Zhi Tong Cai Jing·2026-02-09 14:47Core Viewpoint - Goldman Sachs released a report stating that Innovent Biologics (01801) announced a milestone payment with Eli Lilly (LLY.US) and a tiered royalty based on net sales outside of China, indicating a positive outlook for the company [2] Group 1: Company Performance - Goldman Sachs considers the current market's implied weighted average cost of capital (12%) to be high, suggesting that Innovent's current stock price is undervalued [2] - The target price for Innovent Biologics is set at HKD 102.85 based on risk-adjusted discounted cash flow [2] Group 2: Competitive Position - Innovent Biologics is expected to maintain its leading position in China's biotechnology sector due to a strong pipeline of novel molecules targeting next-generation immuno-oncology [2] - The company has received encouraging preliminary data for IBI363 (a PD-1/IL-2α bispecific antibody), which shows differentiated drug characteristics in immunotherapy/cold tumors [2] Group 3: Strategic Partnerships - Innovent's strong commercialization capabilities and deep collaboration with global partners, particularly Eli Lilly, are highlighted as key advantages [2]