Soochow: Maintaining the "buy" rating for ALPHAMAB-B (09966) with core pipeline in the process of listing application.

Soochow released a research report, maintaining a "buy" rating for ALPHAMAB-B (09966), considering that the company will have multiple new ADC pipelines completed in pre-clinical research by 2025. The bank has raised its forecast for research and development expenses, which will impact the level of net profit attributable to shareholders. The net profit attributable to shareholders for 2025-2026 has been revised to -1.15/-0.97 billion yuan from the previous 0.14/0.63 billion yuan, and a new forecast for 2027 is -0.26 billion yuan. With the company's upcoming product KN026 expected to be launched in the domestic market and JSKN003 soon to be submitted for market approval, the bank expects the company's future losses to gradually decrease. Additionally, as the company's backup pipeline gradually enters clinical stages, the company's research and development capabilities are entering a positive development cycle. The main points of Soochow are as follows: Multiple core pipeline catalysts, KN026 has submitted an application for market approval KN026 is a HER2 bispecific monoclonal antibody developed by the company. One of its core indications, combined chemotherapy for 2L and above stomach cancer, has been accepted by the NMPA. The bank expects it to be approved for market approval by the end of 2026 or 2027. The company has granted the domestic rights of this product to CSPC PHARMA, who will be responsible for its commercialization after it is launched. The company will retain the exclusive production rights of KN026 and provide the product to CSPC PHARMA. In addition, KN026's breast cancer 1L treatment and neoadjuvant treatment programs are also expected to submit applications for market approval in 2026. JSKN003 is the company's first ADC pipeline, and its clinical progress is also rapid. It is expected to submit an application for domestic market approval for the indication of HER2-positive breast cancer for 2L in 2026. In addition, JSKN003 disclosed excellent efficacy data for ovarian cancer and colorectal cancer at the 2025 ESMO conference. For patients with primary platinum-resistant ovarian cancer, the objective response rate (ORR) of 25 evaluable patients was 32.0%, the disease control rate (DCR) reached 72.0%, the median progression-free survival (PFS) was 4.1 months, and the 9-month overall survival (OS) rate was 65.4%. In colorectal cancer patients, the ORR was 71.0%, the DCR was 100%, the median duration of response (DoR) was 9.89 months (95% CI: 5.78-NE), the median PFS reached 11.04 months (95% CI: 6.9-14.03), and the 9-month PFS rate was 66.6%. Continued strength in self-developed platforms, multiple new ADC molecules are about to enter clinical trials The company's self-developed technology platforms continue to produce new pipelines. In the PD-L1 target pipeline, the PD-L1/ITGB6/8 multifunctional ADC JSKN022 has shown better internalization efficiency and in vitro and in vivo killing activity than monoclonal ADCs. This pipeline has already started Phase I clinical trials in October 2025. The PD-L1/VEGFR2 bispecific ADC JSKN027 integrates cell cytotoxicity, anti-angiogenesis, and immune regulation triple mechanisms. The company submitted an IND application to the Chinese FDA in December 2025, and is expected to start Phase I clinical research for JSKN027 in 2026. In the future, the EGFR/HER3 bispecific dual payload ADC JSKN021 is expected to enter the clinical development stage. Risk warning Unexpected delays in the development progress of core pipelines; intensified competition in the pipeline market; delays in market approval; loss of core research and development personnel.