Summary of Key Points from the Conference Call Company Overview - **Company**: 和誉医药 (He Yu Pharmaceutical) - **Industry**: Pharmaceutical, focusing on oncology and other therapeutic areas Core Insights and Arguments 1. **Clinical Trials and Drug Development**: - TGCT Phase III and IV clinical data show best-in-class efficacy with excellent ORR and CP, applications submitted to NMPA and FDA [2][3] - FGFR4 inhibitor for liver cancer shows ORR of 44.8%, PFS of 5.5 months, and response duration of 7.4 months; registration trial initiated [2][3] - Opdivo combined with Roche's atezolizumab shows ORR of 50% in first-line HCC patients and 52.8% in second-line patients, providing new treatment options [2][5] - ABSK043 oral PD-L1 inhibitor shows good efficacy in non-small cell lung cancer (NSCLC) and is undergoing combination studies [2][5] 2. **Financial Performance**: - Total revenue for H1 2025 reached 657 million RMB, with a profit of 328 million RMB, indicating strong financial health [2][6] - Stock buyback plan executed with approximately 75 million HKD, reflecting confidence in company value [2][6] 3. **Strategic Collaborations**: - Collaboration with Merck for chronic hepatitis B (HBV) development, discussing Phase III study design to meet market needs [4][16] - Focus on combination therapies, including oral PD-L1 inhibitors with chemotherapy and targeted therapies in gastric and NSCLC [4][19] 4. **Research and Development Focus**: - Emphasis on early-stage R&D in oncology, with plans to expand into autoimmune diseases and cardiovascular conditions [8][9] - Multiple early-stage projects, including KRAS-related therapies and new small molecules, showing promising results [27][29] 5. **Commercialization Strategy**: - 2025 marks a key transition to a global commercialization platform, with flagship product Pimicardin partnered with Merck for global marketing [30][32] - Plans for NDA submissions to FDA and EMA, aiming for synchronized global launches [16][30] 6. **Market Opportunities**: - Significant potential in the NSCLC market, with 40%-60% of patients carrying EGFR or KRAS mutations, targeting these populations with ongoing studies [24][39] - The company believes its products are undervalued in the market, with expectations for increased valuation as commercialization begins [43] Other Important but Possibly Overlooked Content 1. **Regulatory Approvals**: - Two products received breakthrough therapy designation, enhancing their development prospects [13] - Ongoing discussions with health authorities for optimal treatment combinations in liver cancer [37] 2. **Clinical Trial Design**: - Emphasis on dual endpoints (PFS and OS) for first-line treatments, ensuring comprehensive evaluation of efficacy [40] 3. **Stock Market Actions**: - Continuous stock buybacks to signal confidence in company value and improve shareholder returns [31][43] 4. **Future Plans**: - Focus on maximizing product value through strategic resource allocation and partnerships, particularly in BD (business development) [33][35] 5. **Challenges and Considerations**: - Addressing challenges in PK (pharmacokinetics) for KRAS G12D projects while maintaining cost-effectiveness in production [39][40] This summary encapsulates the key points discussed in the conference call, highlighting the company's strategic direction, clinical advancements, financial performance, and market positioning.

Group 1 - The company, He Yu-B, repurchased 84,000 shares at an average price of HKD 11.03 per share, totaling approximately HKD 926,600, with a cumulative repurchase of 9.829 million shares this year, representing 1.46% of the total share capital [1] - As of the market close on the same day, He Yu-B's stock price increased by 9.95%, reaching HKD 11.49 per share [1] - Stock repurchase is generally viewed as a positive signal from the company, indicating management's confidence in future development and potentially signaling that the stock is undervalued [1] Group 2 - He Yu-B is a Hong Kong-listed biopharmaceutical company focused on the research and development of innovative drugs for oncology and autoimmune diseases [2] - The company invests significantly in drug development, with a pipeline that includes multiple promising drug projects addressing unmet medical needs [2] - He Yu-B holds a certain position in the industry due to its research and innovation capabilities, although its operational status and future prospects are influenced by various factors such as research outcomes, clinical trial progress, market competition, and policy environment [2]

Group 1 - The company, He Yu-B (02256), announced a share buyback on August 5, 2025, spending HKD 926,600 to repurchase 84,000 shares [1] - The buyback price per share ranged from HKD 10.82 to HKD 11.35 [1]

Group 1 - The company, He Yu-B (02256), announced a share buyback on August 5, 2025, spending HKD 926,600 to repurchase 84,000 shares [1] - The buyback price per share ranged from HKD 10.82 to HKD 11.35 [1]

Group 1 - The company, He Yu-B (02256.HK), announced a share buyback on August 5, spending HKD 927,000 to repurchase 84,000 shares [1]

Core Viewpoint - The company, He Yu-B (02256), experienced a significant stock price increase of over 10% following the release of its interim financial results, indicating strong market confidence in its performance and future prospects [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 612 million, representing a year-on-year increase of 23.1% [1] - Research and development expenses amounted to RMB 228 million, up 6.02% year-on-year, attributed to the advancement of pipeline projects [1] - Adjusted profit for the period reached RMB 336 million, reflecting a substantial year-on-year growth of 56.03% [1] - Net profit was reported at RMB 328 million, marking a year-on-year increase of 58.84% [1] Share Buyback and Market Confidence - The board approved a share buyback program with a maximum allocation of HKD 200 million aimed at boosting market confidence and enhancing shareholder value [1] - As of June 30, 2025, the company repurchased 9.545 million shares, which is 1.4% of the total shares issued as of January 1, 2025, at a total cost of HKD 75.3 million [1] - In 2024, the company also repurchased a total of 22.594 million shares for a cumulative amount of HKD 68.7 million [1] - The founder, chairman, and CEO, Dr. Xu Yaochang, demonstrated confidence in the company's business outlook by purchasing an additional 132,000 ordinary shares in the open market during the first half of the year [1]

