康方生物OS data improved with longer follow-up

招銀國際

2025/09/10

一、核心觀點與數據更新本報告主要圍繞Akeso(9926HK)的全球HARMONi試驗數據展開分析，特別是AK112聯合化療在二線治療3代EGFR-TKI耐藥非小細胞肺癌(NSCLC)中的表現。數據顯示，在更長的隨訪中，總生存期(OS)有所改善，但西方患者的無進展生存期(PFS)和OS的風險比(HR)略遜於中國患者。研究者認為，這種差異可能部分歸因於西方患者隨訪時間較短，尤其是歐洲患者。儘管最終...

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11:24","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2566629576","market":"hk","top_or_hot":-1,"title":"康方生物OS data improved with longer follow-up","media":"招銀國際","content":"<div>\n<p>一、核心觀點與數據更新本報告主要圍繞Akeso(9926HK)的全球HARMONi試驗數據展開分析，特別是AK112聯合化療在二線治療3代EGFR-TKI耐藥非小細胞肺癌(NSCLC)中的表現。數據顯示，在更長的隨訪中，總生存期(OS)有所改善，但西方患者的無進展生存期(PFS)和OS的風險比(HR)略遜於中國患者。研究者認為，這種差異可能部分歸因於西方患者隨訪時間較短，尤其是歐洲患者。儘管最終...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025091011405397847f4d&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>康方生物OS data improved with longer follow-up</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025091011405397847f4d&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025091011405397847f4d&s=b\">招銀國際</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B5MMRT66.SGD","symbol_name":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025091011405397847f4d&s=b","article_id":"2566629576","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025091011405397847f4d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description 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HR為0.70。三、市場潛力與競爭格局儘管AK112在二線EGFR突變NSCLC市場的長期銷售潛力佔比不足5%，但其主要價值在於一線NSCLC治療。當前，該領域競爭加劇，包括TROP2ADC、HER3ADC等新型療法正在崛起。因此，AK112需要在療效和安全性上保持優勢以鞏固其市場地位。未來，投資者可關注中國HARMONi-6研究(預計在ESMO2025發布)及HARMONi-2研究的進一步OS更新。四、投資建議基於HARMONi試驗的積極OS趨勢，分析師維持對Akeso的「買入」評級，並對其DCF模型目標價保持不變，為每股182.12港元。這一估值反映了對公司一線適應症潛力的信心，同時也考慮了市場競爭風險和公司財務預測。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}