智通财经APP获悉，交银国际发布研报称，调高康方生物(09926)目标价21.7%，从115港元升至140港 元，维持"买入"的投资评级。该行指，短期重点催化剂包括：1)HARMONi 研究海外申报及完整数据公 布;2)AK112-306 研究在 ESMO 2025上发表;3)2025年第四季度多款产品/适应症医保谈判结果;4)ADC 等 更多早期项目推进。 卡度尼利海外开发启动肝癌研究：卡度尼利单抗近期获批第三项适应综合症，用于一线宫颈癌全人群， 并有机会参与下半年的医保谈判。公司正在海外启动一项卡度尼利联合仑伐替尼的 II 期研究。该行预 计，在依沃西之后，未来2-3年内有机会看到卡度尼利等更多资产在海外注册上市BD的潜在路径，建议 持续关注上述研究的数据读出以及后续临床项目启动情况。 差异化 ADC 开发战略渐入佳境：继公司首个 ADC(HER3)进入临床后，公司首个双抗 ADC AK146D1 完成首例病患入组。凭藉差异化显著的靶点和产品布局，公司致力于打造"I/O + ADC 2.0"策略，驱动管 线价值长期持续兑现。 依沃西海外注册与适应症拓展全速推进，下一代 I/O 基石潜力初显：该行看好依沃西 ...

Group 1: 康方生物 (Kangfang Biologics) - The report highlights the rapid advancement of the overseas registration and indication expansion for the drug依沃西 (Ivosidenib), with a positive outlook on its approval prospects [1] - The company has initiated multiple Phase III studies in mainland China this year, targeting large patient populations with limited treatment options, positioning依沃西 as a new generation I/O cornerstone drug [1] - The sales peak for依沃西 in China is adjusted to RMB 7.1 billion based on the point of sale (PoS) analysis [1] Group 2: 卡度尼利 (Cardunili) - 卡度尼利 has recently received approval for its third indication for first-line cervical cancer in the general population and is set to participate in the upcoming health insurance negotiations [2] - The company is initiating a Phase II study overseas for卡度尼利 in combination with lenvatinib, with potential registration and business development opportunities expected in the next 2-3 years [2] - The differentiated ADC development strategy is progressing well, with the first dual-antibody ADC AK146D1 completing its first patient enrollment [2] Group 3: 蔚来汽车 (NIO) - The pre-sale price of the NIO sub-brand's second model, 乐道 L90, exceeds expectations, starting at RMB 279,900, and can be as low as RMB 199,900 with battery-as-a-service (BaaS) [3] - The vehicle's pricing strategy positions it competitively against similar-sized models, offering superior space and performance, aiming to capture the family SUV market [3] - The report emphasizes the potential for a short-term rebound in stock price due to marginal improvements and a limited downside in the current market [6] Group 4: 房地产行业 (Real Estate Industry) - The overall real estate market remains stable during the peak season, with a 17.2% month-on-month increase in total sales in June 2025, reaching RMB 370.8 billion [7] - All top ten developers in June's sales ranking are state-owned enterprises, with Poly Developments leading the list [7] - The report anticipates further optimization of existing policies to promote real estate market development, with local governments expected to implement targeted measures [7][8]

机构：交银国际 研究员：丁政宁/诸葛乐懿 我们相应上调依沃西中国经PoS 调整销售峰值至71 亿元人民币。 卡度尼利海外开发启动肝癌研究：卡度尼利单抗近期获批第三项适应症，用于一线宫颈癌全人群，并有 机会参与下半年的医保谈判。公司正在海外启动一项卡度尼利联合仑伐替尼的II 期研究，针对阿替利珠 +贝伐治疗失败的二线肝癌。我们预计，在依沃西之后，未来2-3 年内有机会看到卡度尼利等更多资产 在海外注册上市/BD 的潜在路径，建议持续关注上述研究的数据读出以及后续临床项目启动情况。 差异化ADC 开发战略渐入佳境：继公司首个ADC（HER3）进入临床后，首个双抗ADC AK146D1（全 球首款TROP2/Nectin4 ADC）完成首例患者入组。凭借差异化显著的靶点和产品布局，公司致力于打 造"I/O + ADC 2.0"战略，从而把握蓝海市场新机遇，驱动管线价值长期持续兑现。 催化剂丰富，上调目标价：我们将DCF 模型向前滚动一年，结合更高的AK112 长期销售预测，上调目 标价至140 港元（原115 港元），维持买入。 依沃西海外注册和适应症拓展全速推进，下一代I/O 基石潜力初显：公司合作伙伴Summi ...

Investment Rating - The report assigns a "Buy" rating to the company 康方生物 (9926 HK) with a target price raised to HKD 140.00, indicating a potential upside of 29.3% from the current price of HKD 108.30 [2][12][13]. Core Insights - The company is advancing multiple indications for its drug 依沃西, with a significant focus on I/O and ADC strategies, which are expected to differentiate its offerings in the market [2][7]. - The report highlights the promising overseas approval prospects for 依沃西, particularly for its application in treating 2L+ EGFRm NSCLC, as the efficacy shown in the HARMONi study surpasses existing chemotherapy options [7]. - 康方生物 is also initiating several Phase III studies in mainland China for various cancers, indicating a broadening of its therapeutic scope [7]. - The report anticipates a peak sales adjustment for 依沃西 in China to RMB 7.1 billion [7]. - The company is starting overseas development for 卡度尼利, with a recent approval for a new indication in first-line cervical cancer, and plans for a Phase II study in second-line liver cancer [7]. - The ADC development strategy is gaining traction, with the first ADC (HER3) entering clinical trials and the first bispecific ADC AK146D1 completing patient enrollment [7]. - The report emphasizes the rich pipeline of catalysts, including upcoming data releases and negotiations for multiple products in Q4 2025 [7]. Financial Overview - The company’s projected revenues for 2025 are estimated at RMB 3,506 million, with a significant growth trajectory expected in subsequent years, reaching RMB 8,053 million by 2027 [6][15]. - The net profit is projected to recover to RMB 402 million in 2025, with further increases anticipated in the following years [6][15]. - The report notes a substantial year-to-date stock price increase of 78.42% [4]. - The company’s market capitalization stands at approximately HKD 97.08 billion [4]. Valuation Model - The DCF valuation model indicates an equity value of RMB 114,241 million, translating to a per-share value of HKD 140.00 [9]. - The report reflects adjustments in revenue forecasts, with a decrease in expected revenues for 2025 and 2026 compared to previous estimates [8]. Market Position - 康方生物 is positioned within the biotechnology sector, focusing on innovative therapies that leverage both I/O and ADC technologies, aiming to capture new market opportunities [2][12]. - The report suggests that the company’s strategic initiatives and product pipeline could lead to sustained long-term value creation [7].