HENLIUS (02696) climbed more than 5%, reaching a high of HK$81.35 and setting a new historical record. As of press time, the stock was up 5.79% at HK$81.35, with trading volume of HK$178 million.

On the news front, the official website of the 2025 World Conference on Lung Cancer (WCLC) recently announced selected abstracts, with HENLIUS securing 10 lung cancer research entries, including 4 oral presentations and 2 poster tours. The content covers multiple core clinical scenarios including first-line treatment for non-squamous/squamous non-small cell lung cancer (nsNSCLC/sqNSCLC) and extensive-stage small cell lung cancer (ES-SCLC).

The selected studies focus on three core innovative drugs: the anti-PD-1 monoclonal antibody Serplulimab, the anti-EGFR monoclonal antibody HLX07, and HLX43, the world's first PD-L1 ADC to enter Phase II clinical trials.

Citi believes that HENLIUS is set to unveil the latest data for HLX43 at the World Conference on Lung Cancer (WCLC), which will further reveal its potential in non-small cell lung cancer (NSCLC) treatment. If HLX43 can maintain an objective response rate (ORR) of 35% to 40% and a median progression-free survival (mPFS) of approximately 5.5 months in larger sample sizes, such data would be highly compelling. The bank estimates that global studies for third-line NSCLC treatment could commence as early as the first half of 2026.

The bank calculates that HLX43's risk-adjusted peak sales could reach approximately $2.3 billion, with upside potential if more data becomes available for NSCLC and other indications. The bank also notes that the valuations of HLX22 and Serplulimab have not yet been fully reflected by investors.