Core Viewpoint - He Yu-B (02256) experienced a significant increase of over 8% in early trading, reaching a price of 19.4 HKD, with a trading volume of 58.4651 million HKD. The report from China Merchants Securities International highlights the potential of the drug pitmiritinib, developed by He Yu, as the most effective CSF-1R small molecule globally, which is set to launch in both China and the U.S., promising ongoing sales revenue for the company. The firm anticipates that Merck has high expectations for this molecule, projecting peak sales revenue close to 1.5 billion USD globally. Citigroup previously noted that the company's valuation reflects only the value of its two late-stage candidates, pitmiritinib and ipatacitinib, while the market has yet to fully recognize the high licensing potential of its differentiated innovative drugs [1][1][1]. Group 1 - He Yu-B's stock rose by 8.2%, reaching 19.4 HKD with a trading volume of 58.4651 million HKD [1] - The drug pitmiritinib is expected to launch in both China and the U.S., providing continuous sales revenue for the company [1] - Merck has high expectations for pitmiritinib, with projected peak sales revenue nearing 1.5 billion USD globally [1] Group 2 - Citigroup indicated that the current valuation of He Yu-B only reflects the value of its two late-stage candidates, pitmiritinib and ipatacitinib [1] - The market has not yet fully recognized the high licensing potential of He Yu-B's differentiated innovative drugs [1]

Core Viewpoint - The stock of He Yu-B (02256) has seen a significant increase of over 8%, currently trading at 19.4 HKD, driven by positive market sentiment regarding its drug development [1] Group 1: Company Performance - He Yu-B's drug, Pimitinib, is recognized as the most effective CSF-1R small molecule globally and is set to launch in both China and the U.S., which will provide the company with ongoing sales revenue sharing [1] - The stock's trading volume reached 58.4651 million HKD, indicating strong investor interest [1] Group 2: Market Expectations - According to a report from China Merchants Securities International, Merck has high expectations for Pimitinib, with potential peak sales revenue approaching 1.5 billion USD globally [1] - Citigroup previously noted that the company's valuation reflects only the value of its two late-stage drug candidates, Pimitinib and Ipatasertib, suggesting that the market has not fully recognized the high licensing potential of its differentiated innovative drugs [1]

Core Viewpoint - The report from China Merchants Securities Hong Kong initiates coverage on HeYue-B (02256) with a "Buy" rating, estimating a fair equity value of HKD 21 billion and a target price of HKD 32.5 for the next 12 months, highlighting the company's long-term growth potential and efficient small molecule development capabilities [1] Group 1: Product Development and Market Potential - HeYue's developed drug, Pimitinib, is expected to be launched in both China and the U.S., providing continuous sales revenue through profit-sharing [1] - The company is actively targeting two significant gene families, FGFR and KRAS, with FGFR4 as a late-stage clinical asset poised to become a new targeted small molecule in liver cancer [1] - The global sales peak for Pimitinib is projected to reach USD 1.5 billion, providing sustained cash flow for HeYue [1] Group 2: Clinical Advancements and Pipeline - HeYue has demonstrated the best efficacy globally for TGCT in the development of CSF-1R inhibitors, with superior safety and response rates compared to similar molecules [1] - The company has received over USD 150 million in cash from its collaboration with Merck, including milestone payments and sales revenue sharing, marking a significant achievement for a Chinese biotech firm in global commercialization [1] - HeYue has a robust pipeline with 22 candidate drugs, including 12 in clinical stages and 10 in preclinical stages, showcasing its leading recognition of frontier targets and clinical development capabilities [3] Group 3: Focus on FGFR and RAS Targets - The company has been deeply engaged in the FGFR target area for ten years, focusing on selective FGFR4 inhibitors and FGFR2/3 inhibitors, addressing unmet needs in liver and gastric cancers [2] - The selective FGFR4 inhibitor, Ipagotinib, is currently in critical Phase III clinical trials, potentially becoming the first approved selective inhibitor targeting FGFR4 globally [2] - HeYue is also developing early-stage molecules targeting G12D and pan-RAS, which will enhance its offerings in precision oncology [2]

Core Viewpoint - The report from China Merchants Securities Hong Kong initiates coverage on HeYue-B (02256) with a "Buy" rating, estimating a fair equity value of HKD 21 billion and a target price of HKD 32.5 for the next 12 months, highlighting the company's long-term growth potential and efficient small molecule development capabilities [1] Group 1: Product Development and Market Potential - HeYue's developed drug, Pimitinib, is positioned as the most effective CSF-1R small molecule globally and is set to launch in both China and the U.S., promising ongoing sales revenue for the company [1] - The company is actively targeting two significant families of important targets, FGFR and KRAS, with FGFR4 as a late-stage clinical asset expected to become a new targeted small molecule in the liver cancer field [1] - The global sales peak for Pimitinib is projected to reach USD 1.5 billion, providing a continuous cash flow for HeYue, with the drug being a key asset in Merck's pipeline [1] Group 2: Clinical Advancements and Pipeline - HeYue has demonstrated the best efficacy globally for TGCT in the development of CSF-1R inhibitors, with safety and response rates surpassing similar molecules [1] - The company has established a robust pipeline with 22 candidate drugs, including 12 in clinical stages and 10 in preclinical stages, showcasing its leading recognition of frontier targets and developing clinical capabilities [3] - The selective FGFR4 inhibitor, currently in pivotal Phase III trials, targets advanced liver cancer patients with FGF19 overexpression, marking a potential first in the global market if successful [2] Group 3: Strategic Focus on Targeted Therapies - The company has been focusing on the FGFR target for a decade, with a deep layout in selective FGFR4 inhibitors and FGFR2/3 inhibitors, addressing unmet needs in liver and gastric cancers [2] - The ongoing research on RAS targets, including early-stage molecules for G12D and pan-RAS, is expected to enhance the company's offerings in precision oncology [2] - The development of next-generation FGFR inhibitors and oral PD-L1 small molecules is anticipated to exceed market expectations through better data disclosure and potential business development transactions [3]

智通财经APP讯，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。 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。 ...

格隆汇9月29日丨和誉-B(02256.HK)公告，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 6,343,508份购股权予公司的三名董事及若干雇员，惟须待购股权承授人接纳方可作实。公司于2025年9 月29日根据2019年股权激励计划授出4,606,372份受限制股份单位予公司的若干雇员，惟须待受限制股份 单位承授人接纳方可作实。 ...

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]