Investment Rating - The report assigns a "Buy" rating for the company [6]. Core Insights - The company is developing the world's first SIRPα-Fc fusion protein targeting CD47, which is expected to achieve breakthroughs in cancer treatment [3][11]. - The core product, IMM01, has shown promising results in clinical trials, with a peak sales potential estimated at 1.05 billion yuan [2][6]. - The company has multiple clinical-stage assets, including dual-specific antibodies, with a long-term sales peak potential of 3.17 billion yuan [3]. Company Overview - The company, established in June 2015, focuses on developing cancer immunotherapy and has received 29 IND approvals from NMPA and FDA, with 8 products currently in clinical trials [11][14]. - The major revenue source is from licensing fees, with a significant R&D expenditure of 1.19 billion yuan in the first half of 2024 [20]. Industry Situation - Cancer immunotherapy has emerged as a revolutionary treatment, with a global market size reaching 50.2 billion USD in 2022 [27]. - The report highlights the limitations of existing therapies, particularly those targeting T-cell immune checkpoints, and emphasizes the potential of innate immune cell-targeted therapies [23][26].
宜明昂科-B：全球首款SIRPα-Fc融合蛋白，CD47靶点有望获突破