Core Viewpoint - Haitong International has raised the long-term sales revenue forecast for InnoCare Pharma (09606) based on its H1 2025 revenue and clinical pipeline progress, projecting total revenues of 1.75 billion, 970 million, and 1.37 billion RMB for 2025-2027 [1] Financial Summary - The company reported H1 2025 revenue of 1.23 billion RMB, reflecting a year-on-year increase of 22.9%, primarily driven by licensing and collaboration agreement income [1] - R&D expenses amounted to 350 million RMB, down 7.5%, with an R&D expense ratio of 28.4%, a decrease of 9.4 percentage points [1] - Management expenses were 130 million RMB, up 71.3%, with a management expense ratio of 10.2%, an increase of 2.9 percentage points [1] - Adjusted profit for the company was 150 million RMB, with cash on hand totaling 3.75 billion RMB as of H1 2025 [1] Valuation and Price Target - The company’s target price has been raised to 464.2 HKD per share, maintaining an "outperform" rating, based on a DCF model using FY26-34 cash flows, a WACC of 10.0%, and a perpetual growth rate of 3.5% [1] R&D Pipeline Updates - DB-1303 (HER2 ADC): Submission for FDA BLA for endometrial cancer and domestic HER2+ breast cancer listing application expected in H2 2025 [1] - DB-2304 (BDCA2 ADC): Phase I SAD study for SLE completed, with MAD study expected to start by the end of 2025 [1] - Early clinical data readouts for DB-1419 (B7H3/PD-L1 ADC) and DB-1317 (ADAM9 ADC) anticipated between H2 2025 and 2026 [1] - DB-1418 (EGFR/HER3 ADC) is currently in global Phase I trials, with domestic IND approval expected in H2 2025; early information and data from new ADC platforms like DUPAC are also expected to be disclosed [1]
海通国际：维持映恩生物-B(09606)“优于大市”评级 上调目标价至464.2港元