Core Viewpoint - CICC maintains the profit forecast for Innovent Biologics (01801) at 472 million yuan for 2025 and 1.299 billion yuan for 2026, while upgrading the target price by 38.1% to 95.3 HKD, indicating a 21.6% upside potential from the current stock price [1] Company Updates - On June 27, the company announced that its cardiovascular and metabolic (CVM) product, Xinermet (Mastudutide injection), became the world's first GCG/GLP-1 dual receptor agonist weight loss drug approved for sale in China [2] - On June 30, the company held an oncology innovation R&D day, showcasing its strategies in next-generation immunotherapy (IO) and antibody-drug conjugates (ADC), along with clinical progress and data interpretation, including IBI363 (PD-1/IL-2) [2] Product Breakthrough - The approval of Mastudutide marks a breakthrough in the domestic GLP-1 receptor agonist weight loss sector. The III phase clinical trial GLORY-1 showed that treatment with 6 mg of Mastudutide for 48 weeks resulted in a weight loss of 14.84% from baseline, and in subjects with baseline liver fat content ≥10%, the average liver fat content decreased by 80.2% from baseline [3] Next-Generation Strategy - IBI363 is leading the company's next-generation "IO+ADC" strategy. Data presented at the 2025 American Society of Clinical Oncology (ASCO) meeting showed promising results for IBI363 in melanoma, IO-treated lung cancer, and colorectal cancer. The median overall survival (mOS) for the low-dose group in IO-treated squamous non-small cell lung cancer was 15.3 months, and 17.5 months for adenocarcinoma. The mOS for IBI363 in monotherapy for colorectal cancer was 16.1 months, with a significant survival event rate compared to the combination therapy with Bevacizumab [4] Internationalization Goals - The company aims to have five pipeline products enter global multi-center clinical III trials by 2030. The successful launches of major products like Teyuanzhu and Mastudutide in the CVM field, along with the anticipated approval of Pikangqibai, highlight the company's progress. The early pipeline, including IBI3030, also shows promise. IBI363 is expected to become a next-generation IO blockbuster, and the ADC platform continues to yield results [5]