子公司财报电话会议要点——Sac-TMT和下一代ADC的后续催化剂

研报英文原文证据摘录

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M

Update

August 17, 2026 03:23 PM GMT

Sichuan Kelun Pharmaceutical Co Ltd | Asia Pacific

Morgan Stanley Asia Limited+

Alexis Yan, CFA

Equity Analyst

Takeaways from Subsidiary

Earnings Call - Next Catalysts

for Sac-TMT and Next-gen ADCs

Sichuan Kelun Pharmaceutical Co Ltd (002422.SZ,

002422 CS)

Key Takeaways

China Healthcare | China

Sac-TMT+SKB118 (PD-1/VEGF)'s China Ph2 in NSCLC had FPI in July. MRK also

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 17, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

recently posted a global Ph2 of the combo that may transition to Ph3 later on.

Fiscal Year Ending

12/24 12/25e 12/26e 12/27e

EPS (Rmb)**

EPS (Rmb)§

Revenue, net (Rmb mn)

ModelWare net inc

(Rmb mn)

P/E

P/BV

ROE (%)

EV/EBITDA

1.83

1.01

1.19

1.48

1.91

1.19

1.22

1.53

21,812 17,831 18,242 19,460

2,936

1,610

1,904

2,365

SKB Bio (55.1% owned by Kelun) reported 1H26 product sales of Rmb657mn

(+112% YoY), ~80% from sac-TMT. Mgmt reiterated FY26 sales target to at least

double.

GPM was 75% and selling cost ratio fell to 59% of product sales, yielding adj. NP

of Rmb479mn. We are more confident in breakeven by FY27, if not earlier.

OptiTROP-lung06 (+Keytruda in 1L PD-L1 -ve nsq-NSCLC) will have full data

presented at ESMO. Lung07 (+Tagrisso in 1L EGFRm nsq-NSCLC) may read

topline in 1Q27.

Next-gen conjugation candidates span RDC, immuno-agonist, degrader, synthetic

lethality, novel cytotoxin-based DCs, dual-payload ADCs and target binders.

China sales outlook and key readouts ahead: SKB Bio has 800+ sales staff

covering 2,000+ hospitals as of June '26. 2 more indications (2L EGFRm nsq-NSCLC,

2L+ HR+/HER2- BC) are eligible for NRDL price negotiation in late '26, while 3 front-

16.3

2.1

14.9

9.3

Underweight

Attractive

Rmb29.00

(38)

Rmb46.69

Rmb52.78-28.14

1,598

Rmb74,613

Rmb74,358

Rmb723

29.1

2.0

7.2

16.2

39.2

3.0

8.1

21.6

31.6

2.9

9.6

17.7

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

§ = Consensus data is provided by Refinitiv Estimates

…