Core Viewpoint - 康诺亚-B (02162) shares rose over 7%, currently at 64.55 HKD, with a trading 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 Approval and Market Potential - 康诺亚's first commercial product, Stapokibart, has been approved in mainland China for atopic dermatitis, chronic sinusitis, and seasonal allergic rhinitis, establishing a first-mover advantage in these areas [1] - Goldman Sachs estimates that Stapokibart could lay the foundation for the company's valuation, with peak sales expected to exceed 5 billion RMB by 2035 [1] Group 2: Future Growth Drivers - 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, indicating strong market performance [1] Group 3: Competitive Advantages and Strategic Plans - 华泰证券 highlighted Stapokibart's significant efficacy and safety advantages in the atopic dermatitis field, along with strong competitiveness, particularly in its exclusive indications in the nasal field, driving rapid sales growth [1] - The company plans to participate in the 2025 medical insurance negotiations, which is expected to enhance accessibility for its products [1] - Multiple early-stage pipelines show strong global potential, with several catalysts expected to materialize [1]