【券商聚焦】兴业证券首予康宁杰瑞制药-B(09966)“增持”评级指公司早研管线亮点丰富

金吾财讯

Nov 11, 2025

金吾财讯 | 兴业证券发研报指，康宁杰瑞制药-B(09966)在ADC、双特异性抗体及多功能蛋白质工程方面拥有完善的专有技术平台，其中KN026与JSKN003已处于关键临床及申报上市阶段。公司具备基于结构的蛋白质工程能力，自主研发的专有平台包括sdAb平台、CRIB((荷排斥优化双特异性抗体)平台、糖基定点偶联平台、连接子－载荷平台、双载荷偶联平台等，具备行业领先的研发、生产、制造能力。公司早研管线亮点丰富，JSKN016为双特异性ADC，当前已在BC和NSCLC等患者中观察到了优异的抗肿瘤活性与具备差异化优势的安全性。在接受JSKN016单药治疗多项I、II期临床的217例患者中，仅10.1%患者出现严重药物相关不良事件(所有级别)，仅17.1%患者出现≥3级TRAE，≥3级中性粒细胞计数降低发生率仅2.8%，≥3级白细胞细胞计数降低发生率仅1.4%；JSKN033是全球首个皮下注射的ADC复方制剂，适用于HER2突变/有表达NSCLC等恶性肿瘤，II期临床试验顺利推进；JSKN022是全球首创的PD-L1/整合素αvβ6双靶点ADC，基于恩沃利单抗创新结合免疫机制与ADC技术，有望为PD-(L)1抑制剂耐药或无效患者提供新选择，当前I期临床试验已完成首例患者给药。该机构预计公司2025-2027年实现收入4.33/4.64/5.78亿元，归母净利润1.76/-1.34/-0.54亿元，首次覆盖，给予“增持”评级。

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