Zhito Finance App reports that Jiaoyin International has released a research note stating that based on regulatory approval progress, there are more optimistic expectations for the sales of Sac-TMT and Vadutin. The firm has revised its revenue forecast for 2025-2027 upward by 0-5% and adjusted the Peak Sales estimates to RMB 6.4 billion and 1.1 billion, respectively. The DCF target price for SKB BIO-B (06990) has been raised to HKD 549, maintaining a "Buy" rating, as the firm is optimistic about the substantial global value of the ADC product matrix driven by clinical data. Sac-TMT has set a new benchmark for the treatment of EGFR mutation-resistant NSCLC: the results of the Phase III OptiTROP-Lung04 study (second-line EGFR mutation, TKI treatment-experienced NSCLC, comparing Sac-TMT monotherapy with platinum-based chemotherapy) were announced at the ESMO conference: the Sac-TMT treatment group achieved statistically and clinically significant improvements in PFS and OS compared to the control group: median PFS was 8.3 vs. 4.2 months, HR=0.49 (95% CI: 0.39-0.62, p<0.0001); median OS was NR vs. 17.4 months, HR=0.60 (95% CI: 0.44-0.82, two-tailed p=0.001). The OS HR value significantly outperformed other therapies for the same indication, which the firm believes is partly related to this chemotherapy-free regimen providing more options for subsequent treatments with lower toxicity accumulation. Consistent OS and PFS benefits were also observed across all predefined key subgroups, with an OS HR of 0.59 in patients who had previously received third-generation EGFR treatment, consistent with the overall population. The rate of ≥3 grade TRAE was similar between the two groups (58% vs. 53.8%). The上市申請 for this indication was approved in October. Compared to competitor Dato-DXd, Sac-TMT had a lower occurrence rate of oral mucositis, ocular toxicity, and interstitial pneumonia, though it had a higher incidence of hematological toxicity but with better clinical management experience. Notably, the Dato-DXd Phase III TROPION-Lung01 study (late-line nsq-NSCLC) did not achieve statistically significant OS superiority, including driving gene mutation subgroups. The ADC product matrix has also made significant progress in breast cancer: the marketing application for Sac-TMT in treating second-line and above HR+/HER2- breast cancer has recently been accepted by the CDE, while HER2 ADC Vadutin was approved for market in October for 2L+ HER2-positive breast cancer, with the Phase III study results for both also being announced at the ESMO conference. 1) In the OptiTROP-Breast02 study, Sac-TMT achieved PFS statistical superiority (median 8.3 vs. 4.1 months, HR 0.35, p<0.0001), with preliminary OS HR of 0.33, statistically significant PFS benefits were observed across all predefined subgroups, including various lines of treatment and levels of HER2 expression. The firm is optimistic about future application potential in DS-8201 resistant patients. 2) In the KL166-III-06 study, Vadutin significantly outperformed T-DM1, extending the median PFS significantly (11.1 vs. 4.4 months, HR 0.39, p<0.0001).