Group 1 - Company Kolun Botai Bio's revenue in the first half of 2025 decreased by 31.3% year-on-year to 950 million yuan, with a net loss of 145 million yuan compared to a net profit of 310 million yuan in the same period last year [1] - Adjusted loss for the company was 69 million yuan, aligning with expectations [1] - Product sales revenue reached 310 million yuan, while BD collaboration revenue was 628 million yuan, reflecting a year-on-year decline of 54.4% [1] Group 2 - R&D expenses decreased by 6.3% to 612 million yuan, while sales expenses surged by 334.8% to 179 million yuan, resulting in a sales expense ratio of 18.8% [1] - As of June 30, 2025, the company had approximately 4.53 billion yuan in cash and financial assets [1] Group 3 - The commercialization of core products is progressing steadily, with sac-TMT sales accounting for 97.6% of product sales revenue [1] - The sales network has expanded to cover 30 provinces and over 2,000 hospitals, with more than 1,000 hospitals generating sales revenue [1] - sac-TMT has completed 29 provincial network listings, and two indications for SKB264 have received NMPA approval [1] Group 4 - The company is actively developing sac-TMT for additional indications, with plans for domestic approval of 2L EGFR mutant NSCLC in 2025 and submission of sNDA for 2L+ HR+/HER2- BC [2] - The company has initiated two Phase III registration studies for EGFR wild-type NSCLC, exploring combinations with pembrolizumab [2] - The global development of sac-TMT includes 14 Phase III clinical trials initiated by Merck, targeting various cancers [2] Group 5 - The company has a rich pipeline with a multi-dimensional R&D strategy focusing on both oncology and non-oncology fields [3] - New ADC drugs such as SKB571/MK-2750 and SKB107 are in various stages of clinical trials [3] - The company has adjusted earnings forecasts for 2025 to -1.61 yuan per share and raised the target price from 298 HKD to 552 HKD, indicating a 22% upside potential [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's core product, sac-TMT (Lukangshatuo monoclonal antibody), is showing strong commercialization progress, contributing significantly to sales revenue [6][7] - The company has adjusted its revenue forecasts for 2025 to 2027, expecting revenues of 17.53 billion, 28.67 billion, and 48.64 billion respectively, reflecting a positive outlook on sales growth [6] - The company is preparing for multiple data disclosures at the ESMO conference in 2025, which could serve as potential catalysts for growth [8] Financial Performance Summary - In H1 2025, the company reported revenue of 950 million, a year-on-year decrease of 31.3%, primarily due to high milestone payments recognized in the same period of 2024 [6] - The net loss attributable to the parent company was 145 million, with an adjusted net loss of 69 million [6] - The sales revenue from pharmaceuticals reached 309.8 million, with sac-TMT accounting for 97.6% of total pharmaceutical sales [7] Revenue and Profit Forecasts - The company expects a revenue decline of 9.3% in 2025, followed by significant growth of 63.5% in 2026 and 69.7% in 2027 [9] - The projected net profit for 2027 is expected to reach 1,049 million, indicating a turnaround from losses in previous years [9] Valuation Metrics - The price-to-sales (P/S) ratios for 2025, 2026, and 2027 are projected to be 56.7, 34.6, and 20.4 respectively [9] - The price-to-book (P/B) ratios for the same years are expected to be 37.3, 40.7, and 28.3 [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Viewpoints - The company's core product, sac-TMT, has received domestic approval and is rapidly advancing through global Phase 3 clinical trials. The first two indications (TNBC 3L and EGFRm NSCLC 3L) are expected to be approved by the end of 2024 and early 2025, respectively, making it the first TROP2 ADC approved for lung cancer indications [1][14]. - The company has a robust pipeline in the ADC field, with multiple candidates in clinical trials, including SKB571/MK-2750, which targets LC and CRC, and several potential first-in-class ADCs [2][14]. - The commercial sales of sac-TMT are expected to ramp up significantly, especially with its anticipated inclusion in the medical insurance negotiations this year, which could lead to rapid market penetration [2][8]. Financial Performance and Forecast - The company's revenue for the first half of 2025 is projected to be 950 million yuan, with commercial sales contributing approximately 310 million yuan, primarily from sac-TMT. The company reported a loss of 145 million yuan in the same period, compared to a profit of 310 million yuan in the previous year [2][8]. - Revenue forecasts for 2025-2027 are 1.941 billion yuan, 2.928 billion yuan, and 4.767 billion yuan, respectively, with net profits expected to be -721 million yuan, -302 million yuan, and 475 million yuan [3][18]. - The company’s cash and financial assets totaled 4.53 billion yuan as of June 30 [2][8].

