BOCI released a research report stating that AKESO (09926) achieved revenue of RMB 14.1 billion in the first half of the year, representing a 38% year-over-year increase. Drug sales reached RMB 14 billion, up 49% year-over-year, primarily benefiting from the inclusion of cadonilimab and ivonescimab in the national medical insurance catalog. The firm raised AKESO's target price to HK$185 and reiterated its "Buy" rating.

The firm indicated that considering the indication expansion of AK104 and AK112, particularly AK112's expansion into cold tumors with five ongoing Phase III clinical trials for first-line treatment, it has raised peak forecasts for AK104 and AK112 in China to RMB 4.5 billion and RMB 8 billion respectively. The firm also increased its overseas risk-adjusted peak sales forecast for AK112 to $7 billion USD.