自身免疫和肿瘤学管线为长期双重引擎增长奠定基础

pipelines set stage for long-termdual-engine growth Autoimmune andoncologypipelinesset stage Target PriceHK$18.31(Previous TPHK$11.95)Up/Downside30.1%Current PriceHK$14.08 InnoCare delivered robust commercial results in 2025, withtotal product salesreaching RMB1.44bn, representing a solid 43.4% YoY growth.This strongmomentum continued into1Q26, where product sales reached RMB450mn(+44.5% YoY and+4.2% QoQ). The company sustained its profitability withanet profitofRMB100mnin 1Q26. We expect this growth trajectory tocontinue,primarily driven by the inclusion of orelabrutinib for1LCLL/SLL in the NRDLstarting from January 2026.Management has guided for at least a 30% YoYincrease in orelabrutinib sales in FY26. On the business development (BD) front,the company successfully out-licensed two major assets in 2025: orelabrutinibto Zenas BioPharma(ZBIOUS, NR), and the CD3xCD20bsAb(ICP-B02) to China Healthcare Andy WANG(852) 3900 0842andywang@cmbi.com.hk Jill WU, CFA(852) 3657 6288jillwu@cmbi.com.hkStock Data Orelabrutinib unlocking the massive autoimmune market.Besides thecommercialsuccess in oncology, the upcoming NDA submission for primaryimmune thrombocytopenia (ITP) will officially open the commercializationchapter for orelabrutinib in autoimmune diseases. This will be followed bysystemiclupus erythematosus (SLE), which is currently in a Phase 3 study.In the global market, Phase 3 trials for primary progressive multiple sclerosis Bcl-2 inhibitormesutoclax’spotential in AML and MDSwarrants closeattention.Mesutoclax’sdelivers a significantly improved safety profile—eliminating the impact of major metabolites and reducing hematologicaltoxicity—coupled with strong potency.InnoCaretargets to initiateaPhase3 trial in 1L AML andis also exploringMDSglobally. Notably, while thecompetitorvenetoclax is approved forAMLdespiteitssafety concerns, itfailed inMDS, representing a highly favorable competitive landscape for Autoimmune pipeline continues to expand. In the broader autoimmunedisease space, the TYK2/JAK1 inhibitor ICP-332 has previously releasedhighly competitivePhase 2 data in atopic dermatitis (AD), with Phase 3 dataexpected in mid-2026. The drug candidate is also being aggressively Source: FactSet Maintain BUY.We see theBDpotentialfor the company’s major assets,includingBcl-2 inhibitor(mesutoclax)and TYK inhibitors (ICP-332 and ICP-488).Considering thepromisingmesutoclaxdata anditssmooth clinicalprogress, we add it inour valuation forecast.We revise our TP from Source:Company data,CMBIGM. Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities orissuerthat 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 dealtin or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 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 Ratings BUY: Stock with potential return of over15% over next 12 monthsHOLD: Stock with potential return of +15% to-10% over next 12 monthsSELL: Stock with potential loss of over 10% over next 12 monthsNOT RATED: Stock is not rated byCMBIGM OUTPERFORM:Industry expected tooutperform the relevant broad market benchmark over next 12 monthsMARKET-PERFORM:Industry expected to perform in-line with the relevant broad market benchmark over next 12 monthsUNDERPERFORM:Industry expected to underperformthe relevant broad market benchmark over next 12 months Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in thereport.The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the or its affiliate(s) to whom it is distributed. This report is not and should not be constr