AKESO(HK:09926) Ge Long Hui·2025-08-01 05:52Group 1 - UBS report indicates that Kangfang Biopharma (9926.HK) core product AK112 (ivonescimab) shows significant potential in indications beyond non-small cell lung cancer (NSCLC) [1] - In addition to six indications for NSCLC, the company has initiated six Phase III clinical trials covering first-line treatment areas such as cholangiocarcinoma, triple-negative breast cancer, and pancreatic cancer, leading the breadth of indications among similar drugs [1] - Since being included in the national medical insurance directory in January this year, sales of the drug have rapidly increased, and it received approval for a new indication in NSCLC first-line treatment in May [1] Group 2 - UBS expects that through negotiations for medical insurance by 2025, AK112 will further contribute to incremental revenue, raising the peak sales estimates for AK112 in China and globally to 1.2 billion and 14.6 billion USD respectively [1] - The firm reiterates a buy rating and significantly raises the target price from 112.1 HKD to 197.5 HKD [1]