Haitong International released a research report stating that based on DUALITYBIO-B's (09606) H1 2025 revenue performance and clinical pipeline progress, the firm has raised its projection for potential future sales royalties from BioNTech, forecasting total revenues of RMB 1.75/0.97/1.37 billion for 2025-27. The firm values the company using a DCF model, calculating based on FY26-34 cash flows with an unchanged WACC of 10.0% and perpetual growth rate of 3.5%. Assuming an exchange rate of RMB:HKD=1:1.08, the target price is raised to HKD 464.2 per share while maintaining the "Better Than Market" rating.

The company announced its H1 2025 results, with revenue of RMB 1.23 billion (+22.9%), primarily driven by licensing and collaboration agreement income. R&D investment was RMB 350 million (-7.5%), with an R&D expense ratio of 28.4% (-9.4pcts); administrative expenses were RMB 130 million (+71.3%), with an administrative expense ratio of 10.2% (+2.9pcts). The company's adjusted profit was RMB 150 million. As of H1 2025, the company held cash reserves of RMB 3.75 billion.

Recent R&D catalysts for the company include: 1) DB-1303 (HER2 ADC): Single-arm clinical FDA BLA application for endometrial cancer and domestic HER2+ BC marketing application submission (H2 2025); 2) DB-2304 (BDCA2 ADC): Phase I clinical SAD study for SLE completed, with MAD study to be initiated before the end of 2025 (H2 2025); 3) DB-1419 (B7H3/PD-L1 ADC), DB-1317 (ADAM9 ADC) and other early-stage molecules' preclinical data readouts (H2 2025-2026); 4) DB-1418 (EGFR/HER3 ADC) global Phase I ongoing, domestic IND approval (H2 2025); early information and data from DUPAC and other new ADC platforms expected to be disclosed (H2 2025-2026).