康诺亚-B(02162)涨超4%，截至发稿，涨4.08%，报59.95港元，成交额3128.21万港元。 该行续指，司普奇拜单抗治疗AD、CRSwNP、SAR三项适应症参与国谈。考虑到达必妥申请以简易规 则新增COPD、哮喘、PN适应症，结合其去年医保谈判降幅较高及自身成本端压力影响，预计其今年继 续降价空间或较有限，则司普奇拜单抗的降价幅度或较温和。公司商业化销售团队规模稳步扩张，预计 年底扩充至400人左右，并积极推进医院准入与覆盖，在核心医院中以AD为核心优先突破关键场景， 2026年司普奇拜单抗的销售有望迎来快速上量。 消息面上，近期，康诺亚-B宣布，公司自主研发的全球首款长效TSLP x IL-13双阻断剂CM512治疗成人 中重度特应性皮炎(AD)I期临床研究达成全部研究终点。华泰证券指出，当前全球长效自免赛道火热， APOGEE在最近两月的市值增长75%+，目前市值达43亿美元。11月初公司披露了CM512的早期临床数 据，非头对头比较，CM512的治疗AD的EASI-90明显优于APOGEE的核心资产APG777，同时安全性表 现优秀、给药频率与APG777近似，看好CM512的全球价值。 ...

Core Viewpoint - The patent dispute between Sanofi and Maij Biotechnology over the IL-4R antibody has intensified, with Sanofi applying to declare Maij's core patent invalid, which poses significant challenges for Maij as it approaches its IPO [1][2]. Group 1: Patent Dispute - The conflict began with personnel changes, as former Sanofi employees founded Maij Biotechnology and filed for IL-4R antibody patents shortly after [1]. - A court ruling in 2020 determined that the patent rights belonged to Sanofi, based on evidence of similar research proposals and experimental data from 2015 [1]. - If Sanofi's recent application to invalidate Maij's patent is successful, Maij could lose its intellectual property protection for its core product, MG-K10 [1][2]. Group 2: Financial Difficulties - Maij Biotechnology has not yet launched any products, with revenue plummeting from 8.72 million yuan in 2023 to zero in the first quarter of 2025, resulting in cumulative losses of 460 million yuan [1]. - The company's debt structure is alarming, with a debt ratio nearing 700% by the end of 2023 and still at 166.83% in March 2025, leading to negative net assets [1][2]. Group 3: Market Competition - Even if MG-K10 is successfully launched, Maij will face fierce competition in the IL-4Rα target market, which is already crowded with major players [2]. - Competitors like Sanofi and Regeneron have significant sales figures, with Dupilumab exceeding 10 billion euros, and other companies have already secured multiple indications for their products [2]. - The IL-4Rα market is expected to undergo a reshuffle between 2026 and 2027, presenting challenges such as price wars and insufficient indication coverage for Maij's MG-K10 [2][3]. Conclusion - The combination of patent disputes, financial pressures, and market competition presents significant obstacles for Maij Biotechnology's IPO journey, while Sanofi continues to strengthen its position through stable revenue and partnerships [3].

