Konruns(SH:603590) Xin Lang Cai Jing·2025-12-31 08:33Core Viewpoint - The company has received FDA approval for its self-developed cancer drug KC1086, marking a significant milestone in its strategic development and potential for future product pipeline expansion in oncology treatment [2]. Group 1: Drug Development - KC1086 is a small molecule inhibitor targeting KAT6, intended for treating advanced recurrent or metastatic solid tumors, with preclinical studies showing over 90% tumor suppression in ER+/HER2 breast cancer models [2]. - The clinical trial for KC1086 is progressing smoothly, having received regulatory approval from the National Medical Products Administration in June 2025 and enrolling its first participant in August 2025 [2][3]. - The company is also advancing other projects, including KC1036 for advanced esophageal squamous cell carcinoma and ZY5301, which is in the registration application phase [3]. Group 2: Financial and Tax Benefits - As of Q3 2025, the company's R&D expenses reached 32.8 million yuan, with a focus on unmet clinical needs in various therapeutic areas [3]. - The company has been re-certified as a high-tech enterprise, allowing it to benefit from a reduced corporate tax rate of 15% for three consecutive years from 2025 to 2027, providing a stable tax environment for R&D investments [4]. Group 3: Investment Outlook - The company is projected to have EPS of 0.88 yuan, 1.11 yuan, and 1.33 yuan for the years 2025 to 2027, with corresponding dynamic P/E ratios of 45.67, 36.09, and 30.16 [5]. - As a leading player in the blood coagulation agent sector, the company is expected to achieve diverse innovation outcomes through ongoing R&D and product introductions, maintaining a buy rating [5].