Keymed Bioscience Conference Call Summary Company Overview - **Company**: Keymed Bioscience (2162.HK) - **Industry**: Immunology Biotech in China Core Insights and Arguments - **Pipeline Potential**: Keymed is recognized for its well-established immunology pipeline, with significant upside potential driven by its product candidates, particularly Stapokibart and CM512 [4][10] - **Stapokibart Validation**: The approval of Stapokibart serves as a validation of the company's R&D and regulatory capabilities, enhancing investor confidence [4][10] - **CM512 Breakthrough Potential**: CM512, a TSLP/IL-13 bispecific antibody, is highlighted for its breakthrough potential, with projected peak sales of approximately US$3.3 billion globally by 2035 [5][10] - **Market Forecasts**: The company anticipates peak sales of Rmb5.2 billion in the Chinese market by 2035, contributing to 50% of its total equity valuation [10] Development Strategy - **Diversified Pipeline**: Keymed is focusing on enriching its immunology pipeline with various modalities, including early-stage development assets [6][10] - **Global Oncology Potential**: The company aims to unlock the global potential of its oncology pipeline through strategic partnerships [6] Financial Projections - **Target Price**: The 12-month forward target price for Keymed is set at HK$92.67, based on a DCF valuation with a discount rate of 12% [11] - **Growth Rate**: A terminal growth rate of 3% is projected, reflecting growth potential from the early-stage pipeline [12] Probability of Success (PoS) - **Success Rates**: The probability of success for Stapokibart is 100%, while CM512 has a PoS of 32% for asthma and 9% for COPD [13] Key Risks - **R&D Risks**: The company faces R&D risks associated with its key pipeline assets, including uncertainties in commercial execution and potential pricing pressures from rising competition [17] - **Development Uncertainties**: There are uncertainties regarding the development of CM512, which could impact its market entry and success [17] Upcoming Catalysts - **Regulatory and Clinical Milestones**: Key upcoming catalysts include regulatory negotiations for CM310 and clinical data releases for CM512 and CMG901, with timelines extending into 2026 [15][16] Conclusion Keymed Bioscience is positioned as a significant player in the immunology sector in China, with a robust pipeline and strategic growth initiatives. However, investors should remain cautious of the inherent risks associated with R&D and market competition.

Core Viewpoint - Goldman Sachs initiates coverage on Connora-B (02162) with a "Buy" rating and a target price of HKD 92.67 [1] Group 1: Product Approval and Market Potential - The company's first commercial product, Stapokibart, has been approved in mainland China for atopic dermatitis, chronic sinusitis, and seasonal allergic rhinitis [1] - With Stapokibart's first-mover advantage in these areas, it is expected to establish a valuation foundation for the company, with peak sales projected to exceed RMB 5 billion by 2035 [1] Group 2: Future Growth Drivers - Greater growth momentum is anticipated from CM512, which is believed to be a superior option for asthma and chronic obstructive pulmonary disease [1] - Global sales for CM512 are expected to reach USD 3.3 billion before the point of sale (PoS) stage and USD 694 million after by 2035 [1]

Core Viewpoint - Goldman Sachs initiates coverage of Connora-B (02162) with a "Buy" rating and a target price of HKD 92.67, highlighting the potential of its first commercial product, Stapokibart, in various therapeutic areas [1] Group 1: Product Overview - Stapokibart has received approval in mainland China for atopic dermatitis, chronic sinusitis, and seasonal allergic rhinitis indications, establishing a first-mover advantage for the company [1] - The peak sales for Stapokibart are expected to exceed RMB 5 billion by 2035, providing a solid valuation foundation for the company [1] Group 2: Future Growth Potential - Greater growth momentum is anticipated from CM512, which is believed to be a superior option for asthma and chronic obstructive pulmonary disease [1] - Global sales for CM512 are projected to reach USD 3.3 billion before the point of sale (PoS) stage and USD 694 million after the PoS stage by 2035 [1]

Group 1 - Goldman Sachs initiates coverage on Connora with a "Buy" rating and a target price of HKD 92.67 [1] - The company's first commercial product, Stapokibart, has been approved in mainland China for atopic dermatitis, chronic sinusitis, and seasonal allergic rhinitis [1] - Goldman Sachs believes Stapokibart's first-mover advantage in these areas will establish a valuation foundation, with peak sales expected to exceed HKD 5 billion by 2035 [1] Group 2 - The firm anticipates greater growth momentum from CM512, which is expected to be a superior option for asthma and chronic obstructive pulmonary disease [1] - Projected global sales for CM512 are expected to reach USD 3.3 billion before the point of sale (PoS) stage and USD 694 million after by 2035 [1]

里昂发布研报称，康诺亚-B(02162)上半年业绩超出市场预期，Stapokibart销售额达1.69亿元人民币，高 于先前指引的1.5亿元人民币。虽然CM512潜在的二次对外授权机会推动近期股价上升，但公司优先聚 焦国内市场的产品开发策略令市场稍为失望。考虑到CM512展现的积极临床进展及成为同类最佳药物 的潜力，该行将康诺亚的目标价由65港元上调至78港元，评级由高度确信跑赢大市调整至跑赢大市。 ...

Core Viewpoint - 康诺亚-B (02162) reported better-than-expected performance for the first half of the year, with Stapokibart sales reaching 169 million RMB, exceeding the previous guidance of 150 million RMB [1] Group 1: Financial Performance - Stapokibart sales amounted to 169 million RMB, surpassing the earlier forecast of 150 million RMB [1] - The company's focus on domestic product development strategies has led to some market disappointment despite the positive sales figures [1] Group 2: Market Outlook - The potential for CM512's secondary licensing opportunities has contributed to a recent increase in stock price [1] - Given the promising clinical progress of CM512 and its potential to become a best-in-class drug, the target price for 康诺亚 has been raised from 65 HKD to 78 HKD [1] - The rating for 康诺亚 has been adjusted from "highly confident to outperform the market" to "outperform the market" [1]