Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a 6-month target price of 78.83 HKD [5][3]. Core Insights - The company reported a revenue of 499 million CNY and a net profit of -79 million CNY for the first half of 2025. The core product, IL-4R monoclonal antibody Siponimod, is progressing well in commercialization, achieving sales of 170 million CNY in the first half of 2025. The product has been approved for three indications and is expected to enter negotiations for inclusion in the medical insurance directory, which could accelerate sales growth in the domestic market [1][3]. - The company has a diverse early-stage pipeline, with several products in various stages of clinical trials, including CM512 for moderate to severe atopic dermatitis and chronic rhinosinusitis with nasal polyps, and CM336 for relapsed or refractory multiple myeloma [2][3]. Financial Projections - Revenue projections for the company are estimated at 750 million CNY in 2025, 1.11 billion CNY in 2026, and 2.08 billion CNY in 2027. Net profits are expected to be -440 million CNY in 2025, -410 million CNY in 2026, and a positive 80 million CNY in 2027 [3][9]. - The company is expected to achieve a gross margin of 92% and a net margin of 3.6% by 2027, indicating a significant improvement in profitability as revenues grow [11][15]. Market Performance - The company's stock price was 66.50 HKD as of August 28, 2025, with a 12-month price range of 27.85 to 74.75 HKD. The stock has shown a relative return of 49.1% over the past three months and 68.5% over the past year [5][6]. Clinical Pipeline - The company has multiple products in its early pipeline, including CM512, CM518D1, CM336, and CM383, which are in various phases of clinical trials targeting conditions such as asthma, chronic obstructive pulmonary disease, and Alzheimer's disease [2][3].

交银国际研究 财务模型更新 | 医药 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 8 月 28 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 66.50 | 港元 | 78.00↑ | +17.3% | | | 康诺亚 (2162 HK) | | | | | | | 1H25 核心品种市场渗透加速，差异化布局，上调目标价 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。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。上调目标价。 个股评级 买入 1 年股价表现 资料来源 : FactSet 8/24 12/24 4/25 8/25 -20% 0% 20% 40% 60% 80% 100% 120% 140% 2162 HK 恒生指数 股份资料 | 52周高位 (港元) | 74.75 | | --- | --- | | 52周低位 (港元) | 27 ...

证券研究报告 港股通 康诺亚-B (2162 HK) 司普奇拜单抗销售快速增长，早期管 线全球价值凸显 2025 年 8 月 28 日│中国香港 生物医药 8 月 26 日，公司公告 1H25 业绩，营收 4.99 亿元（+812%yoy）。司普奇 拜单抗 1H25 收入约 1.69 亿元，在 AD 领域疗效安全性优势明显、竞争力 强劲，在鼻科独家适应症带动下，销售额快速增长，公司拟参与 2025 医保 谈判，有望提升可及性。同时公司多条早期管线全球潜力强劲，多项催化有 望兑现，我们预计 CMG901 有望 2026 年报产，CM512 有望 2H25 读出 AD 临床数据。维持"买入"。 司普奇拜单抗销售快步攀升 1H25 司普奇拜单抗销售额约 1.69 亿元，看好后续增长：1）产品较度普利 尤单抗疗效优势明显，有望持续渗透自费患者市场；2）秋季过敏季临近， 在此前春季过敏季取得的良好基础上，2H25 SAR 销售额增长可期；3）公 司拟参与 2025 年国谈，若纳入医保或提升药物可及性；4）注射笔剂型在 2024 年 10 月申报上市，有望 2025 年内获批，提升给药便捷性。 CM512：潜在 II 型 ...

里昂发布研报称，康诺亚-B(02162)上半年业绩超出市场预期，Stapokibart销售额达1.69亿元人民币，高 于先前指引的1.5亿元人民币。虽然CM512潜在的二次对外授权机会推动近期股价上升，但公司优先聚 焦国内市场的产品开发策略令市场稍为失望。考虑到CM512展现的积极临床进展及成为同类最佳药物 的潜力，该行将康诺亚的目标价由65港元上调至78港元，评级由高度确信跑赢大市调整至跑赢大市。 ...

