GTHT Securities has issued a research report initiating coverage on QYUNS-B (02509) with a "Buy" rating. The company concentrates on developing biologic therapies for autoimmune and allergic diseases, with a comprehensive pipeline targeting four major disease areas: dermatology, rheumatology, respiratory, and gastrointestinal disorders. Currently, dermatology is its primary strategic focus. The company has one approved product, nine candidates in development, and over 20 projects that have received IND approvals. The bank forecasts earnings per share for 2025-2027 to be RMB 0.61, RMB 0.42, and RMB 0.83, respectively. Using a discounted cash flow valuation model, it has set a target price of HK$30.15 for the stock. Key viewpoints from GTHT Securities are as follows: The autoimmune drug development field represents a vast opportunity, with the proportion of biologic therapies steadily increasing. According to data from Frost & Sullivan, the global market for autoimmune drugs is projected to reach $176.7 billion by 2030. Within this market, the share of biologics is expected to rise from 72.8% in 2022 to 82.1% by 2030. In China, the autoimmune market is forecast to grow to $19.9 billion by 2030, with a compound annual growth rate of 26.7% from 2025 to 2030. The share of biologics in China is anticipated to increase from 41.9% in 2022 to 69.3% by 2030. The bank believes that as an innovative company focused on biologic therapies with broad disease area coverage, QYUNS-B is well-positioned to capture increasing market share. Progress in its innovative pipeline is robust, with multiple assets successfully out-licensed. The company demonstrated strong R&D capabilities in the autoimmune space by completing three out-licensing deals for bispecific antibody candidates in 2025. These include granting Winddward Bio exclusive rights for the overseas development and commercialization of QX027N (a TSLPxIL-13 bispecific antibody), licensing a TSLP/IL-33 bispecific antibody to Roche for a total deal value of $1.07 billion, and licensing the long-acting bispecific antibody QX030N to Caldera for $555 million. These licensing agreements affirm external recognition of the company's research capabilities. In the domestic market, QYUNS-B has established commercialization partnerships for QX001S (targeting IL-12/23p40) and QX005N (targeting IL-4Rα) with Huadong Medicine. Additionally, its IL-23p19 and TSLP pipelines are partnered with leading domestic pharmaceutical companies Hansoh Pharma and Joincare, respectively. These collaborations are expected to facilitate rapid sales growth by leveraging the partners' established distribution networks and marketing resources. Risk factors include potential delays in clinical trials, slower-than-expected sales and market penetration of core products, and intensifying competition.
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