Group 1 - The Hong Kong innovative drug sector has rebounded rapidly due to a favorable external environment, with the China Securities Hong Kong Innovative Drug Index (931787) experiencing a significant recovery since its low on April 9, 2023 [1][3] - As of April 25, 2023, the index reached a peak of 979.92 points, showing a maximum cumulative increase of 37.43% from its previous low [1] - The overall increase in the Hong Kong innovative drug sector has outperformed the Hang Seng Technology Index, which has only seen a year-to-date increase of 12.48% compared to the innovative drug index's 31.03% [3] Group 2 - Recent data indicates a collective performance improvement among Hong Kong innovative drug companies, significantly exceeding market expectations [4] - In 2024, 10 out of 12 Hong Kong innovative drug companies with a market capitalization over 10 billion HKD reported positive revenue growth, with 8 companies also showing positive profit growth [4] - The company with the highest revenue growth is CloudTop New Drug-B (01952), with a revenue growth rate of 341.8%, while Innovent Biologics (01801) reported a net profit growth of 91.8% [4] Group 3 - The trend of "going global" has become a key topic, with Chinese pharmaceutical companies achieving significant growth in overseas licensing transactions [6][8] - The total transaction amount for licensing-out by Chinese pharmaceutical companies reached a historical high of 51.9 billion USD in 2024, indicating a strong global competitiveness in innovative drug development [6] - The NewCo model has emerged as a favorable strategy for domestic biotech companies, allowing for cash flow support and risk sharing in international collaborations [8] Group 4 - New industry trends in pharmaceuticals, such as weight-loss drugs, dual-antibody drugs, ADC drugs, and innovative medical devices, are expected to create new investment opportunities [9] - The Chinese government is increasing support for innovative drug exports, as evidenced by recent policies aimed at facilitating the import of research materials for biopharmaceutical companies [9] - Despite market fluctuations due to trade tensions, the pharmaceutical sector remains relatively insulated, presenting a favorable opportunity for large-scale investments [9] Group 5 - The Hong Kong innovative drug sector is poised for a valuation recovery, with significant inflows of capital from southbound investors since the beginning of the year [11] - As of April 24, 2023, net capital inflows from A-share investors into Hong Kong stocks reached 611.1 billion HKD, with healthcare becoming the second most net inflow sector [11] - The current price-to-earnings ratio (TTM) for the pharmaceutical and biotechnology sector is 27.1, indicating that the sector is undervalued compared to other growth sectors [12][13]

消息面上，相关机构近期表示，创新药仍处于产业加速向上的周期，今年也有强基本面的兑现支撑。在 既往ADC、PD1/VEGF等技术爆发之后，TCE、ProTac等新技术已经看到萌芽开花；同时，创新药从可 预期的BD潮走向盈利潮，以往大家对创新药的疑虑是研究壁垒高、企业没盈利，因此不敢投，但随着 未来企业的收入高增速带动利润的快速提升，就进入了投资者可理解的范畴内。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，4月24日最新市盈率仅为 27倍，不足两个月前的一半，当前布局性价比突出。 4月24日，港股市场低开震荡，港股创新药板块全面爆发。港股创新药指数成分股中，凯莱英涨超 17%，荣昌生物、亚盛医药-B、康方生物涨超7%，信达生物、联邦制药涨超6%，康龙化成、三生制药 涨超4%。港股创新药ETF（159567）连续2个交易日成交额超9亿元，市场关注度较高。 西南证券表示，创新药板块的投资价值在于其背后的新质生产力和高质量发展的大背景。随着各地政府 不断出台支持创新药的政策，如北京、深圳等地发布的支持创新药政策，这些政策不仅加强了对创新药 械研发、生产、审批、使用的全链条支持，还促进了健 ...

