CITIC SEC: Sets target price of SKB BIO-B (06990) at HK$592, maintains "buy" rating.

CITIC SEC released a research report stating that SKB BIO-B (06990)'s core product Lukan Satuzumab monoclonal antibody has been approved by MNC and has the backing of global development capabilities. By combining with Merck's drug, further expansion of the possibility of ADC+IO combination therapy is possible. Considering the accelerated global development process of the core product and the imminent commercialization in China, the target price of the company is set at 592 Hong Kong dollars, maintaining a "buy" rating. On November 24, 2025, Kelo Biotechnology announced that its core product TROP2ADC Lukan Satuzumab monoclonal antibody (sac-TMT/SKB264/MK-2870) combined with Palbociclib monoclonal antibody achieved the primary endpoint in the Phase III clinical trial for first-line treatment of PD-L1 positive non-small cell lung cancer (NSCLC), becoming the first global Phase III study in the first-line NSCLC field to achieve positive results with the combination of ADC and immune checkpoint inhibitors (IO). This result further validates the potential of Lukan Satuzumab monoclonal antibody in combination therapy, along with its 3 approved indications and multiple ongoing clinical trials, the pipeline value continues to be realized.