Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Insights - The company has received multiple product approvals and is set to disclose significant clinical data, with its first domestic TROP2 ADC expected to lead clinical iterations [3][11]. - Merck's continued investment overseas indicates the emerging potential of the next-generation blockbuster products [11]. Financial Summary - Revenue projections for 2024-2026 have been adjusted to 1.732 billion, 1.670 billion, and 2.666 billion RMB respectively, reflecting a slight decrease in 2025 expectations [11]. - The company reported a revenue increase from 804 million RMB in 2022 to 1.540 billion RMB in 2023, representing a 91.6% growth [7]. - The gross profit is expected to rise from 759 million RMB in 2023 to 1.103 billion RMB in 2024 [7]. Product Development - The core product, Lukanasatuzumab, was approved for market release in November 2024, targeting second-line and above triple-negative breast cancer (TNBC) [11]. - Additional indications for Lukanasatuzumab are in the NDA stage, with approvals anticipated in 2025 for 3L EGFRm NSCLC and 2L EGFRm NSCLC [11]. - Other products, including Tagolizumab and biosimilars, are also set for approval in early 2025 [11]. Clinical Trials - The company is expected to disclose critical clinical data from ongoing trials, including registration trials for Lukanasatuzumab in various indications [11]. - Merck has initiated 12 key clinical trials for Lukanasatuzumab, indicating its importance in the oncology field [11].

Investment Rating - The report maintains a "Buy" rating for Kelun-Biotech (6990 HK) with a target price of HKD 252 8, representing a potential upside of 48 8% from the latest closing price of HKD 169 9 [3][7] Core Views - Kelun-Biotech has entered a new commercialization phase with the approval of two key self-developed products: sac-TMT (Jiatailai®), the first domestically developed TROP2 ADC for TNBC, and KL-A167 (Ketailai®), a PD-L1 monoclonal antibody for nasopharyngeal carcinoma [1] - Sac-TMT has a strong competitive moat with multiple indications in breast and lung cancers, including approved use for TNBC and NDA submission for EGFRmt NSCLC, with 4 breakthrough therapy designations in China [2] - The company has a robust clinical pipeline with HER2 ADC A166 and cetuximab A140 under NDA review, and 5 other ADCs in Phase 1 trials, demonstrating its R&D platform strength [2][6] - A mature commercialization team of ~400 people has been established to support product launches [2] Financial Projections - Revenue is forecasted to grow from RMB 1 603 billion in 2024 to RMB 2 889 billion in 2026, representing a CAGR of 34 2% [7] - Gross margin is expected to improve significantly from 49 28% in 2023 to 92% in 2026 [9] - The company is projected to turn profitable in 2026 with net income of -RMB 121 41 million, improving from -RMB 574 13 million in 2023 [9] Valuation - The DCF valuation stands at RMB 49 12 billion, implying a target price of RMB 234 1 (HKD 252 8) [7] - The stock trades at -111 94x 2024E P/E and 19 26x 2024E P/B [9]

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Investment Rating - The investment rating for the company is "Buy" with a current price of HKD 196.00 and a reasonable value of HKD 205.82 [2]. Core Views - The report highlights that the approval of SKB264 as the first domestically developed original drug for treating advanced or metastatic triple-negative breast cancer (TNBC) marks a significant milestone in the company's development process [2]. - The company is expected to achieve substantial revenue growth, with projected revenues of RMB 16.55 billion, RMB 18.06 billion, RMB 24.23 billion for the years 2024 to 2026 respectively [2]. - The report emphasizes the successful progress of the company's drug pipeline, particularly in the TROP2 ADC platform, which is anticipated to drive revenue growth [2]. Summary by Sections Company Overview - The company has made significant advancements in its drug development pipeline, particularly with SKB264, which has received approval for treating advanced or metastatic TNBC [2]. - The report notes that the company has successfully submitted two New Drug Applications (NDA) for EGFR-TKI in China, indicating a strong domestic market presence [2]. Financial Projections - Revenue for 2022 was RMB 804 million, with a projected increase to RMB 1.54 billion in 2023, and further growth to RMB 1.655 billion and RMB 1.806 billion in 2024 and 2025 respectively [4]. - The report forecasts a significant growth rate of 2,387.3% in 2022, followed by 91.6% in 2023, and a more moderate growth rate of 7.4% in 2024 [4]. Profitability Metrics - The report indicates that the company is currently operating at a loss, with a projected net profit of -RMB 728 million in 2024 and -RMB 919 million in 2025 [4]. - The gross margin is expected to improve from 65.6% in 2022 to 71.3% by 2026, reflecting better operational efficiency [4]. Market Position - The company is positioned as a leader in the domestic TROP2 ADC market, with expectations for significant market share growth as new drugs are launched [2]. - The report suggests that the company’s innovative drug pipeline and successful clinical trials will enhance its competitive edge in the biopharmaceutical industry [2].

