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 ...

Core Insights - The company is focusing on expanding its online sales through major e-commerce platforms like JD.com, Taobao, and Pinduoduo, while also enhancing its O2O (Online to Offline) business model to seek new growth points [1] - A new pharmaceutical marketing management center has been established to strengthen professional service capabilities, with measures in place to revitalize slow-moving and unsold products [1] - The company aims to create a closed-loop ecosystem in the pharmaceutical industry by enhancing product supply from its manufacturing segment and improving customer retention through membership and pharmaceutical services [1] Sales and Marketing Strategy - The company is consolidating its market position for key products like injection-grade ribonucleic acid II through a clinical-to-terminal sales model and optimizing performance assessments for clinical personnel [1] - Plans include hosting marketing summits and academic seminars to cover hospital terminals and promote resource coverage nationwide [1] - The company is accelerating market penetration for selected products through centralized procurement and aims to achieve sales growth with newly approved products [2] Research and Development - The company is actively exploring traditional Chinese medicine and conducting research in various therapeutic areas, including cancer, kidney disease, diabetes, and cardiovascular diseases [3] - Multiple generic drug approvals have been obtained, including phosphoric acid oseltamivir capsules and others, indicating a steady progression in R&D projects [3] Technological Integration - The company is leveraging AI technology to optimize drug screening and clinical trial design, moving towards a smart manufacturing model that emphasizes high quality and efficiency [4] - A marketing reform initiative has been launched to establish a unified command and collaborative marketing system, enhancing strategic coordination and operational awareness across the organization [4]