KEYMED BIO-B (02162) rose more than 7%, reaching HK$64.55 by the time of writing, with a trading volume of HK$281 million. Goldman Sachs issued a research report maintaining a "Buy" rating on KEYMED BIO-B, setting a target price of HK$92.67. The report noted that the company's first commercialized product, Stapokibart, has been approved in mainland China for treating atopic dermatitis, chronic sinusitis, and seasonal allergic rhinitis. Given Stapokibart's first-mover advantage in these areas, Goldman Sachs believes the drug could establish a solid valuation foundation for the company, projecting peak sales to exceed RMB5 billion by 2035. Additionally, the bank expects further growth momentum from CM512, which could become a preferred treatment for asthma and chronic obstructive pulmonary disease (COPD). Global sales of CM512 are forecasted to reach $3.3 billion before proof-of-concept (PoS) and $694 million after PoS by 2035. In the first half of this year, Stapokibart (also known as Kangyueda®) generated sales of approximately RMB169 million. Huatai Securities previously highlighted Stapokibart's strong efficacy and safety profile in atopic dermatitis (AD), along with its rapid sales growth driven by exclusive indications in nasal conditions. The company plans to participate in the 2025 national drug reimbursement negotiations, which could improve accessibility. Furthermore, KEYMED BIO-B's early-stage pipeline shows strong global potential, with multiple catalysts expected to materialize.