BOC International: Early research and verification of Genting Xinyao (01952) is expected to drive value revaluation to maintain a “buy” rating

The Zhitong Finance App learned that BOC International released a research report saying that Moderna and MSD's personalized mRNA tumor vaccine IntiSmeran achieved positive results in the melanoma phase III study, providing clinical verification for this new treatment paradigm, and also highlights the forward-looking layout of Genting Xinyao (01952) in this field; the bank maintains a “buy” rating and is optimistic about the company's efficient BD+ commercialization execution and the continued progress of mRNA cancer vaccines/in vivo CAR-T.

Overseas breakthrough verification technology path, AI empowers mRNA/LNP platforms to support multiple layouts

The company has established an AI-enabled end-to-end mRNA platform. The core advantages include: 1) AI-enabled molecular design: self-developed AI algorithm “magic calculation” to predict new tumor antigens; the company also continues to optimize codons, secondary structures, and UTR collaboration, and protein expression levels are nearly 5 times higher than in earlier commercial systems; 2) Proprietary LNP delivery platform: Exclusive L41 mRNA LNP shows better anti-tumor efficacy in pre-clinical studies, and faster liver removal of lipids is expected to reduce the risk of accumulation; 3) Full in-house production: Jiashan independent production base supports personalized vaccine accumulation Complete within 6-8 weeks Preparation, and it is expected that it will continue to reduce costs and increase efficiency. Relying on this platform, the company has fully deployed personalized, generic off-the-shelf and immunomodulatory tumor vaccines, which have the potential for combined medication and sequential treatment; at the same time, it has developed in vivo CAR-T products and expanded into the fields of self-prevention and hematologic tumors.

Early clinical signals enhance confidence, and pipeline advancement is expected to bring about continued catalysis

The company's cancer vaccine has shown initial human activity: EVM16's IIT phase IA study results for advanced solid tumors were announced in AACR in 2026. Out of 9 patients, 8 cases showed T-cell response and dose-dependent trends; 1 confirmed partial remission (PR) and 2 cases of stable disease (SD) were observed; initial safety and tolerability were good. In the coming year, the company will also welcome a number of catalysts: 1) Personalized tumor vaccine EVM16: submission of US/China IND (end of 2026/first half of 2027), phase Ia phase I part data readout (first half of 2027); 2) Tumor-related antigen vaccine EVM14: Combined Immune IIT Enrollment Launched (First Half of 2027); 3) Other Pipelines: Immune Modulated Tumor Vaccine EVM15 (PDL1/IDO1) is scheduled to be submitted to the US/China IND in the first half or second half of 2027; the in vivo CAR-T product EVM18 is advancing the IND application between China and the US. In addition, the bank believes that it is necessary to pay attention to Moderna's subsequent exploration of more solid tumors and longer-term data in melanoma, which is expected to further verify the potential and durability of the benefits of the mRNA vaccine application across tumor types, and become a potential catalyst for the revaluation of the company's platform and pipeline.