BOCOM INTL: EVEREST MED (01952) Early-Stage Research Validation Expected to Drive Value Re-rating; Maintain "Buy" Rating

BOCOM INTL released a research report stating that Moderna and Merck's personalized mRNA cancer vaccine Intismeran achieved positive results in a Phase III melanoma study, providing clinical validation for this new treatment paradigm and highlighting the forward-looking positioning of EVEREST MED (01952) in this field; the bank maintains its "Buy" rating, bullish on the company's efficient BD + commercialization execution and continued progress of its mRNA cancer vaccine/in vivo CAR-T. Overseas breakthrough validates the technological path; AI-empowered mRNA/LNP platform supports diversified layout The company has established an AI-empowered end-to-end mRNA platform, with core advantages including: 1) AI-empowered molecular design: the proprietary AI algorithm "MiaoSuan" is used to predict tumor neoantigens; the company also continuously optimizes codon, secondary structure, and UTR synergy, achieving protein expression levels nearly 5 times higher than early commercial systems; 2) Proprietary LNP delivery platform: the exclusive L41 mRNA LNP demonstrated superior anti-tumor efficacy in preclinical studies, and faster hepatic clearance of lipids is expected to reduce accumulation risk; 3) Fully in-house production: the Jiashan facility supports the preparation of personalized vaccines within 6-8 weeks and is expected to continuously reduce costs and improve efficiency. Leveraging this platform, the company has comprehensively laid out personalized, universal off-the-shelf, and immunomodulatory cancer vaccines, with potential for combination therapy and sequential treatment; it is also developing in vivo CAR-T products, expanding into autoimmune and hematological oncology fields. Early clinical signals bolster confidence; pipeline advancement expected to bring sustained catalysts The company's cancer vaccine has demonstrated preliminary human activity: results from the IIT Phase Ia study of EVM16 in advanced solid tumors were presented at the 2026 AACR, with 8 of 9 patients showing T-cell responses in a dose-dependent trend; 1 confirmed partial response (PR) and 2 cases of stable disease (SD) were observed; preliminary safety and tolerability were favorable. Over the next year, the company will see multiple catalysts: 1) Personalized cancer vaccine EVM16: US/China IND submission (end-2026/H1 2027), Phase Ia Part 1 data readout (H1 2027), Phase Ib first-line maintenance treatment data readout (H2 2027); 2) Tumor-associated antigen vaccine EVM14: combination immunotherapy IIT enrollment initiation (H1 2027), US combination immunotherapy dose-escalation data readout (H2 2027); 3) Other pipeline: immunomodulatory cancer vaccine EVM15 (PDL1/IDO1) planned for US/China IND submission in H1/H2 2027; in vivo CAR-T product EVM18 is advancing US-China IND filings. In addition, the bank believes attention should be paid to Moderna's subsequent exploration in more solid tumors and longer-term data in melanoma, which are expected to further validate the potential and durability of benefit of mRNA vaccines across tumor types, and serve as potential catalysts for re-rating the value of the company's platform and pipeline.