科伦博泰（6990.HK）点评 [盈利预测与财务指标 Table_Forcast] ➢ 芦康沙妥珠单抗首发适应症三线 TNBC 获批上市。11 月 27 日，科伦博泰 发布公告，公司核心产品 TROP2 ADC 芦康沙妥珠单抗或国家药监局批准上市， 用于治疗既往至少接受过 2 种系统治疗（其中至少 1 种治疗针对晚期或转移性阶 段）的不可切除的局部晚期或转移性三阴性乳腺癌(TNBC)成人患者。该项批准是 基于一项用于既往至少接受过 2 种系统治疗（其中至少 1 种治疗针对晚期或转移 性阶段）的不可切除的局部晚期或转移性 TNBC 成人患者的随机、对照 3 期 OptiTROP-Breast01 研究的积极结果。与化疗相比，sac-TMT 在无进展生存期 ( PFS)和总生存期( OS)方面均显示出具有显著统计学意义和临床意义的改善。 ➢ 芦康沙妥珠单抗适应症广泛，多项适应症快速推进中。此前，NMPA 已经受 理了两项补充新药申请，分别是治疗经 EGFR-TKI 治疗后进展或经 EGFR-TKI 和 含铂化疗治疗后进展的局部晚期或转移性 EGFRm NSCLC 患者的申请。其它各 项适应症研发快速推进：（1）E ...

Investment Rating - The report initiates coverage on Kolun Botai (6990.HK) with a "Buy" rating and recommends it as a top pick in the ADC industry, setting a target price of HKD 230 [3][6][15]. Core Insights - Kolun Botai is recognized as a leader in the Chinese ADC industry, with significant international collaboration, particularly with Merck, which has resulted in multiple licensing agreements totaling over USD 10 billion [4][15]. - The company's core asset, SKB264 (TROP2 ADC), is positioned as a global best-in-class product with promising clinical data and a robust pipeline, including several NDA submissions expected in the near future [5][39][44]. - The anticipated commercialization of multiple products in the domestic market is set to begin, with approvals expected for SKB264 and other key products by late 2024 and early 2025 [6][39][45]. Financial Projections - Revenue projections for Kolun Botai are estimated at RMB 1.895 billion for 2024, RMB 1.675 billion for 2025, and RMB 2.877 billion for 2026, with net losses expected to be RMB 351 million, RMB 1.042 billion, and RMB 255 million for the respective years [6][11][13]. - The report utilizes a DCF valuation model with a WACC of 10.8% and a perpetual growth rate of 3%, leading to a target market capitalization of HKD 51.3 billion [6][11]. Product Pipeline - Kolun Botai has over 10 products in clinical stages, with four products, including SKB264 and A166, expected to receive market approval in the near term [39][44]. - The company is actively conducting multiple Phase III clinical trials for its key products, indicating a strong commitment to advancing its pipeline [44][45]. Shareholder Structure - The major shareholder, Kolun Pharmaceutical, holds a 67.4% stake in Kolun Botai, while Merck is the second-largest shareholder with a 6.0% stake [23][24]. Management Team - The management team includes experienced professionals from various pharmaceutical backgrounds, with a strong focus on strategic planning and operational decision-making [26][30][36].