智通财经APP获悉，里昂发布研报称，康诺亚-B(02162)上半年业绩超出市场预期，Stapokibart销售额达 1.69亿元人民币，高于先前指引的1.5亿元人民币。虽然CM512潜在的二次对外授权机会推动近期股价 上升，但公司优先聚焦国内市场的产品开发策略令市场稍为失望。考虑到CM512展现的积极临床进展 及成为同类最佳药物的潜力，该行将康诺亚的目标价由65港元上调至78港元，评级由高度确信跑赢大市 调整至跑赢大市。 ...

机构：中金公司 研究员：张琎/杨一正/朱言音 在全球范围内积极开展对外合作。公司已与阿斯利康就CLDN 18.2 ADC（CMG901）达成全球独家授权 协议，阿斯利康已启动CM901 单药治疗2L 及以上晚期或转移性胃及胃食管结合部腺癌的III 期MRCT 研 究，目前入组进度已过半。此外，公司就CM512（TSLPxIL13）、CM536、CM336（BCMAxCD3）、 CM313（CD38）、CM355（CD20xCD3）通过NewCo的形式，快速推进海外临床进度：1）CM313 和 CM355 均于今年1 月份分别于Timberlyne 和Prolium 达成独家授权，1H25 合计确认首付款和近期付款 3.18 亿元，增厚公司收入；2）CM512 正在探索更长给药间隔，其中重度特应性皮炎、慢性鼻窦炎伴鼻 息肉、中重度哮喘、COPD 均处于国内II期临床阶段，Belenos 也启动了哮喘适应症的美国I 期临床，首 例受试者于3 月入组；3）Ouro 获得了CM336 首个海外IND 批准，首例受试者于8 月入组。 盈利预测与估值 由于公司CM313 和CM355 对外授权首付款及近期付款确认增厚，我 ...

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 1.27%, closing at 25,201.76, down 323.16 points [1][2] - The Hang Seng Tech Index and the Hang Seng China Enterprises Index also fell by 1.47% and 1.4%, respectively, with the China Enterprises Index barely holding above the 9,000-point mark [1][2] Sector Performance - Major technology stocks saw a downturn, with companies like Kuaishou and Meituan falling over 3%, while JD.com dropped by 2.5% [5][6] - Financial sectors, including banks and insurance stocks, collectively underperformed, contributing to the overall market decline [2][5] - The biopharmaceutical sector faced significant losses, particularly after former President Trump announced plans to impose tariffs on drugs, leading to a broad sell-off in biotech stocks [2][5] Real Estate and Property Management - Property management stocks experienced sharp declines, with companies like Excellence Commercial Services dropping 16% and Country Garden Services falling over 11% [7] - Recent real estate policies in major cities like Beijing and Shanghai are expected to stabilize the market, with analysts optimistic about recovery in core cities [7] Brokerage Firms - Chinese brokerage stocks also fell, with Shenwan Hongyuan down over 6% and other major firms like Dongfang Securities and Huatai Securities declining more than 5% [8] - Despite the downturn, there is optimism regarding the brokerage sector's performance due to increased market activity and potential earnings growth [8] Biopharmaceutical Sector - The biopharmaceutical and innovative drug sectors saw significant declines, with stocks like CanSino Biologics and Innovent Biologics dropping over 7% [9] - Analysts suggest that recent changes in liquidity conditions may support a rebound in the Hong Kong stock market, narrowing the gap with the rapidly rising A-share market [9] Consumer Sector - New consumption concept stocks also faced declines, with companies like Nayuki's Tea and Bubble Mart dropping over 5% [10] - The Chinese Ministry of Commerce plans to introduce policies to boost service consumption, indicating a shift towards a balanced consumption model [10] Apple-Related Stocks - Apple-related stocks performed well, with Lens Technology rising nearly 8% ahead of the upcoming iPhone 17 launch event scheduled for September 9 [3][12] Capital Inflows - Southbound capital saw a net inflow of 15.371 billion HKD, indicating continued interest in Hong Kong stocks from mainland investors [12] Hedge Fund Activity - Recent reports indicate that global hedge funds have increased their bets on Chinese stocks, with significant inflows observed in consumer staples and industrial sectors [14]

