摘要 科伦博泰 20250720 科伦博泰拥有 ADC、小分子等技术平台，构建了包含 11 个 ADC 在内的 约 20 个分子药物管线，与默沙东等达成超百亿美元合作，凸显其平台 价值。 科伦博泰商业化进程加速，卢康沙妥珠单抗（SKB264）已在中国获批 用于二线三阴性乳腺癌和三线 EGFR 突变肺癌，博度曲妥珠单抗预计下 半年获批用于三线 HER2 阳性乳腺癌。 SKB264 国内商业化启动，预计 2025-2027 年营收可达 17.8 亿元、 35.6 亿元和 58.9 亿元。默沙东已启动 14 项 SKB264 全球注册临床试 验，覆盖多种肿瘤适应症。 科伦博泰与和博医药合作 COPD 的 TSLP 单抗，与默沙东合作开发 Claudin 18.2 ADC 等。公司还计划开发 IADC 等免疫刺激药物及新型 毒素类 ADC，展现迭代研发能力。 科伦博泰 HER2 ADC 产品针对四线 HER2 阳性乳腺癌患者，ORR 达 43.9%，中位 PFS 为 12.3 个月，对 8,201 耐药或价格敏感人群具有市 场潜力。 Q&A 科伦博泰生物在 ADC 药物开发方面的核心竞争力是什么？ 科伦博泰生物作为全 ...

Core Viewpoint - The company reported mixed financial results for 2024 and Q1 2025, with a slight increase in annual revenue but a significant decline in quarterly performance due to high base effects from the previous year [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 21.812 billion yuan, a year-on-year increase of 1.67%, and a net profit attributable to shareholders of 2.936 billion yuan, up 19.53% [1]. - For Q1 2025, the company reported operating revenue of 4.390 billion yuan, a year-on-year decrease of 29.42%, and a net profit of 584 million yuan, down 43.07% [2]. Profitability Metrics - The overall gross margin for 2024 was 51.69%, a decrease of 0.74 percentage points year-on-year, while the expense ratio was 32.27%, down 3.95 percentage points [3]. - In Q1 2025, the gross margin dropped to 48.67%, a decline of 7.17 percentage points year-on-year, with the expense ratio slightly increasing to 32.38% [3]. Business Segments - The infusion business generated sales of 8.912 billion yuan in 2024, a decrease of 11.85%, with sales volume of 4.347 billion bottles/bags, down 0.70% [4]. - Non-infusion drug sales increased by 5.41% to 4.169 billion yuan, driven by strong performance in the plastic water needle business [4]. - The antibiotic intermediates and raw materials segment achieved revenue of 5.856 billion yuan, a year-on-year increase of 20.90%, benefiting from increased market demand [4]. Innovation and Pipeline - The company launched its innovative drug, Lukanosatuzumab (佳泰莱), in November 2024, marking the beginning of a new era in innovative drug commercialization [5]. - Ongoing clinical trials for various ADC therapies are being conducted in collaboration with Merck, targeting multiple cancer types [5][6]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 21.9 billion, 23.36 billion, and 23.98 billion yuan, with corresponding net profits of 3.02 billion, 3.35 billion, and 3.41 billion yuan [7]. - The company is expected to maintain a valuation of 19X for 2025 and 17X for 2026 and 2027 [7]. Investment Rating - The investment rating is maintained at "Buy" based on the company's growth potential and ongoing innovation efforts [8].