Summary of Key Points from the Conference Call Company Overview - **Company**: 科伦博泰 (Kelong Botai) - **Core Product**: 264, the first approved domestic ADC and the first globally approved ADC for lung cancer indications [1][5][27] Industry Insights - **ADC Market**: The global Trop-2 ADC market is projected to reach approximately $26 billion by 2030, with significant growth potential in China, expected to reach 23.6 billion RMB [13] - **Clinical Development**: Over ten ADC drugs are currently in clinical development, with 264 being the most advanced [10] Core Product Insights - **264 Product Advantages**: - First approved domestic ADC and globally the first for lung cancer indications - Expected peak sales contribution of $25 billion by 2035, with a sales target of $800 million to $1 billion for 2025 [2][5][27] - Significant clinical data showing improved progression-free survival (PFS) and overall response rates (ORR) in trials for TNBC and lung cancer [16][21] Financial Performance - **Financial Status**: - As of the end of 2024, the company has significantly narrowed its net profit loss and holds approximately $3 billion in cash and financial assets [9] - Projected revenues for 2025, 2026, and 2027 are expected to be $2 billion, $2.88 billion, and $4.69 billion respectively, with a significant portion from 264 [27] Strategic Collaborations - **Partnerships**: - Ongoing collaborations with Merck, including multiple agreements for ADC development and commercialization [11] - Established a network of domestic and international partnerships, enhancing market prospects [9] Clinical Trial Results - **Breast 01 Trial**: - Showed a PFS of 6.7 months for 264 compared to 2.5 months in the control group, with a 68% reduction in disease progression or death risk [16] - ORR of 45.4% with manageable safety profile [17] Future Development and Market Position - **Product Pipeline**: - Future products include 167CD7 monoclonal antibody and 166, entering commercialization phases [6] - 2025 is expected to be a pivotal year for commercialization with more catalysts anticipated [6][27] Market Outlook - **Sales Goals**: - The sales target for 264 in 2025 is set at $800 million to $1 billion, with expectations for robust performance [29] - The company is positioned as a high-certainty investment in the innovative drug export sector [29][30] Conclusion - **Investment Potential**: - The company is viewed as having significant upside potential due to its innovative product pipeline, strong partnerships, and favorable market conditions [28][30]

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]

空中客车：法国和西班牙提出希望分别提前交付四架和三架空客A400M飞机。 ...

据了解，富时罗素在选股的时候，一般都是根据专业分析、实地考察以及过往的盈利能力作为准则，因此被富时罗素"青睐"的公司在过去的一年经营情况 在A股范围内也是个中翘楚。 富时中国A50指数纳入江苏银行 6月4日，富时罗素公布2025年6月富时中国50指数、富时中国A50指数、富时中国A150指数、富时中国A200指数以及富时中国A400指数季检结果，该变更 将于6月20日星期五收盘后生效。 富时中国A50指数此次将江苏银行（600919）纳入，剔除长城汽车（601633），同时将百济神州、伊利股份（600887）、上汽集团（600104）、赛力斯 （601127）、汇川技术（300124）等纳入备选名单。 富时中国A50指数由富时罗素编制并发布。该指数由上海和深圳证券交易所市场中总市值最大的50只股票组成，反映A股市场中最具影响力的前50大上市 公司股票的表现，不少国际投资者把这一指数看作是衡量中国市场的精确指标。 | 证券代码 | 证券简称 | | --- | --- | | 600919 | 江苏银行 | | | 富时中国A50指数剔除名单 | | 证券代码 | 证券简称 | | 601633 | 长城汽车 ...

6月4日，富时罗素公布2025年6月富时中国50指数、富时中国A50指数、富时中国A150指数、富时中国A200指数以及富时中国A400指数季检结 果，该变更将于6月20日星期五收盘后生效。 据了解，富时罗素在选股的时候，一般都是根据专业分析、实地考察以及过往的盈利能力作为准则，因此被富时罗素"青睐"的公司在过去的一年经营情况在A股范 围内也是个中翘楚。 富时中国A50指数纳入江苏银行 富时中国A50指数此次将江苏银行纳入，剔除长城汽车，同时将百济神州、伊利股份、上汽集团、赛力斯、汇川技术等纳入备选名单。 富时中国A50指数由富时罗素编制并发布。该指数由上海和深圳证券交易所市场中总市值最大的50只股票组成，反映A股市场中最具影响力的前50大上市公司股票的 表现，不少国际投资者把这一指数看作是衡量中国市场的精确指标。 | 证券代码 | 证券简称 | | --- | --- | | 600919 | 江苏银行 | | | 富时中国A50指数剔除名单 | | 证券代码 | 证券简称 | | 601633 | 长城汽车 | | | 富时中国A50指数备用名单 | | 证券代码 | 证券简称 | | 688235 | ...

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]

证券代码：002422 证券简称：科伦药业 四川科伦药业股份有限公司投资者关系活动记录表 编号：0073 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 动类别 | □现场参观 | | | □其他：电话调研 | | | 贝莱德基金、东方证券、东海证券、东吴证券、高盛中国证券、广发证券、 | | 参与单位名称 | 国海证券、国金证券、国联民生证券、国盛证券、国泰海通证券、国信证券、 | | 及人员姓名 | 杰富瑞、华安证券、华福证券、华泰证券、华源证券、汇添富基金、开源证 | | | 券、摩根士丹利、瑞银证券、申万宏源、太平洋证券、西部证券、西南证券、 | | | 信达证券、兴业证券、浙商证券、中金公司、银河证券、中信建投证券、中 | | | 信证券等机构和投资者共 190 人次 | | 时间 | 2025 年 4 月 30 日下午 | | 地点 | 线上 | | | 科伦药业副总经理兼财务总监赖德贵先生、副总经理兼董事会秘书冯昊先 | | 上市公司接待 | 生、科伦药物研究院总经理赵栋先生；科伦 ...