小摩：升康方生物目标价至166港元 评级“增持”

Core Viewpoint - Morgan Stanley's report indicates that Kangfang Biopharma (09926) underperformed in the first half of the year, primarily due to declining profit margins and higher-than-expected operating expenses. However, the announcement of HARMONi-A achieving statistical significance in overall survival highlights the differentiated advantage of ivonescimab and its potential as a next-generation key immunotherapy [1] Group 1 - The company's half-year performance was below expectations, driven by a decrease in profit margins and increased operating expenses [1] - The report emphasizes the significance of the HARMONi-A trial results, showcasing the potential of ivonescimab as a leading immunotherapy [1] - There are currently 12 drugs undergoing Phase III or registration clinical trials, indicating multiple potential growth drivers for the company in the coming years [1] Group 2 - Morgan Stanley raised the target price for Kangfang Biopharma from HKD 99 to HKD 166, maintaining an "Overweight" rating [1]