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Core Viewpoint - 康方生物 has achieved significant growth, with its stock price reaching a historical high of 179 HKD and a market capitalization exceeding 140 billion HKD, reflecting an 8-fold increase since 2022 [2][10]. Company Background - 康方生物 was founded in 2012 by 夏瑜 and a team of returnee PhDs, focusing on first-in-class innovative drugs. The company started with limited resources and developed an end-to-end platform for drug development, becoming one of the few domestic companies capable of independent antibody research [3][5][6]. Financial Performance - In the first half of the year, 康方生物 reported a commercial sales revenue of 1.401 billion CNY, a year-on-year increase of 49.2%, equating to nearly 8 million CNY in daily sales. The growth was primarily driven by two globally innovative dual-antibody drugs, contributing over 1.4 billion CNY, which accounted for 99.3% of total revenue [10][11]. Market Recognition - 康方生物's drug 依沃西 has been recognized for its potential, having outperformed Merck's K drug in head-to-head clinical trials. This achievement has positioned 康方生物 as a leader in the dual-specific antibody field, with projections estimating peak sales of 53 billion USD by 2041 [12][13]. Industry Trends - The Chinese biopharmaceutical sector is experiencing a resurgence after a downturn, with the Hong Kong healthcare sector rising over 45% in the first half of 2025. This recovery is attributed to the increasing recognition of Chinese innovative drugs by global pharmaceutical companies [15][16]. Investment Landscape - The frequency of significant business development (BD) transactions has increased, with over 40% of such deals involving Chinese companies, up from less than 5% four years ago. This trend indicates a growing international acknowledgment of China's research capabilities [16].