招银国际发布研报称，对科伦博泰生物-B(06990)SKB264的全球发展保持信心，将目标价由299.93港元 上调至498.55港元，此按现金流折现率作估值，维持"买入"评级。 上半年，公司合作收入及研发服务收入共录6.41亿元，包含对外授权SKB378(TSLP)予WindwardBio的首 付款，以及来自默沙东的里程碑付款。销售开支占销售额比例为58%，反映SKB264获批后开展商业活 动。现金及金融资产总值44.6亿元，为商业化及研发发展提供充足资金。 科伦博泰生物上半年收入9.5亿元人民币(下同)，期内产品销售额达3.1亿元人民币，当中SKB264贡献 3.02亿元，相当于该行全年预测的34%。SKB264早前获批用于治疗后线三阴性乳腺癌(TNBC)和EGFR突 变非小细胞肺癌(NSCLC)，目前正处于加速增长的初期阶段。管理层维持SKB264全年销售额8至10亿元 的目标。该行预期SKB264两个已获批适应症将自明年初起纳入国家医保目录。 ...

Core Viewpoint - 招银国际 maintains confidence in the global development of 科伦博泰生物-B (06990) SKB264, raising the target price from HKD 299.93 to HKD 498.55, based on discounted cash flow valuation, and maintains a "Buy" rating [1] Financial Performance - In the first half of the year, the company reported revenue of RMB 950 million, with product sales amounting to RMB 310 million, of which SKB264 contributed RMB 302 million, accounting for 34% of the annual forecast [1] - The company recorded cooperation and R&D service income of RMB 641 million, which includes an upfront payment for the licensing of SKB378 (TSLP) to WindwardBio and milestone payments from Merck [1] Product Development - SKB264 has been approved for the treatment of late-line triple-negative breast cancer (TNBC) and EGFR mutation non-small cell lung cancer (NSCLC), currently in the early stages of accelerated growth [1] - The management maintains a sales target for SKB264 of RMB 800 million to RMB 1 billion for the full year, with expectations that the two approved indications will be included in the national medical insurance catalog starting early next year [1] Cost Structure - Sales expenses accounted for 58% of sales, reflecting the commercial activities initiated following the approval of SKB264 [1] Financial Position - The total value of cash and financial assets is RMB 4.46 billion, providing sufficient funds for commercialization and R&D development [1]