Investment Rating - The report maintains a "Buy" rating for the company 康诺亚 (2162 HK) with a target price adjusted to HKD 57.00, indicating a potential upside of 42.7% from the closing price of HKD 39.95 [2][3][12]. Core Insights - 康诺亚 is expected to achieve sales of RMB 500 million in its first year, driven by multiple competitive advantages such as multi-indication approvals and superior clinical data compared to competitors [3][7]. - The company has a robust cash reserve of RMB 2.16 billion, which is projected to support stable development over the next three years [7]. - The sales growth for 康悦达 (the company's product) is anticipated to be propelled by its approval for multiple indications, a well-established commercialization team, and effective market access strategies [7][8]. Financial Forecasts - Revenue projections for 2025 are set at RMB 689 million, reflecting a decrease of 12.6% from previous estimates, with further declines expected in 2026 and 2027 [6][13]. - The gross profit for 2025 is forecasted at RMB 478 million, with a gross margin of 69.5%, down from 74.4% in prior estimates [6][13]. - The net loss for 2025 is projected to be RMB 870 million, widening from RMB 840 million in the previous forecast [6][13]. Market Position and Strategy - 康诺亚 has established a commercialization team of approximately 300 personnel, effectively covering over 1,100 hospitals across more than 220 cities [7]. - The company is expected to submit applications for additional indications in the first half of 2025, which could further enhance its market presence [7]. - Despite competitive pricing pressures, 康诺亚 is positioned to leverage its superior efficacy data to capture market share [7].

