董事会主席、总裁兼CEO夏瑜，及其同事李百勇，也同期出让部分股权。 这两年，康方已有三轮募资，筹集金额超过65亿港元。 夏瑜领导的这家明星药企，正面临商业爬坡期与临床高投入期的双重压力，其已有7款自研产品上市，加之庞大的后期管线在快速推进，需要持续 的资金支持。 一支广东中山的创新药团队，再次募得巨资。 9月4日，康方生物公告，已完成新一轮配售，发行新股2355万股，募资近35亿港元。 然而，康方生物所显露的雄心和能力，已受到资本瞩目。至9月5日收盘，其市值高达1425亿港元，年初以来上涨约155%。 选择此时配售，管理层乘着东风筹集资金，未雨绸缪，款项预计将于2027年底前动用。 惊喜不断 股价一路走高，基于夏瑜团队不断创造惊喜。 最新财报显示，1-6月，公司的商业化销售收入达14.01亿元，同比增长近五成，意味着每天卖出700多万元的产品。 其收入主要来自两款全球首创新药——卡度尼利、依沃西，正快速放量。 夏瑜和她同事开发的卡度尼利，是中国第一款自主研发的双抗，用于晚期宫颈癌的二线治疗，去年9月和今年6月，其分别获批用于胃癌和宫颈癌的 一线治疗。 依沃西则是中国第二个自主研发的双抗药物，可同时阻断PD-1 ...

Core Viewpoint - Kangfang Biopharma reported a revenue of 1.412 billion yuan for the first half of 2025, marking a year-on-year increase of 37.75%, while the loss expanded to 588 million yuan from 249 million yuan in the same period last year [1][3] Financial Performance - Revenue for the period was 1.412 billion yuan, a 37.75% increase year-on-year [1] - Commercial sales revenue reached 1.402 billion yuan, up 49.20% year-on-year [1] - The company incurred a loss of 588 million yuan, which is an increase from the previous year's loss of 249 million yuan [1][3] Revenue Drivers - The growth in commercial sales revenue was primarily driven by the inclusion of AK104 and AK112 in the national medical insurance since January, leading to increased sales volume [1] - The increase in losses was attributed to a rise in equity investment losses from a partnership with Summit, which increased from 32.6 million yuan to 192 million yuan, as well as higher R&D expenses and stock incentive costs [3] Product Pipeline and Market Position - Kangfang Biopharma has received approval for seven products, including AK104 and AK112, which are key dual antibodies, and has expanded its commercial product range to include metabolic and autoimmune areas [4] - The sales team has grown from over 800 to 1,200 members, covering oncology and specialty drug sectors [4] - The company is focusing on AK112, which has shown promising results in clinical trials for non-small cell lung cancer [5][8] Clinical Development and Strategy - AK112 has achieved significant clinical endpoints in trials, including a statistically significant improvement in progression-free survival (PFS) [8][9] - The company is pursuing a strategy termed "IO2.0+ADC2.0," which aims to integrate dual antibodies with antibody-drug conjugates (ADCs) [12][13] - Kangfang Biopharma's pipeline includes ongoing clinical trials for various indications, with a focus on enhancing the efficacy of existing treatments [12][16]

Core Insights - 康方生物 has achieved significant revenue growth in the first half of 2025, with total revenue reaching 14.12 billion yuan, a year-on-year increase of 37.75% [1] - The company's commercial sales revenue amounted to 14.02 billion yuan, reflecting a 49.20% year-on-year growth, indicating a shift from reliance on licensing income to self-driven commercialization [1] - The approval of key products for major indications has contributed to this growth, enhancing the sustainability of the company's revenue structure [1] Financial Performance - 康方生物 reported a loss of 5.88 billion yuan in the first half of 2025, an increase from a loss of 2.49 billion yuan in the same period last year [2] - The increase in losses is attributed to a rise in R&D expenses, which reached 7.31 billion yuan, a 23.02% year-on-year increase, and a 1.92 billion yuan investment loss from holding shares in Summit Therapeutics [2] Clinical Developments - The company has made significant progress in clinical trials, with the依沃西 drug achieving positive results in international Phase III trials, demonstrating strong clinical efficacy [3] - The dual antibody therapies are positioned as a strategic focus for leading pharmaceutical companies, marking a transition from the "single antibody era" to the "dual antibody era" in cancer treatment [4] Industry Trends - The global PD-(L)1 market is projected to grow from 39.55 billion USD in 2023 to 64.1 billion USD by 2030, with a declining compound annual growth rate, prompting companies to seek differentiation through innovative therapies [3] - The dual antibody sector is becoming a key area for both domestic and international pharmaceutical companies, emphasizing the importance of clinical value, production capability, and commercialization strategies for success [4]

