Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a revenue of 499 million RMB for 1H25, representing an 812% year-over-year increase, driven by strong sales of Supacizumab in the AD field and unique indications in the nasal area [1][2] - The company plans to participate in the 2025 medical insurance negotiations, which is expected to enhance drug accessibility [1] - The early pipeline shows significant global potential, with CMG901 expected to report results in 2026 and CM512 anticipated to release AD clinical data in 2H25 [1][4] Summary by Sections Sales Performance - Supacizumab sales reached approximately 169 million RMB in 1H25, with expectations for continued growth due to its efficacy advantages over competitors and the upcoming allergy season [2] - The company is preparing to launch an injection pen formulation, which is expected to enhance convenience for patients [2] Early Pipeline Development - CM512 is positioned as a potential treatment for multiple indications, including AD and asthma, with ongoing clinical trials showing promise [3] - The company has clear upcoming milestones for CMG901, with a global Phase III trial for gastric cancer expected to report results in 2026 [4] Financial Health - The company reported a net loss of 78.8 million RMB in 1H25, a 77% reduction in losses year-over-year, with cash reserves of approximately 2.796 billion RMB [5] - The company plans to invest around 300 million RMB in capital expenditures for capacity expansion [5] Profitability Forecast - The revenue forecast for 2025 is adjusted to 727 million RMB, with net profit estimates for 2025 and 2026 at -742 million RMB and -604 million RMB, respectively [6][12] - The target price based on DCF valuation is set at 90.89 HKD, reflecting an increase from the previous estimate of 56.05 HKD [6][12]

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。 ...

Core Viewpoint - 康诺亚-B (02162) reported better-than-expected performance for the first half of the year, with Stapokibart sales reaching 169 million RMB, exceeding the previous guidance of 150 million RMB [1] Group 1: Financial Performance - Stapokibart sales amounted to 169 million RMB, surpassing the earlier forecast of 150 million RMB [1] - The company's focus on domestic product development strategies has led to some market disappointment despite the positive sales figures [1] Group 2: Market Outlook - The potential for CM512's secondary licensing opportunities has contributed to a recent increase in stock price [1] - Given the promising clinical progress of CM512 and its potential to become a best-in-class drug, the target price for 康诺亚 has been raised from 65 HKD to 78 HKD [1] - The rating for 康诺亚 has been adjusted from "highly confident to outperform the market" to "outperform the market" [1]

Core Viewpoint - The company reported strong revenue growth in 1H25, driven by licensing agreements and product sales, with a significant increase in income from its core product CM310 [1][2] Group 1: Financial Performance - The company achieved a revenue of 499 million yuan in 1H25, representing a year-on-year increase of 812% [1] - Product sales revenue reached 169 million yuan, while the net loss attributable to shareholders was 79 million yuan [1] - The revenue exceeded expectations primarily due to upfront payments and recent confirmations from licensing agreements for CM313 and CM355, contributing a total of 318 million yuan to the income [2] Group 2: Product Development and Market Position - CM310 has received approval for three indications: moderate to severe atopic dermatitis (AD), seasonal allergic rhinitis (SAR), and chronic rhinosinusitis with nasal polyps (CRSwNP) [1] - The sales contribution from CM310 in 1H25 was 169 million yuan, aligning with expectations [1] - The company has expanded its commercialization team to 370 members and plans to continue hiring [1] - CM310 is priced at 1,812 yuan per unit, with a promotional offer of buy two, get one free, and the company is advised to monitor the upcoming medical insurance negotiations [1] Group 3: Strategic Collaborations - The company has established a global exclusive licensing agreement with AstraZeneca for CLDN 18.2 ADC (CMG901), which is currently in a Phase III MRCT study for advanced gastric and gastroesophageal junction adenocarcinoma [2] - CM313 and CM355 have been licensed to Timberlyne and Prolium, respectively, enhancing the company's revenue through upfront and recent payments [2] - Ongoing clinical trials for CM512, CM536, and CM336 are progressing, with CM336 receiving its first overseas IND approval [2] Group 4: Profit Forecast and Valuation - The company's loss forecast for 2025 has been adjusted from 837 million yuan to 524 million yuan due to the positive impact of licensing agreements [2] - The profit forecast for 2026 remains largely unchanged [2] - The target price has been raised by 54.5% to 85.00 HKD, indicating a potential upside of 16.8% from the current stock price [2]

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 ...

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。 风险提示：新产品上市、临床试验数据及销售不及预期、竞争加剧。 智通财经APP获悉，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 ...

报告期内，集团的研发开支主要包括(i)与临床前及临床研究有关的开支，包括就集团的研发活动聘请 CRO及其他服务供应商以及安排临床试验基地的第三方承包成本；(ii)集团研发雇员的员工成本；(iii)采 购用于研发候选药物的原材料及耗材的开支；及(iv)与研发活动有关的物业、厂房及设备以及其他无形 资产的折旧及摊销。截至2025年6月30日止六个月，集团的研发开支由截至2024年6月30日止六个月的人 民币3.31亿元增加人民币2900万元至人民币3.60亿元。该增加主要归因于员工成本、临床试验数量及研 发活动所用的原材料增加。 格隆汇8月26日丨康诺亚-B(02162.HK)发布公告，截至2025年6月30日止六个月，实现收入人民币4.99亿 元，同比增加812%；毛利为人民币4.65亿元，同比增加813%；期内亏损为人民币7879.9万元，同比收 窄77%；经调整期内亏损为人民币6263.4万元，同比收窄80%；基本每股亏损人民币0.30元。 ...