同时在2025年《CSCO恶性血液病诊疗指南》中，奥雷巴替尼在CML治疗领域延续多项重要推荐，巩固 了其在CML治疗中的关键地位。在CML-慢性期(CP)治疗中，奥雷巴替尼是任何线T315I突变的I级推荐 治疗方案;也是尼洛替尼或达沙替尼一线治疗失败后的二线治疗，以及对≥2种TKI不耐受或╱且治疗失败 后的叁线治疗的I级推荐治疗方案。在CML-进展期治疗中，奥雷巴替尼也作为I级推荐治疗方案用于 CML-加速期(AP)伴T315I患者，以及从CP进展为AP、从CP或AP进展为BP患者。该指南还强调了在应 对多种BCR::ABL1突变(包括T315I、V299L、F317L/V/I/C、T315A、Y253H、E255K/V、F359C/V/I等) 以及任意其他突变(包括复合突变)时的治疗优势。 此外，在Ph+ALL领域，针对诱导缓解以及R/R患者的治疗中，奥雷巴替尼均延续I级推荐。 奥雷巴替尼是亚盛医药原创1类新药，获国家"重大新药创制"专项支持。作为中国首个获批上市的第叁 代BCR-ABL抑制剂，目前奥雷巴替尼已获批用于TKI耐药、并伴有T315I突变的CML–CP或CML-AP成 年患者的治疗;对一代和二代 ...

R&D Investment and Clinical Trials - Ascentage Pharma reported a significant increase in R&D investment, totaling approximately $50 million, representing a 25% increase year-over-year[2]. - The company is advancing multiple clinical trials, with APG-2575 showing promising results in Phase II trials for chronic lymphocytic leukemia (CLL)[1]. - Ascentage Pharma is focusing on the development of its novel small molecule drugs, with five candidates currently in various stages of clinical trials[1]. - The company has received breakthrough therapy designation (BTD) for APG-115, which is expected to expedite its development process[2]. - The company is conducting ten registration clinical studies, with two approved by the FDA, involving Olverembatin, Lisaftoclax (APG-2575), and APG-2449[25]. - The company is conducting multiple registration trials for CLL/SLL, AML, and MDS, with ongoing phase II trials for multiple myeloma (MM)[34]. - The company is actively recruiting patients for multiple clinical trials of Alrizomadlin (APG-115) in the U.S. and Australia[51]. - Lisaftoclax is undergoing multiple clinical trials in both China and the U.S. for various hematological malignancies[47]. - The company has initiated patient recruitment for the POLARIS-2 and POLARIS-3 registration clinical trials following FDA approval in February 2024[41]. - The company is focused on accelerating the development and launch of innovative therapies that can change patient lives, aiming to expand its global influence[26]. Financial Performance - Ascentage Pharma's revenue for the fiscal year reached $100 million, a 15% increase compared to the previous year[2]. - The company anticipates a revenue guidance of $120 million for the next fiscal year, reflecting a growth rate of 20%[2]. - The company reported a significant increase in user data, with a 25% growth in patient enrollment for clinical trials compared to the previous year[10]. - Total revenue for 2023 reached RMB 221,984 thousand, a 5.5% increase from RMB 209,711 thousand in 2022[22]. - The company projects a revenue target of RMB 980,650 thousand for 2024, representing a substantial growth of 341.5% compared to 2023[22]. - The company's revenue for the year ended December 31, 2024, was RMB 980.7 million, a significant increase of RMB 758.7 million or 342% compared to RMB 222.0 million for the year ended December 31, 2023[81]. - The total comprehensive loss for the year ended December 31, 2024, was RMB 398.7 million, down from RMB 899.5 million for the year ended December 31, 2023, representing a reduction of RMB 500.8 million or 55.6%[81]. - The company recorded a loss of RMB 405.7 million for the year ended December 31, 2024, a decrease of RMB 520.0 million or 56.2% from RMB 925.7 million for the previous year[93]. Market Expansion and Strategic Partnerships - Ascentage Pharma plans to expand its market presence in Europe and North America, targeting a 30% increase in market share by 2025[2]. - The company has initiated a strategic partnership with a leading pharmaceutical firm to co-develop new oncology therapies, aiming to accelerate product development timelines[2]. - A new partnership with a leading pharmaceutical company is expected to enhance distribution channels, potentially increasing sales by 40%[10]. - The company is exploring potential acquisitions to enhance its pipeline and strengthen its competitive position in the oncology market[2]. - The company has established strategic collaborations with leading biotech and pharmaceutical companies, including Incyte and AstraZeneca, enhancing its research and development capabilities[33]. Product Pipeline and Approvals - The core product HQP1351 is designed to overcome drug resistance caused by BCR-ABL kinase mutations, specifically targeting the