Group 1 - The core viewpoint of the report is that the company maintains its 2026 net profit forecast for the parent company, considering the upfront payment income from the licensing agreement with Keren Biotechnology [1] - The target price is set at HKD 550, indicating a potential upside of 33.4% from the current stock price [1] Group 2 - The company announced that its TROP2ADC SKB264 combined with Pembrolizumab (Keytruda) achieved the primary endpoint in the domestic Phase III clinical trial for PD-L1 positive non-small cell lung cancer (NSCLC) [2] - The company has entered into a collaboration with Crescent Biopharma, granting overseas rights for ITGB6ADC SKB105 with an upfront payment of USD 80 million and up to USD 1.25 billion in milestone payments, while also acquiring rights for Crescent's PD-1x VEGF dual antibody CR-001 in China with an upfront payment of USD 20 million and up to USD 30 million in milestone payments [2] Group 3 - SKB264 combined with Keytruda is the first ADC+IO combination to reach the primary endpoint in Phase III clinical trials for 1L NSCLC, showing significant improvement in progression-free survival (PFS) and a trend towards benefit in overall survival (OS) [2] - The company plans to submit a new indication application based on these results, highlighting the importance of the 2026 potential registration progress and detailed data readout [2] Group 4 - The collaboration with Crescent introduces another emerging target ADC and enriches the pipeline with the introduction of a dual antibody [3] - The company expects the two drugs from this collaboration to enter Phase I/II clinical trials in Q1 2026, with both parties having the rights to develop combination therapies [3] - The licensing of SKB105, a new emerging target ADC asset, is expected to provide good cash inflow and accelerate the clinical development path [3]
中金：维持科伦博泰生物-B跑赢行业评级 目标价550港元