Core Insights - Huatai Securities reported that Connoa disclosed Phase I clinical results for TSLP/IL-13 dual antibody CM512 for treating AD on November 4, showing promising efficacy and potential for longer dosing cycles [1] Group 1: Clinical Results - After three doses in the first month, the 300mg dose group achieved EAS-75 and EAS-90 rates of 58.3% and 41.7% respectively over 12 weeks, outperforming the placebo group which had rates of 21.4% and 0% [1] - CM512 demonstrated a long half-life of 70 days, indicating potential for extended dosing intervals [1] Group 2: Market Position and Financial Projections - The report suggests that CM512 has shown sufficient drug-like properties and competitive potential compared to other single-target AD drugs, entering a validation phase globally [1] - Adjustments were made to the sales ramp-up expectations for Dupixent due to its short-term insurance sales advantage, with revised loss forecasts for the company at 679 million, 670 million, and 282 million CNY for 2025 to 2027 [1] - Based on the promising early data for CM512, the development success rate was increased, and long-term revenue assumptions post-2027 were raised, leading to a target price adjustment from 90.89 HKD to 91.08 HKD while maintaining a "Buy" rating [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 91.08 [1][5]. Core Insights - The Phase I clinical results of CM512, a dual antibody targeting TSLP/IL-13 for treating atopic dermatitis (AD), show promising efficacy and safety, outperforming the placebo group significantly [2][3]. - CM512 demonstrates a long half-life of 70 days, indicating potential for extended dosing intervals, and has shown rapid onset of action with a 50% EASI-75 response at 6 weeks in the 300mg dose group [2][4]. - The clinical data suggests that CM512 has competitive advantages over current standard therapies and other monoclonal antibodies, particularly in achieving deep remission [3][4]. Summary by Sections Clinical Results - The Phase I trial included 64 healthy participants and 46 moderate to severe AD patients, showing comparable rates of treatment-emergent adverse events (TEAE) and serious adverse events (SAE) between the trial and control groups [2]. - The 300mg dose group achieved EASI-75/90 rates of 58.3% and 41.7% at 12 weeks, significantly better than the placebo's 21.4% and 0% [2][3]. Competitive Landscape - CM512's EASI-90 response rate of 41.7% is superior to other treatments, including IL-4Rα monoclonal antibodies and small molecule drugs, indicating its potential as a best-in-class (BIC) therapy [3][4]. - Comparatively, other therapies like dupilumab and lebrikizumab have lower EASI-90 rates, reinforcing CM512's competitive edge [3][4]. Future Development - The company is expanding CM512's indications beyond AD, with ongoing Phase II trials for asthma, COPD, and chronic spontaneous urticaria, leveraging its long-acting profile [4]. - The potential for collaboration and further development in international markets is promising, given the initial efficacy data and competitive advantages [4]. Financial Projections - Revenue forecasts for the company have been adjusted, with expected revenues of RMB 570.96 million in 2025 and RMB 1,554 million by 2027, reflecting a significant growth trajectory [5][9]. - Net profit estimates for 2025-2027 have been revised to -679.40 million, -669.87 million, and -282.40 million respectively, indicating ongoing investment in R&D and market expansion [5][11].

Core Viewpoint - 康诺亚-B (02162) has seen a significant stock increase of over 7%, currently trading at 64.55 HKD, with a transaction volume of 281 million HKD, following a bullish report from Goldman Sachs which assigned a "Buy" rating and a target price of 92.67 HKD [1] Group 1: Product Performance - 康诺亚's first commercial product, Stapokibart, has received approval in mainland China for atopic dermatitis, chronic sinusitis, and seasonal allergic rhinitis, establishing a first-mover advantage in these areas [1] - Goldman Sachs projects that Stapokibart could lay a valuation foundation for the company, with peak sales expected to exceed 5 billion RMB by 2035 [1] Group 2: Future Growth Potential - The company anticipates significant growth from CM512, which is expected to become a preferred option for asthma and chronic obstructive pulmonary disease, with projected global sales of 3.3 billion USD before and 694 million USD after the PoS stage by 2035 [1] - In the first half of this year, Stapokibart generated sales of approximately 169 million RMB, with strong efficacy and safety advantages in the atopic dermatitis field, leading to rapid sales growth [1] Group 3: Market Strategy - 康诺亚 plans to participate in the 2025 medical insurance negotiations, which is expected to enhance the accessibility of Stapokibart [1] - The company has multiple early-stage pipelines with strong global potential, and several catalysts are anticipated to materialize [1]

