中银国际：升康方生物(09926)目标价至185港元 评级“买入”

Group 1 - The core viewpoint of the article highlights that CStone Pharmaceuticals (09926) reported a revenue of 1.41 billion RMB in the first half of the year, representing a year-on-year growth of 38% [1] - The sales of pharmaceuticals amounted to 1.4 billion RMB, with a year-on-year increase of 49%, primarily driven by the inclusion of Cadonilimab and Ivosidenib in the national medical insurance catalog [1] - The target price for CStone Pharmaceuticals has been raised to 185 HKD, with a reiterated "Buy" rating [1] Group 2 - The report indicates that the peak sales forecasts for AK104 and AK112 in China have been increased to 4.5 billion RMB and 8 billion RMB, respectively, due to the expansion of indications, particularly for AK112 into cold tumors [1] - Currently, there are five Phase III clinical trials for first-line treatments ongoing for AK112 [1] - The overseas risk-adjusted peak sales forecast for AK112 has been raised to 7 billion USD [1]