入医保。此外，管理层认 为，尽管近期也有其他国产IL4R 递交NDA，但CM310 仍然具有先进的工艺开发及大规模生产优势从而 维持短中期内极具竞争力的价格，因此管理层维持对CM310 于今年实现5 亿元销售，长期实现50 亿元 销售峰值的目标。剂型及适应症拓展方面，自动注射笔有望于4Q25 获批，青少年AD 及结节性痒疹均 有望于1H26 申报上市。 机构：浦银国际 研究员：阳景/胡泽宇 1H25 归母净亏损好于预期。维持"买入"评级，上调目标价。 ...

多个差异化早期管线快速推进中。公司早期管线中，TSLP×IL-13 双特异性抗体CM512 已开展中重度特 应性皮炎适应症2 期临床、慢性鼻窦炎伴鼻息肉适应症2 期临床、中重度哮喘以及中度至重度慢性阻塞 性肺疾病适应症2 期临床；CDH17 ADC CM518D1已开展晚期实体瘤患者的1/2 期临床; BCMA×CD3 双 特异性抗体CM336 已开展复发或难治性多发性骨髓瘤的1/2 期临床、复发或难治性原发性轻链型淀粉样 变性的2 期临床；CD38 抗体已开展原发免疫性血小板减少症的2 期临床、IgA 肾病的2 期临床、复发/难 治性再生障碍性贫血的1b/2 期临床；Aβ原纤维抗体CM383 已开展阿尔茨海默病源性轻度认知功能障碍 和轻度阿尔茨海默病的1b 期临床。 投资建议：我们预计公司2025 年-2027 年的收入分别为7.5 亿元、11.1 亿元、20.8 亿元，净利润分别 为-4.4 亿元、-4.1 亿元、0.8 亿元；考虑到公司已上市/即将上市产品的放量潜力以及丰富的临床研发管 线，我们认为公司未来发展前景可观，首次给予买入-A 的投资评级，根据DCF 模型给与6 个月目标价 78.83 港元。 ...