T315I mutation[9]. - HQP1351 has been approved for all indications in China and included in the national medical insurance catalog since January 2025, enhancing affordability and accessibility for patients[35]. - The NDA for the new Bcl-2 selective inhibitor Lisaftoclax (APG-2575) was accepted by the CDE in November 2024 and is under priority review for treating relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL)[24]. - Lisaftoclax has been granted orphan drug designation by the FDA for five indications, including chronic lymphocytic leukemia (CLL) and acute myeloid leukemia (AML)[43]. - The company plans to launch Alrizomadlin (APG-115) for relapsed/refractory CLL/SLL in China by 2025, pending regulatory approval[51]. - The company has received FDA approval for clinical trials in the U.S. for multiple indications, including CML and GIST[37]. Intellectual Property and Technology - The company has a strong intellectual property portfolio with 541 authorized patents globally, of which 379 are licensed overseas[33]. - The company is leveraging advanced technologies in drug development to address unmet medical needs in cancer treatment[31]. - The company is developing targeted protein degraders to address resistance mechanisms in cancer therapies, with the first candidate aimed at the p53-MDM2 pathway[67]. Workforce and Management - The company plans to increase its workforce by 20% to support expanded operations and R&D efforts[11]. - As of December 31, 2024, the company has 567 full-time employees, with 71.8% (407 employees) in R&D, 16.4% (93 employees) in commercial roles, and 11.8% (67 employees) in administrative functions[114]. - The senior management team consists of 187 senior employees with an average of 15 to 20 years of experience in the biotechnology industry[114]. - The company actively recruits talent globally by providing a collaborative work environment, competitive compensation, and opportunities to engage in cutting-edge scientific projects[114]. Financial Risks and Challenges - The company reported a significant net loss during the reporting period, indicating challenges in achieving or maintaining profitability despite the commercialization of Nairik® (Orebatin) in China[174]. - The company requires additional financing to support operations, and failure to secure such financing may hinder the development and commercialization of candidate drugs, including Nairik® (Orebatin)[174]. - The company faces significant competition, which may lead to others discovering, developing, or commercializing competitive drugs ahead of it[178]. - The company has identified significant deficiencies in internal controls over financial reporting, which may impact the accuracy of financial performance reporting[188]. - The company relies on third parties for clinical trials and manufacturing, which poses risks if these parties fail to meet their obligations[1]. Corporate Governance and Social Responsibility - The company is committed to environmental responsibility and sustainable development, adhering to relevant laws and regulations[171]. - The company made charitable donations totaling RMB 4.3 million to various foundations[196]. - The company emphasizes the importance of maintaining good relationships with employees, customers, and suppliers to achieve business objectives[167].

研究报告 Research Report 7 Apr 2025 亚盛医药 Ascentage Pharma (6855 HK) 国内商业化表现稳健，全球化创新进入加速期 Domestic commercialization remains solid, while global innovation enters an accelerated phase [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$45.40 目标价 HK$51.90 HTI ESG 5.0-4.4-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$15.81bn / US$2.03bn 日交易额 (3 个月均值) US$18.75mn 发行股票数目 348.27mn 自由流通股 (%) 70% 1 年股价最高最低值 HK$47.70-HK$15.70 注：现价 HK$44.85 为 2025 ...

智通财经APP获悉，特朗普"对等关税"即将落地，港股三大指数早盘走高，恒科指数曾涨超2%，午后 涨幅显著收窄。截止收盘，恒生指数涨0.38%或87.26点，报23206.84点，全日成交额2502.31亿港元；恒 生国企指数涨0.24%，报8537.34点；恒生科技指数涨0.23%，报5407.38点。 交银国际表示，全球不确定性升温，港股以守待攻。该行指出，进入4月，后续消费、地产等各项基本 面的数据验证、以及关税等外生性影响将成为市场关注重点，也是4月底中央政治局会议会否释放更进 一步政策刺激信号的关键。 蓝筹股表现 2. 石油股普遍上扬。截至收盘，中海油(00883)涨2.7%，报19.02港元；中海油服(02883)涨2.5%，报6.57 港元；中石油(00857)涨2.07%，报6.42港元；中石化(00386)涨0.24%，报4.11港元。 美国总统特朗普周一表态，要求伊朗尽快达成核协议，并称考虑对俄罗斯能源出口实施新的制裁。这些 言论引发投资者对中东和东欧地缘冲突升温的担忧情绪，隔夜国际油价应声上涨。中信证券研报指出， 综合来看，考虑到近期美国对伊朗、委内瑞拉制裁及地缘扰动等多重因素影响，202 ...