行 业 及 产 业 海外消费服务 2025 年 08 月 22 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 周文远 A0230518110003 zhouwy@swsresearch.com 贾梦迪 A0230520010002 jiamd@swsresearch.com 胡梦婷 A0230524060004 humt@swsresearch.com 研究支持 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 (8621)23297818× humt@swsresearch.com 港股医药中报业绩期，关注业绩超预期标的 看好 ——海外消费周报（20250815-20250821） 本期投资提示： ⚫ 海外医药：港股医药中报业绩期，关注业绩超预期标的 国内医药公司 1H25 业绩：恒瑞医药：1H25，公司实现收入 157.61 亿元，同比增长 15.9%；净利润 44.55 亿元，同比增 长 29.9%；归母净利润 44.50 亿元，同比 ...

招银国际发布研报称，对科伦博泰生物-B(06990)SKB264的全球发展保持信心，将目标价由299.93港元 上调至498.55港元，此按现金流折现率作估值，维持"买入"评级。 上半年，公司合作收入及研发服务收入共录6.41亿元，包含对外授权SKB378(TSLP)予WindwardBio的首 付款，以及来自默沙东的里程碑付款。销售开支占销售额比例为58%，反映SKB264获批后开展商业活 动。现金及金融资产总值44.6亿元，为商业化及研发发展提供充足资金。 科伦博泰生物上半年收入9.5亿元人民币(下同)，期内产品销售额达3.1亿元人民币，当中SKB264贡献 3.02亿元，相当于该行全年预测的34%。SKB264早前获批用于治疗后线三阴性乳腺癌(TNBC)和EGFR突 变非小细胞肺癌(NSCLC)，目前正处于加速增长的初期阶段。管理层维持SKB264全年销售额8至10亿元 的目标。该行预期SKB264两个已获批适应症将自明年初起纳入国家医保目录。 ...

上半年，公司合作收入及研发服务收入共录6.41亿元，包含对外授权SKB378(TSLP)予WindwardBio的首 付款，以及来自默沙东的里程碑付款。销售开支占销售额比例为58%，反映SKB264获批后开展商业活 动。现金及金融资产总值44.6亿元，为商业化及研发发展提供充足资金。 科伦博泰生物上半年收入9.5亿元人民币(下同)，期内产品销售额达3.1亿元人民币，当中SKB264贡献 3.02亿元，相当于该行全年预测的34%。SKB264早前获批用于治疗后线三阴性乳腺癌(TNBC)和EGFR突 变非小细胞肺癌(NSCLC)，目前正处于加速增长的初期阶段。管理层维持SKB264全年销售额8至10亿元 的目标。该行预期SKB264两个已获批适应症将自明年初起纳入国家医保目录。 智通财经APP获悉，招银国际发布研报称，对科伦博泰生物-B(06990)SKB264的全球发展保持信心，将 目标价由299.93港元上调至498.55港元，此按现金流折现率作估值，维持"买入"评级。 ...

2025 年 08 月 22 日 科伦博泰生物-B (06990) 上 市 公 司 医药生物 ——核心产品商业化稳步推进 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 21 日 | | --- | --- | | 收盘价（港币） | 453.80 | | 恒生中国企业指数 | 9013.27 | | 52 周最高/最低（港币） | 476.20/152.00 | | H 股市值（亿港币） | 1,058.20 | | 流通 H 股（百万股） | 162.77 | | 汇率（人民币/港币） | 1.0958 | 一年内股价与基准指数对比走势： 证券分析师 -10% 90% 190% 08/21 09/21 10/21 11/21 12/21 01/21 02/21 03/21 04/21 05/21 06/21 07/21 HSCEI 科伦博泰生物-B 资料来源：Bloomberg 相关研究 《 Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd.(06990): Expecting sales ramp-up of key ...