四川科倫博泰生物醫藥股份有限公司 Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China) 2 公司資料 4 財務及業務亮點 11 管理層討論與分析 41 企業管治及其他資料 57 中期財務資料的審閱報告 58 綜合損益表 59 綜合損益及其他全面收益表 60 綜合財務狀況表 62 綜合權益變動表 65 簡明綜合現金流量表 66 未經審計中期財務報告附註 80 釋義 Stock Code：6990 股份代號：6990 公司資料 半年報 Interim Report 2024 目錄 董事會 董事長兼非執行董事 劉革新先生 執行董事 葛均友博士 非執行董事 劉思川先生 賴德貴先生 馮昊先生 曾學波先生 李東方先生 獨立非執行董事 鄭強博士 涂文偉博士 金錦萍博士 李越冬博士 聯席公司秘書 周澤劍先生 馮慧森女士 授權代表 葛均友博士 馮慧森女士 監事 廖益虹女士 宋宏梅博士 楊秋艷女士 卿 ...

[Table_Main] 证券研究报告 | 公司点评 科伦博泰生物-B(06990.HK) 2024 年 09 月 08 日 | --- | --- | |----------------------------------------------------------|-------------------------------| | 买入（维持） | 科伦博泰生物 -B(6990.HK) ：开 | | 所属行业：医药生物 / 化学制药 当前价格 ( 港元 ) ： 169.6 | 展十项全球三期，预计多个产品 | | | | | | 国内将获批 | | | | 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 李霁阳 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 市场表现 科伦博泰生物-B 恒生指数 -29% 0% 29% 57% 86% 114% 143% 171% | --- | --- | --- | --- | |-------------------------------|------------- ...

科伦博泰生物-B（06990.HK） 与默沙东达成双抗 ADC 合作，sac-TMT 新适应症申请上市 科伦博泰发布 2024 年中期业绩。公司实现收入 13.83 亿元，同比增长 32.2%； 其中包含收到的默沙东合作付款 9000 万美元。实现利润 3.1 亿元，2023 年同期 为亏损 3113 万元，扭亏为盈；实现经调整盈利 3.86 亿元，2023 年同期为 3302 万元。 科伦博泰宣布就芦康沙妥珠单抗递交新适应症上市申请。本次申报适应症为治疗 接受(EGFR-TKI)和含铂化疗治疗后病情出现进展的局部晚期或转移性 EGFR 突变 NSCLC 成人患者，并被拟纳入优先审评审批程序。 科伦博泰与默沙东相关合作项目达成进展。默沙东将就 SKB571 项目行使独家选 择权，并向科伦博泰支付 3750 万美元，且待达致特定开发及销售里程碑后，向科 伦博泰支付进一步里程碑付款，并待 SKB571 商业化后支付按净销售额计算的分 级特许权使用费。科伦博泰将保留在中国内地、香港及澳门开发、使用、制造及商 业化 SKB571 的权利。此外默沙东将向科伦博泰退还 SKB315 项目的开发、使用、 制造及商业化 SK ...

2024 年 08 月 21 日 公司点评 买入/维持 科伦博泰生物-B(06990) 目标价: 238.7 昨收盘:169.9 科伦博泰商业化在即，与默沙东的合作稳步推进 ◼ j (20%) 10% 40% 70% 100% 130% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 科伦博泰生物-B 恒生指数 事件：2024 年 8 月 19 日，科伦博泰发布 2024 年中期业绩公告：截 至 2024 年 6 月 30 日止六个月，科伦博泰营业收入 13.8 亿元，同比增长 32.2%；毛利 10.8 亿元，同比增长 59.4%；研发投入 6.5 亿元，同比增加 33.0%；调整后净利润 3.9 亿元人民币，同比增长 1086.0%；现金及金融 资产 28.9 亿元，相较于 2023 年底增长 15.9%。 科伦博泰的总收入主要来自许可及合作协议收入 13.8 亿元，以及提 供研发服务收入 481 万元。 科伦博泰商业化在即，sac-TMT 有望成为国产首款 TROP2 ADC 基于科伦博泰管线进度，预期 2024 年下半年或 2025 年上半年在中 国上市四个产品：核 ...