Investment Rating - The report maintains a "Buy" rating for 康诺亚 (2162 HK) with a target price adjusted to HKD 57.00, indicating a potential upside of 42.7% from the closing price of HKD 39.95 [2][3][12]. Core Insights - 康诺亚 is expected to achieve sales of RMB 500 million in its first year, driven by multiple competitive advantages including broad indication approvals and superior clinical data compared to competitors [3][7]. - The company anticipates a revenue of RMB 428 million in 2024, representing a 21% year-on-year growth, primarily from collaboration income and initial sales of 康悦达 (司普奇拜单抗) [7]. - Despite facing increased competition, 康诺亚's management is optimistic about the long-term sales growth potential of 康悦达, which has already received approvals for multiple indications [7][8]. Financial Forecasts - Revenue projections for 康诺亚 have been revised downwards for 2025 and 2026, reflecting a more cautious outlook on collaboration income, with expected revenues of RMB 689 million and RMB 1,212 million respectively [6][13]. - The gross profit margin is projected to decline from 69.5% in 2025 to 79.6% in 2026, indicating increased cost pressures [6][13]. - The company is expected to incur a net loss of RMB 870 million in 2025, widening from RMB 515 million in 2024, primarily due to increased R&D and sales expenses [6][13]. Market Position and Strategy - 康诺亚 has established a commercialization team of approximately 300 people, effectively covering over 1,100 hospitals across more than 220 cities, which positions the company well for market penetration [7]. - The company plans to maintain R&D expenses at levels similar to 2024 while increasing sales expenses, indicating a focus on expanding market presence [7]. - 康诺亚's competitive edge is expected to be bolstered by superior efficacy data, which may help it withstand pricing pressures from competitors [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Keymed Biosciences Inc. 康諾亞生物醫藥科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2162） 截至2024年12月31日止年度之年度業績公告； 及 提名委員會組成變動 | 財務摘要 | | | | | | --- | --- | --- | --- | --- | | | 2024年 | 2023年 | 變動 | 同比變動 | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | % | | 收入 | 428,124 | 354,095 | 74,029 | 21% | | 銷售成本 | (12,200) | (36,878) | 24,678 | (67%) | | 毛利 | 415,924 | 317,217 | 98,707 | 31% | | 研發開支 | (735,192) | (596,282) | (138,910) | 23% | | 年內虧損 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Views - The company announced that its self-developed new drug, Kangyueda (Supuqibai monoclonal antibody), for the treatment of seasonal allergic rhinitis (SAR) has been approved by NMPA ahead of expectations, indicating a significant opportunity in the nasal market [7] - The company has three approved indications for its IL-4R monoclonal antibody, with a competitive edge in the market, and is expected to achieve rapid growth in 2025 through its dermatology and nasal indications [7] - Revenue forecasts for 2024-2026 have been adjusted to 318 million, 467 million, and 1,003 million yuan respectively, with corresponding EPS of -2.01, -2.19, and -1.26 yuan [7] Financial Summary - The total market capitalization is 8.84 billion HKD, with a current stock price of 31.60 HKD [2] - The company’s revenue for 2022 was 100 million yuan, with a projected revenue of 354 million yuan for 2023, and a decline to 318 million yuan in 2024, followed by growth to 467 million yuan in 2025 and 1,003 million yuan in 2026 [10] - The net profit for 2024 is expected to be -563 million yuan, improving to -351 million yuan by 2026 [10] - The gross margin is projected to remain high at around 95% for 2024-2026 [10] Market Opportunity - The prevalence of allergic rhinitis in China has increased from 11.1% to 17.6%, with approximately 200 million patients affected, indicating a large unmet clinical need [8] - Despite the use of existing treatments, 62% of moderate to severe allergic rhinitis patients do not achieve effective symptom control, highlighting the potential for new therapies [8] Product Details - Supuqibai monoclonal antibody is the first globally approved biological agent for treating moderate to severe seasonal allergic rhinitis in adults, showing significant symptom relief compared to existing treatments [9] - Key clinical trial results indicate rapid relief of nasal congestion symptoms within two days of the first dose, with nearly half of the patients achieving mild to complete relief after the first treatment [9]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5][11] Core Views - The approval of the new indication for Supqi Baidankang (司普奇拜单抗) for seasonal allergic rhinitis marks it as the first domestically approved IL4R monoclonal antibody for this indication. This is the third indication approved for Supqi Baidankang, following approvals for moderate to severe atopic dermatitis in adults and chronic sinusitis with nasal polyps [4][6][7] - The commercialization of Supqi Baidankang is progressing smoothly, with expectations to capture a significant market share due to its differentiated indications and strong clinical data. The competitive landscape for IL4R monoclonal antibodies is favorable, providing Supqi Baidankang with a first-mover advantage over other domestic products [4][5] - The company has a rich pipeline of products, including CM336, CM313, CM355, and CM512, which have been authorized for overseas markets. CMG901 has entered global Phase 3 clinical trials, indicating a robust future product pipeline [4][10] Summary by Sections Company Announcement - The company announced that Supqi Baidankang for the treatment of seasonal allergic rhinitis has been approved by the National Medical Products Administration (NMPA) [4] Financial Forecast - Revenue projections for the company from 2024 to 2026 are estimated at 1.04 billion, 6.49 billion, and 13.83 billion yuan, respectively, with year-on-year growth rates of -71%, 525%, and 113%. The net profit attributable to the parent company is forecasted to be -6.41 billion, -7.76 billion, and -3.55 billion yuan for the same period [5][11] Clinical Development - Supqi Baidankang's approval is based on a multi-center, randomized, double-blind, placebo-controlled Phase 3 study, demonstrating significant clinical benefits in controlling typical nasal allergy symptoms compared to standard treatment [6][7] - The competitive landscape includes Sanofi's Dupilumab, which has rapidly entered the insurance reimbursement system in China after its approval [6][8] Pipeline and Partnerships - The company has several products in its pipeline that have been authorized for international markets, with CMG901 already in Phase 3 trials globally. This indicates a strong potential for future growth and market presence [10][11]

http://www.stocke.com.cn 资料来源：公司 2024 年中报，浙商证券研究所 http://www.stocke.com.cn 5/28 请务必阅读正文之后的免责条款部分 廉诺亚-B(02162)公司深度 1.2 股权:核心高管研发经验丰富 公司股权结构清晰，核心高管经验丰富。康诺亚于 2016年在成都成立，并于 2021 年 7 月在港交所主板上市。裁至 2024H1，Moonshot Holdings Limited 持有公司 27.79%的股份, 为公司最大股东。Moonshot 由 4名股东全资持有,其中 Bo Chen 拥有 Moonshot 65.36%的股 份,为公司的实际控制人及行政总裁,在创新药物开发方面拥有超过20年的经验,负责抗 体发现及项目管理。Wang 博士为广受赞誉的免疫肿瘤学领军专家，曾共同参与全球首创的 PD-1 抗体(即百时美施贵宝的 Opdivo)的研发。徐刚现任公司高级副总裁,在创新药物开 发方面拥有超过 10年的经验,负责抗体人源化及蛋白质工程。其余高管也拥有丰富的专业 水平及行业经验,为公司持续发展保驾护航。 图2:康诺亚股权结构图 Bo Che ...

