Core Viewpoint - The company has raised its 2025 net profit forecast by 7.5% to 48.07 million HKD due to better-than-expected revenue from the authorization of He Yu-B (02256), while maintaining the 2026 net profit forecast at 320 million HKD. The target price has been increased by 32.7% to 15 HKD, indicating a potential upside of 30.5% from the current stock price [1]. Group 1 - The company's 1H25 performance exceeded expectations with revenue of 612 million HKD, a year-on-year increase of 21.5%, and a net profit of 328 million HKD, up 58.8% [2]. - The company received 85 million USD from Merck for the global commercialization rights of Pimiatin, contributing to the revenue of 612 million HKD. R&D expenses increased by 6%, while management expenses decreased by 13%, leading to strong profitability [3]. Group 2 - The core pipeline is progressing well, with the NDA for Pimiatin accepted in China and plans to submit a U.S. application in the second half of the year, with potential approvals expected next year in both markets [4]. - The company is advancing early-stage pipelines, including the oral PD-L1 ABSK043 and FGF2/3 inhibitor ABSK061, with ongoing clinical studies and patient enrollments [5].
中金：维持和誉-B(02256)跑赢行业评级 升目标价至15港元