Core Viewpoint - The company reported strong performance in 1H25, exceeding expectations primarily due to higher-than-expected income from Merck's exercise of rights [1]. Financial Performance - Revenue for 1H25 reached 612 million yuan, representing a year-on-year increase of 21.5% [1]. - Net profit attributable to shareholders was 328 million yuan, showing a year-on-year growth of 58.8% [1]. - The company received 85 million USD from Merck for global commercialization rights of Pimiatin, contributing significantly to revenue [1]. Development Trends - The company has increased R&D expenditure by 6% while reducing management expenses by 13%, leading to improved profitability [1]. - The company aims to keep operational cash consumption within 570 million yuan for the year, indicating a positive outlook for profitability [1]. - Progress on core pipelines includes the acceptance of the NDA for Pimiatin in China and the initiation of registration clinical trials for Ipagotini [1]. Pipeline Progress - The company is advancing its early-stage pipeline with ongoing clinical studies for oral PD-L1 ABSK043 and FGF2/3 inhibitor ABSK061 [2]. - ABSK061 has completed the first patient enrollment for achondroplasia and is moving forward with a Phase II trial for gastric cancer in combination with ABSK043 [2]. - The new generation brain-penetrable PRMT5-MTA inhibitor ABSK131 has also commenced patient dosing [2]. Profit Forecast and Valuation - Due to higher-than-expected licensing income, the net profit forecast for 2025 has been raised by 7.5% to 48.07 million yuan [2]. - The 2026 net profit forecast remains unchanged at 320 million yuan [2]. - The target price has been increased by 32.7% to 15 HKD, indicating a potential upside of 30.5% from the current stock price [2].
和誉-B(02256.HK)：默克行权落地带来盈利 早研管线持续丰富