映恩生物─B(09606.HK)：各管线研发进展顺利 26年循证证据有望持续丰富

Core Insights - The company has made significant progress in pipeline research and capital markets, including FDA approvals and new clinical data presentations for its ADC products [1][2] Group 1: Pipeline Developments - The IND application for DB-1324 was approved by the FDA on December 3, 2025 [1] - DB-1311 presented new research data at ESMO ASIA 2025, showing a total objective response rate (ORR) of 42.3% and a disease control rate (DCR) of 90.4% in a cohort of 52 patients [1] - DB-1310 received Fast Track Designation from the FDA for HR+/HER2- breast cancer, becoming the first HER3-ADC drug to achieve this designation [1] Group 2: Clinical Trial Results - DB-1303 is expected to be the second HER2-ADC submitted for breast cancer indication in the U.S., with promising Phase I/II data [1] - DB-1310 demonstrated an unconfirmed ORR of 31% and a DCR of 84% in patients with advanced solid tumors who failed standard treatment [1] - DB-1305 (TROP2ADC) showed an ORR of 53.8% in a cohort of 13 PROC patients, indicating a favorable competitive landscape [1] Group 3: Commercialization and Partnerships - The company has established multiple licensing agreements with global pharmaceutical companies, including BioNTech, with a total transaction value exceeding $6 billion [2] - The "self-research + global collaboration" model is expected to enhance product development and accelerate clinical commercialization [2] Group 4: Financial Projections - Revenue forecasts for the company are projected at 1.503 billion, 1.657 billion, and 1.760 billion yuan for 2025-2027, respectively [2] - The company is expected to have negative EPS of -15.45, -5.24, and -3.40 yuan for the same period, with corresponding PE ratios of -21, -61, and -94 [2]