Core Viewpoint - The report from Guotai Junan initiates coverage on InnoCare Pharma (09606) with an "Accumulate" rating, highlighting the company's focus on ADC drug development and its global market expansion through multiple licensing agreements, with core products entering a harvest phase. Revenue projections for 2025-2027 are estimated at 1.6 billion, 1.976 billion, and 2.207 billion yuan, respectively, with a target price of 300.70 HKD per share [1]. Group 1 - DB-1303 is positioned as a superior alternative to Enhertu, with a leading global clinical follow-up. It targets HER2+ breast cancer and is expected to file for U.S. approval in H2 2025, with a domestic peak sales potential of 2.6 billion yuan and U.S. peak sales potential of 1.6 billion USD [2]. - DB-1311 shows promising therapeutic potential for small cell lung cancer (SCLC) and castration-resistant prostate cancer (CRPC), with no existing B7-H3 therapies approved globally. It is expected to lead breakthroughs in treatment, with domestic peak sales potential of 600 million yuan and U.S. peak sales potential of 1.1 billion USD [2]. Group 2 - The company has a rich pipeline with four ADC technology platforms: DITAC, DIBACDIMAC, and DUPAC, with several products entering clinical stages and expected to yield proof-of-concept (POC) data soon. DB-1305 is exploring a combination therapy, while DB-1310 and DB-1312 are also progressing well in their respective clinical trials [3].