本公司于2025年9月29日根据2019年股权激励计划授出460.64万份受限制股份单位(受限制股份单位)予本 公司的若干雇员(受限制股份单位承授人)，惟须待受限制股份单位承授人接纳方可作实。 和誉-B(02256)发布公告，本公司于2025年9月29日根据首次公开发售后购股权计划授出634.35万份购股 权(购股权)予本公司的三名董事(董事)及若干雇员(合称"购股权承授人")，惟须待购股权承授人接纳方可 作实。 ...

根據首次公開發售後購股權計劃授出購股權 及 根 據 2019 年股權激勵計劃授出受限制股份單位 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） 1 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」） 第17.06A條而作出。 根據首次公開發售後購股權計劃授出購股權 和譽開曼有限責任公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董 事會」）謹此宣佈，本公司於2025年9月29日根據首次公開發售後購股權計劃授出 6,343,508份購股權（「購股權」）予本公司的三名董事（「董事」）及若干僱員（合稱 「購股權承授人」），惟須待購股權承授人接納方可作實。有關所授出購股權的詳情 如下： 授出日期： 2025年9月29日 所授出購股權的行使價： 17.50港元，相當於以下各項的最高者：(i)於授出日期 ...

Core Viewpoint - Citigroup's report indicates that despite a 280% increase in the stock price of the company this year, it remains undervalued among the biotech stocks covered by the bank [1] Group 1: Valuation and Drug Potential - The current valuation reflects only the value of two late-stage candidate drugs, pimicotinib and irpagratinib, while the market has not fully recognized the potential of its differentiated innovative drugs with high licensing potential [1] - The drug ABSK043 can be used in combination with targeted therapies and poses no significant safety issues, providing an oral treatment option for patients [1] Group 2: Clinical Development and Future Prospects - The KRAS series drugs, including ABSK141 and ABSK211, have demonstrated good oral bioavailability and efficacy in vivo, with plans to enter clinical stages from the second half of this year to next year [1] - The company is developing additional candidate drugs beyond oncology, with its cardiovascular metabolic disease drug P151 having entered the IND initiation stage [1] Group 3: Price Target and Rating - Citigroup raised the target price for the company from HKD 17.5 to HKD 25, maintaining a "Buy" rating [1]

Group 1 - The core point of the article highlights that the total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% rise, indicating a major shift in market recognition of local pharmaceutical companies' innovation capabilities [1] - The report anticipates that the Federal Reserve's accelerated interest rate cuts will enhance risk appetite, directing funds towards growth sectors such as Chinese biotechnology [1] - However, the performance of individual stocks is expected to depend on company fundamentals, including commercialization execution and innovation research progress [1] Group 2 - The report expresses optimism for companies with short-term catalysts, specifically naming Kangfang Biotech (09926), Nuo Cheng Jian Hua (09969), and others as potential beneficiaries [1] - Additionally, it assigns an "outperform" rating to Weisheng Pharmaceutical-B (02561) and Zai Lab (09688) [1]

Group 1 - The total market capitalization of Chinese biotech stocks listed in Hong Kong has increased by 154% year-to-date, significantly outperforming the Hang Seng Index's 34% rise, indicating a major shift in market recognition of local pharmaceutical companies' innovation capabilities [1] - The expectation of the Federal Reserve accelerating interest rate cuts is anticipated to boost risk appetite, directing funds towards growth sectors such as Chinese biotech [1] - Individual stock performance will still depend on company fundamentals, including commercialization execution and innovation research progress [1] Group 2 - Companies with short-term catalysts that are favored include Kangfang Biotech (09926), Innovent Biologics (09969), Huyou-B (02256), Sinopharm (01801), and Eucure Biopharma-B (09606) [1] - Morgan Stanley has given "outperform" ratings to Weisheng Pharmaceutical-B (02561) and Zai Lab (09688) [1]

