Investment Rating - The report rates Innovent shares as "Buy" with a target price raised to HK$90 from HK$60, indicating an expected share price return of 16.4% [5][18]. Core Insights - Innovent is leading the development of next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) combinations, which are expected to provide broader-spectrum, highly-potent, and less-toxic cancer treatments [9][18]. - The key product IBI363 has shown promising data in various cancers, including non-small cell lung cancer (NSCLC) and mucosal/acral melanoma, positioning it as a cornerstone for next-generation IO therapy [2][10]. - Innovent aims to achieve Rmb20 billion in product revenue by 2027 and advance five pipeline assets into global multi-regional clinical trials by 2030 [1][3]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 have been fine-tuned by 1%, 2%, and 2% respectively, with expected earnings per share (EPS) of Rmb0.05, Rmb0.53, and Rmb1.22 [3]. - Innovent's revenue is projected to grow from Rmb9.4 billion in 2024 to Rmb16.6 billion by 2027, reflecting a compound annual growth rate (CAGR) of approximately 23.1% [4][8]. Clinical Development - IBI363 is currently undergoing registrational trials for various indications, including head-to-head trials against pembrolizumab for melanoma and NSCLC, with enrollment expected to complete by the end of 2025 [2][12]. - Innovent is also developing multiple ADC platforms, including SyntecanE, SoloTx, and DuetTx, which are designed to enhance efficacy and reduce toxicity in cancer treatments [11][12]. Market Position - Innovent has transformed from a biotech start-up to a leading biopharma company with 15 launched commercial products, showcasing strong R&D and commercialization capabilities [17][18]. - The company is positioned to leverage its dedicated R&D platform, Innovent Academy, which employs over 500 scientists focused on developing innovative cancer therapies [9][18].