The Zhitong Finance App learned that J.P. Morgan Chase released a research report stating that it covered Conoa-B (02162) for the first time, giving it an “increase in wealth” rating and a target price of HK$95. The bank sees Connoya as a differentiated Chinese biologics platform, which is expected to seize the immunology market opportunities where penetration is still low, while also having potential upside in the global oncology field.

J.P. Morgan believes that stapokibart provides valuation support for the company, while Sone-Ve, CM336 and CM512 have more potential upside, and their global development potential is still underestimated. After outperforming the market from the beginning of the year to date, there was a correction in October. The bank believes this provides an attractive opportunity to enter the market.

In terms of profit forecasting, the bank expects Connoah's revenue of RMB 1,183 billion, RMB 2,358 billion and RMB 3.101 billion respectively from 2026 to 2028, and expects that after excluding authorized revenue, the company's basic business will reach balance of payments in 2028.

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