JP Morgan: INNOVENT BIO (01801) stock price fluctuations may be related to NRDL results, recommendation to maintain hold.

JPMorgan released a research report stating that the stock price of INNOVENT BIO (01801) fell by about 7% on Monday. The bank believes this may be related to the National Reimbursement Drug List (NRDL) announced over the weekend. The rating for the stock remains "Hold". The bank understands that investors have the following concerns: 1) Lilly's tirzepatide has been included in the NRDL for the treatment of diabetes, which may put pressure on the sales potential of the group's mazdutide; 2) Whether INNOVENT BIO will significantly reduce the price of its small molecule inhibitors to obtain coverage from the NRDL, which may exacerbate sales pressure. In addition, the bank believes that the preliminary data on the group's three-specific antibody drug IBI3003 presented at ASH'25 is encouraging, and its efficacy may be comparable to Johnson & Johnson's three-specific antibody drug JNJ-5322.