司普奇拜单抗商业化快速放量。 机构：光大证券 研究员：王明瑞/张瀚予 事件：公司发布2025 年半年报，实现营业收入4.99 亿元，同比+812%，其中药品销售收入约1.7 亿元， 公司对外合作的收入约3.3 亿人民币；扣非归母净利润为-0.79 亿元。 点评： CM313：抗CD38 人源化高效单抗，持续开展多项自免疾病研究，ITP（免疫性血小板减少症）、IgAN （IgA 肾病）等多项临床II 期研究快速推进中。 盈利预测、估值与评级： 因为25H1 公司司普奇拜单抗的实际销售收入超过预期收入，因此我们上调2025年归母净利润预测 为-6.24 亿元（原预测为-7.37 亿元）；考虑到国内及海外研发费用进一步扩大，下调2026 年归母净利润 预测为-4.34 亿元（原预测为-3.04 亿元）；新增2027 年归母净利润预测为-0.64 亿元。公司核心产品司 普奇拜单抗获批上市后销售迅速放量；后续管线布局广阔，覆盖患者人群庞大，且研发进度领先。基于 以上因素，我们维持"买入"评级。 风险提示：研发进度不达预期的风险；销售情况不达预期的风险；国际合作不达预期的风险。 25H1 司普奇拜单抗销售收入约1.7 亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced rapid sales growth of its flagship product, Siponimod, with a revenue increase of 807.96% year-on-year in H1 2025, reaching 499 million yuan. The net profit attributable to shareholders was -78.84 million yuan [7] - The revenue forecast for 2025-2027 has been revised upwards, with expected revenues of 800 million, 1.01 billion, and 1.62 billion yuan respectively, compared to previous estimates of 467 million and 1.003 billion yuan [7] - The company is actively expanding its product pipeline with next-generation dual antibodies, which are currently in various stages of clinical trials [8] Financial Summary - In H1 2025, the company achieved a revenue of 499 million yuan, with a year-on-year growth of 807.96%. The net profit attributable to shareholders was -78.84 million yuan [7] - The projected revenues for 2025, 2026, and 2027 are 800 million, 1.01 billion, and 1.62 billion yuan respectively, with year-on-year growth rates of 87.0%, 26.2%, and 60.4% [10] - The company’s gross margin is expected to remain high at around 95% for the forecast period [10] Product Development and Market Expansion - Siponimod is rapidly gaining traction in the market, with sales of approximately 169 million yuan in H1 2025, driven by its indications for moderate to severe atopic dermatitis, chronic sinusitis with nasal polyps, and seasonal allergic rhinitis [8] - The company has successfully completed overseas licensing for multiple products, generating 329 million yuan in revenue from product collaborations and licensing in H1 2025 [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The sales of Siponimod have experienced rapid growth, with revenue reaching 499 million yuan in the first half of 2025, representing an increase of 812%. The sales of Siponimod alone accounted for 169 million yuan [7][17]. - The company reported a loss of 79 million yuan in the first half of 2025, an improvement from a loss of 337 million yuan in the same period last year. Research and development expenses increased by 9% to 360 million yuan, while sales expenses surged by 492% to 138 million yuan [7][17]. - The company has approximately 2.8 billion yuan in cash as of mid-2025 [7]. Summary by Sections Sales Growth and Product Pipeline - Siponimod was approved for market launch in September 2024 and has received approval for three indications: atopic dermatitis, chronic rhinosinusitis with nasal polyps, and seasonal allergic rhinitis. The unique indications in the nasal category are exclusive to China, which is expected to drive sales growth [13][17]. - Ongoing clinical trials for additional indications, including nodular prurigo and atopic dermatitis in adolescents and children, are in Phase 3 [13]. Future Revenue Projections - The revenue forecast for the company has been revised upwards due to successful licensing transactions, with expected revenues of 827 million yuan, 1.095 billion yuan, and 2.046 billion yuan for 2025, 2026, and 2027, respectively [17]. - The projected net profit for the parent company is expected to improve to -490 million yuan in 2025, -576 million yuan in 2026, and a profit of 53 million yuan in 2027 [17]. Clinical Development Progress - The company’s pipeline includes CMG901 (CLDN18.2 ADC), which has been licensed to AZ and is currently undergoing global registration clinical trials. Other candidates like CM512 (TSLPxIL13 bispecific antibody) are in Phase 2 trials for various indications [2][13].

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 77.0, indicating a potential upside of 16% from the current price of HKD 66.5 [2][5][7]. Core Insights - The company's net loss attributable to shareholders for the first half of 2025 was better than expected, with revenue reaching RMB 499 million, a year-on-year increase of 812.1%. Product revenue was RMB 169 million, while collaboration revenue was RMB 329 million, up 502.6% year-on-year [5][7]. - The company is focusing on the commercialization of CM310 and preparing for national medical insurance negotiations, with confidence in multiple indications being included in the insurance scheme [5][7]. - The next-generation core pipeline drug, CM512, is being prioritized for development, showing promising safety and efficacy in preclinical studies [5][7]. Financial Performance - For 1H25, the company reported a net loss of RMB 78.84 million, significantly reduced from RMB 337 million in 1H24, primarily due to better-than-expected collaboration revenue and improved gross margins [5][7]. - The company’s cash position improved to RMB 2.8 billion as of June 30, 2025, up from RMB 2.16 billion at the end of 2024, aided by a successful placement in June [5][7]. - Revenue projections for the upcoming years show significant growth, with expected revenues of RMB 823 million in 2025, RMB 1.5 billion in 2026, and RMB 2.3 billion in 2027, reflecting year-on-year growth rates of 92%, 82%, and 54% respectively [7][9].

