和誉医药 20250910 摘要 和誉医药有两个具有潜力的临床二期产品。ABSK061 是 FGFR23 抑制剂，主 要适应症为 ACH，对标美国 BioMarin，其去年销售额约为 5-6 亿美元，美国 和誉医药的匹米替尼预计 2026 年上半年商业化，有望带来可持续现金 流，并已与默克达成合作，获得首付款，为公司运营提供资金支持。公 司半年报显示扭亏为盈趋势明显，财务状况稳定。 ABSK061（FGFR23 抑制剂）主要适应症为 ACH，对标 BioMarin，后 者去年销售额约 5-6 亿美元，美国市场峰值潜力约 40-50 亿美元。 ABSK043（口服 PD-L1 抑制剂）年底将有与三代 EGFR 连用数据，可 能实现弯道超车。 和誉医药早期研发的 KRAS G12D 和 pan-KRAS 产品在临床前动物实验 中表现出 best in class 的特性，公司整体价值巨大，有望通过加强出海 合作进一步提升价值。 参考其他小分子港股标的，预计 2026 年和誉医药入通后市值可能达到 四五百亿元。FGFR4 抑制剂和 PD-L1 口服小分子抑制剂等管线产品具 备弯道超车潜力。 FGFR4、PD-L1 ...

Group 1: Hong Kong Stock Market Highlights - China Tobacco Hong Kong (06055) rose over 2% after announcing exclusive distribution agreements for brand cigars with Hubei and Shandong Tobacco [1] - Sportswear stocks generally increased, with Li Ning (02331) up nearly 1% and Tmall (06110) up nearly 2%, following a government directive to enhance the modern sports industry and boost consumption [1] - He Yu-B (02256) surged over 3% as the company announced multiple positive developments, including the approval of oral PD-L1 combined with Gorai Leisai for Phase II clinical trials [1] - Gold stocks collectively rose, with Lingbao Gold (03330) up over 4%, China Gold International (02099) up over 1%, and Zijin Mining (02899) up over 3%, amid expectations of a U.S. interest rate cut [1] - UBTECH (09880) increased over 2% after Citigroup reported that the company has received 400 million RMB in humanoid robot orders and secured a $1 billion strategic investment from a Middle Eastern fund [1] - Huimai Technology (01860) surged over 12%, reaching a historical high, with a year-to-date stock price increase of over 110% due to the continuous iteration of its AI-driven smart bidding system [1] Group 2: Other Notable Stocks - Wanka Yilian (01762) rose over 11% after announcing a comprehensive cooperation memorandum with Alibaba Cloud to create an AI marketing ecosystem [2] - Longpan Technology (02465) increased over 10%, with Citic Securities indicating potential opportunities in the battery sector due to an upcoming significant meeting [2] - Juzi Bio (02367) rose over 4%, with institutions optimistic about the recovery of live streaming during the upcoming Double Eleven shopping festival [2] - Shoucheng Holdings (00697) increased over 8% after its subsidiary announced additional investment in Songyan Power amounting to several million RMB [2] Group 3: U.S. Stock Market Highlights - Salesforce (CRM.US) fell 4.85% after reporting a 9.8% year-over-year revenue growth for Q2, with Q3 revenue guidance slightly below expectations [3] - American Eagle (AEO.US) surged 37.96% after exceeding expectations in its Q2 earnings report [3] - Hewlett Packard Enterprise (HPE.US) rose 1.49% with a 19% year-over-year revenue growth in Q3, marking a record high [3] - United Microelectronics (UMC.US) increased 3.46%, reporting a 1.86% year-over-year sales growth for the first eight months of the year [3] - ZTO Express (ZTO.US) continued to rise by 0.94%, with the logistics industry index in China at 50.9%, up 0.4 percentage points from the previous month [3] - Bilibili (BILI.US) rose 0.99%, with research indicating high growth in the gaming industry supported by policy, expecting continued quarter-over-quarter improvement [3] - Waterdrop (WDH.US) increased 2.25%, reporting nearly a 120% growth in net profit attributable to shareholders, driven by AI model empowerment [3] Group 4: Additional U.S. Stock Movements - Sanofi (SNY.US) fell 9.14% despite achieving all primary and secondary endpoints in a Phase III study for Amlitelimab, as results did not meet market expectations [4] - Toyota (TM.US) rose 2.40% after announcing plans to produce a pure electric vehicle model at its Czech factory, marking its first electric vehicle production in Europe [4] - Baidu (BIDU.US) increased 1.88% following the release of an action plan by the Ministry of Industry and Information Technology to enhance intelligent cloud services [4] Group 5: Earnings Reports and Forecasts - C3.ai (AI.US) fell 7.31% after reporting Q1 results and revenue guidance for FY2026 that fell short of expectations [5] - Samsara (IOT.US) rose over 10% with a 30% year-over-year revenue growth in Q2 [5] - UiPath (PATH.US) increased nearly 5%, reporting Q2 revenue of $362 million, a 14% year-over-year growth, and projecting FY2026 revenue between $1.571 billion and $1.576 billion [5] - DocuSign (DOCU.US) rose nearly 9% after reporting Q2 revenue of $800.6 million, a 9% year-over-year increase, with GAAP gross margin at 79.3% [5]

