机构：交银国际 研究员：丁政宁/诸葛乐懿 关键临床数据读出在即，多项早期管线持续推进：芦康沙妥珠适应症覆盖范围将持续扩张，管理层表示 将于2025 年ESMO 大会上公布两项三期临床数据，包括：1）2L HR+/HER2-乳腺癌适应症：已递交 sNDA，并被纳入优先审评；2）二线EGFRmt NSCLC 适应症：已递交sNDA，预计2025 年内获批。同 时多项一线适应症注册性研究进展顺利， 包括1L PD-(L)1（2H25/2026 年初递交NDA）、1L EGFRmt NSCLC 联合奥希替尼（预计2026 年递交NDA ） 。此外， 公司多项早期管线稳步推进： SKB571 （EGFR/c-MET 双抗ADC）即将进入二期临床，受益于安全性提升，联用潜力充足，有望布局消化道 肿瘤等与芦康沙妥珠具有差异化的适应症。 上调目标价：我们略微上调2025-27 年收入预测、上调长期峰值销售预测，以反映芦康沙妥珠及早期管 线品种研发如期推进对产品销售确定性（成功率假设）的提升作用。基于DCF 模型，我们上调公司目 标价至507港元，对应5.0 倍收入达峰时市销率及18%的潜在升幅，维持买入评级。 公司1H25 ...

Summary of Kelun Biotech Earnings Review Company Overview - **Company**: Kelun Biotech (6990.HK) - **Industry**: Biotech, specifically focused on developing and commercializing differentiated antibody drug conjugates (ADCs) for global patients [8][9] Key Financial Highlights - **1H Revenue**: Rmb950 million, with Rmb302 million from sac-TMT and Rmb628 million from licensing income, both broadly in-line with expectations [1] - **Net Loss**: Rmb-145 million, narrower than the expected Rmb-184 million, attributed to managed SG&A spending of Rmb253 million, which increased by 6% half-on-half [1] - **Cash Position**: Rmb4.5 billion in cash equivalents, up from Rmb3.1 billion by year-end 2024, sufficient to support near-term operations [1] Product Performance and Outlook - **sac-TMT**: Achieved high double-digit month-over-month growth, with NSCLC patients becoming the majority post-March approval. Management is confident in accelerated growth in the second half of the year [2][6] - **Mature Products**: Limited revenue in 1H, but expected growth post-NRDL coverage beyond 2025 [2] - **Next Potential Asset**: SKB571 (EGFR/cMET BsADC) is being positioned as the next anchor asset, with ongoing Phase 2 trials [6] Research and Development Insights - **R&D Expenses**: Decreased to Rmb612 million in 1H25, down 6% year-on-year, as more late-stage assets enter NDA or later stages [1] - **Pipeline Development**: Focus on addressing unmet medical needs with a variety of drug candidates in early-stage development [6] Valuation and Price Target - **Target Price Adjustment**: 12-month target price adjusted to HK$454.04 from HK$406.74, based on risk-adjusted DCF methodology [7] - **Earnings Per Share (EPS) Estimates**: Adjusted for 2025E-27E to reflect updated financials and lowered sales estimates for certain products [7] Risks and Challenges - **Key Risks**: Include R&D risks in developing new indications, competition in the ADC field, limited commercial manufacturing and sales track record, talent competition, and alliance risks [8][10] Conclusion - **Investment Rating**: The company is rated as a Buy, with expectations for meaningful growth driven by its product pipeline and strategic collaborations [9][11]