Market Overview - The Hong Kong stock market experienced a significant decline in the afternoon, with the Hang Seng Index dropping by 1.27%, losing over 300 points. The Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.4% and 1.47% respectively, with the former barely holding above the 9000-point mark [2] - Major technology stocks, which serve as market indicators, continued to decline in the afternoon. Kuaishou and Meituan fell over 3%, while JD.com dropped by 2.5%. Baidu, NetEase, and Tencent saw declines close to 2%, and Xiaomi fell by 0.56%. Alibaba managed to stay slightly positive [3] Sector Performance - The financial sector, including banks, insurance companies, and Chinese brokerage firms, collectively underperformed, contributing to the overall market decline. The performance of individual stocks continued to be affected by ongoing earnings reports, with property management and real estate stocks experiencing significant drops [3] - Biopharmaceutical stocks faced a collective downturn, particularly in the innovative drug sector, following comments from Trump regarding the rapid imposition of tariffs on pharmaceuticals. This led to notable declines in various biopharma stocks [3] Specific Stock Movements - Several biopharmaceutical companies saw substantial declines, including Kanghao Ya-B (-8.59%), Qiansirui Biotechnology (-7.42%), and Kangfang Biotechnology (-7.10%). Other notable decliners included Xiansheng Pharmaceutical (-6.79%) and Shiyao Group (-6.36%) [3] - In contrast, the rare earth sector remained strong, benefiting from the implementation of supply reforms and multiple catalysts. Apple’s upcoming event on September 9, where the iPhone 17 series is expected to be launched, led to a rise in Apple-related stocks, with Lens Technology (300433) surging nearly 8% and reaching a new high since its listing [4]

Group 1 - The biotechnology sector in the Hong Kong stock market experienced a significant decline, with several companies reporting substantial drops in their stock prices [1] - Notable declines include Clover Biopharmaceuticals, which fell by 14.13%, and Beigene, which dropped by 8.33% [2] - Other companies such as Innovent Biologics and WuXi Biologics also saw declines exceeding 5%, indicating a broader trend of negative performance in the sector [1][2] Group 2 - The following companies reported specific percentage declines: Clover Biopharmaceuticals (-14.13%), Beigene (-8.33%), and Innovent Biologics (-6.50%) [2] - Additional companies with notable declines include Kintor Pharmaceutical (-6.38%), CanSino Biologics (-5.98%), and Zai Lab (-5.50%) [2] - The overall trend suggests a challenging environment for biotechnology stocks in the Hong Kong market [1]

中金发布研报称，由于康诺亚-B(02162)CM313和CM355对外授权首付款及近期付款确认增厚，将2025 年盈利亏损由8.37亿元调整至5.24亿元，2026年盈利预测维持基本不变。维持跑赢行业评级，由于公司 管线出海开始落地，基于DCF估值，该行上调目标价54.5%至85.00港币，较当前股价有16.8%的上行空 间。 中金主要观点如下： 1H25销售符合该行预期 公司公布1H25业绩：收入4.99亿元，同比增长812%;产品销售收入1.69亿元;归母净亏损0.79亿元，总收 入超该行预计，主因公司CM313和CM355对外授权首付款及近期付款确认增厚收入，除此之外的销售 收入符合该行预期。 CM310三个适应症获批上市，1H25销售业绩符合该行预期 截至2025年3月，公司核心产品司普奇拜单抗(CM310)已有3项适应症获CDE批准上市，分别是成人中重 度特应性皮炎(AD)、季节性过敏性鼻炎(SAR)和慢性鼻窦炎伴鼻息肉(CRSwNP)。1H25CM310贡献收入 1.69亿元，符合该行预期。截至2025年6月，公司商业化团队已达370人，并计划持续扩招。目前CM310 的价格为1812元/支，赠药 ...