IND of first ADC product filed. Under its internal-developed ADC platform, the companysubmitted the IND for its first ADC product, ICP-B794 (B7-H3 ADC), to the NMPA in April of 2025,which shows superior therapeutic effects and safety window in preclinical studies. Maintain BUY. Given the continuous sales ramp-up of orelabrutinib, we raise our EPS forecastfrom -Rmb0.21 to -Rmb0.19 in 25E, from -Rmb0.06 to -Rmb0.05 in 26E and forecast Rmb0.16 in27E. Based on the DCF model, we raise our target price from HK$10 ...