智通财经网·2025-07-14 03:26Group 1 - The core viewpoint of the report is that the target price for Kangfang Biotech (09926) has been raised by 21.7%, from HKD 115 to HKD 140, while maintaining a "Buy" rating [1] - Key short-term catalysts include: 1) Overseas application and complete data publication of the HARMONi study; 2) Publication of the AK112-306 study at ESMO 2025; 3) Results of multiple product/indication health insurance negotiations in Q4 2025; 4) Progress of more early-stage projects like ADC [1] - The company is optimistic about the overseas approval prospects of Ivosidenib, with a clearer path for it to become a new generation I/O cornerstone drug, replacing PD-(L)1 single-target therapies [1] Group 2 - Cardunili's overseas development has initiated liver cancer research, with the recent approval of its third indication for first-line cervical cancer in the general population, and potential participation in health insurance negotiations later this year [2] - The company is starting a Phase II study of Cardunili in combination with Lenvatinib overseas, with expectations of seeing more assets registered and listed in the next 2-3 years [2] - The differentiated ADC development strategy is progressing well, with the first ADC (HER3) entering clinical trials and the first bispecific ADC AK146D1 completing its first patient enrollment [2]