CICC: Maintaining Cinda Biotech's (01801) “Outperforming the Industry” rating and upgrading the target price to HK$95.3

The Zhitong Finance App learned that CICC released a research report stating that Cinda Biotech (01801)'s 2025/2026 net profit forecast of 472 million yuan/1,299 billion yuan remained unchanged, maintaining the industry's outperforming rating. Based on the DCF model, the bank raised its target price by 38.1% to HK$95.3 based on the DCF model, taking into account the approval for listing of Maxidu Peptide and the promotion of 21.6% of the current stock price.

CICC's main views are as follows:

The company's recent situation

On June 27, the company announced that Xinermei (Maxidopeptide Injection), a major product in the cardiovascular and metabolic (CVM) field, was approved for marketing in China as the world's first GCG/GLP-1 dual receptor agonist weight loss drug. On June 30, the company held an Oncology Innovation Research and Development Day event to showcase the company's strategy for next-generation immunotherapy (IO) and next-generation antibody-conjugated drugs (ADC), and to share clinical progress and data interpretation, including IBI363 (PD-1/IL-2).

The approval for marketing of Maxidu peptide is a breakthrough in the field of weight loss as a GLP-1 receptor agonist in China

According to the company announcement, Maxidopeptide has been rated by FIERCE Pharma as one of the top ten most anticipated drugs in the world in 2025. As the world's first GCG/GLP-1 dual-receptor agonist weight loss drug approved for marketing, the phase III clinical trial GLORY-1 showed a weight reduction of 14.84% from baseline after 48 weeks of treatment with Maxidopeptide 6 mg. Among subjects with a baseline liver fat content of at least 10%, the average fat content of the whole liver decreased by 80.2% compared to the baseline. The bank believes that while losing weight, Maxidol shows remarkable curative effects in reducing liver fat content, which is expected to bring differentiating advantages.

IBI363 leads the company's next-generation “IO+ADC” strategy

The bank believes that at the 2025 American Society of Clinical Oncology (ASCO) conference, which ended in June 2025, IBI363's data on melanoma, IO-treated lung cancer, and bowel cancer gave the market many surprises. On this research day, experts in the Chinese field brought data interpretation. IBI363 had a median survival (MoS) of 15.3 months in the low dose group treated with IO squamous non-small cell lung cancer and 17.5 months in adenocarcinoma. The single-drug MoS for terminal colorectal cancer was 16.1 months, and only 17.8% of OS events occurred during 9.4 months of follow-up with bevacizumab; iO treated mucosal/acral melanoma MOS14.7 months. The company is also promoting next-generation ADC research and development. The bank believes that next-generation IO combined ADC is expected to become a new direction in the field of oncology.

Internationalization is the key, and the company reaffirms the goal of entering the global multi-center clinical phase III trial by 2030 for five pipeline products

The bank believes that the company's biggest products in the CVM sector since this year, teturozumab and mashidu peptides have been successfully implemented. Pikonchibai is also expected to be approved for marketing within the year, and the early pipeline IBI3030 is also interesting; IBI363 is expected to become the next major IO product in the IO field, and the ADC platform continues to gain revenue. The bank believes that the company's transformation has been smooth since the “post-PD-1 era”, that the CVM+IO field is rich in pipelines, and that it has the potential to unlock its global innovation value.

Risk warning: R&D failure, listing progress falling short of expectations, deteriorating competitive landscape, and price reduction in procurement.