Innovent: Path to CNY35 Bn sales and 30%+ EBIT margin

We expect Innovent's China product sales to more than double to ~CNY35 Bn by 2030E and reach ~CNY52 Bn by 2033E, driven by MAZ, IBI363, and 7 other oncology/general-biomedicine pipeline assets. Partnered assets could generate ~$5 Bn global sales by 2033E, supporting CNY8-10 Bn annual license income in 2030-33E. Oncology: We remain optimistic on IBI363 (PD-1/IL-2) in 2L+ actionable-genomic-alteration-negative NSCLC, particularly squamous disease, where 37% ORR and 18.2m mOS compare favorably with leading peers; in non-squamous NSCLC, its 24% ORR and 17.5-month mOS also suggest competitive efficacy, while safety appears manageable. ESMO 2026 will feature first 1L gastric/GEJ adenocarcinoma data for IBI363 + XELOX and the clinical debut of IBI3001, Innovent's first EGFR/B7-H3 bispecific ADC. General biomedicine: MAZ remains the largest near-term driver;