H126 preview: resilient sales despite anti-corruption headwinds; R&D catalysts to reignite

研报英文原文证据摘录

H126 preview: resilient sales despite anti-corruption headwinds; R&D catalysts to reignite

key profit driver. Meanwhile, we expect Akeso, Junshi

and Kelun Biotech to narrow losses YoY in H126. Abbisko may return to a net loss

(H125 gain was due to licensing income), while Zai Lab's bottom line may be dragged

by global R&D investments. Our H126 net profit estimate for BeOne is below consensus

if the one-off tax impact is fully booked without a deferred tax asset (DTA) offset.

Academic conference season brings key catalysts from September

Following the data-light summer (Jun-Aug), the academic conference will ramp back up

in September. Key upcoming events include WCLC 2026 and ESMO 2026 (ordinary

abstract titles released; see our selected top-15 highlights), followed by ASH/SABCS

later in the year (see our 2026-2027 conference calendar). We highlight key upcoming

R&D catalysts (among others): 1) potential approvals in H226 include Akeso's

ivonescimab in China for 1L sqNSCLC and in the US for NSCLC post EGFR TKI,

Abbisko's pimicotinib in the US for TGCT, and Innovent's mazdutide 9mg high dose

for weight loss in China; 2) major data readouts, such as Kelun Biotech's sac-TMT in

1L TNBC and 1L TPS<1% NSCLC (both at ESMO 2026), Akeso/SMMT's ivonescimab

HARMONi-3 final PFS, Zai Lab's zoci phase 1 data in 1L SCLC, and some early PoC

datasets, such as BeOne's CEA ADC, PRMT5, and GPC-3/4-1BB (all at ESMO 2026),

Innovent's EGFR/B7H3 bsADC (ESMO 2026), and Hutchmed's ATTC; and 3)

regulatory filings, such as BeOne's BTK CDAC for R/R CLL/SLL and Kelun Biotech/

MSD's first overseas BLA for sac-TMT.

BeOne remains our top pick, followed by Kelun Biotech and Innovent

BeOne remains among our preferred stocks in 2026 for its proven in-house R&D

capabilities and robust commercial execution.