科伦博泰生物-B（06990）：核心管线Sac-TMT海外进展积极：科伦博泰生物-B （06990）

Investment Rating - The report maintains a "Buy" rating for Kelun Biotech [2][16] Core Insights - Kelun Biotech reported a revenue of RMB 2.06 billion for 2025, representing a year-on-year growth of 6.5%, with a net loss of RMB 382 million, which is an increase of 43.2% year-on-year [5][12] - The adjusted net loss for 2025 was RMB 211 million, reflecting a year-on-year increase of 78.3%, aligning with expectations [5][12] - The company achieved product sales of RMB 543 million in 2025, a significant increase of 949.8% year-on-year, while revenue from business development collaborations decreased by 19.6% to RMB 1.5 billion [5][12] Financial Data and Profit Forecast - The company’s R&D expenses rose by 9.4% to RMB 1.32 billion, and selling expenses surged by 160.1% to RMB 475 million, resulting in a selling expense ratio of 23.1% for 2025 [5][12] - As of the end of 2025, Kelun Biotech had cash and financial assets amounting to approximately RMB 4.56 billion [5][12] - Revenue projections for the upcoming years are as follows: - 2026: RMB 2.7 billion (31.25% growth) - 2027: RMB 4.8 billion (77.64% growth) - 2028: RMB 6.5 billion (34.74% growth) [10][17] Product Pipeline and Market Position - The company has four commercialized products, including Sac-TMT, which is expected to see significant sales growth due to its inclusion in the National Reimbursement Drug List (NRDL) [6][13] - Sac-TMT has received NMPA approval for multiple indications and several pivotal clinical trials have been initiated, including for advanced solid tumors [7][14] - The pipeline includes various innovative ADCs and dual antibodies, with ongoing clinical trials for several promising candidates [8][15] Target Price and Earnings Forecast - The target price for Kelun Biotech has been raised from HKD 552 to HKD 560, indicating a potential upside of 31% [16] - Earnings per share (EPS) forecasts have been adjusted, with estimates for 2026 revised down to -RMB 0.57 and for 2027 to RMB 2.26, while a new forecast for 2028 is set at RMB 6.61 [16]