中国医疗保健：2025年全球中国峰会-第一天要点

Asia Pacific Equity Research22 May 2025JPMORGANwww.jpmorganmarkets.comHealthcareYang Huang AC(852) 2800 3812yang.huang@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) LimitedDerek Choi(852) 2800-8744derek.c.choi@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) LimitedEric Zhao, CFA(86-21) 6106 6256eric.zhao@jpmorgan.comSAC Registration Number: S1730524050001J.P. Morgan Securities (China) Company LimitedDenise Yan, CFA(852) 2800 8195denise.yan@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) LimitedWe share our takeaways from the corporate meetings we attended on Day 1 of the JPM Global China Summit:•Kelun-Biotech (OW): More TROP2 ADC data readouts this year. Kelun-Biotech has at least two catalysts lined up for 2025, including four SKB264 presentations at ASCO ’25 and additional data for SKB264 at ESMO ’25, along with data updates for a few other ADCs. Based on