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]

Group 1 - The company maintains its net profit forecast for 2025 and 2026 at 48 million and 320 million respectively, while upgrading the target price by 33.3% to 20.0 HKD, indicating an upside potential of 18.3% from the current stock price [1] - The company announced the approval of its IND application for the oral PD-L1 inhibitor ABSK043 in combination with the KRAS G12C inhibitor for treating KRAS G12C mutated NSCLC in China, and it has been included in the MSCI global small-cap index [2][4] - ABSK043 is a promising oral small molecule PD-L1 inhibitor with good bioavailability and selectivity, showing good safety and anti-tumor activity in phase I studies, and is currently entering phase II clinical trials in combination with the KRAS G12C inhibitor [3] Group 2 - Being included in the MSCI global small-cap index is expected to enhance the company's visibility and liquidity, positively impacting global fund attention [4]

Group 1 - The core viewpoint of the report maintains the profit forecast for the company at 0.48 billion CNY for 2025 and 3.2 billion CNY for 2026, while raising the target price by 33.3% to 20.0 HKD, indicating an 18.3% upside potential from the current stock price [1] - The company has received IND approval in China for the oral PD-L1 inhibitor ABSK043 and the combination treatment with the KRAS G12C inhibitor for NSCLC [2] - ABSK043 is a promising oral small molecule PD-L1 inhibitor with good bioavailability and selectivity, showing good safety and anti-tumor activity in phase I studies [3] Group 2 - The company is advancing to phase II clinical trials for the combination of ABSK043 and the KRAS G12C inhibitor, which may offer better patient compliance and safety compared to injection plus oral combinations [4] - The company has been included in the MSCI Global Small Cap Index, which is expected to enhance global investor attention and improve liquidity [5]

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]

消息面上，和誉近期发布公告称，于8月27日回购20万股；于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。此外，根据香港联交所披露的文件，AllianzSE于8月15日 增持和誉，增持后，AllianzSE持股比例由4.81%升至5.10%。 中泰证券指出，公司上半年营收6.57亿元，同比增长20%；净利润3.28亿元，同比增长59%；账上的现 金储备高达23亿元人民币，这为未来的研发和运营提供了坚实的保障。这些增长主要得益于其核心产品 匹米替尼（ABSK021）与默克的合作，2025年上半年默克行使了匹米替尼的全球商业化选择权，并支 付了8500万美元的行权费。展望未来，公司有望伴随匹米替尼全球获批上市、销售持续获得里程碑付款 及销售分成，考虑到公司稳步推进匹米替尼注册上市，公司健康的财务表现具备中期内的可持续性。 智通财经APP获悉，和誉-B(02256)涨超6%，高见18港元再创新高，截至发稿，涨5.56%，报17.84港 元，成交额3437.75万港元。 ...

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]