中国创新药企的研发实力，书写了又一华彩篇章。 在2025年欧洲肿瘤内科学会（ESMO）这一全球顶级学术舞台上，康宁杰瑞（9966.HK）以其两款核心 产品——HER2双抗KN026与HER2双抗ADC药物JSKN003的卓越临床数据，向世界宣告了其在创新药赛 道上的爆发力。其中，KN026用于胃癌的III期研究数据，凭借突破性疗效入选最高规格的"最新突破性 摘要（LBA）"进行口头报告，迅速成为全场焦点。 市场应声而动：ESMO会议当日，公司股价逆势暴涨超11%。这直观地反映了，市场正在从更底层的技 术平台潜力而非单一产品管线对其价值进行重新评估。 一个更具战略意义的问题也随之浮出水面：在创新药研发的下一程，核心的竞争力究竟是依靠运气押注 单一分子，还是依赖可复制、可迭代的平台化创新能力？康宁杰瑞的这次亮相，是否正在为整个行业揭 示通往未来的答案？ 图表一：康宁杰瑞今年以来股价走势图 数据来源：WIND，格隆汇整理 数据截至2025年10月23日 蓝线：康宁杰瑞 黄线：恒生指数 惊艳亮相ESMO！国产之光迎突破性希望 先来看惊艳亮相ESMO的两款创新药KN026与JSKN003透露了哪些关键临床数据。 其中， ...

Core Insights - The Hong Kong stock market's innovative pharmaceutical sector has seen a significant rebound this year, with net inflows of over 120 billion yuan into the pharmaceutical and biotechnology industry, driving funds towards more certain quality targets [1] - Kelun-Biotech (06990) has emerged as a key target for market investment, achieving a historical high in stock price and a market capitalization exceeding 100 billion HKD, with a year-to-date increase of 192.40%, entering the "100 billion club" of Hong Kong's innovative pharmaceuticals [1][3] Revenue Structure Transformation - Kelun-Biotech is transitioning from a biotech to a biopharma company, with its revenue structure evolving to be driven by both business development (BD) collaborations and self-commercialization [3][4] - In the first half of 2025, the company reported revenues of 950 million yuan, with cash reserves of 4.528 billion yuan, indicating a robust cash flow [4] - The sales revenue from its core product, Jiatailai® (TROP2 ADC), has shown strong market acceptance, contributing significantly to the company's revenue growth [5][6] Commercialization Strategy - The company has established a dual approach to commercialization, focusing on both licensing collaborations and self-sustaining revenue generation [4][5] - Kelun-Biotech has formed a professional marketing team of 350 people, achieving extensive coverage across 30 provinces and over 2,000 hospitals in China [7] - The company is actively pursuing national medical insurance access for its products, which could significantly enhance sales through payment leverage [7] R&D and Innovation - Kelun-Biotech has increased its R&D investment, reaching 612 million yuan in the first half of 2025, supporting its competitive edge in key therapeutic areas [8][9] - The company has developed three major technology platforms, enabling a pipeline of over 30 candidate drugs, with more than 10 in clinical stages [8] - International recognition of its R&D capabilities is reflected in its collaborations with various global partners, enhancing its innovation and market reach [9] Summary of Growth Path - Kelun-Biotech's mid-term performance illustrates a clear growth trajectory, with Jiatailai® providing cash flow and three technology platforms ensuring ongoing innovation [9] - The company's dual-driven model of BD collaboration and self-commercialization aligns with the core logic of pharmaceutical investment in Hong Kong, indicating its long-term potential for growth [9]