推进广泛的下一代疗法管道

Advancing a broad pipeline of next-generationtherapies Target PriceHK$102.95(Previous TPHK$94.74)Up/Downside19.4%Current PriceHK$86.20 IBI363positioned as apromisingnext-generation IOtherapy with Ph3trialsunderway.Strong survival benefits and broad potential position IBI363(PD-1/IL-2) as a potential blockbuster next-gen IO therapy—especially for IO-resistantand cold tumors. In sq-NSCLC, IBI363 (3mg/kg) achieved a highlycompetitive mPFS of 9.3 months, far exceeding docetaxel (3.9 months for sq-and 3.6 months for nsq-NSCLC). Its 12-month OS rate reached 70.9% in sq-NSCLC and 71.6% in nsq-NSCLC, outperformingAK112 + docetaxel, whichreported a 65% OS rate in IO-resistant NSCLC patients (combined sq-andnsq-).IBI363 also shows promise in cold tumors, i.e.melanoma and MSScolorectal cancer (CRC), with encouraging data presented at ASCO(CMBIreport,link). The pivotal Ph2 trial in first-line melanoma is expected to completeenrollment by year-end.Ph3 trials are on track to begin in 2H25, targeting IO-resistant sq-NSCLC and third-line MSS CRC,with Ph3 studiesalsoplanned inthe US. Front-line indications represent broader opportunities, and Innoventexpects to release Ph1b/2PoCdata for IBI363 in first-line NSCLC and MSSCRC in 2026.Further upsideof IBI363includes combination potential withADCs and out-licensing opportunities. Separately, IBI343 (CLDN18.2 ADC) isadvancing into Ph3 trial in PDAC, in addition to its ongoingPh3study inGC. Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Andy WANG(852) 3657 6288andywang@cmbi.com.hk Stock Data Robustpipeline ofnext-generation IO and ADC therapies.Innovent isbuilding a strong portfolio ofnext-generation IO agents and ADCs, positioningitself at the forefront of IO-ADC combination strategies—a key trend in futureoncology drug development.Beyond IBI363, Innoventis developing severalinnovative IO assets, including PD-1/IL-12, PD-L1/CD40,and multiple TCEstargeting GPRC5D/BCMA/CD3, DLL3/CD3, and CLDN18.2/CD3. IBI3003,amultiple myelomaTCE targeting GPRC5D/BCMA/CD3, has shown superiorefficacy with comparable tolerability totalquetamab (GPRC5D×CD3)andteclistamab (BCMA×CD3)in preclinical models. It also outperformedsame-target TsAbJNJ-5322 in low antigen expression cell models.We see potentialofIBI3003 to compete with CAR-T therapies.A Ph1 study of IBI3003 isongoing.Innovent is also advancing a broad ADC pipeline,spanningmonoclonal ADCs (i.e.CLDN18.2, HER2), bispecific ADCs (i.e.EGFR/B7H3,EGFR/HER3,PD-L1/TROP2),and dual-payload ADCs(i.e.CEACAM5).These assets are being developed with future IO combination strategies inmind.Notably, IBI3001 (EGFR/B7H3 ADC) demonstratedpromising signalsacross multiple tumor models, and is in a Ph1 trial in China,Australia, and US. Growing innovative pipeline in non-oncology.Innoventrecently launchedmazdutide, China’s first domesticdual-target GLP-1 drug for obesity, markinga significant milestone in its non-oncology portfolio. We expect IBI311 (IGF-1R, for thyroid eye disease),IBI306 (PCSK9, for hypercholesterolemia)andIBI112 (IL-23p19, for psoriasis) to becomeimportantrevenue drivers initsnon-oncology portfolio.Innovent is also advancing a strong early-stage CVMpipeline, with assets such as IBI3032 (GLP-1 small molecule), IBI3012 (tripleG), IBI3030 (PCSK9-triple G), and IBI3016 (AGT siRNA). In the autoimmunespace, IBI356 (OX40L) and IBI3002 (IL-4Rα/TSLP) are in clinicaldevelopment. Source: FactSet Maintain BUY.We are positive on the global potential of Innovent’s richinnovative pipelines. Innovent is on track to achieve EBITDA breakeven this year.Backed by smooth development of IBI363, we improved our possibility of successfor the asset and raised ourDCF-basedTP to HK$102.95from HK$94.74.Earnings Summary Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or inpart, certifies that with respect to the securities or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to thedate of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report3 business days after the date of issue of this report; (3) serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies coveredin this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 months: Stock with potential return of +