IPO申购指南：同源康医药（2410.HK）

Investment Rating - The report recommends a cautious subscription for Tongyuan Kang Pharmaceutical (2410.HK) [3] Core Viewpoints - Tongyuan Kang Pharmaceutical focuses on discovering, acquiring, developing, and commercializing differentiated targeted therapies to meet urgent medical needs in cancer treatment. Since its establishment in 2017, the company has built a pipeline of 11 candidate drugs, including the core product TY-9591, which is currently undergoing critical clinical trials in China for non-small cell lung cancer (NSCLC) brain metastases [3] - The company is conducting a key Phase II clinical trial for TY-9591 as a monotherapy for first-line treatment of EGFR mutation NSCLC brain metastases and a registrational Phase III clinical trial for EGFR L858R mutation locally advanced or metastatic NSCLC. Despite multiple third-generation EGFR-TKIs being approved globally, no drugs have been approved specifically for NSCLC brain metastases, indicating a significant unmet clinical need [3] - The results from the Phase Ib and II clinical studies of TY-9591 demonstrated strong clinical efficacy, with a 100% intracranial objective response rate (ORR) observed in 29 evaluable patients with NSCLC brain metastases [3] - The company has invested significantly in R&D, with research costs amounting to RMB 229.8 million, RMB 249.3 million, and RMB 64.7 million for the years 2022, 2023, and the three months ending March 31, 2024, respectively. Post-IPO, the company's market capitalization is expected to reach HKD 4.487 billion, showcasing its innovative potential and competitive advantages in treating small cell lung cancer brain metastases [3] Company Valuation Analysis - The report includes a valuation comparison of listed companies in the sector, highlighting Tongyuan Kang Pharmaceutical's position relative to peers such as Innovent Biologics (1801.HK), WuXi Biologics (2269.HK), and Junshi Biosciences (1877.HK) [4]