Core Viewpoint - The recent semi-annual adjustment of the FTSE Global Equity Index Series has included several Hong Kong stocks, indicating a shift in market dynamics and highlighting the performance of certain sectors, particularly gold and biopharmaceuticals [1][2][3]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopuhuang Gold (06181) have been included in the FTSE China Large Cap Index for the first time, while 11 Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The FTSE Global Equity Index Series categorizes stocks into four market capitalization tiers based on free float market capitalization, which excludes strategic holdings and locked shares [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, with Chifeng Jilong Gold rising over 120% and Laopuhuang Gold increasing by over 200%, reflecting strong sector performance [3]. - The biopharmaceutical sector has also seen substantial growth, with companies like Rongchang Bio (09995) and Sanofi (01530) experiencing stock price increases of nearly 670% and a market capitalization exceeding 77 billion HKD, respectively [3][5]. Group 3: Company Highlights - Chifeng Jilong Gold focuses on gold mining and resource recovery, reporting a net profit of 1.107 billion RMB in the first half of 2025, a year-on-year increase of 55.79% [4]. - Laopuhuang Gold, which went public on June 28, 2024, has seen its stock price surge by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, with a target price of 20 HKD set by Daiwa [4]. - Sanofi has gained attention due to a significant business development deal with Pfizer, leading to a market capitalization of 77 billion HKD [5]. - Fourth Paradigm (06682) has received positive outlooks from multiple brokerages, with target prices raised due to its strong position in the AI sector [6].

