KEYMED BIO-B (02162) surged over 10% in morning trading. As of press time, the stock was up 10.07% at HK$75.4, with turnover reaching HK$171 million.

On the news front, KEYMED BIO-B recently released its first half of 2025 financial results. A research report noted that the company reported H1 2025 revenue of RMB 499 million, representing a year-over-year increase of 812%. Product sales revenue reached RMB 169 million, while net loss attributable to shareholders was RMB 79 million. Total revenue exceeded expectations, primarily due to upfront and milestone payments from licensing agreements for CM313 and CM355, which boosted revenue recognition. Excluding these items, sales revenue was in line with forecasts.

According to analysts, KEYMED's core products accelerated market penetration in the first half, with differentiated strategic positioning. Subcilizumab delivered outstanding commercial results in its first complete six-month period since launch. The TSLP/IL-13 dual antibody is positioned to become the next blockbuster product in the autoimmune field, with key focus on nasal indications.

A securities research report indicated that Subcilizumab generated approximately RMB 169 million in revenue, demonstrating clear efficacy and safety advantages in the atopic dermatitis field with strong competitive positioning. Driven by exclusive nasal indications, sales have grown rapidly. The company plans to participate in the 2025 National Drug Price Negotiation, which could improve accessibility. Additionally, multiple early-stage pipeline programs show strong global potential with several catalysts expected to materialize. CMG901 is anticipated to file for approval in 2026, while CM512 is expected to read out atopic dermatitis clinical data in H2 2025.