Core Viewpoint - The stock of He Yu-B (02256) has risen over 6%, reaching a new high of 18 HKD, driven by recent share buybacks and positive financial performance [1] Group 1: Stock Performance - He Yu-B's stock price increased by 5.56%, trading at 17.84 HKD with a transaction volume of 34.38 million HKD [1] - The company has conducted share buybacks, repurchasing 200,000 shares on August 27 and another 100,000 shares on August 28, totaling 9.545 million shares repurchased for 75.3 million HKD as of June 30, 2025 [1] Group 2: Shareholding Changes - Allianz SE increased its stake in He Yu-B from 4.81% to 5.10% as of August 15 [1] Group 3: Financial Performance - In the first half of the year, the company reported revenue of 657 million RMB, a year-on-year increase of 20%, and a net profit of 328 million RMB, up 59% [1] - The company holds cash reserves of 2.3 billion RMB, providing a solid foundation for future research and operations [1] - Growth is primarily attributed to the core product, ABKS021 (Pimiatin), in collaboration with Merck, which exercised its global commercialization option in the first half of 2025, paying an exercise fee of 85 million USD [1] Group 4: Future Outlook - The company is expected to benefit from the global approval and commercialization of Pimiatin, with ongoing milestone payments and sales sharing [1] - The steady progress in the registration and listing of Pimiatin, along with healthy financial performance, indicates sustainability in the medium term [1]

Core Viewpoint - The stock of He Yu-B (02256) has risen over 6%, reaching a new high of 18 HKD, driven by recent share buybacks and positive financial performance [1] Group 1: Stock Performance - He Yu-B's stock price increased by 5.56% to 17.84 HKD, with a trading volume of 34.38 million HKD [1] - The company has conducted share buybacks, repurchasing 200,000 shares on August 27 and another 100,000 shares on August 28, totaling 9.545 million shares repurchased for 75.3 million HKD as of June 30, 2025 [1] Group 2: Shareholding Changes - Allianz SE increased its stake in He Yu-B from 4.81% to 5.10% as of August 15 [1] Group 3: Financial Performance - He Yu-B reported a revenue of 657 million RMB for the first half of the year, representing a year-on-year growth of 20% [1] - The net profit for the same period was 328 million RMB, showing a significant increase of 59% year-on-year [1] - The company holds a cash reserve of 2.3 billion RMB, providing a solid foundation for future research and operations [1] Group 4: Product Development - The growth is primarily attributed to the core product, ABKS021 (Pimitespib), in collaboration with Merck, which exercised its global commercialization option in the first half of 2025, paying an option fee of 85 million USD [1] - The company is expected to achieve sustainable mid-term performance as it progresses towards the global approval and commercialization of Pimitespib, along with milestone payments and revenue sharing from sales [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [2][11]. Core Insights - The company has shown strong financial performance with a revenue of 657 million RMB in the first half of 2025, representing a year-on-year growth of 20%, and a net profit of 328 million RMB, up 59% year-on-year [4]. - The company has a robust cash reserve of 2.3 billion RMB, providing solid support for future R&D and operations [4]. - The core product, Pimiatinib (ABSK021), has successfully entered the global commercialization phase with Merck exercising its option and paying a fee of 85 million USD [4]. - The company is expected to achieve significant sales milestones with Pimiatinib's global approval and ongoing sales revenue sharing [4]. - The company is actively repurchasing shares, indicating a focus on shareholder returns, with a total of 9.545 million shares repurchased by June 30, 2025 [7]. Financial Performance and Projections - Revenue projections for 2025-2027 are estimated at 678 million RMB, 621 million RMB, and 786 million RMB respectively, with net profits of 42 million RMB, 64 million RMB, and 80 million RMB [2][6]. - The company anticipates a peak sales potential of 1.5 billion USD for Pimiatinib targeting TGCT and 1 billion USD for cGVHD [6]. - The report highlights a significant increase in revenue growth rate from 2,544% in 2023 to 35% in 2024, followed by a slight decline of 8% in 2025, and a rebound of 27% in 2026 [9][10]. Product Pipeline and Market Potential - The company is advancing its pipeline with ABSK011, a potential first-in-class FGFR4 inhibitor, which has shown promising preclinical efficacy and is currently in registration clinical trials [5]. - ABSK043, an oral PD-L1 inhibitor, is also in development, showing a 19.6% objective response rate in early trials, with potential for significant market impact in the NSCLC segment [7]. - The company has a rich pipeline with various candidates, including KRAS inhibitors and ADCs, indicating a strong future growth trajectory [7].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02256 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v ...

Core Viewpoint - The company, He Yu-B (02256.HK), has entered into agreements with J.P. Morgan Securities plc to subscribe to redeemable zero-coupon notes issued by JPMorgan Chase Bank, N.A., with a subscription amount of 10 million USD [1] Group 1 - On July 9, 2025, the company agreed to subscribe to USD notes linked to the offshore RMB exchange rate issued by J.P. Morgan Structured Products B.V., with a subscription amount of 10 million USD [1] - The outstanding balance of the notes linked to the offshore RMB exchange rate prior to the subscription of the redeemable zero-coupon notes is approximately 10 million USD [1]

Core Viewpoint - The company has entered into agreements with J.P. Morgan Securities plc to subscribe to two different types of notes, indicating a strategic move to manage its financial instruments and exposure to currency fluctuations [1] Group 1: Financial Agreements - The company agreed to subscribe to redeemable zero-coupon notes issued by JPMorgan Chase Bank, N.A. for an amount of 10 million USD [1] - Prior to the subscription of the redeemable zero-coupon notes, the company entered into an agreement to subscribe to USD notes linked to the offshore RMB exchange rate, also for an amount of 10 million USD [1] - The outstanding balance of the notes linked to the offshore RMB exchange rate before the subscription of the redeemable zero-coupon notes is approximately 10 million USD [1]

Group 1 - The company, He Yu-B (02256.HK), announced a share buyback on August 28, 2025, costing HKD 1.5937 million to repurchase 100,000 shares [1] - The buyback price ranged from HKD 15.9 to HKD 15.99 per share [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Abbisko Cayman Limited 和譽開曼有限責任公司 （於開曼群島註冊成立的有限公司）） （股份代號：2256） 須予披露交易 認購理財產品 認購理財產品 董事會宣佈，於2025年8月28日，本公司與J.P. Morgan Securities plc訂立協議， 據此，本公司同意認購JPMorgan Chase Bank, N.A.發行的美元可贖回零息票 據，認購金額為10.0百萬美元。 認購美元可贖回零息票據前，於2025年7月9日，本公司與J.P. Morgan Securities plc訂立協議，據此，本公司同意認購由J.P. Morgan Structured Products B.V.發 行的與美元兌離岸人民幣匯率掛鈎的美元票據，認購金額為10.0百萬美元。緊 接認購美元可贖回零息票據前，認購與美元兌離岸人民幣匯率掛鈎的美元票據 的尚未償還總結餘約為10.0百萬美元。 上市規則 ...

Group 1 - The company, He Yu-B (02256), announced a share buyback of 100,000 shares at a cost of approximately HKD 1.5937 million on August 28, 2025 [1]

Core Viewpoint - Company He Yu-B (02256) announced a share buyback plan, indicating a strategic move to enhance shareholder value through the repurchase of shares [1] Group 1 - The company plans to repurchase 100,000 shares [1] - The total expenditure for the buyback is approximately HKD 1.5937 million [1] - The buyback is scheduled to occur on August 28, 2025 [1]