映恩生物-B（09606）：“ADC+IO”战略稳步推进，早期分子有望展露潜力

研究报告 Research Report 8 Sep 2025 映恩生物 Duality Biologics (9606 HK) "ADC+IO"战略稳步推进，早期分子有望展露潜力 The "ADC+IO" strategy is progressing steadily, and early-stage molecules are expected to demonstrate their potential [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$402.80 目标价 HK$464.20 HTI ESG 4.8-4.8-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$35.46bn / US$4.55bn 日交易额 (3 个月均值) US$10.54mn 发行股票数目 88.04mn 自由流通股 (%) 74% 1 年股价最高最低值 HK$402.80 ...