该行指，信达生物中期业绩胜预期，上半年销售同比升50.6%，同比扭亏为盈，纯利达8.34亿元人民 币，胜于预期。集团已获核准的GLP1双激动剂和即将上市的IL-23将进一步推动其盈利增长，而被备受 瞩目的PD-1/IL-2药物IBI363已准备好进行针对I/O复发鳞状非小细胞肺癌的全球MRCT试验，其 CLDN18.2ADC也正在针对胰脏癌进行第二次MRCT试验。 里昂发布研报称，将信达生物(01801)今年、明年及2027年销售预测上调2.7%、0.8%及2.8%，各年净利 润预测分别上调90.4%、25.3%及25.3%，其目标价由108.4港元上调至111.4港元，其评级为"跑赢大 市"。 ...

Core Insights - JS207, a bispecific antibody targeting PD-1 and VEGFA developed by Junshi Biosciences, has demonstrated strong antitumor activity and favorable safety profiles in preclinical studies, indicating its potential as a novel cancer treatment [1][2] Group 1: Mechanism and Preclinical Results - JS207 exhibits high affinity binding to PD-1 and VEGFA, showing comparable or superior antigen affinity, immune activation, and vascular proliferation regulation compared to similar drugs [1][2] - In various tumor models, JS207 has shown robust antitumor activity, with good tolerability and thermal stability, making it a promising candidate for cancer therapy [1][2] Group 2: Structural and Functional Characteristics - Structurally, JS207 is based on Trastuzumab, combining a full-length anti-PD-1 IgG antibody with a VEGFA-targeting heavy chain variable region, demonstrating effective blocking of PD1/PDL1 and PD1/PDL2 interactions [2] - In mouse tumor models, JS207 exhibited dose-dependent antitumor effects, outperforming Trastuzumab alone or in combination with VEGF DotAb treatment [2] Group 3: Clinical Development and Market Potential - JS207 is currently undergoing multiple Phase I-II clinical trials for various cancers, including non-small cell lung cancer, hepatocellular carcinoma, renal cancer, and colorectal cancer, indicating its broad application potential [3] - The drug has significant combination potential with other products in the company's pipeline, such as DKK1 inhibitors and CTLA-4 monoclonal antibodies, enhancing its market prospects [3] Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 2.6 billion, 3.5 billion, and 4.5 billion yuan, with year-on-year growth rates of 33.45%, 34.62%, and 28.57% respectively [4] - The net profit attributable to the parent company is expected to be -685 million, 29 million, and 306 million yuan for the same period, with significant growth rates of 46.53%, 104.18%, and 968.22% respectively [4]