责任编辑：栎树 和誉近日宣布，在研口服PD-L1 抑制剂ABSK043 和艾力斯的KRAS G12C抑制剂戈来雷塞片联用治疗 KRAS G12C突变的NSCLC的IND申请在中国获得批准。今年3月，公司和艾力斯就ABSK043达成合作协 议，此次获批的是评估ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片联用治疗KRASG12C突变的 NSCLC的二期临床试验。 此外，8月13日，根据MSCI最新公布的8月指数审议结果，公司成功被纳入MSCI全球小盘股指数成分 股，该调整已经于8月26日收盘后正式生效；8月15日，AllianzSE于增持和誉，增持后，AllianzSE持股 比例由4.81%升至5.10%，至此公司已获得礼来亚洲、启明创投、Morgan Stanley、AllianzSE多家明星外 资入股。8月27日公司回购20万股，8月28日又回购10万股。截至2025年6月30日，已累计回购954.5万 股，合计7530万港元。 和誉-B早盘高开逾6%，高见18.92港元，创历史新高。截至发稿，股价上涨2.64%，现现报18.28港元， 成交额1124.74万港元。 ...

消息面上，和誉近日宣布，在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片 联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准。今年3月，公司和艾力斯就ABSK043达 成合作协议，此次获批的是评估ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片联用治疗 KRASG12C突变的NSCLC的二期临床试验。 此外，8月13日，根据MSCI最新公布的8月指数审议结果，公司成功被纳入MSCI全球小盘股指数成分 股，该调整已经于8月26日收盘后正式生效；8月15日，AllianzSE于增持和誉，增持后，AllianzSE持股 比例由4.81%升至5.10%，至此公司已获得礼来亚洲、启明创投、Morgan Stanley、AllianzSE多家明星外 资入股。8月27日公司回购20万股，8月28日又回购10万股。截至2025年6月30日，已累计回购954.5万 股，合计7530万港元。 和誉-B(02256)高开逾6%，高见18.92港元创历史新高。截至发稿，涨3.87%，报18.5港元，成交额5.63万 港元。 ...

Group 1 - UBS maintains a "Buy" rating for Innovent Biologics, raising the target price to HKD 137.4, citing the promising product line and significant global R&D potential for IBI363 [1] - CMB (Hong Kong) maintains a "Buy" rating for China Life, increasing the target price to HKD 29, with a projected 7% YoY net profit growth in H1 2025 and a 20.3% increase in new business value [1] - CMB (Hong Kong) maintains a "Buy" rating for ZTE Corporation, raising the target price to HKD 42, with a 15% YoY revenue growth expected in H1 2025, driven by strong enterprise business performance [2] Group 2 - DBS reaffirms a "Buy" rating for China Merchants Bank, lowering the target price to HKD 53.5, with a projected CAGR of 2.5% for earnings from 2025 to 2027 [3] - Huatai Securities maintains a "Buy" rating for Li Auto, reducing the H-share target price to HKD 105.43, optimistic about the sales performance of the new i6 model [4] - CMB (Hong Kong) maintains an "Outperform" rating for Cha Bai Dao, with a target price of HKD 12, reporting a 4.3% YoY revenue growth and a 37.5% increase in net profit for H1 2025 [5] Group 3 - CMB (Hong Kong) maintains an "Outperform" rating for Chaoyun Group, setting a target price of HKD 3.65, with a 7.2% YoY revenue growth and a 101.4% increase in pet business revenue [6] - CMB (Hong Kong) maintains an "Outperform" rating for He Yu-B, raising the target price to HKD 20, highlighting the approval of a key clinical trial and strong financial position [7] - UBS gives a "Buy" rating to CanSino Biologics, setting a target price of HKD 224.3, anticipating updates on key data and potential collaborations [8]

该行维持和誉今明两年的纯利预测0.48亿及3.2亿元。考虑到ABSK043研发进展顺利，加上行业估值中 枢上行，上调目标价33.3%至20港元，维持"跑赢行业"评级。 中金发表研究报告指，和誉近日宣布在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈 来雷塞片联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准。该行认为，药物的后续临床 进展值得市场关注。此外，近日和誉被纳入MSCI全球小型股指数成分股。该行指出，被纳入该指数可 望提升公司的全球资金关注度，或对其流动性产生正面影响。 ...

