Bank of America Securities has issued a research report maintaining a "Buy" rating on Innovent Biologics (01801) with a target price of HK$113.5. The report highlighted that Innovent Biologics delivered strong performance in the fourth quarter of 2025, with annual revenue reaching RMB 11.9 billion, a 45% year-on-year increase, largely in line with the bank's expectations. Revenue for the fourth quarter of 2025 amounted to RMB 3.3 billion, growing over 60% compared to the same period last year. Two key points were noted: six of the company's products were included in the 2026 National Reimbursement Drug List, which is expected to bring pricing pressure, and inventory price adjustments for products previously sold at original prices temporarily impacted fourth-quarter growth. During a conference call with Innovent Biologics, management reiterated confidence in achieving its 2027 sales targets, citing the strong competitiveness and resilient market share of established products such as sintilimab (PD-1). High-growth products, including mazdutide (GCG/GLP-1 dual agonist), tafolesimab (PCSK9), teprotumumab (IGF-1R), and limertinib (EGFR TKI), are anticipated to capture significant market share in the coming years.