AKESO(HK:09926) Zhi Tong Cai Jing·2025-08-27 01:46Group 1 - The core viewpoint of the report is that the company maintains its profit forecasts for 2025 and 2026 for 康方生物 (09926) and has raised the target price by 87.5% to HKD 225.00, indicating a 33.1% upside potential [1] - The company's 1H25 revenue reached CNY 14.12 billion, representing a year-on-year growth of 37.75%, which aligns with the expectations of the analysts [1] - The sales revenue of core products in 1H25 was CNY 14.02 billion, showing a year-on-year increase of 49.2%, with a gross margin of 79.25% [2] Group 2 - The company has established a commercialization team of over 1,000 sales personnel to maximize the domestic commercialization potential of its two core products, AK104 and AK112, which have been included in the national medical insurance catalog [2] - The final analysis of the HARMONi-A trial demonstrated statistically significant overall survival (OS) benefits for AK112 in treating 2L EGFRm NSCLC, with an OS hazard ratio of 0.80 [3] - AK112 has 13 ongoing registration/Phase III clinical trials globally, covering indications beyond lung cancer, with 8 trials specifically in the lung cancer field [4]