Core Viewpoint - The company demonstrates strong financial performance with sustainable growth potential, driven by its core product, ABKS021 (Pimicitinib), and strategic partnerships, particularly with Merck [1][4] Financial Performance - In the first half of 2025, the company reported revenue of 657 million RMB (up 20% year-on-year) and a net profit of 328 million RMB (up 59% year-on-year) [1] - The company holds cash reserves of 2.3 billion RMB, providing a solid foundation for future R&D and operations [1] Product Development - Pimicitinib's global commercialization option was exercised by Merck, with an upfront payment of 85 million USD [1] - The NDA for Pimicitinib has been accepted in China and is expected to be submitted in the U.S. within the year, with potential approvals in both markets by mid-2026 [1] - Clinical trial data for Pimicitinib shows a 54% objective response rate (ORR) at week 25, significantly outperforming placebo and other similar products [1] Pipeline and Research - The company is advancing its pipeline with ABSK011, a potential first-in-class FGFR4 inhibitor, which has shown superior efficacy in preclinical studies compared to earlier entrants [1] - ABSK011 is currently in clinical trials for FGF19+ hepatocellular carcinoma, with promising early results [1] - The company is also developing ABSK043, an oral PD-L1 inhibitor, which has shown a 19.6% ORR in early trials for NSCLC [2] Market Position and Competitive Advantage - The company’s product ABSK061, an FGFR2/3 inhibitor, is positioned to compete with existing therapies due to its oral administration route, contrasting with the injectable nature of competitors [3] - The company has a rich pipeline including KRAS inhibitors and ADCs, indicating a well-structured approach to drug development [3] Shareholder Engagement - The company has been actively repurchasing shares, indicating a commitment to shareholder returns, with a total of 9.545 million shares repurchased by June 30, 2025 [3] - Notable foreign investors, including Allianz SE and Morgan Stanley, have increased their stakes, reflecting confidence in the company's growth prospects [4] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 680 million RMB, 620 million RMB, and 790 million RMB, with net profits of 40 million RMB, 60 million RMB, and 80 million RMB respectively [4]

ABSK043是公司具备全球权益的潜力口服小分子PD-L1抑制剂 根据公司公告，ABSK043是一款口服生物利用度较好、具备高度选择性的小分子PD-L1抑制剂，截至目 前全球虽然有多款PD-1/PD-L1单抗获批上市，但尚未有口服生物利用度好的PD-1/PD-L1获批上市。根 据公司公告，一期研究结果显示，ABSK043单药具有良好的安全性和抗肿瘤活性。 ABSK043联用戈来雷塞进入二期临床，持续发掘口服+口服联用方案潜力 中金发布研报称，维持和誉-B(02256)2025年/2026年归母净利润预测0.48亿元/3.2亿元不变。考虑到 ABSK043研发进展顺利，叠加行业估值中枢上行，该行维持跑赢行业评级，基于DCF模型，上调目标 价33.3%至20.0港币，较当前股价有18.3%的上行空间。 中金主要观点如下： 公司近况 近日，公司宣布在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片联用治疗 KRAS G12C突变的NSCLC的IND申请在中国获得批准。此外，近日公司被纳入MSCI全球小盘股指数成 分股。 2025年3月公司和艾力斯就ABSK043达成合作协议，此次获批 ...

智通财经APP获悉，中金发布研报称，维持和誉-B(02256)2025年/2026年归母净利润预测0.48亿元/3.2亿 元不变。考虑到ABSK043研发进展顺利，叠加行业估值中枢上行，该行维持跑赢行业评级，基于DCF 模型，上调目标价33.3%至20.0港币，较当前股价有18.3%的上行空间。 中金主要观点如下： 公司近况 2025年3月公司和艾力斯就ABSK043达成合作协议，此次获批的是评估ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片联用治疗KRAS G12C突变的NSCLC的二期临床试验。此前双方也探索了 ABSK043和艾力斯伏美替尼联用治疗晚期NSCLC。该行认为公司持续布局的口服+口服联用方案相较注 射+口服联用有望具备更好的患者依从性和安全谱，后续临床进展值得关注。 被纳入MSCI全球小盘股指数成分股，有望提升关注度和流动性 8月13日，公司宣布根据MSCI最新公布的8月指数审议结果，公司凭借创新能力和商业化进展，成功被 纳入MSCI全球小盘股指数成分股，该调整已经于2025年8月26日收盘后正式生效。该行认为被纳入该指 数有望提升公司的全球资金关注度，或有望对流动性产生积极影响 ...