Company Updates - On May 23, 2025 ASCO conference, several significant data were released by Innovent Biologics, including multiple oral presentations, notably the PoC data for IBI363 (PD-1/IL-2) in melanoma, colorectal cancer, and non-small cell lung cancer [1] - IBI363's colorectal cancer data exceeded expectations, with an overall objective response rate (ORR) of 12.7% for monotherapy and 23.5% for combination therapy, and a median overall survival (mOS) of 16.1 months for monotherapy [1] - In the context of IO-treated lung cancer, IBI363 demonstrated strong competitive advantages, with an ORR of 43.3% in the squamous NSCLC group at a 3 mg/kg dose [1] Key Data from ASCO - IBI363 showed an ORR of 26% and a median progression-free survival (mPFS) of 5.7 months in IO-treated mucosal/limb melanoma [2] - IBI343 (CLDN18.2 ADC) reported an ORR of 22.7%, mPFS of 5.4 months, and mOS of 8.5 months in CLDN18.2+ pancreatic ductal adenocarcinoma (PDAC), with 2L patients showing an mOS of 12.1 months [2] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 472 million and 1.298 billion respectively, and has raised the target price by 4.5% to HKD 69, indicating a potential upside of 22.7% from the current stock price [2]