Investment Rating - The report indicates a positive investment outlook for the allergic asthma drug industry in China, with a projected compound annual growth rate (CAGR) of 15.6% from 2024 to 2030, leading to a market size of 467 billion yuan by 2030 [5][9][11]. Core Insights - The current treatment landscape for allergic asthma includes a variety of therapies such as inhaled corticosteroids (ICS), allergen immunotherapy (AIT), and biologics targeting type 2 inflammation, suitable for moderate to severe cases [5][6]. - The market for allergic asthma drugs in China is expanding, driven by an increasing patient population exceeding 40 million and a growing demand for innovative treatments that focus on long-term control rather than just symptom relief [9][11]. - The report highlights the rapid development of biologics, with several monoclonal antibodies targeting IL-5, IL-4Rα, and TSLP showing promise in clinical trials, thus diversifying treatment options for severe asthma patients [12][22]. Summary by Sections Treatment Patterns - The treatment modalities for allergic asthma primarily consist of chemical drugs, allergen immunotherapy, and biologics. Biologics are particularly effective for patients with specific biomarkers [5][6]. Market Size and Growth - The Chinese allergic asthma drug market grew from 11.2 billion yuan in 2018 to an estimated 19.6 billion yuan in 2024, with a CAGR of 9.8%. It is expected to reach 46.7 billion yuan by 2030, reflecting a significant increase in demand due to a rising patient base and improved treatment awareness [9][11]. Drug Development - The report notes a diverse pipeline for new drug development in the allergic asthma sector, with multiple candidates in various clinical trial phases targeting different pathways, including IL-5 and TSLP [12][22]. Biologics Overview - Four classes of monoclonal antibodies have been approved for asthma treatment: anti-IgE, anti-IL-5, anti-IL-5R, and anti-TSLP. These biologics are recommended as add-on therapies for patients who remain uncontrolled on standard treatments [12][22]. Future Trends - The report anticipates a "demand upgrade-technology breakthrough-policy empowerment" phase for the allergic asthma drug market in China, aiming to create a comprehensive ecosystem for innovative treatments that cater to all patient demographics [11][12].

Investment Rating - The report does not explicitly state an investment rating for the allergic rhinitis drug industry in China. Core Insights - The Chinese allergic rhinitis drug market is projected to grow from CNY 44 billion in 2019 to CNY 81 billion by 2024, with a compound annual growth rate (CAGR) of 12.9%. By 2030, the market is expected to reach CNY 229 billion, reflecting a growth rate of 19.0% [5]. - The report highlights the increasing importance of biological agents in treating moderate to severe allergic diseases, with significant advancements in drug development and clinical applications [20][23]. Summary by Sections Market Overview - The market for allergic rhinitis drugs in China is expected to grow from CNY 422 billion in 2019 to CNY 462.8 billion by 2024, with a CAGR of 1.9%, and is projected to reach CNY 567.7 billion by 2030 [16]. Treatment Landscape - Current treatment options for allergic rhinitis are categorized into first-line, second-line, and third-line therapies. First-line treatments include nasal corticosteroids and second-generation antihistamines [5][11]. - Immunotherapy is recommended as a first-line treatment for the underlying cause of allergic rhinitis, while symptomatic treatments focus on alleviating symptoms [11]. Drug Development - Biological agents, particularly monoclonal antibodies targeting IL-4Rα and IgE, are gaining traction in the treatment of allergic rhinitis. The first approved IL-4Rα biological agent, Suptuizumab, offers a new treatment option for patients [20][23]. - The report notes that the development of new biological agents is ongoing, with several candidates in various stages of clinical trials [20][23]. Patient Demographics and Treatment Needs - The report indicates that the treatment needs of allergic rhinitis patients vary based on the severity of their condition. A significant portion of patients requires comprehensive treatment strategies, especially those with moderate to severe persistent allergic rhinitis [19]. - The high conversion rate between allergic rhinitis and asthma underscores the importance of long-term management and early intervention in treatment [19]. Innovation and Market Dynamics - The report emphasizes the shift towards targeted biological therapies due to the limitations of traditional treatments. The market for anti-IgE antibodies is evolving with new formulations and biosimilars, enhancing treatment options for patients [23][24]. - The report also highlights the maturity of upstream technologies related to the production of antihistamines and biological agents, which supports industry growth [27][29].

Group 1 - Chengdu is actively promoting "Rongpin Going Global" to attract foreign investment and enhance international market engagement [1][10] - The city is hosting various foreign enterprise roundtable meetings to facilitate communication and provide tailored services for companies [1][6] - Several Chengdu companies, including Guoxing Aerospace and Jimi Technology, are planning or advancing their H-share listings in Hong Kong, indicating a trend towards international capital market engagement [2][3] Group 2 - Guoxing Aerospace focuses on commercial satellite systems and aims to enhance the Chengdu commercial aerospace industry through its potential Hong Kong listing [3][8] - The Hong Kong capital market is characterized by high internationalization, diverse investor structures, and efficient refinancing processes, making it attractive for Chengdu enterprises [5][6] - Chengdu companies are increasingly pursuing dual capital platforms (A+H) to optimize their capital structures and support long-term growth [2][6] Group 3 - Nearly 30 Chengdu enterprises have successfully listed on the Hong Kong Stock Exchange, spanning sectors like electronics, food and beverage, and biomedicine [8][10] - Companies like Kangnuoya have rapidly advanced from small-scale operations to public listings, utilizing funds for product development and clinical trials [8] - The collaboration between Chengdu and Hong Kong is fostering deeper integration of capital, industry, and innovation, enhancing mutual benefits [10]

