Core Viewpoint - CICC maintains an outperform rating for Kelun-Biotech (06990) due to strong revenue recognition from licensing and effective cost control, raising the target price by 57.1% to HKD 550, indicating a 20.6% upside from the current stock price [1] Group 1: Financial Performance - In 1H25, the company reported revenue of CNY 950 million, exceeding CICC's expectations [1] - The commercial revenue for 1H25 reached CNY 310 million, with 97.6% attributed to the product Jiatailai [2] Group 2: Product Development and Market Expansion - The marketing team has grown to over 350 members, covering 30 provinces and achieving sales in over 1,000 hospitals [2] - The company is expected to receive domestic approval for 2L NSCLC in the second half of 2025 and is actively working on insurance inclusion for 2026 [2] Group 3: R&D Catalysts - The company has submitted a listing application for sac-TMT for 2L NSCLC, with expected approval in 2H25 and data presentation at the upcoming ESMO conference [3] - The company plans to submit a listing application for A400 (RET inhibitor) within 2025 [3] Group 4: Early Pipeline Developments - The company will present phase 1 clinical data for SKB315 (CLDN18.2 ADC) at the ESMO conference [4] - Global phase 1/2 trials for SKB410 (Nectin-4 ADC) have been initiated by Merck [4] - The dual-antibody ADC SKB571 is set to begin phase 2 clinical trials in China [4]

Core Viewpoint - CICC maintains an outperform rating for Kelun-Biotech (06990) due to strong revenue recognition from licensing and effective cost control, raising the target price by 57.1% to HKD 550, indicating a 20.6% upside from the current stock price [1] Group 1: Financial Performance - In 1H25, the company reported revenue of CNY 950 million, exceeding CICC's expectations [1] - The commercial revenue reached CNY 310 million, with 97.6% attributed to the product Jiatailai [2] Group 2: Market Expansion and Sales - The marketing team has grown to over 350 members, covering 30 provinces and achieving sales in over 1,000 hospitals [2] - The company is expected to further expand its market presence with anticipated approvals for 2L NSCLC and ongoing efforts for medical insurance inclusion by 2026 [2] Group 3: R&D Progress - The company has submitted a listing application for 2L NSCLC, with expectations for approval in 2H25 and data presentation at the upcoming ESMO conference [3] - The registration clinical phase for 1L NSCLC is ongoing, with a listing application expected in 2H25, and a submission for 2L HR+/HER2-BC planned for May 2025 [3] - The company plans to submit a listing application for A400 (RET inhibitor) within 2025 [3] Group 4: Early Pipeline Developments - The company will present phase 1 clinical data for SKB315 (CLDN18.2ADC) at the ESMO conference [4] - Global phase 1/2 trials for SKB410 (Nectin-4ADC) have been initiated by Merck [4] - The dual-antibody ADC SKB571 is set to start phase 2 clinical trials in China, while the radiolabeled drug SKB107 is undergoing phase 1 clinical research [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's H1 2025 revenue reached 982 million RMB, primarily from licensing and collaboration agreements, with a year-on-year decrease of 28.97% due to reduced milestone payments [7] - The core product, SKB264, has shown significant commercialization progress, covering over 30 provinces and 2,000 hospitals in China, with sales of 302 million RMB in H1 2025 [7] - The company has a robust pipeline with multiple clinical trials ongoing, including both domestic and international studies for SKB264, and is expected to receive approvals for several indications in the near future [7] - The ADC platform is expanding with several candidates in various stages of clinical development, indicating a comprehensive and innovative pipeline strategy [7] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted upwards to 19.4 billion, 35.6 billion, and 58.9 billion RMB respectively, reflecting confidence in the company's growth trajectory [7] Financial Summary - Total revenue for 2023 is projected at 1,540 million RMB, with a year-on-year growth of 91.62% [1] - The company is expected to incur a net loss of 412.63 million RMB in 2025, with a significant improvement in operational efficiency as indicated by a narrowed loss of 146.8% year-on-year [7] - Cash and financial assets exceeded 4.527 billion RMB as of June 30, 2025, marking a 47.2% increase year-on-year, indicating strong liquidity [7] - The company's P/E ratio is projected to be 145.74 by 2027, reflecting anticipated profitability as the business matures [1]

