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].

Core Insights - The company reported a revenue of 982 million RMB for H1 2025, a decrease of 28.97% year-on-year, primarily due to a reduction in milestone payments from licensing and collaboration agreements [1] - The net loss narrowed to 145 million RMB, a significant improvement of 146.8% year-on-year, while adjusted losses decreased by 118% to 69 million RMB, indicating enhanced operational efficiency [1] - Research and development expenses amounted to 612 million RMB, reflecting a 6.3% decrease year-on-year [1] Revenue Breakdown - Revenue sources included 628 million RMB from licensing and collaboration agreements, 310 million RMB from drug sales, and a small amount from research services [1] - The core product, SKB264, achieved sales of 302 million RMB in H1 2025, accounting for 97.6% of total drug sales, with commercialization progressing well across 30 provinces and over 2,000 hospitals [1] Product Development and Clinical Trials - SKB264 is undergoing clinical trials for multiple indications, with domestic registration data expected to be presented at the 2025 ESMO conference [2] - Merck has initiated 14 overseas clinical trials for SKB264, covering various cancer types, with data readouts anticipated starting Q4 2026 [2] Pipeline and Future Prospects - The company is advancing its ADC platform with several candidates in clinical stages, including SKB315, SKB410, and SKB571, indicating a robust pipeline with diverse therapeutic targets [3] - Revenue forecasts for 2025, 2026, and 2027 have been adjusted upwards to 1.94 billion, 3.56 billion, and 5.89 billion RMB respectively, reflecting confidence in ongoing commercialization and clinical progress [3]

Core Viewpoint - The company has shown strong sales performance in 1H25, particularly with the rapid market penetration of Lukanosatuzumab, leading to an upward revision of peak sales estimates in mainland China to RMB 5.7 billion (approximately USD 800 million) [1][2] Group 1: Sales Performance - In 1H25, the company's revenue reached RMB 950 million, with commercial product sales contributing RMB 310 million, of which Lukanosatuzumab accounted for RMB 302 million [1] - The management expects Lukanosatuzumab to experience strong growth in 2H25, maintaining full-year sales guidance of RMB 800-1,000 million, driven by rapid market penetration and expanding indications [1][2] Group 2: Clinical Development - Key clinical data will be presented at the 2025 ESMO conference, including two Phase III clinical data for 2L HR+/HER2- breast cancer and second-line EGFRmt NSCLC indications, both of which have submitted sNDA and are under priority review [2] - The company is advancing multiple early pipeline projects, including SKB571 (EGFR/c-MET dual antibody ADC), which is expected to enter Phase II clinical trials, targeting differentiated indications such as gastrointestinal tumors [2] Group 3: Financial Outlook - The company has slightly raised its revenue forecasts for 2025-2027 and long-term peak sales estimates, reflecting increased certainty in product sales due to the timely progress of Lukanosatuzumab and early pipeline candidates [2] - The target price has been adjusted to HKD 507, corresponding to a 5.0x peak revenue sales multiple and an 18% potential upside, maintaining a buy rating [2]

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].

Core Viewpoint - Bank of America Securities reports that Kintor Pharmaceutical (06990) has made stable progress with its core asset SKB264 across multiple indications, leading to an increase in the probability of success for clinical-stage indications and subsequently raising peak sales estimates for these indications [1] Revenue Forecast - The bank has raised its revenue forecast for the company by 1% to 6% for the years 2023 to 2027, based on the company's mid-term performance [1] - The target price for Kintor Pharmaceutical has been increased from HKD 340 to HKD 471.5, reflecting the clinical progress of its assets [1] Profit Margin Adjustments - Adjustments have been made to the annual gross margin forecast based on mid-term performance profit margins, with a downward revision of sales and R&D expense estimates for the company from 2023 to 2027, attributed to the company's better-than-expected operational efficiency [1]

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。 ...