康宁杰瑞(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

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][7] - 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 technological platform rather than just individual products [1][3] - A strategic question arises regarding the future of innovative drug development: whether success will depend on luck with single molecules or on replicable, iterative platform innovation capabilities [1][10] Product Performance - KN026 demonstrated a remarkable objective response rate of 55.8% in a Phase III study for HER2-positive gastric cancer, significantly outperforming the control group [5][6] - The drug also showed a disease control rate of 80% and reduced the risk of disease progression or death by 75%, indicating its potential to reshape treatment standards in the field [6][5] - JSKN003 exhibited a 32.0% objective response rate in platinum-resistant ovarian cancer, achieving coverage across all HER2 expression levels, marking it as a unique treatment option [7][8] Technological Platform - Kangning Jereh has successfully transitioned from a pipeline-driven to a technology-driven model, with its CRIB dual antibody platform enabling the development of KN026 [11][12] - The company’s glycosylation site-specific conjugation ADC platform enhances the stability and therapeutic window of JSKN003, showcasing its potential across various cancers [12][13] - The comprehensive platform capabilities, including various dual-target and conjugation technologies, position the company for sustained innovation and drug development [13] Market Outlook - Kangning Jereh's financial performance is improving, with a revenue of 319 million yuan in the first half of 2025, reflecting an 84% year-on-year growth [16] - The company is expected to experience a significant valuation reappraisal as it represents a value opportunity in the innovative drug sector [16][21] - Analysts predict that the peak revenue for KN026 and JSKN003 could reach 4.56 billion yuan and 3.27 billion yuan, respectively, indicating strong market potential [19][21] Future Prospects - The successful data presentation at ESMO marks a pivotal moment for Kangning Jereh, transitioning from an investment phase to a harvest phase for its underlying technology platform [24] - The company is positioned to lead in the new era of drug development, focusing on quality and sustainable innovation rather than merely quantity [25] - With multiple dual antibody ADC products in clinical stages, Kangning Jereh is set to redefine its market presence and unlock significant value [22][24]