Core Viewpoint - The company has achieved significant milestones in its clinical development, particularly with the TROP2 ADC SKB264 in combination with Keytruda for the treatment of PD-L1 positive non-small cell lung cancer (NSCLC) [1][2] Group 1: Clinical Development - The OptiTROP-Lung05 trial for SKB264 combined with Keytruda has met its primary endpoint in the Phase III clinical trial for 1L treatment of PD-L1 positive NSCLC [1] - The combination therapy showed statistically and clinically significant improvement in progression-free survival (PFS) compared to Keytruda alone, with a trend observed in overall survival (OS) benefits [1] - The company plans to submit a new indication application for market approval in China based on these results, with a focus on the potential registration progress in 2026 [1] Group 2: Strategic Partnerships - The company has entered into a collaboration with Crescent Biopharma, involving an $80 million upfront payment and up to $1.25 billion in milestone payments for the overseas rights to ITGB6 ADC SKB105 [2] - The partnership also includes an upfront payment of $20 million and up to $30 million in milestones for the introduction of Crescent's PD-1 x VEGF dual antibody CR-001 in China [2] - This collaboration is expected to enhance the company's cash flow and accelerate the clinical development path for SKB105, while the introduction of the dual antibody may synergize with the company's existing ADC assets [2] Group 3: Financial Projections - Following the licensing agreement, the company has revised its 2025 net profit forecast from a loss of 672 million yuan to a loss of 420 million yuan, while maintaining the 2026 forecast at a loss of 173 million yuan [2] - The company maintains an outperform rating based on a DCF model, with a target price of 550 HKD, indicating a potential upside of 33.4% from the current stock price [2]

Group 1 - The company maintains its net profit forecast for 2026, considering the upfront payment income from the licensing of Keren Biotechnology-B (06990) [1] - The target price is set at HKD 550, indicating a potential upside of 33.4% from the current stock price [1] - The company has achieved a significant milestone with its TROP2 ADC SKB264 combined with Keytruda in the treatment of PD-L1 positive non-small cell lung cancer (NSCLC) [2][3] Group 2 - The collaboration with Crescent Biopharma involves an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion for ITGB6 ADC SKB105, along with an upfront payment of USD 20 million and up to USD 30 million in milestones for the introduction of PD-1 x VEGF dual antibody CR-001 in China [2] - The SKB264 and Keytruda combination is the first ADC+IO regimen to reach the primary endpoint in the 1L NSCLC setting, showing significant improvement in progression-free survival (PFS) and a trend towards overall survival (OS) benefits [3] - The partnership with Crescent is expected to enhance the company's pipeline and cash flow while exploring the potential of next-generation IO+ADC combinations [4]