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]

中金发布研报称，由于科伦博泰生物-B(06990)授权收入确认和费用管控良好，维持跑赢行业评级，考 虑到盈利预测上调，叠加研发进展催化兑现，根据DCF模型，上调目标价57.1%至550港币，较当前股 价有20.6%的上行空间。公司公布1H25业绩，收入9.50亿元，超该行预期。 中金主要观点如下： 1H25TROP2ADC佳泰莱(sac-TMT)国内医保外商业化顺利 1H25公司商业收入达3.10亿元，其中佳泰莱占比97.6%。根据公司公告，截至中报公司营销团队人数超 过350人，业务已经覆盖30个省份，并在超过1,000家医院实现了销售收入。该行认为佳泰莱目前在获批 适应症TNBC、3L NSCLC临床获益证据明确，随着下半年有望在国内获批2L NSCLC及积极2026推进医 保准入工作，未来有望进一步放量。 一年维度内研发催化密集，近期建议关注2L NSCLC审评进展及数据读出 根据公司公告，sac-TMT国内2L NSCLC已经提交上市申请，公司预计有望在2H25获批上市，并计划在 10月ESMO会议上进行相关数据读出。此外，1L NSCLC(PD-L1TPS≥1%)适应症正进行注册临床阶段， 该行预计 ...

科伦博泰生物-B（06990.HK） 2025 年中报点评：业绩符合预期，核心产品 商业化进展顺利，后续管线多维度展开 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,540 | 1,933 | 1,943 | 3,560 | 5,894 | | 同比(%) | 91.62 | 25.48 | 0.51 | 83.22 | 65.56 | | 归母净利润（百万元） | (574.13) | (266.77) | (412.63) | (101.95) | 631.68 | | 同比(%) | 6.81 | 53.54 | (54.68) | 75.29 | 719.61 | | EPS-最新摊薄（元/股） | (2.46) | (1.14) | (1.77) | (0.44) | 2.71 | | P/E（现价&最新摊薄） | - | - | - | - | 145.74 | 证券研究报告·海外公司点评·药品 ...

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].

美银证券发表研报指，科伦博泰生物核心资产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。该行上调公司今年至2027年收入预测1%至6%，目标价由340港元上调至471.5港元，维持"中 性"评级，认为其资产的临床进展符合预期，但短期许可授权机会有限。 ...

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].