Investment Rating - The report assigns a "Buy" rating for the company [4][12]. Core Insights - The company's sales performance in 1H25 met expectations, with rapid market penetration of its core product, Lukanasatuzumab. The peak sales forecast for this product in mainland China has been raised to RMB 5.7 billion (approximately USD 800 million) [3][7]. - The report highlights the ongoing development of new indications and the steady progress of early-stage pipelines, which are expected to enhance the company's competitive edge in clinical research [3][7]. - The target price has been adjusted upwards to HKD 507, reflecting a potential upside of 17.6% based on a DCF model [2][8]. Financial Performance Summary - For 1H25, the company reported revenues of RMB 950 million, with commercial product sales contributing RMB 310 million, primarily from Lukanasatuzumab [7]. - The adjusted net loss for 1H25 was RMB 69.9 million, with expectations of narrowing operational losses excluding collaboration income [7]. - Revenue forecasts for 2025-2027 have been slightly increased, with 2025 revenue projected at RMB 2.05 billion, 2026 at RMB 3.01 billion, and 2027 at RMB 4.43 billion [6][13]. Clinical Development and Pipeline - Key clinical data readouts are anticipated, with two phase III clinical data expected to be presented at the 2025 ESMO conference [7]. - The report notes the expansion of Lukanasatuzumab's indication coverage, with approvals for new indications expected in 2025 [7]. - Several early-stage pipeline products are progressing, including SKB571, which is set to enter phase II clinical trials [7]. Market Performance - The stock has shown a year-to-date increase of 163.93%, with a 52-week high of HKD 456.00 and a low of HKD 154.00 [6][5]. - The average daily trading volume is reported at 0.98 million shares [6].

美银证券发布研报称，科伦博泰生物-B(06990)核心资产SKB264在多项适应症中取得稳定进展，该行提 高其临床阶段适应症的成功概率，从而推高各相应适应症的高峰销售额预估，并据公司中期业绩提高今 年合作收入预测。该行对科伦博泰目标价由340港元上调至471.5港元，认为其资产的临床进展符合预 期。 该行上调公司今年至2027年收入预测1%至6%，并按中期业绩利润率调整全年毛利率预测，基于公司胜 预期的营运效率，下调对公司今年至2027年销售费用和研发费用预估。 ...

该行上调公司今年至2027年收入预测1%至6%，并按中期业绩利润率调整全年毛利率预测，基于公司胜 预期的营运效率，下调对公司今年至2027年销售费用和研发费用预估。 智通财经APP获悉，美银证券发布研报称，科伦博泰生物-B(06990)核心资产SKB264在多项适应症中取 得稳定进展，该行提高其临床阶段适应症的成功概率，从而推高各相应适应症的高峰销售额预估，并据 公司中期业绩提高今年合作收入预测。该行对科伦博泰目标价由340港元上调至471.5港元，认为其资产 的临床进展符合预期。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 950 million yuan for the first half of 2025, with a net loss of 145 million yuan [2]. - The commercialization year has begun, with sales starting to ramp up. The company has three products approved for sale: Jiatailai (TROP2 ADC), Ketailai (PD-L1 monoclonal antibody), and Datailai (Cetuximab) [3]. - The company has a strong clinical pipeline, with Jiatailai's core clinical layout entering a harvest period, and several key indications in various stages of clinical trials [4]. Financial Performance - The company is expected to achieve revenues of 2.325 billion yuan, 3.668 billion yuan, and 5.352 billion yuan for the years 2025, 2026, and 2027 respectively, showing significant growth compared to previous forecasts [5]. - The projected net profit for 2027 is 380 million yuan, indicating a turnaround from previous losses [5]. - The revenue growth rates are projected at 20.29%, 57.74%, and 45.91% for the years 2025, 2026, and 2027 respectively [10]. Clinical Development - The company has a robust pipeline with several products in various stages of clinical development, including A166 (HER2 ADC) in NDA stage and A400 (RET inhibitor) in registration clinical stage [4]. - The company is expanding its market reach, with products already covering 30 provinces and over 2000 hospitals [3]. Market Potential - The inclusion of Jiatailai, Ketailai, and Datailai in the basic medical insurance directory is expected to accelerate sales growth [3]. - The market potential for TROP2 ADC in breast and lung cancer is significant, with comprehensive coverage of patients anticipated upon completion of ongoing clinical trials [3].

