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：维持科伦博泰生物-B(06990)跑赢行业评级 升目标价至550港元