全球双抗龙头，依沃西引领二代IO新时代
2025E2026E2027E3,6725,3427,24072.8845.4735.53(1,028.86)(1,059.61)664.07(99.97)(2.99)162.67(1.15)(1.18)0.74(73.93)(71.79)114.55 东吴证券研究所1/292025年07月07日证券分析师朱国广执业证书：S0600520070004zhugg@dwzq.com.cn收盘价(港元)113.00一年最低/最高价36.35/117.7013.56港股流通市值(百万港92,390.79每股净资产(元)7.59资产负债率(%)47.05总股本(百万股)897.59流通股本(百万股)897.592024/11/62025/3/72025/7/6康方生物恒生指数 股价走势市场数据市净率(倍)基础数据相关研究2024/7/8 元) 内容目录1.康方生物：以双抗为基石，引领肿瘤免疫2.0时代.......................................................................41.1.快速成长的创新抗体研发企业.................................................................................................41.2.股权结构稳定，管理层研发能力强.........................................................................................41.3.依托抗体开发经验布局管线丰富.............................................................................................51.4.公司收入稳步增长，管线商业化成果斐然.............................................................................62.核心管线AK104适应症不断扩展....................................................................................................82.1. AK104研发进度全球领先，技术领先安全性优于对手.........................................................82.2. AK104今年再批1L宫颈癌，与胃癌适应症同步放量.........................................................102.3.肝癌+肺癌两大癌种III期临床推进中，海外临床即将开展..............................................132.4. AK104未来销售预期...............................................................................................................153.依沃西单抗：挑战药王的下一代IO基石，看好全球潜力.........................................................163.1.单药NSCLC 1L：头对头击败K药，PFS大获全胜...........................................................183.2.联用化疗NSCLC 1L：战胜PD-1联合化疗，获显著阳性.................................................203.3. 2L+ EGFRm NSCLC：海外临床完美复现国内数据，意义重大.........................................223.4. IO经治NSCLC：市场潜力巨大，已经启动III期..............................................................233.5. NSCLC围术期：依沃西单抗突破pCR率瓶颈....................................................................233.6.多个后期临床试验开展中，泛癌种布局打开成长空间.......................................................244.盈利预测与估值评级........................................................................................................................245.风险提示............................................................................................................................................26 请务必阅读正文之后的免责声明部分东吴证券研究所2/29 图表目录图1：康方生物发展历程.......................................................................................................................4图2：康方生物股权结构（截至2024年12月31日）.....................................................................5图3：康方生物收入结构（亿元）.......................................................................................................7图4：康方生物毛利率情况（亿元）...................................................................................................7图5：康方生物费用情况.......................................................................................................................7图6：康方生物现金储备情况（亿元）...............................................................................................7图7：AK104分子设计..........................................................................................................................9图8：阿斯利康Volrustomig分子设计.................................................................................................9图9：COMPASSION-16研究PFS数据............................................................................................11图10：COMPASSION-16研究OS数据............................................................................................11图11：K药不同适应症销售额占比（2025年销售预测，亿美元）..............................................17图12：依沃西全面布局肺癌适应症全球市场...................................................................................18图13：依沃西布局多项适应症，实现冷肿瘤突破...........................................................................18图14：HARMONi-2研究设计...........................................................................................................18图15：HARMONi-7研究设计...........................................................................................................19图16：依沃西单抗组的PFS显著长于K药组.................................................................................19图17：依沃西单抗组的ORR显著优于K药组...............................................................................19图18：HARMONi-2单抗亚组分析...................................................................................................20图19：AK112安全性良好..................................................................................................................20图20：HARMONi-3研究方案...........................................................................................................21图21：AK112联用化疗治疗一线鳞状NSCLC数据优于K药（非头对头对比）......................21图22：HARMONi研究方案设计.......................................................................................................22图23：依沃西+化疗对比化疗取得PFS获益....................................................................................22图24：依沃西+化疗对比化疗OS长期获益趋势明显.......................