Group 1 - The company is set to achieve its first commercial product with the development of small molecule therapies, focusing on FIC and BIC, and is expanding into non-tumor and macromolecule fields [1] - The company expects to transition from long-term losses to profitability in 2024 through external licensing agreements [1] - Pimitinib, a BIC CSF-1R inhibitor, has submitted an NDA application in China and is expected to launch in 2026, marking the company's first commercial product [1] Group 2 - Pimitinib has shown best-in-class ORR and significant safety advantages in key Phase III trials for TGCT, with the NMPA accepting its application for market approval [1] - The company has established exclusive commercialization cooperation with Merck for Pimitinib in several regions, reflecting confidence in the product's commercial potential [1] - The company is advancing I/II phase clinical trials for ABSK061, a selective FGFR2/3 inhibitor, with the first patient expected to be enrolled by June 2025 [2] Group 3 - The company is developing ABSK043, a PD-L1 small molecule inhibitor, which is currently the fastest progressing oral PD-L1 inhibitor globally, showing good safety and anti-tumor activity [2] - The company has initiated three II phase clinical trials for ABSK043 in combination therapies for various types of NSCLC and gastric cancer [2] - The company has a target price of 21.68 RMB, indicating a potential 41% upside from its market value as of September 17, 2025 [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [8][9]. Core Views - The company is a small molecule innovative drug developer on the verge of launching its first commercial product, Pimicotinib, which has shown significant efficacy and safety in clinical trials [6][8]. - The company is expected to transition from long-term losses to profitability in 2024, driven by licensing agreements and product commercialization [6][23]. - The partnership with Merck for Pimicotinib is a key growth driver, with potential milestone payments and sales royalties expected to enhance revenue [23][24]. Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 190 million RMB - 2024: 504 million RMB - 2025E: 612 million RMB - 2026E: 756 million RMB - 2027E: 627 million RMB - Net profit forecasts indicate a turnaround from a loss of 432 million RMB in 2023 to a profit of 28 million RMB in 2024, reaching 151 million RMB by 2026 [7][9]. - The expected PE ratios for 2025 to 2027 are 165X, 69X, and 78X respectively [9]. Product Pipeline and Development - The company has established a comprehensive pipeline with 22 candidate drugs, including 12 in clinical stages, focusing on oncology and expanding into non-oncology areas [30][34]. - Pimicotinib, a CSF-1R inhibitor, is positioned to be the first commercial product, with NDA submissions in China and the US expected in 2025 [34][43]. - Other notable candidates include Epagolatinib for liver cancer and ABSK061 for achondroplasia, showcasing the company's diverse therapeutic focus [8][34]. Market Position and Competitive Landscape - The company is recognized for its differentiated product offerings, with Pimicotinib demonstrating superior efficacy compared to existing treatments in clinical trials [40][41]. - The competitive landscape for CSF-1R inhibitors includes several approved drugs, but Pimicotinib's unique profile positions it favorably for market entry [38][37]. Management Team - The management team possesses extensive experience in drug development and international collaboration, enhancing the company's strategic capabilities [21][22].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][8]. Core Insights - The company is a small molecule innovative drug developer, poised to launch its first commercial product, Pimicotinib, which has shown promising results in clinical trials and is expected to generate significant revenue starting in 2024 [5][7][19]. - The financial projections indicate a substantial increase in revenue and profitability, with expected revenues of RMB 504 million in 2024 and RMB 612 million in 2025, transitioning from losses to profits [6][24]. - The partnership with Merck for Pimicotinib is a key driver for revenue growth, with potential milestone payments and sales royalties expected to enhance financial stability [24][26]. Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: RMB 19 million in 2023, RMB 504 million in 2024, RMB 612 million in 2025, RMB 756 million in 2026, and RMB 627 million in 2027, with significant year-on-year growth rates [6][8]. - The net profit forecast shows a turnaround from a loss of RMB 432 million in 2023 to a profit of RMB 28 million in 2024, reaching RMB 63 million in 2025 and RMB 151 million in 2026 [6][8]. - The company’s price-to-earnings (PE) ratios are projected to be 369.2 in 2024, 164.9 in 2025, and 69.3 in 2026, indicating a strong growth trajectory [6][8]. Product Pipeline and Development - Pimicotinib, a CSF-1R inhibitor, is set to be the company's first commercial product, with NDA submissions in China and the US expected in 2025 [7][46]. - The company has a robust pipeline with 22 candidate drugs, including FGFR inhibitors and PD-L1 small molecules, indicating a diversified approach to drug development [31][53]. - The clinical data for Pimicotinib in treating TGCT shows a 54% overall response rate (ORR) in pivotal trials, outperforming competitors [43][44]. Market Position and Competitive Landscape - The company is positioned to capitalize on unmet medical needs in oncology, particularly with Pimicotinib addressing TGCT and cGvHD, where current treatment options are limited [42][48]. - The collaboration with Merck enhances the company's market presence and commercial capabilities, providing a competitive edge in the pharmaceutical landscape [24][47]. - The report highlights the differentiation of the company's products, suggesting a strong potential for sustained partnerships and revenue generation [10].

和譽開曼有限責任公司 Abbisko Cayman Limited 股份代號 : 2256 （於開曼群島註冊成立的有限公司） 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 業務亮點 | 4 | | 財務亮點 | 7 | | 管理層討論及分析 | 9 | | 其他資料 | 36 | | 核數師審閱中期簡明綜合財務報表之報告 | 69 | | 中期簡明綜合損益及其他全面收益表 | 70 | | 中期簡明綜合財務狀況表 | 71 | | 中期簡明綜合權益變動表 | 72 | | 中期簡明綜合現金流量表 | 74 | | 中期簡明綜合財務資料附註 | 76 | 公司資料 董事會 執行董事 徐耀昌博士 （主席） 喻紅平博士 嵇靖博士 （獲委任為執行董事，並自2025年3月3日起生效） 陳椎博士 （辭去執行董事職務，並自2025年3月3日起生效） 獨立非執行董事 孫飄揚博士 孫洪斌先生 徐海音女士 （獲委任為獨立非執行董事，並自2025年 2月28日起生效） 王磊先生 （辭去獨立非執行董事職務，並自2025年 2月28日起生效） 聯席公司秘書 喻紅平博士 陳燕華女士 授權代表 徐耀昌 ...