Investment Rating - The report indicates a positive outlook for the atopic dermatitis (AD) market, highlighting significant unmet medical needs and potential for new therapies, particularly in small molecules and biologics [4][10][12]. Core Insights - Atopic dermatitis is a chronic, recurrent inflammatory skin disease characterized by severe itching, affecting approximately 600-700 million patients globally, with around 67 million in China, indicating a substantial unmet demand for effective treatments [1][18][20]. - Recent advancements in small molecules and biologics have marked a new phase in AD treatment, with several new products entering the market, although the number remains limited [1][10][32]. - JAK inhibitors have shown excellent efficacy but come with safety concerns, while TYK2 inhibitors are emerging as a promising new option due to their selective action and potentially better safety profile [2][11][12]. - Biologics targeting IL-4Rα and IL-13 have demonstrated significant efficacy in improving skin lesions, with IL-31 showing strong itch relief capabilities [3][12][13]. - The development of dual/multi-target antibodies is seen as a new strategy to enhance treatment efficacy by combining the advantages of different targets [4][13][21]. Summary by Sections Investment Highlights - The AD market has immense potential, with a pressing need for effective therapies [4][10]. - The patient population is large, with over 600 million affected globally, necessitating urgent treatment options [1][18]. Disease Characteristics - AD is characterized by chronic inflammation and severe itching, significantly impacting patients' daily lives [1][14]. - The disease burden is heavy, with a complex pathogenesis involving multiple factors, primarily driven by Th2-type inflammation [21][24]. Current Treatment Landscape - Traditional therapies have safety concerns, leading to a shift towards biologics and small molecules [32][35]. - JAK inhibitors are the most approved class of drugs for AD, but they carry black box warnings due to safety issues [11][12]. - Emerging therapies, particularly TYK2 inhibitors, show promise for better safety and efficacy [2][11]. Biologics and Emerging Therapies - Currently approved biologics include IL-4Rα, IL-13, TSLP, and IL-31, with ongoing research into additional targets [3][12][13]. - Dual/multi-target antibodies are being explored to improve treatment outcomes and extend dosing intervals [4][13][21]. Market Potential - The report emphasizes the significant market potential for AD treatments, with projected growth driven by increasing patient numbers and the introduction of innovative therapies [4][10][20].

Core Viewpoint - 康诺亚-B's stock surged over 10% following the release of its 1H25 financial results, indicating strong market performance and revenue growth driven by key product sales and licensing agreements [1] Financial Performance - 康诺亚-B reported 1H25 revenue of 4.99 billion yuan, representing a year-on-year increase of 812% [1] - Product sales revenue reached 1.69 billion yuan, while the company recorded a net loss attributable to shareholders of 0.79 billion yuan [1] - Total revenue exceeded expectations primarily due to upfront and recent payments from external licensing of CM313 and CM355, with other sales revenue aligning with forecasts [1] Market Position and Product Development - 中金研报 highlighted accelerated market penetration of 康诺亚-B's core products and a differentiated market strategy [1] - The commercial performance of the drug 司普奇拜单抗 in its first full half-year was noted as excellent, with the TSLP/IL-13 dual antibody expected to become a significant product in the autoimmune sector, particularly for nasal indications [1] Competitive Advantages - 华泰证券 reported that 司普奇拜单抗 generated approximately 1.69 billion yuan in revenue, showcasing significant efficacy and safety advantages in the AD field, with strong competitive positioning [1] - The unique indications in the nasal sector are driving rapid sales growth, and the company plans to participate in the 2025 medical insurance negotiations to enhance accessibility [1] - 康诺亚-B has multiple early-stage pipelines with strong global potential, with several catalysts expected to materialize, including CMG901 anticipated to report in 2026 and CM512 expected to release AD clinical data in 2H25 [1]