智通财经网·2025-11-13 08:48Core Viewpoint - CITIC Securities reports that Kangfang Biopharma (09926) has multiple products and indications in its pipeline nearing approval, with a continuously expanding R&D pipeline and a strong early-stage pipeline, indicating long-term sustainable development capability [1] Group 1: Product Pipeline and R&D - Kangfang Biopharma is expected to present final overall survival (OS) results for HARMONi-A at the 2025 SITC, with a median follow-up of 32.5 months showing an OS hazard ratio (OSHR) of 0.74 (0.58-0.95) (P=0.019) [1] - The company has achieved significant clinical and statistical benefits in its Phase III clinical trial for an immunotherapy that targets EGFR TKI-treated non-small cell lung cancer (NSCLC) [1] Group 2: Sales Performance - The approval of the drug Iwosimab has contributed to incremental sales for the company, while the sales of the drug Kantan have shown stable growth, leading to an annual increase in product sales revenue [1] Group 3: Future Focus Areas - Future attention can be directed towards the final OS results update for Iwosimab in the domestic HARMONi-2 trial, the submission of the BLA application in the U.S., and the overseas mPFS analysis for HARMONi-32026 in the second half of 2026 [2] - Ongoing global clinical trials for AK104 targeting first-line gastric cancer, second-line IO-resistant hepatocellular carcinoma, and PD-L1 negative NSCLC are also noteworthy [2] - The advancement of AK132 (Claudin18.2/CD47), AK137 (CD73/LAG3) into Phase II clinical trials, and the IND application for AK150 (ILT2/ILT4/CSF1R) are significant developments [2]