Tag

#港股生物科技

02Reports

2026-06-25 ·制药 ·内部研究

Kelun-Biotech: A Commercializing China ADC Franchise Priced for Much of Its sac-TMT and MSD Global Success

Kelun-Biotech is a commercial-stage China ADC developer whose equity value is dominated by its sac-TMT (TROP2) franchise in Greater China plus ex-China royalty economics from MSD. In 2025 product sales inflected to RMB542.7m within RMB2.06bn total revenue and the balance sheet held RMB4.56bn cash with no borrowings, yet the company still posted a RMB382.0m net loss as nearly all equity value concentrates in one molecule. Rating Hold: a real ADC franchise is forming, but at HK$419 the stock already prices in much of the sac-TMT China plus MSD global success path and offers no margin of safety.

6990.HK Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd. #创新药 #ADC #TROP2 #sac-TMT #港股生物科技 #估值

Hold

2026-06-24 ·制药 ·内部研究

Akeso, Inc.: A Commercial-Stage Antibody Innovator Still Priced on Ivonescimab's Global Option Value

Akeso is a commercial-stage Chinese antibody innovator with seven marketed products and record 2025 commercial sales of RMB3.03 billion, anchored by cadonilimab and ivonescimab. Yet the stock trades as a referendum on one molecule: whether ivonescimab's strong China data (a HARMONi-6 overall-survival win, HR 0.66) can survive global regulators, while 2025 operating cash flow stayed negative at RMB947.6 million and the shares fetch about 22x trailing sales. Rating Hold: rare science and a real China franchise, but the price still pre-pays too much of ivonescimab's ex-China upside; the ideal buy zone is HK$58-64.

9926.HK Akeso, Inc. #创新药 #抗体药物 #肿瘤免疫(IO)#ivonescimab #双特异性抗体 #License-out #港股生物科技 #估值

Hold