此外，信达生物综合管线矩阵丰富，多元化出海。心血管代谢及内分泌科来看：玛氏度肽、PCSK9已获 批，在研管线聚焦心血管相关的"四高"广阔人群;眼科：双抗分子有望通过差异化机制提升患者生存质 量;皮肤科及风湿科：匹康奇拜单抗(IL23p19)率先获批，具备BIC潜力;其余产品管线以FIC/BIC为目的解 决未满足需求。IBI3002为全球同类首创的免疫双抗分子，TSLP和IL4Rα为靶点，在哮喘患者初步展示 疗效信号。随着临床进展不断推进，有望持续拓展公司在创新管线的全球授权合作，同时获批产品和成 熟品种在全球多地区上市加速和拓展准入多元化公司出海模式，加速全球化布局。 中邮证券发布研报称，首次覆盖信达生物(01801)，给予"买入"评级，预计公司2025-2027年归母净利润 9.8/15.8/32.5亿元，对应PE为162/100/49。公司发布25年中期业绩公告，25H1公司收入59.5亿元，同比 +50.6%，其中产品收入52.3亿元，同比增长37.3%。EBITDA为14亿元，净利润为12亿元，在手现金146 亿元。信达在国内肿瘤药物领域具备领先地位，综合管线矩阵布局丰富，逐步获批上市有望双轮驱动业 ...

报告中称，公司IBI363获批开展全球三期临床，逐步验证新一代IO基石潜力。IBI363是由信达生物研发 的全球首创PD-1/IL-2α-bias双特异性融合蛋白，同时具有阻断PD-1/PD-L1通路和激活IL-2通路两项功 能。2025年8月公司宣布IBI363的IND获FDA批准，开展治疗鳞状非小细胞肺癌首个全球关键三期临床 研究：招募约600名患者，比较IBI363单药与多西他赛在IO经治的肺鳞癌的疗效与安全性，研究的主要 终点为总生存期(OS)。此前363在2025年ASCO上363亮相三项口头报告：对"免疫耐药"、"冷肿瘤"等具 备亮眼的疗效数据。公司开发策略清晰：优先瞄准IO经治的空白市场，在肺癌、黑色素瘤和三线肠癌 将在2025年陆续开展注册临床;在一线的肺癌、肠癌开展PoC研究，预计在2026读出。公司同步开展联合 疗法拓宽适应症，验证新一代IO基石的潜力。 此外，信达生物综合管线矩阵丰富，多元化出海。心血管代谢及内分泌科来看：玛氏度肽、PCSK9已获 批，在研管线聚焦心血管相关的"四高"广阔人群;眼科：双抗分子有望通过差异化机制提升患者生存质 量;皮肤科及风湿科：匹康奇拜单抗(IL23p19 ...

Core Viewpoint - The report from交银国际 indicates a significant potential for康方生物's HARMONi study to achieve statistically significant overall survival (OS) results due to a larger sample size [1] Financial Forecasts - The overseas peak sales forecast for康方生物 has been raised to $16.5 billion [1] - The financial projections for the group from 2025 to 2027 have been adjusted [1] - The target price for康方生物 has been increased from HKD 140 to HKD 183, maintaining a "Buy" rating [1] Sales Performance - The company's commercial sales revenue for the first half of the year increased by 49% year-on-year to RMB 1.4 billion [1] - The growth in sales is primarily attributed to the inclusion of the core dual antibody products卡度尼利 and依沃西 in the medical insurance catalog at the beginning of the year [1] - The commercialization of PCSK9 and IL12/IL23 has also contributed to the sales growth [1] - The sales team has over 1,200 members and continues to enhance the oncology and specialty drug divisions [1]

Core Viewpoint - The report from CMB International indicates that with a larger sample size in the HARMONi study, there is a significant likelihood that the final analysis of overall survival (OS) will reach statistical significance [1] Group 1: Financial Projections - The overseas peak sales forecast for the product has been raised to $16.5 billion [1] - The financial forecasts for the group from 2025 to 2027 have been adjusted [1] - The target price has been increased from HKD 140 to HKD 183, maintaining a "Buy" rating [1] Group 2: Sales Performance - The company's commercial sales revenue increased by 49% year-on-year to RMB 1.4 billion [1] - The growth is primarily attributed to the inclusion of core dual-antibody products, Cardunili and Ivosidenib, in the medical insurance catalog at the beginning of the year [1] - The sales team has over 1,200 members and continues to enhance the oncology and specialty drug divisions [1]

Summary of the Conference Call for Innovent Biologics Company Overview - **Company**: Innovent Biologics - **Industry**: Biopharmaceuticals, specifically focusing on oncology and metabolic diseases Key Points and Arguments Revenue Growth - Innovent Biologics achieved product revenue exceeding 5.2 billion RMB in the first half of 2025, representing a year-on-year growth of 35% [4] - In Q2 2025, revenue surpassed 2.7 billion RMB, with a growth rate exceeding 30% [4] - Growth is attributed to established oncology products like PD-1 and several biosimilars, along with new products such as PCSK9 and Tislelizumab [4] Product Pipeline and Market Potential - The company is entering a product harvest period over the next 3-5 years, expanding beyond oncology into cardiovascular, metabolic, ophthalmology, and autoimmune diseases [7] - New drug r23 P19 has entered the listing application phase, with multiple Phase III clinical trials ongoing for various indications [7] - The KRAS G12C drug is expected to participate in health insurance negotiations due to its strong target specificity and ease of testing, indicating good market potential [5] Specific Drug Developments - New molecule 3,003 shows excellent efficacy in treating multiple myeloma, achieving significant relief even in patients who have undergone multiple treatment regimens [8][9] - The 363 project in non-small cell lung cancer (NSCLC) has shown competitive data, with a progression-free survival (PFS) of 9.3 months in the 3 mg dose group [13] - The 363 project is positioned as a cornerstone for the company's immuno-oncology (IO) strategy, with further data expected in 2026 [12][13] Market Trends and Competitive Landscape - The PD-1 market in China is projected to reach 50 billion RMB in 2024, with an 18% year-on-year growth [11] - Chinese molecules are expected to contribute significantly to future sales growth, potentially accounting for 50% of the next-generation therapies [11] - The current landscape of anti-cancer drugs includes various technical routes such as dual antibodies targeting VEGF/PD-1, antibody-drug conjugates (ADCs), and immune checkpoint inhibitors [10] Marketing and Distribution Strategies - The weight-loss drug, Xianermei (MARS Duta), utilizes a multi-channel sales strategy, targeting young consumers through online platforms, with rapid delivery times [6] - The drug not only aids in weight loss but also improves blood pressure, blood lipids, and uric acid levels, with competitive pricing compared to similar products [6] Additional Important Insights - Innovent's research and market promotion efficiency is highlighted, with a diverse product line across multiple therapeutic areas [5] - The company is actively exploring different strategies to activate the immune system, indicating a commitment to innovation in treatment approaches [10]