2024 年 10 月 29 日 公司研究 司普奇拜单抗获批上市，商业化前景可期 ——康诺亚-B（2162.HK）公告点评 要点 事件： 中国国家药品监督管理局（NMPA）已于近日批准司普奇拜单抗（抗 IL-4Rα 单 克隆抗体；商品名：康悦达；研发代号：CM310）的新药上市申请，适应症为 成人中重度特应性皮炎。 点评： 司普奇拜单抗长期治疗可获得持续性临床获益，且安全性良好。 本次司普奇拜单抗获批上市是基于一项多中心、随机、双盲、安慰剂对照的Ⅲ期 研究，以第 16 周时达到湿疹面积和严重程度指数较基线改善至少 75%(EASI-75) 及研究者整体评分法（IGA）评分达到 0 分或 1 分且较基线下降≥2 分的达标率 为共同主要终点。结果显示，本试验在第 16 周达到了共同主要终点，长期治疗 可获得持续性临床获益，且安全性良好。 司普奇拜单抗是首个国产且获得 NMPA 批准上市的 IL-4Rα 抗体药物。 司普奇拜单抗是一种针对白介素 4 受体 α 亚基(IL-4Rα)的高效、人源化抗体，其 为首个国产且获得 NMPA 批准上市的 IL-4Rα 抗体药物。通过靶向 IL-4Rα，司普 奇拜单抗可双重阻断白 ...

INTERIM REPORT 中期報告 2024 Keymed Biosciences Inc. 康諾亞生物醫藥科技有限公司 | --- | --- | --- | --- | |--------------------------------------------------------|-------|-------|----------| | | | | | | | | | | | ( ) Keymed Biosciences Inc. 康諾亞生物醫藥科技有限公司 | | | | | 於開曼群島註冊成立的有限公司 股份代號 : 2162 | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 | 中期報告 | 目 錄 | --- | --- | |-------|--------------------------| | 2 | 釋義 | | 6 | 公司資料 | | 8 | 管理層討論與分析 | | 22 | 補充資料 | | 34 | 獨立審閱報告 | | 35 | 中期簡明綜合損益表 | | 36 | 中期簡明綜合全面收益表 | | ...

证券研究报告 医药生物 买入（维持） ——首个国产 IL-4Rα单抗获批，开启商业化新征程 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 市场表现： -46% -32% -19% -5% 8% 22% 23-0923-1023-1123-1224-0124-0224-0324-0524-0624-0724-0824-09 康诺亚-B 恒生指数 公司点评 康诺亚-B(2162.HK) 2024 年 9 月 19 日 投资要点： ➢ 事件：2024 年 9 月 12 日，公司自主研发的 1 类新药康悦达®（司普奇拜单抗注射液）正式 获批上市，用于治疗成人中重度特应性皮炎，是国内首个、全球第二个获批上市的 IL-4Rα抗 体药物，填补了国产特应性皮炎生物制剂领域的空白。 ➢ 司普奇拜单抗疗效优异，国内特应性皮炎市场空间较大。 1）临床疗效显著，具备同类最佳潜力：临床数据显示，司普奇拜单抗首剂治疗一天，患者的 瘙痒症状即迅速改善；治疗两周，患者的全身各部位皮损均明显改善；治疗 52 周，达到 EASI-75 的患者比例高达 92.5%，达到 EASI-90 的患 ...

证券研究报告 医药生物 买入（维持） ——首个国产 IL-4Rα单抗获批，开启商业化新征程 证券分析师 刘闯 S1350524030002 liuchuang@huayuanstock.com 市场表现： -46% -32% -19% -5% 8% 22% 23-0923-1023-1123-1224-0124-0224-0324-0524-0624-0724-0824-09 康诺亚-B 恒生指数 公司点评 康诺亚-B(2162.HK) 2024 年 9 月 19 日 投资要点： ➢ 事件：2024 年 9 月 12 日，公司自主研发的 1 类新药康悦达®（司普奇拜单抗注射液）正式 获批上市，用于治疗成人中重度特应性皮炎，是国内首个、全球第二个获批上市的 IL-4Rα抗 体药物，填补了国产特应性皮炎生物制剂领域的空白。 ➢ 司普奇拜单抗疗效优异，国内特应性皮炎市场空间较大。 1）临床疗效显著，具备同类最佳潜力：临床数据显示，司普奇拜单抗首剂治疗一天，患者的 瘙痒症状即迅速改善；治疗两周，患者的全身各部位皮损均明显改善；治疗 52 周，达到 EASI-75 的患者比例高达 92.5%，达到 EASI-90 的患 ...