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 licensing agreement with Merck, maintaining its 2026 net profit forecast at 320 million HKD, and has increased the target price by 32.7% to 15 HKD, indicating a potential upside of 30.5% from the current stock price [1] Financial Performance - In the first half of 2025, the company reported revenue of 612 million HKD, a year-on-year increase of 21.5%, and a net profit attributable to shareholders of 328 million HKD, reflecting a 58.8% year-on-year growth, exceeding expectations primarily due to higher-than-expected income from Merck [2][3] Key Developments - The company received an 85 million USD licensing fee from Merck for the global commercialization rights of Pimiatinib, contributing to the reported revenue of 612 million HKD. The company has increased its R&D expenditure by 6% while reducing management expenses by 13%, leading to strong profitability in the first half of 2025 [3] - The company has made significant progress with its core pipelines, with the NDA for Pimiatinib accepted in China and plans to submit a U.S. application in the second half of 2025. The company also initiated the first patient dosing for Ipagotini in a registration clinical trial in China [4] Emerging Pipeline Potential - The company is advancing clinical studies for its oral PD-L1 ABSK043, both as a monotherapy and in combination with other treatments. The FGF2/3 inhibitor ABSK061 has completed its first patient enrollment for achondroplasia and is progressing in a Phase II trial for gastric cancer. Additionally, the new generation brain-penetrable PRMT5-MTA inhibitor ABSK131 has completed its first patient dosing [5]
中金：维持和誉-B跑赢行业评级 升目标价至15港元