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Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

Innovent Biologics Inc / Equity Bottom-Up

<ul>
 <li>Innovent Biologics is a rapidly growing Chinese biopharmaceutical firm transitioning towards profitability, driven by a strong portfolio of commercialized drugs, notably the PD-1 inhibitor TYVYT® (sintilimab).</li>
 <li>The company possesses a deep and diversified pipeline spanning oncology, metabolic diseases, autoimmune disorders, and ophthalmology, positioning it for sustained long-term growth beyond its current core products.</li>
 <li>While exhibiting impressive revenue growth and improving financials, the company faces significant risks from intense domestic competition, government-led drug price negotiations (NRDL), and a high valuation that may already price in future success.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Innovent Biologics is a rapidly growing Chinese biopharmaceutical firm transitioning towards profitability, driven by a strong portfolio of commercialized drugs, notably the PD-1 inhibitor TYVYT® (sintilimab).
  The company possesses a deep and diversified pipeline spanning oncology, metabolic diseases, autoimmune disorders, and ophthalmology, positioning it for sustained long-term growth beyond its current core products.
  While exhibiting impressive revenue growth and improving financials, the company faces significant risks from intense domestic competition, government-led drug price negotiations (NRDL), and a high valuation that may already price in future success.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Innovent Biologics Inc (1801 HK) - Oct 2025

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Innovent reported 1H25 revenue of RMB5.95bn (+51% YoY), with product sales of RMB5.23bn (+37% YoY), achieving 51% of our prior full-year forecasts and exceeding our expectations.</li><li>Sintilimab sales rose 15% YoY to US$275mn (per Eli Lilly), while new products—i.e. PCSK9 mAb and IGF-1R—drove product growth in 1H25.</li><li>Profitability improved materially in 1H25, with non-IFRS net profit reaching RMB1.21bn and EBITDA amounting to RMB1.41bn, compared to a loss in 1H24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Innovent reported 1H25 revenue of RMB5.95bn (+51% YoY), with product sales of RMB5.23bn (+37% YoY), achieving 51% of our prior full-year forecasts and exceeding our expectations.Sintilimab sales rose 15% YoY to US$275mn (per Eli Lilly), while new products—i.e. PCSK9 mAb and IGF-1R—drove product growth in 1H25.Profitability improved materially in 1H25, with non-IFRS net profit reaching RMB1.21bn and EBITDA amounting to RMB1.41bn, compared to a loss in 1H24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Innovent Biologics (1801 HK) - IBI363 Advancing Towards Global Development

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>Innovent Biologics published strong results that were ahead of expectations.</li>
<li>Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.</li>
<li>Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.</li>
</ul>


Innovent Biologics published strong results that were ahead of expectations.
Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.
Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.


Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

<ul><li>BI363 positioned as a promising next-generation IO therapy with Ph3 trials underway.</li><li>Strong survival benefits and broad potential position IBI363 (PD-1/IL-2) as a potential blockbuster next-gen IO therapy—especially for IOresistant and cold tumors.</li><li>In sq-NSCLC, IBI363 (3mg/kg) achieved a highly competitive mPFS of 9.3 months, far exceeding docetaxel (3.9 months for sqand 3.6 months for nsq-NSCLC).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BI363 positioned as a promising next-generation IO therapy with Ph3 trials underway.Strong survival benefits and broad potential position IBI363 (PD-1/IL-2) as a potential blockbuster next-gen IO therapy—especially for IOresistant and cold tumors.In sq-NSCLC, IBI363 (3mg/kg) achieved a highly competitive mPFS of 9.3 months, far exceeding docetaxel (3.9 months for sqand 3.6 months for nsq-NSCLC).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Innovent Biologics (1801 HK) - Advancing a Broad Pipeline of Next-Generation Therapies

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.</li>
<li>Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers. Technical issue delayed this week's Monitor.</li>
</ul>


Gross SOUTHBOUND volumes up to US$17+bn a day this past 5-day week. Net buying strong at +US$700mm a day.
Among the top buys as a percentage of volume, FINANCIALS stood out, dramatically. Again. Neither INFO TECH nor Tencent were the big sells this week.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week's Monitor.


HK Connect SOUTHBOUND Flows (To 4 July 2025); Volumes Up, Net Buying Up, Banks Bought, SOEs Sold

China

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

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Innovent Biologics Inc (1801 HK)

Primer: Innovent Biologics Inc (1801 HK) - Oct 2025

Innovent Biologics is a rapidly growing Chinese biopharmaceutical firm transitioning towards profitability, driven by a strong portfolio of...

αSK

Innovent Biologics (1801 HK) - IBI363 Advancing Towards Global Development

Innovent reported 1H25 revenue of RMB5.95bn (+51% YoY), with product sales of RMB5.23bn (+37% YoY), achieving 51% of our prior full-year forecasts...

CMB International

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Innovent Biologics (1801 HK) - Advancing a Broad Pipeline of Next-Generation Therapies

Strong survival benefits and broad potential position IBI363 (PD-1/IL-2) as a potential blockbuster next-gen IO therapy—especially for IOresistant...

CMB International

HK Connect SOUTHBOUND Flows (To 4 July 2025); Volumes Up, Net Buying Up, Banks Bought, SOEs Sold

SOUTHBOUND continues to buy, but this week also saw the single largest net SOUTHBOUND sell of Alibaba since it became eligible 9mos ago. Tech...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Innovent Biologics Inc (1801 HK) - Oct 2025

Innovent Biologics is a rapidly growing Chinese biopharmaceutical firm transitioning towards profitability, driven by a strong portfolio of...

αSK

Innovent Biologics (1801 HK) - IBI363 Advancing Towards Global Development

Innovent reported 1H25 revenue of RMB5.95bn (+51% YoY), with product sales of RMB5.23bn (+37% YoY), achieving 51% of our prior full-year forecasts...

CMB International

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

​Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Innovent Biologics (1801 HK) - Advancing a Broad Pipeline of Next-Generation Therapies

Strong survival benefits and broad potential position IBI363 (PD-1/IL-2) as a potential blockbuster next-gen IO therapy—especially for IOresistant...

CMB International

HK Connect SOUTHBOUND Flows (To 4 July 2025); Volumes Up, Net Buying Up, Banks Bought, SOEs Sold

SOUTHBOUND continues to buy, but this week also saw the single largest net SOUTHBOUND sell of Alibaba since it became eligible 9mos ago. Tech...

Travis Lundy

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.