Core Viewpoint - In 2024, the Hong Kong pharmaceutical sector experienced significant declines due to external factors, with the Hang Seng Healthcare Index down 18.93% and the Hong Kong Innovative Drug Index down 10.80%. However, Ascentage Pharma-B (06855) saw a remarkable stock price increase of 66.48%, outperforming the indices due to multiple unexpected positive developments in product internationalization, innovative research, and secondary market financing, validating the company's "investment certainty" [1]. Financial Performance - Ascentage Pharma reported a revenue of RMB 981 million in 2024, a substantial increase of 342% year-on-year. The sales revenue of the core product, Nairik (耐立克®), reached RMB 241 million, reflecting a growth of approximately 53%. The company's cash flow improved, with a monetary fund balance of RMB 1.261 billion as of December 31, 2024, up 15.3% year-on-year [2]. Product Development and Market Potential - Nairik has successfully passed the 2024 National Medical Insurance negotiation process and will be included in the new National Medical Insurance Drug List starting January 1, 2025. This inclusion indicates strong recognition of the drug's innovative capabilities by the domestic medical system, which typically leads to rapid sales growth for innovative drugs post-inclusion [2]. - Ascentage Pharma signed a $1.3 billion exclusive option agreement with Takeda Pharmaceutical for Nairik, setting a new record for domestic small molecule oncology drug business development transactions [3]. Clinical Advancements - Nairik is positioned to become the first TKI drug approved for first-line treatment of Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) in China, with significant market potential. The drug has been included in the "Breakthrough Therapy Designation" list and is expected to generate considerable sales growth in the Ph+ ALL treatment market [4][5]. - In the solid tumor field, Nairik's Phase III clinical trial for treating SDH-deficient GIST patients has received approval, and the drug has shown excellent anti-tumor effects in various clinical presentations [4]. Research and Development - Ascentage Pharma's R&D investment reached RMB 947 million in 2024, supporting strong revenue growth and cash flow expectations. The company is conducting ten registration clinical trials, with two receiving FDA approval, laying a solid foundation for exploring the global differentiated innovative drug market [5]. - The company has two core products, Nairik and APG-2575, both with billion-dollar potential, alongside several other promising candidates in development. Ascentage holds 541 global patents, with 379 granted overseas, establishing a robust global intellectual property framework [5]. Market Position and Future Outlook - APG-2575, a Bcl-2 inhibitor, has been accepted for priority review by the NMPA for treating refractory or relapsed chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL). It is expected to become the second Bcl-2 inhibitor approved globally, with projected sales exceeding $2 billion [6][7]. - Ascentage Pharma successfully listed on the US stock market in 2024, raising approximately $126 million, enhancing its international financing channels. The company is well-positioned as a high-value biopharmaceutical investment in the US market [7]. Conclusion - With strong cash flow and an integrated innovation loop, Ascentage Pharma is accelerating its transition to a leading global biopharma through systematic competition in global R&D, overseas registration, and international commercialization [8].

智通财经APP了解到，3月27日，头部创新药企业亚盛医药(股票代码：06855;NASDAQ：AAPG)公布 2024年全年业绩。报告期内，亚盛医药核心产品耐立克展现增长强劲态势，实现销售收入2.41亿元人民 币，同比增长52%。亚盛医药2024全年实现收入9.81亿元人民币，较去年同比增长342%，增长主要来源 于产品销售收入和对外合作授权收入等。 随着耐立克®获批适应症于2024年11月全面纳入国家医保药品目录，新的一年将迎来更广阔的增长空 间。 目前，APG-2575有4项全球注册III期临床正在开展，涉及CLL/SLL、急性髓系白血病(AML)、骨髓增生 异常综合征(MDS)多个血液肿瘤适应症，其中一项获美国FDA许可，具广阔增长空间。 值得一提的是，报告期内，亚盛医药就耐立克全球权益与武田达成BD，创下截止目前国内小分子肿瘤 药领域的最大的对外权益许可的记录，为其将来的全球商业化进程奠定了基础。 公司另一核心品种APG-2575新药上市申请(NDA)于报告期内获CDE受理，并被纳入优先审评，用于治 疗难治性/复发(R/R)慢性淋巴细胞白血病(CLL)/小淋巴细胞淋巴瘤(SLL)患者。这是首个在国内提 ...

