Keymed Biosciences Inc.
2162.HK · HKSE
Company research
Keymed Biosciences Inc. (HKEX: 2162) is a Chengdu-based biotechnology company founded in 2016 by Dr. Bo Chen, focused on the in-house discovery and development of innovative biological therapies targeting autoimmune diseases and oncology. The company's lead product, Stapokibart (CM310), an IL-4Rα antibody, became the first biologic approved in China for chronic rhinosinusitis with nasal polyps and the first globally approved for seasonal allergic rhinitis, and was commercially launched in September 2024. Keymed operates a fully integrated R&D platform with a pipeline of over 50 programs — more than 10 in clinical development — including notable candidates such as CMG901/AZD0901, a Claudin 18.2 ADC licensed globally to AstraZeneca, and CM336, a BCMA/CD3 bispecific antibody for multiple myeloma and autoimmune diseases. With approximately 1,625 full-time employees and offices across major Chinese cities, the company reported gross profit of RMB 415.9 million for the fiscal year ended December 31, 2024, reflecting strong revenue growth driven by commercialization and strategic licensing agreements.
Research reports
The report reviews 2025 results, highlighting RMB 716 million in revenue (+67% YoY), RMB 315 million sales from Kangyueda (CM310), and the inclusion of three indications and multiple dosage forms in China’s National Reimbursement Drug List, which underpins strong growth potential and maintains a Buy rating. It raises revenue and profit forecasts for 2026–2028 and discusses key risks around commercialization execution, R&D progress, insurance negotiations, geopolitical tensions, and early‑stage pipeline uncertainties.
Futunn (Futu NiuNiu) · April 2, 2026Conua-B (2162.HK): Spucibai Volume Surge Imminent; Innovation Overseas Ushers in a New MilestoneThis piece analyzes 2025 financial results and argues that national medical insurance inclusion across three indications and two dosage forms, combined with a 480‑person commercial team covering over 1,500 hospitals and 650+ pharmacies, should drive a sharp volume ramp for Spesivabai in 2026. It emphasizes the value of Gilead’s acquisition of Ouro Medicines and the CM336 licensing deal, details multiple 2026 pipeline catalysts, upgrades the stock to Buy with higher 2026–2028 revenue and adjusted profit forecasts, and flags risks in R&D timelines, competition, performance delivery, collaboration execution, geopolitics, and early‑pipeline failure.
SPDB International (浦银国际证券) · August 29, 2025康诺亚（2162.HK）：关注下半年商业化进展及医保谈判结果SPDBI’s sector report discusses 1H25 revenue of RMB 4.99 billion (+812.1% YoY), driven by RMB 1.69 billion product revenue and RMB 3.29 billion cooperation income, with net loss narrowing to RMB 78.84 million and gross margin improving to 80.2%, leading them to keep a Buy rating and lift the target price to HKD 77. It focuses on CM310’s commercialization (5‑billion‑RMB first‑year and 50‑billion‑RMB long‑term sales targets), upcoming national reimbursement negotiations, the long‑acting TSLP×IL‑13 bispecific CM512 as a next‑generation autoimmune asset, and outlines risks that commercialization underperforms, key pipeline drugs face delays or weaker data, and internationalization progresses more slowly than expected.
BOCOM International (交银国际证券) · August 28, 2025康诺亚 (2162 HK) – 1H25 核心品种市场渗透加速，差异化布局，上调目标价BOCOM International reports that CM310 (Spesivabai) achieved RMB 1.69 billion in its first full commercial half‑year with nasal indications already outpacing dermatology, supported by a roughly 400‑person commercial team and broad hospital and pharmacy coverage, and they maintain a Buy rating with a DCF‑based target price of HKD 78. The report highlights CM310’s further indication expansion, CM512 as a long‑acting TSLP/IL‑13 bispecific positioned as a second autoimmune blockbuster, diversified early‑stage platforms (ADC, oligonucleotides, PROTAC) and BD with multinationals, while noting upside and downside revenue scenarios and risks if peak sales, margins, or pipeline execution fall short.