Core Insights - The article highlights the impressive clinical data of two core products from Kangning Jereh, KN026 and JSKN003, presented at the 2025 ESMO conference, showcasing the company's strength in innovative drug development [1][4][22] - The market reacted positively, with Kangning Jereh's stock price surging over 11% on the day of the ESMO conference, indicating a reassessment of the company's value based on its underlying technological platform rather than just individual products [1][22] - The article raises a strategic question about the future of innovative drug development: whether success will depend on luck with single molecules or on replicable, iterative platform innovation capabilities [1][22] Product Performance - KN026 demonstrated a remarkable objective response rate of 55.8% in patients with HER2-positive gastric cancer, significantly outperforming the control group at 10.8%, and achieved a disease control rate of 80% [4][5] - The safety profile of KN026 is also strong, with a 75% reduction in the risk of disease progression or death and a 71% reduction in mortality risk, supporting its application for market approval [5] - JSKN003 showed a 32.0% objective response rate in platinum-resistant ovarian cancer, achieving this across various HER2 expression levels, indicating its broad applicability [6][7] - In HER2-positive metastatic colorectal cancer, JSKN003 achieved an objective response rate of 68.8% and a disease control rate of 96.9%, with a median progression-free survival of 11.04 months [6][7] Strategic Shift - Kangning Jereh has successfully transitioned from a pipeline-driven approach to a technology-driven model, leveraging its CRIB dual antibody platform to develop KN026 and its glycosylation site-specific conjugation ADC platform for JSKN003 [10][11] - The company is building a robust core technology system that includes various platforms, enhancing its ability to produce innovative drugs and ensuring sustainable growth [10][11] - The article emphasizes the importance of platform capabilities in generating "best-in-class" or "first-in-class" drugs, which are seen as valuable assets for the company [9][10] Market Outlook - Kangning Jereh's financial performance is improving, with a revenue of 319 million yuan in the first half of 2025, representing an 84% year-on-year increase, and a net profit of 21.58 million yuan [13] - The company is expected to continue its growth trajectory, with analysts projecting significant revenue potential for its core products, including peak sales estimates of 4.56 billion yuan for KN026 in HER2-positive breast cancer and 3.27 billion yuan for JSKN003 in HER2-positive breast cancer [15][19] - The article suggests that Kangning Jereh's valuation remains undervalued compared to peers, despite its recent stock price increase, indicating potential for significant revaluation as the market recognizes its innovative capabilities [17][19]
康宁杰瑞制药-B(9966.HK)ESMO数据惊艳亮相世界舞台，左手确定、右手创新，估值迎来“Deepseek”时刻