BOCOM International has raised the target price for AKESO (09926) from HK$115 to HK$140, reaffirming its "buy" recommendation. Near-term catalysts include the overseas submission and comprehensive data release for the HARMONi study, alongside the presentation of AK112-306 research at ESMO 2025. Fourth-quarter reimbursement negotiations for multiple products and indications, as well as progress in ADC and other early-stage initiatives, are also pivotal drivers.

Ivonescimab, developed by AKESO, is accelerating its overseas registration and indication expansion, demonstrating emerging potential as a next-generation immune-oncology cornerstone. The drug's approval outlook abroad appears promising. This year, AKESO launched several Phase III trials in mainland China, addressing high-need patient groups with constrained treatment options. The trajectory for ivonescimab to supplant PD-(L)1 monotherapy as a foundational I/O agent is increasingly evident. Consequently, the PoS-adjusted peak sales forecast for ivonescimab in China has been revised upward to RMB 7.1 billion.

Over the next 2-3 years, assets such as cadonilimab could follow paths to overseas registration or BD deals. Vigilance on data disclosures and clinical program launches is advised.