（原标题：交银国际：升康诺亚-B(02162)目标价至78港元 上半年核心品种市场渗透加速） 智通财经APP获悉，交银国际发布研报称，基于康诺亚-B(02162)今年上半年业绩及管线研发进展，调整 其2025至2027年财务预测，对于利润率有更乐观的预测，考虑到好于该行预期的费用管控及管线出海后 海外研发转移至合作伙伴，将DCF模型预测起始年份滚动至2026年，上调目标价至78港元，对应3.1倍 收入达峰时的市销率，维持"买入"评级。 交银国际称，康诺亚上半年核心品种市场渗透加速，差异化布局。其司普奇拜单抗首个完整半年商业化 成绩优异，TSLP/IL-13双抗有望成为自免领域下一代重磅单品，重点布局鼻科适应症。该行又指，康诺 亚借助强大的临床开发执行力及差异化显著的多种技术平台，公司跨技术路径、跨疾病领域的多元产品 矩阵逐步成型，并从自免和肿瘤进一步延展至更多大潜力治疗领域。 ...

交银国际发布研报称，基于康诺亚-B(02162)今年上半年业绩及管线研发进展，调整其2025至2027年财 务预测，对于利润率有更乐观的预测，考虑到好于该行预期的费用管控及管线出海后海外研发转移至合 作伙伴，将DCF模型预测起始年份滚动至2026年，上调目标价至78港元，对应3.1倍收入达峰时的市销 率，维持"买入"评级。 交银国际称，康诺亚上半年核心品种市场渗透加速，差异化布局。其司普奇拜单抗首个完整半年商业化 成绩优异，TSLP/IL-13双抗有望成为自免领域下一代重磅单品，重点布局鼻科适应症。该行又指，康诺 亚借助强大的临床开发执行力及差异化显著的多种技术平台，公司跨技术路径、跨疾病领域的多元产品 矩阵逐步成型，并从自免和肿瘤进一步延展至更多大潜力治疗领域。 ...

2025 年 8 月 29 日 公司研究 持续深耕潜力管线，司普奇拜单抗商业化快速放量 ——康诺亚-B（2162.HK）2025 年半年报点评 要点 事件：公司发布 2025 年半年报，实现营业收入 4.99 亿元，同比+812%，其中 药品销售收入约 1.7 亿元，公司对外合作的收入约 3.3 亿人民币；扣非归母净利 润为-0.79 亿元。 点评： 司普奇拜单抗商业化快速放量。 25H1 司普奇拜单抗销售收入约 1.7 亿元，公司预测其峰值销售收入将突破 50 亿元。作为国内首个治疗慢性鼻窦炎伴鼻息肉、全球首个治疗季节性过敏性鼻炎 的 IL-4Rα 抗体药物，司普奇拜单抗有效满足了未被满足的治疗市场。公司聚焦 2 型炎症相关疾病领域，打造专业自免领域销售团队；推动渠道与市场准入，提 升药品可及性，惠及更多患者。截至 2025 年 8 月，商业化团队规模逾 360 人， 并将进一步持续扩增；药品已覆盖 30 省，240+城市，覆盖医院超 1,400 家，持 续产出医院 1,100+，可院内用药医院超 300 家。 持续深耕潜力管线。 盈利预测、估值与评级： 因为25H1公司司普奇拜单抗的实际销售收入超过预期收 ...

基于康诺亚今年上半年业绩及管线研发进展，该行调整2025至2027年财务预测，对于利润率有更乐观的 预测，考虑到好于该行预期的费用管控及管线出海后海外研发转移至合作伙伴，将DCF模型预测起始年 份滚动至2026年，上调目标价至78港元，维持"买入"评级。 交银国际发表研究报告指，康诺亚上半年核心品种市场渗透加速，差异化布局。其司普奇拜单抗首个完 整半年商业化成绩优异，TSLP/IL-13双抗有望成为自免领域下一代重磅单品，重点布局鼻科适应症。该 行又指，康诺亚借助强大的临床开发执行力及差异化显著的多种技术平台，公司跨技术路径、跨疾病领 域的多元产品矩阵逐步成型，并从自免和肿瘤进一步延展至更多大潜力治疗领域。 ...