Core Viewpoint - Shanxi Securities initiates a "Buy-B" rating for 3SBio (01530), projecting revenues of 17.456 billion, 10.746 billion, and 11.335 billion yuan for 2025-2027, with net profits of 8.289 billion, 2.860 billion, and 3.163 billion yuan respectively, and PE ratios of 8.1, 23.4, and 21.2 [1] Group 1 - The SSGJ-707 is considered a potential cornerstone drug for oncology, with the global PD-(L)1 monoclonal antibody market expected to reach 99 billion dollars by 2029 [1] - SSGJ-707, a tetravalent PD-1/VEGF bispecific antibody, shows enhanced binding affinity to PD-1 by 100 times in the presence of VEGF, and its unique IgG4 Fc design aims to reduce immune-related side effects [1] - Clinical efficacy and safety of SSGJ-707 are outstanding, particularly in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), with a 23.5% rate of grade 3 or higher treatment-related adverse events (TRAEs) and a 2.9% discontinuation rate due to TRAEs [1] Group 2 - SSGJ-707 demonstrates breakthrough overall response rates (ORR) in first-line NSCLC II clinical trials, achieving a cORR of 64.7% in low PD-L1 expressing NSCLC, with ORRs of 62% and 77% in PD-L1 TPS 1-49% and ≥50% respectively [2] - In first-line NSCLC without EGFR/ALK mutations, SSGJ-707 combined with chemotherapy shows ORRs of 81.3% for squamous NSCLC and 58.3% for non-squamous NSCLC [2] Group 3 - SSGJ-707 also exhibits breakthrough ORR efficacy in later-line CRC II clinical trials, achieving an ORR of 33.3% in third-line RAS mutant or BRAFV600E mutant non-MSI-H/pMMR colorectal cancer [3]