Group 1 - The company achieved a revenue of 950 million yuan in H1 2025, a year-on-year decrease of 31.3%, primarily due to high milestone payments recognized in the same period of 2024 [1] - The net loss attributable to the parent company was 145 million yuan, with an adjusted net loss of 69 million yuan [1] - The pharmaceutical sales revenue reached 309.8 million yuan, with sac-TMT accounting for 97.6% of total pharmaceutical sales, indicating successful commercialization progress [1][2] Group 2 - The sales revenue from sac-TMT is mainly derived from second-line triple-negative breast cancer and third-line EGFR mutation NSCLC, with the second-line EGFR mutation NSCLC indication expected to be approved in China soon, potentially driving stronger annual sales growth [2] - Sac-TMT's two approved indications will participate in the 2025 medical insurance negotiations, with expectations for accelerated sales growth after entering the insurance directory in 2026 [2] - Multiple clinical data will be disclosed at the ESMO conference in H2 2025, including phase III data for sac-TMT in second-line EGFR mutation NSCLC and phase I data for SKB315 (CLDN18.2 ADC) [2] Group 3 - The company's other core product, HER2 ADC (Bodutuzumab), received NDA acceptance in January 2025 and is expected to be approved for market launch in H2 2025 [3] - The company plans to submit the NDA application for the next-generation RET inhibitor A400 in H2 2025 [3] - The next major product, SKB571/MK-2750 (dual antibody ADC), is set to begin phase II clinical trials in China soon [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 950 million yuan for the first half of 2025, with a net loss of 145 million yuan [2]. - The commercialization year has begun, with sales starting to ramp up. The company has three products approved for sale: Jiatailai (TROP2 ADC), Ketailai (PD-L1 monoclonal antibody), and Datailai (Cetuximab) [3]. - The company has a strong clinical pipeline, with Jiatailai's core clinical layout entering a harvest period, and several key indications in various stages of clinical trials [4]. Financial Performance - The company is expected to achieve revenues of 2.325 billion yuan, 3.668 billion yuan, and 5.352 billion yuan for the years 2025, 2026, and 2027 respectively, showing significant growth compared to previous forecasts [5]. - The projected net profit for 2027 is 380 million yuan, indicating a turnaround from previous losses [5]. - The revenue growth rates are projected at 20.29%, 57.74%, and 45.91% for the years 2025, 2026, and 2027 respectively [10]. Clinical Development - The company has a robust pipeline with several products in various stages of clinical development, including A166 (HER2 ADC) in NDA stage and A400 (RET inhibitor) in registration clinical stage [4]. - The company is expanding its market reach, with products already covering 30 provinces and over 2000 hospitals [3]. Market Potential - The inclusion of Jiatailai, Ketailai, and Datailai in the basic medical insurance directory is expected to accelerate sales growth [3]. - The market potential for TROP2 ADC in breast and lung cancer is significant, with comprehensive coverage of patients anticipated upon completion of ongoing clinical trials [3].

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Core Viewpoint - The company, Kelun-Botai, is a leading player in the ADC (Antibody-Drug Conjugate) sector, with a robust technology platform and significant backing from multinational corporations (MNCs) [1] Group 1: Company Overview - Kelun-Botai was established in 2016 as an innovative R&D subsidiary of Kelun Pharmaceutical, focusing on three major technology platforms: ADC, macromolecules, and small molecules [1] - As of the 2024 annual report, Kelun-Botai has over 30 innovative assets and more than 10 drugs in clinical stages, indicating a well-structured pipeline [1] - The company is expected to enter a rapid growth phase in 2025, with promising commercial progress anticipated [1] Group 2: ADC Platform Development - The ADC platform focuses on both oncology and non-oncology development strategies, with research capabilities endorsed by MNCs [1] - SKB264, an optimized drug based on trastuzumab, has a comprehensive layout for breast cancer and non-small cell lung cancer (NSCLC), with multiple approvals and submissions expected between 2024 and 2025 [2] - A166 has reached critical endpoints in phase II trials for advanced HER2+ breast cancer and is expected to receive approval in 2025 [2] - The early ADC pipeline includes various targets such as CLDN18.2 and Nectin-4, with new products like SKB571 and SKB107 anticipated to follow [2] Group 3: Non-ADC Platform Development - The non-ADC platform is entering a harvest phase, covering oncology and autoimmune fields [2] - A167 (PD-L1) has received approvals for multiple indications, while A140 (a biosimilar of cetuximab) is also set for approval in early 2025 [2] - A400, a selective RET inhibitor for RET+ NSCLC, is expected to submit for market approval within the year [2] Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 2.006 billion, 2.884 billion, and 4.696 billion yuan, reflecting year-on-year growth rates of 3.8%, 43.8%, and 62.8% respectively [3] - The current stock price corresponds to price-to-sales (PS) ratios of 34.7x, 24.2x, and 14.8x for the respective years [3] - The company is expected to reach a commercialization inflection point in 2025, with numerous catalysts from clinical data and business development expectations [3]

Core Insights - The 2025 ASCO Annual Meeting will take place from May 30 to June 3 in Chicago, showcasing significant advancements in innovative drug development from Chinese pharmaceutical companies [1][5] - Multiple drugs with "first-in-class" or "best-in-class" potential have been selected for oral presentations, highlighting the R&D capabilities of Chinese biotech firms [1] Group 1: Company Highlights - Innovent Biologics has seven studies selected for oral presentations, including IBI363 (PD1xIL2 bispecific antibody) with clinical data on non-small cell lung cancer (NSCLC), colorectal cancer (CRC), and malignant pleural mesothelioma (MLN) [1] - China Biologic Products has twelve studies selected, with four classified as "latest breakthrough abstracts" (LBA), notably the combination of bemarituzumab and anlotinib for first-line treatment of NSCLC [1] - Kelun-Biotech will present six research outcomes, focusing on SKB264 (TROP2 ADC), A167 (PD-L1 monoclonal antibody), and A400 (RET inhibitor) [2] Group 2: Drug Development Focus - Antibody-drug conjugates (ADCs) are a major focus for domestic pharmaceutical companies at this year's meeting, with several companies showcasing their ADC products [2] - Baiyuntianheng's bispecific ADC BL-B01D1 (EGFRxHER3) will present Phase I clinical data for small cell lung cancer (SCLC) and NSCLC [3] - Zai Lab's ZG006 (DLL3xCD3 tri-antibody) will release Phase II dose expansion data for SCLC patients, along with updates on other dual-target antibodies [3] Group 3: Key Clinical Data - The combination therapy of vidutolimab and trastuzumab for HER2-positive gastric cancer will be presented in a rapid oral report [4] - The c-MET ADC RC108 will also update its progress during the meeting [4] - The ASCO 2025 meeting is positioned as a crucial platform for Chinese innovative drug companies to showcase their breakthroughs in key indications, further promoting the internationalization of domestic innovations [5]