CICC has released a research report forecasting that QYUNS-B (02509) will achieve EPS of 1.61 yuan, 0.88 yuan, and 0.55 yuan for 2025 to 2027, respectively. The firm initiated coverage with an Outperform rating and, based on a DCF valuation, assigned a target price of HK$33.00, implying a 41.6% upside potential from the current share price. The report highlights the company's strong domestic partners for its established pipeline, which ensures solid sales visibility, and notes that the value of its bispecific antibodies is gaining increasing recognition from overseas pharmaceutical companies. Key viewpoints from CICC are outlined below.
The company possesses end-to-end innovative drug development capabilities and has a deep presence in the autoimmune disease领域. Founded in 2015, QYUNS is one of the few Chinese biotech firms focused on R&D for autoimmune and allergic diseases, having established a comprehensive system spanning early research, production, clinical development, and commercialization. To date, the company has built a robust pipeline covering four synergistic therapeutic areas: dermatology, rheumatology, respiratory, and gastroenterology. It boasts one approved product, ten pipeline candidates, and over 20 IND approvals. QX001S is the first ustekinumab biosimilar approved for marketing in China. QX005N (an IL-4Rα mAb), QX002N (an IL-17A mAb), and QX004N (an IL-23p19 mAb) are all in Phase III clinical trials and are expected to be launched within the next 1-2 years, contributing to future earnings.
The company is rapidly iterating its autoimmune bispecific antibodies and has completed three out-licensing deals within the year. Leveraging its long-term expertise in autoimmune monoclonal antibodies, QYUNS has efficiently developed a series of long-acting bispecific antibody products, continuously enriching its pipeline with potential first-in-class and best-in-class candidates. In 2025, the company entered into separate overseas licensing agreements with Caldera, Roche, and Windward for QX030N, QX031N (TSLP/IL-33), and QX027N (TSLP/IL-13), respectively, demonstrating that its bispecific antibody pipeline has gained recognition from multinational corporations, investment institutions, and biotech firms abroad. CICC believes these products can form an innovative bispecific antibody matrix, serving as a new engine for the company's future growth.
Potential catalysts include the readout of QX005N's Phase III data and its BLA submission, the BLA submission for QX002N, the gradual initiation of domestic and international clinical trials for bispecific products, and the fulfillment of BD milestones.
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