Core Viewpoint - The company reported a revenue of 950 million yuan for H1 2025, with a net loss of 145 million yuan, indicating a challenging financial period despite the commercial launch of key products [1] Business Analysis - The company is in its commercialization year, with sales beginning to ramp up. It has three products approved for market: Jiatailai (TROP2 ADC), Ketailai (PD-L1 monoclonal antibody), and Datailai (rituximab), covering 30 provinces and over 2,000 hospitals [1] - Jiatailai has received approval for two key indications: 2L+TNBC (triple-negative breast cancer) and 3L EGFRmt NSCLC (non-small cell lung cancer), with additional indications in the NDA stage and ongoing clinical trials, indicating a significant market opportunity [1] Future Clinical Pipeline - The company has a robust clinical pipeline with several products in various stages: A166 (HER2 ADC) in NDA stage, A400 (RET inhibitor) in registration clinical stage, and SKB315 (CLDN18.2 ADC) exploring combinations with PD-L1 monoclonal antibodies [2] - The ongoing clinical trials for SKB571 (EGFR/c-Met ADC) and SKB378 (TSLP) further enhance the company's long-term growth prospects [2] Profit Forecast and Valuation - The company expects revenues of 2.325 billion yuan, 3.668 billion yuan, and 5.352 billion yuan for 2025, 2026, and 2027 respectively, with a projected net profit of -350 million yuan, -51 million yuan, and 380 million yuan for the same years [2]

Core Viewpoint - The company's 1H25 performance exceeded expectations, driven by higher-than-expected licensing fees and milestone revenues, along with effective cost control [1][2]. Financial Performance - In 1H25, the company reported revenue of 950 million yuan, a year-on-year decrease of 31.3% - The net loss attributable to shareholders was 145 million yuan, with an adjusted loss of 69.4 million yuan [1]. Development Trends - The commercialization of TROP2 ADC Jiatai (sac-TMT) outside of domestic medical insurance is progressing smoothly, with commercial revenue reaching 310 million yuan in 1H25, of which Jiatai accounted for 97.6% - The marketing team has grown to over 350 members, covering 30 provinces and achieving sales in over 1,000 hospitals - The company anticipates further growth with expected approvals for 2L NSCLC in the second half of the year and ongoing efforts for medical insurance access by 2026 [1][2]. R&D Catalysts - The company has submitted a listing application for sac-TMT for 2L NSCLC, with expectations for approval in 2H25 and data presentation at the upcoming ESMO conference - The registration clinical phase for 1L NSCLC (PD-L1 TPS≥1%) is ongoing, with a potential listing application submission in 2H25 - The company plans to submit a listing application for A400 (RET inhibitor) within 2025 [2]. Profit Forecast and Valuation - Due to the recognition of licensing income and effective cost control, the forecast for net loss attributable to shareholders in 2025 has been adjusted from 900 million yuan to 672 million yuan - The 2026 net loss forecast remains unchanged at 174 million yuan - The target price has been raised by 57.1% to 550 HKD, indicating a potential upside of 20.6% from the current stock price [2].

SKB264 临床进展顺利，国内海外同步加速推进中：2L EGFRmt NSCLC 国内注册临床数据预计于25 年 ESMO 大会读出，目前国内注册临床包含肺癌3 个（联用K药治疗1L EGFRwt NSCLC PD-L1 TPS≥1%； 联用K 药针对1L EGFRwt nsq PDL1(-)NSCLC；联用奥希治疗 1L EGFRmt nsq NSCLC）和乳腺癌2 个 （1L TNBC；2L+ HR+/HER2- BC）；默沙东已开启14 个海外临床，全面覆盖了肺癌5 个（联合K 药新 辅助Ⅱ-Ⅲb NSCLC、联合K 药治疗1L PD-L1 高表达、单药治疗EGFR TKI耐药的2L/3L 突变型、单药对 照标准化疗治疗2L+ EGFR m 非鳞癌、联合K 药维持治疗1L 鳞癌）、乳腺癌4 个（联合K 药治疗术后未 达pCR 的TNBC 及1L TNBC、单药治疗2L+ HR+/HER2- BC）、子宫内膜癌2 个、2L 宫颈癌、3L+胃食 管腺癌、铂敏感复发性卵巢癌等，我们预计26Q4 开始海外陆续有数据读出。 机构：东吴证券 研究员：朱国广/张翀翯 事件：公司25 年H1 收入9.82 亿元（人民 ...