民生证券此前指出，2024年公司产品销售收入20.02亿元，同比增长24.88%。公司两大核心产品卡度尼 利单抗和依沃西单抗通过2024年底医保谈判纳入国家医保目录，2025年医保目录执行以来，公司加速推 进医院准入和覆盖工作。此外，非肿瘤方面，公司伊努西单抗已获批上市，预计随着未来依若奇单抗 (NDA审评中)、古莫奇单抗(NDA审评中)的获批上市，公司非肿瘤产品商业化进程也将加速兑现。 康方生物(09926)涨超5%，高见177.9港元再创新高。截至发稿，涨5.42%，报177.1港元，成交额8.66亿 港元。 消息面上，8月21日，康方生物宣布，其自主研发的新型人源化抗IL-17A单克隆抗体古莫奇(AK111)， 在治疗活动性强直性脊柱炎(AS)的关键注册性III期临床研究中取得阳性结果，主要疗效终点ASAS20及 亚组分析、关键次要终点ASAS40，及其他预先选定的多个次要终点均均获得成功，具有统计学显著性 和临床意义的改善。 ...

消息面上，8月21日，康方生物宣布，其自主研发的新型人源化抗IL-17A单克隆抗体古莫奇（AK111），在治疗活动性强直性脊柱炎（AS）的关 键注册性III期临床研究中取得阳性结果，主要疗效终点ASAS20及亚组分析、关键次要终点ASAS40，及其他预先选定的多个次要终点均均获得成 功，具有统计学显著性和临床意义的改善。 民生证券此前指出，2024年公司产品销售收入20.02亿元，同比增长24.88%。公司两大核心产品卡度尼利单抗和依沃西单抗通过2024年底医保谈判 纳入国家医保目录，2025年医保目录执行以来，公司加速推进医院准入和覆盖工作。此外，非肿瘤方面，公司伊努西单抗已获批上市，预计随着 未来依若奇单抗（NDA审评中）、古莫奇单抗（NDA审评中）的获批上市，公司非肿瘤产品商业化进程也将加速兑现。 （原标题：港股异动 | 康方生物(09926)涨超5%创新高 AK111治疗强直性脊柱炎III期临床研究达到全部疗效终点） 智通财经APP获悉，康方生物(09926)涨超5%，高见177.9港元再创新高。截至发稿，涨5.42%，报177.1港元，成交额8.66亿港元。 ...

Investment Rating - The report assigns a "Buy" rating to the company 康方生物 (9926 HK) with a target price of HKD 115.00, indicating a potential upside of 30.1% from the current price of HKD 88.40 [1][7][13]. Core Insights - The success of the second head-to-head Phase III trial for the drug 依沃西 (Ivosidenib) has validated its competitive advantage in the lung cancer treatment market compared to PD-(L)1 monotherapy. The trial achieved significant benefits in progression-free survival (PFS) [7]. - The company has received approval for its first autoimmune product, 依若奇单抗 (Ilumya), which is expected to generate peak sales of approximately RMB 1 billion due to its advantages over competitors in treating moderate to severe plaque psoriasis [7]. - The revenue forecasts for 2025-2027 have been adjusted upwards by 0-6%, with peak sales estimates for 依沃西 in mainland China and overseas raised to RMB 6.1 billion and USD 5.7 billion, respectively [7]. Financial Overview - Revenue projections for 康方生物 are as follows: RMB 4,095 million in 2025, RMB 6,091 million in 2026, and RMB 8,680 million in 2027, reflecting growth rates of 92.8%, 48.8%, and 42.5% respectively [6][15]. - The net profit is expected to recover from a loss of RMB 446 million in 2024 to RMB 629 million in 2025, and further increase to RMB 1,982 million in 2026 and RMB 3,557 million in 2027 [6][15]. - The company’s market capitalization is approximately HKD 79.17 billion, with a year-to-date stock price increase of 45.63% [4][6]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 112.8x in 2025, decreasing to 35.8x in 2026 and further to 19.9x in 2027, indicating improving profitability [6][8]. - The book value per share is expected to rise from RMB 5.58 in 2023 to RMB 14.58 in 2027, with a corresponding decrease in the price-to-book (P/B) ratio from 14.94x to 5.72x [6][8].