Revenue and Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 980.7 million, a year-on-year increase of 342% primarily due to Takeda Pharmaceutical's option payments and strong sales of Olverembatin (耐立克®) [4] - The company recorded a loss of RMB 405.7 million for the year ended December 31, 2024, a decrease of RMB 520.0 million or 56.2% from a loss of RMB 925.7 million for the previous year [8] - The gross profit for the year ended December 31, 2024, was RMB 951,565,000, compared to RMB 191,441,000 in 2023, indicating a substantial increase in profitability [68] - The total comprehensive loss for the year ended December 31, 2024, was RMB 398.7 million, a significant reduction of RMB 500.8 million or 55.7% from RMB 899.5 million for the year ended December 31, 2023 [107][119] - The company's cash and bank balances as of December 31, 2024, were RMB 1,261.2 million, an increase of RMB 167.4 million or 15.3% from RMB 1,093.8 million as of December 31, 2023 [9] - The company reported a foreign exchange gain of RMB 6,949,000 for the year, compared to a gain of RMB 26,259,000 in 2023 [70] - The basic loss per share for 2024 was RMB 1.34, based on a weighted average of 302,062,104 shares, compared to a loss of RMB 3.28 per share in 2023 with 282,299,269 shares [96] Research and Development - Research and development expenses increased by RMB 240.3 million or 34.0% to RMB 947.2 million for the year ended December 31, 2024, due to increased clinical research costs [7] - The company is conducting ten registration clinical trials, with two already approved by the FDA [5] - The company has a pipeline of 6 clinical-stage small molecule candidates as of December 31, 2024 [21] - The company is developing therapies targeting traditionally "undruggable" proteins associated with tumorigenesis, such as PROTACs [21] - Clinical trials for CLL/SLL, AML, and MDS are ongoing, with registration trials for NSCLC and ovarian cancer also in progress [23] - The company is actively involved in clinical research and development, participating in major oncology conferences such as AACR and ASCO [188] Product Development and Regulatory Approvals - The new drug application (NDA) for Lisaftoclax (APG-2575) in China was accepted and included in the priority review process [5] - Lisaftoclax's NDA for treating relapsed/refractory CLL and SLL was accepted for priority review by the NMPA in November 2024, marking it as the second NDA submission globally for a Bcl-2 inhibitor [18] - The company plans to launch Lisaftoclax in China in 2025, pending regulatory approval, and aims to seek approvals in multiple countries [18] - Aorebatin has received three indications for Chronic Myeloid Leukemia (CML) approval in China, with reimbursement expected to start in early 2025 [143] - The company aims to seek FDA approval for a Phase III clinical trial targeting newly diagnosed Ph+ ALL patients [31] Sales and Market Expansion - Sales revenue of Olverembatin (耐立克®) in China for 2024 amounted to RMB 241.0 million, representing a year-on-year growth of 52% [4] - For the year ending December 31, 2024, sales revenue of Nairike® (Aorebatin) in China reached RMB 241.0 million, an increase of RMB 82.0 million or 52% compared to RMB 159.0 million for the year ending December 31, 2023 [12] - As of December 31, 2024, the number of hospitals and DTP pharmacies with access to Nairike® (Aorebatin) reached 734, representing an 86% increase compared to December 31, 2023 [12] - Nairike has been included in the National Medical Insurance Drug List in China since January 2025, enhancing affordability and accessibility for patients [24] - The company aims to maximize the value of its pipeline products through global collaborations with leading biotech and pharmaceutical companies [65] Strategic Partnerships and Collaborations - The company has established collaborations with leading biotech and pharmaceutical companies, including AstraZeneca and Merck [20] - The company has entered into an exclusive option agreement with Takeda Pharmaceuticals for the research, development, import, export, manufacturing, use, commercialization, and development of Nilotinib, dated June 14, 2024 [190] - The company aims to seek strategic partnerships to maximize the potential of its product portfolio, leveraging