Citi's research report states that Kelun-Botai Bio announced that its antibody-drug conjugate, SKB264, has received approval from the National Medical Products Administration to be marketed in china for treating adult patients with locally advanced or metastatic triple-negative breast cancer (TNBC) who have received at least two systemic therapies and are not candidates for surgery. The approval timing aligns with the firm's and the company's expectations. Citi also pointed out that results from the third phase clinical trials for lung cancer are expected next year, which is considered a key catalyst worth paying attention to. Management revealed to investors recently that SKB264's sales could reach between 0.8 billion and 1 billion yuan next year, exceeding market expectations. Consequently, the firm has raised Kelun-Botai Bio's target price to 236.6 HKD and reiterated the 'Outperform' rating.