Nanjing Leads Biolabs Co Ltd (9887.HK): Positive Early Durability in NSCLC Achieved; What's Next?

We upgrade Nanjing Leads Biolabs (9887.HK) to Overweight from Equal-weight with a new 12-month price target of HK$93 (up from HK$85), implying ~70-72% upside. Recent six-month PFS and improved ORR data for lead asset LBL-024 (PD-L1/4-1BB) in front-line NSCLC established early proof-of-concept, suggesting early efficacy signals are translating into durability, albeit in small samples and still immature. Safety remained largely stable vs. prior disclosures, especially manageable 4-1BB hepatotoxicity;