Group 1 - Xindong Company (02400) reported a positive earnings forecast, expecting revenue of at least RMB 3.05 billion for the first half of 2025, a year-on-year increase of approximately 37%, and a net profit of at least RMB 790 million, a year-on-year increase of about 215% [1] - Yimai Sunshine (02522) also announced a positive earnings forecast, expecting revenue between RMB 450 million to 480 million for the first half of the year, a year-on-year increase of approximately 8.77% to 16.03%, and a net profit of RMB 14.5 million to 16.5 million, a year-on-year increase of about 1350% to 1550% [1] - Tianli International Holdings (01773) plans to repurchase shares up to a total of HKD 200 million based on market conditions, believing that the share buyback plan is in the best interest of the company and its shareholders [2] Group 2 - Liaogang Co., Ltd. (02880) reported a total operating revenue of RMB 5.693 billion for the first half of 2025, a year-on-year increase of 5.93%, and a net profit attributable to shareholders of RMB 956 million, a year-on-year increase of 110.78% [2] - Yuan Zheng Technology (02488) reported a revenue of RMB 982 million for the first half of 2025, a year-on-year increase of 9.75%, and a net profit of RMB 195 million, a year-on-year increase of 27.74% [2] - Geekplus Technology (02590) expects revenue between RMB 995 million to 1.03 billion for the first half of the year, a year-on-year increase of 27% to 32%, while the net loss is expected to narrow significantly [3] Group 3 - Lee & Man Paper Manufacturing (02314) and other leading companies in the paper industry have initiated a price increase for various products starting August 1, indicating a significant acceleration in price adjustment frequency within the industry [3] - Xinda Biopharmaceutical (01801) announced that its innovative oral small molecule GLP-1R agonist IBI3032 has received IND approval from the FDA [4] - Heyu-B (02256) reported a revenue of RMB 612 million for the first half of the year, a year-on-year increase of 23.1%, and a net profit of RMB 328 million, a year-on-year increase of 58.84% [4] Group 4 - Bilibili (BILI.US) is expected to achieve a revenue growth of 20% year-on-year to RMB 7.3 billion in the second quarter, driven by stable performance in mobile games [5][6] - Li Auto (LI.US) launched the Li Xiang i8, with deliveries starting on August 20, and received positive outlooks from multiple institutions [6] - Xpeng Motors (XPEV.US) achieved a new monthly delivery record in July, delivering 36,717 smart electric vehicles, a year-on-year increase of 229% [7]

Group 1 - The core viewpoint of the articles highlights the strong performance of He Yu-B (02256), a research-driven biopharmaceutical company focused on innovative drug development for small molecule precision oncology and immunotherapy, with a notable stock price increase of 6.7% on August 5 [1][3] - He Yu-B has five projects currently in clinical stages, aiming to address unmet needs of cancer patients globally through differentiated therapies supported by a robust R&D platform and team [1] - For the fiscal year 2025 mid-term report, He Yu-B reported total revenue of 612 million RMB and a net profit of 328 million RMB, with a year-on-year increase in attributable profit to shareholders of 58.84%, resulting in basic earnings per share of 0.53 RMB [2]

值得注意的是，和誉近日宣布，其研发的新型PRMT5*MTA抑制剂ABSK131，已在针对MTAP缺失的晚 期/转移性实体瘤患者的1期临床试验中完成首例患者给药。据悉，2024年12月，ABSK131获得美国食品 药品监督管理局的IND批准。2025年3月，ABSK131获中国国家药品监督管理局药品审评中心的IND批 准。 消息面上，和誉发布业绩，上半年收入6.12亿元人民币，同比增加23.1%；期内经调整利润3.36亿元， 同比增加56.03%；净利润3.28亿元，同比增加58.84%。公告称，收入主要为来自默克的授权收入。此 外，公司购回股份以提振市场信心及提升股东价值。截至2025年6月30日止6个月，公司共购回954.5万 股股份，累计金额7530万港元。于2024年，亦合计购回2259.4万股股份，累计金额6870万港元。 和誉-B(02256)绩后涨近7%，截至发稿，涨4.02%，报10.87港元，成交额1.46亿港元。 ...

Core Viewpoint - The company, He Yu-B (02256), experienced a nearly 7% increase in stock price following the release of its financial results, reflecting positive market sentiment driven by strong revenue and profit growth [1] Financial Performance - For the first half of the year, the company reported revenue of 612 million RMB, representing a year-on-year increase of 23.1% [1] - Adjusted profit for the period was 336 million RMB, up 56.03% year-on-year [1] - Net profit reached 328 million RMB, marking a 58.84% increase compared to the previous year [1] Share Buyback - The company has engaged in share buybacks to boost market confidence and enhance shareholder value, repurchasing a total of 9.545 million shares for 75.3 million HKD in the six months ending June 30, 2025 [1] - In 2024, the company repurchased an additional 22.594 million shares for a total of 68.7 million HKD [1] Research and Development - He Yu-B announced the completion of the first patient dosing in a Phase 1 clinical trial for its new PRMT5*MTA inhibitor, ABSK131, targeting late-stage/metastatic solid tumor patients with MTAP deletion [1] - The company received IND approval from the U.S. FDA for ABSK131 in December 2024 and from the China National Medical Products Administration in March 2025 [1]