Investment Rating - The report assigns an "Overweight" (OW) rating to Innovent, Akeso, and Kelun Biotech, indicating an expectation that these stocks will outperform the average total return of their coverage universe [4][7]. Core Insights - Innovent has shown strong investor interest, with a recent stock increase of approximately 3% following a share sale by Lilly Asia Ventures. The company achieved its first-ever non-IFRS positive profit and EBITDA in 2024, and this trend is expected to continue into 2025 and beyond. Innovent is anticipated to secure an outlicensing deal for IBI363, which holds significant value in the immuno-oncology therapy space [4]. - Akeso's share price rose by 10% on June 10, attributed to comments from its U.S. partner, Summit, regarding avoiding a cash raise and manufacturing Ivonescimab in-house. Summit plans to recruit participants for global trials from multiple regions, including China, the U.S., and the EU. The BLA filing strategy for HARMONi is still under discussion [4]. - Kelun Biotech completed an equity raise and does not require additional cash due to solid reserves. Promising ASCO data for Sac-TMT in treating triple-negative breast cancer and non-squamous non-small cell lung cancer indicates a higher probability of success in Phase 3 trials. The domestic Phase 3 trial is enrolling patients rapidly, with potential for an interim analysis this year [4][5]. Summary by Company Innovent - Innovent's stock increased by ~3% after a secondary share placement by Lilly Asia Ventures, which still holds a ~2% stake. The company achieved its first non-IFRS positive profit and EBITDA in 2024, with expectations for continued growth in 2025. Anticipated catalysts include an outlicensing deal for IBI363 [4][5]. Akeso - Akeso's share price increased by 10% following positive comments from Summit, its U.S. partner. Summit is working on in-house manufacturing of Ivonescimab and plans to recruit trial participants from various regions. The BLA filing strategy for HARMONi is still being evaluated [4][5]. Kelun Biotech - Kelun Biotech completed an equity raise and has solid cash reserves. Promising data for Sac-TMT in treating specific cancers suggests a high probability of success in upcoming trials. The company is rapidly enrolling patients for a domestic Phase 3 trial, with potential for an interim analysis this year [4][5].
摩根大通：中国生物科技-关于信达生物、康方生物和科伦博泰未来发展之路的思考