Core Viewpoint - CICC maintains an outperform rating for Kelun-Biotech (06990) due to strong revenue recognition from licensing and effective cost control, raising the target price by 57.1% to HKD 550, indicating a 20.6% upside from the current stock price [1] Group 1: Financial Performance - In 1H25, the company reported revenue of CNY 950 million, exceeding CICC's expectations [1] - The commercial revenue reached CNY 310 million, with 97.6% attributed to the product Jiatailai [2] Group 2: Market Expansion and Sales - The marketing team has grown to over 350 members, covering 30 provinces and achieving sales in over 1,000 hospitals [2] - The company is expected to further expand its market presence with anticipated approvals for 2L NSCLC and ongoing efforts for medical insurance inclusion by 2026 [2] Group 3: R&D Progress - The company has submitted a listing application for 2L NSCLC, with expectations for approval in 2H25 and data presentation at the upcoming ESMO conference [3] - The registration clinical phase for 1L NSCLC is ongoing, with a listing application expected in 2H25, and a submission for 2L HR+/HER2-BC planned for May 2025 [3] - The company plans to submit a listing application for A400 (RET inhibitor) within 2025 [3] Group 4: Early Pipeline Developments - The company will present phase 1 clinical data for SKB315 (CLDN18.2ADC) at the ESMO conference [4] - Global phase 1/2 trials for SKB410 (Nectin-4ADC) have been initiated by Merck [4] - The dual-antibody ADC SKB571 is set to start phase 2 clinical trials in China, while the radiolabeled drug SKB107 is undergoing phase 1 clinical research [4]