Core Viewpoint - Guojin Securities has initiated coverage on Connoa-B with a "Buy" rating and a target price of HKD 83.29, highlighting the company's strategic focus on differentiated self-immune chronic disease and oncology sectors [1] Company Overview - Connoa-B has a robust pipeline with multiple ongoing clinical trials, including the core product, Supichibai monoclonal antibody, which has already been approved for market [1] - The CM512 (TSLP/IL-13 dual antibody) is currently expanding into several Phase II clinical trials, while the licensed CMG901 is expected to submit an NDA in the U.S. by 2026 [1] Product Insights - Supichibai monoclonal antibody is the first domestically produced IL-4R monoclonal antibody, providing a significant first-mover advantage [1] - Following the implementation of medical insurance in 2026, the product is anticipated to experience rapid market growth [1] Market Potential - The IL-4R monoclonal antibody targets various type II inflammatory diseases, including atopic dermatitis (AD) and chronic rhinosinusitis with nasal polyps (CRSwNP) [1] - Currently, only two IL-4R monoclonal antibodies have been approved globally, with Sanofi's Dupilumab achieving rapid market penetration since its launch in 2017, and projected global sales exceeding USD 14 billion in 2024 [1]