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DEEP RESEARCH · CHENGDU KANGHONG

Chengdu Kanghong Pharmaceutical: Anti-VEGF Franchise and the Next Pivot

A research note on Conbercept’s China position, NRDL/VBP pricing pressure, and the KH631/KH617 pipeline

Date: 2025-11-27 · Company/industry analysis · Naver Blog source and public references

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0. Bottom line first

My core view is simple: Conbercept still gives Chengdu Kanghong a meaningful cash-generating base in China’s ophthalmic anti-VEGF market, but after the global PANDA setback the company must prove a second growth curve through KH631 gene therapy and KH617 oncology development.

Base

Conbercept

A domestic Chinese anti-VEGF drug for retinal diseases such as nAMD and DME, competing with Eylea and Vabysmo.

Policy

NRDL and VBP

Reimbursement expands access but brings price pressure. Volume growth and margin defense must be watched together.

Options

KH631 and KH617

KH631 is an rAAV8 gene-therapy candidate for nAMD; KH617 is presented as an oncology expansion option, including glioblastoma.

1. Industry backdrop: structural growth in Chinese ophthalmology

Official fact: The source cites China’s ophthalmic drug market at about USD 2.1288 billion in 2024, with a 10.6% CAGR to roughly USD 3.9012 billion by 2030. That is above the cited 6.1% global growth rate.

Interpretation: Aging, diabetes growth, and digital-device use all support retinal-disease demand. But a larger market also attracts faster entry from competitors such as Roche’s Vabysmo.

China ophthalmology demandAging · diabetes · digital lifestyle
nAMDAge-related macular degeneration
DME/DRDiabetic retinal disease
Anti-VEGFCurrent standard therapy
Gene therapyLong-duration option
Demand growth is clear; pricing, competition, and clinical execution decide value capture.

2. Conbercept: strengths and pressure

Conbercept is described as a third-generation anti-VEGF receptor-fusion protein targeting VEGF-A, VEGF-B, and PlGF. Compared with monthly injections for earlier therapies such as ranibizumab, the aflibercept/Conbercept generation is valued for longer dosing intervals.

GenerationExamplesMain feature
1stMacugen, AvastinSpecific VEGF isoform targeting or oncology off-label use
2ndLucentisOphthalmic Fab, high retinal penetration, short half-life
3rdEylea, ConberceptReceptor fusion proteins targeting VEGF-A/B and PlGF
4thBeovu, VabysmoHigh-concentration dosing or VEGF-A/Ang-2 dual inhibition

Official fact: The source says Eylea held 51.8% global market share in 2024, while Conbercept became a strong Chinese challenger through domestic-new-drug status, pricing, and China-specific clinical data.

Interpretation: Conbercept’s local base is real, but Vabysmo’s Asian data, biosimilar pressure, and policy-driven price cuts can slow the existing franchise.

3. Policy: access and price pressure together

China’s NRDL and VBP mechanisms can expand patient access while lowering prices. For Kanghong, the question is not only revenue but whether operating margin and cash flow can absorb lower unit prices.

Bull

Reimbursement expansion

Higher access and broader hospital prescribing can let volume offset price cuts.

Base

Price-volume balance

Revenue remains resilient, but margins gradually compress.

Bear

VBP pressure

Competition plus centralized procurement weakens the core product’s cash generation.

4. Pipeline: KH631 and KH617

Official fact: KH631 is an rAAV8 gene therapy candidate for nAMD, supported in the source by preclinical papers and clinical-trial references. KH617 is framed as a multi-target anti-angiogenic oncology candidate, including glioblastoma.

Interpretation: KH631 matters because it could reduce repeated injections. But ocular gene therapy must clear safety, durability, manufacturing-quality, and clinical-efficacy hurdles.

5. My monitoring checklist

  • Conbercept prescription volume, price, and margin trends in China
  • China penetration by Roche Vabysmo and Eylea-family products
  • KH631 clinical safety and efficacy updates
  • KH617 clinical progress and differentiated oncology rationale
  • R&D funding capacity and operating cash-flow stability

Sources

Naver original