Core Viewpoint - Bank of America Securities has published a report indicating that Kelun-Biotech's core asset SKB264 has made stable progress across multiple indications, leading to an increase in the probability of success for its clinical-stage indications and subsequently raising peak sales estimates for these indications [1] Group 1 - The firm has raised its revenue forecast for the company from 2023 to 2027 by 1% to 6% [1] - The target price for the company has been increased from HKD 340 to HKD 471.5 [1] - The rating remains "Neutral," as the clinical progress of its assets meets expectations, but short-term licensing opportunities are limited [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 525, representing a potential upside of 15% from the current price of HKD 456 [1][10]. Core Insights - The company's 1H25 performance exceeded expectations, with revenue of RMB 950 million and a narrowed net loss of RMB 145 million, which is a 146.8% year-over-year improvement [4]. - The sales of SKB264 reached RMB 302 million in the first half of the year, and the company maintains its first-year sales guidance of RMB 800-1,000 million [4]. - The company has successfully commercialized SKB264 in two indications and has a sales team of over 350 people, with sales established in over 1,000 hospitals across 29 provinces [4]. - The report highlights the upcoming ESMO conference where important data for SKB264 will be presented, which could further boost market confidence [4]. Financial Performance Summary - For 1H25, product revenue was RMB 310 million, with licensing revenue at RMB 630 million, slightly better than consensus estimates [4]. - The company’s cash and cash equivalents reached RMB 3.1 billion as of June 30, 2025, significantly up from RMB 1.34 billion at the end of 2024 [4]. - The report projects revenue growth with total revenue expected to reach RMB 2.286 billion in 2025, reflecting an 18.3% year-over-year increase [6]. Sales and Product Development - SKB264 has received preliminary approval for basic medical insurance and is expected to enter the insurance negotiations in the second half of the year [4]. - The company anticipates further approvals for additional indications of SKB264 in 2H25, which could enhance its market position [4]. - Other approved products, A167 and A140, are expected to contribute limited sales this year but may see significant growth once included in the insurance directory [4]. Valuation and Forecast - The report adjusts the 2025E net loss forecast to RMB 260 million and projects a net profit of RMB 220 million in 2026 [4]. - The target price of HKD 525 is derived from a DCF valuation model with a WACC of 8.7% and a perpetual growth rate of 3% [4].

Core Viewpoint - Colun Biotechnology reported a 31.3% year-on-year decline in revenue for the first half of the year, with a net loss of 145 million yuan, both figures better than market expectations [1] Group 1: Financial Performance - The company's product sales amounted to 310 million yuan, primarily driven by sac-TMT, with an expansion into second-line non-small cell lung cancer (NSCLC) expected to accelerate sales growth in the second half of the year [1] - The sales forecasts for Colun Biotechnology for 2025 to 2027 have been adjusted upwards by 5.3%, 2.7%, and 2.3% respectively, while net profit forecasts have been adjusted downwards by 20.2% and then upwards by 34.2% and 21.9% for the same period [1] Group 2: Clinical Developments - Colun Biotechnology is set to present third-phase clinical data for sac-TMT in second-line NSCLC and second-line HR+ HER2- breast cancer at the 2025 European Society for Medical Oncology (ESMO) annual meeting [1] - Multiple third-phase trials covering first-line NSCLC and triple-negative breast cancer (TNBC) are expected to yield results next year [1] Group 3: Analyst Ratings - The target price for Colun Biotechnology has been raised from 328.4 HKD to 500.6 HKD, with a reaffirmation of the "outperform" rating [1]