strong relationships with key opinion leaders and collaborations with leading biotech and pharmaceutical companies [145] Employee and Corporate Governance - As of December 31, 2024, the company has 567 full-time employees, with 71.8% (407 employees) in R&D, 16.4% (93 employees) in commercial roles, and 11.8% (67 employees) in administrative functions [138] - The company has implemented various employee incentive plans, including pre-IPO and post-IPO share option plans, and restricted share unit plans [140] - The company expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions [186] - The company is committed to maintaining compliance with corporate governance codes as per the listing rules [189] Financial Position and Investments - The company’s equity increased to RMB 274,162,000 as of December 31, 2024, compared to RMB 70,632,000 in 2023, reflecting a significant improvement in financial health [72] - The company has confirmed compliance with the standard code of conduct and securities trading code during the reporting period [147] - The company reported non-current assets totaling RMB 1,095,832 thousand in 2024, slightly up from RMB 1,091,422 thousand in 2023 [82] - The company has made slight adjustments to the planned allocation due to exchange rate fluctuations following the placements [166]

Investment Rating - The report assigns a "Recommend" rating for Ascentage Pharma (6855 HK) for the first time [1] Core Views - Ascentage Pharma focuses on innovative product development and international expansion, with a strong pipeline targeting cell apoptosis pathways and next-generation small molecule TKIs [3] - The company's core product, Olverembatinib (HQP1351), is the only third-generation BCR-ABL TKI approved in China and has shown significant clinical benefits for TKI-resistant CML patients [4] - APG-2575, a BCL-2 inhibitor, has the potential to become the second globally approved BCL-2 inhibitor, with multiple Phase 3 trials underway [8] - The company has achieved profitability for the first time in H1 2024, with revenue of RMB 824 million and net profit of RMB 163 million [3] Financial Performance - Revenue for H1 2024 reached RMB 824 million, a 477% YoY increase, driven by intellectual property income of RMB 678 million [52] - Net profit for H1 2024 was RMB 163 million, marking the company's first profitable period [52] - Cash reserves stood at RMB 1.1 billion as of mid-2024, with the company filing for a US IPO to further bolster its financial position [52] Product Pipeline - Olverembatinib (HQP1351): The only third-generation BCR-ABL TKI approved in China, with two indications approved and three Phase 3 trials ongoing (POLARIS-1/2/3) [58] - APG-2575: A BCL-2 inhibitor with a domestic NDA submitted for R/R CLL/SLL, potentially becoming the second globally approved BCL-2 inhibitor [8] - APG-115 and APG-1252: Targeting MDM2-p53 and BCL-2/BCL-xL pathways, respectively, both in Phase 1b/2 trials [58] - APG-2449: A third-generation ALK inhibitor approved for Phase 3 trials in NSCLC [58] Market and Sales - Olverembatinib has achieved cumulative sales of RMB 490 million since its launch, with a 120% QoQ growth in H1 2024 [4] - The product is covered by China's national medical insurance, with access to 670 hospitals and DTP pharmacies as of mid-2024 [52] - A strategic partnership with Takeda Pharmaceuticals for global rights to Olverembatinib, with a total deal value of up to $1.3 billion [96] Clinical Development - Olverembatinib has demonstrated superior efficacy and safety in clinical trials, particularly for patients resistant to other TKIs, including ponatinib and asciminib [92] - APG-2575 has shown promising results in clinical trials for CLL/SLL, with an ORR of 73.3% and a PFS of 18.53 months in heavily pretreated patients [118] Industry and Competitive Landscape - The global CML TKI market is valued at approximately $6 billion, with second-generation TKIs dominating the market [79] - In China, the BCR-ABL TKI market is around RMB 4 billion, with second-generation TKIs also leading, but Olverembatinib is the only domestic third-generation TKI [84] - APG-2575 is positioned to compete with venetoclax, the first globally approved BCL-2 inhibitor, which achieved global sales of $2 billion in 2022 [108]