Core Viewpoint - The company has shown strong financial performance in the first half of 2025, with significant revenue growth driven by licensing income, and is well-positioned for future growth with a robust pipeline of drug candidates [1][2]. Financial Performance - The company reported a revenue of 612 million RMB in H1 2025, representing a 23% increase, primarily from Merck licensing income [1] - Gross profit for the same period was 610 million RMB, also up by 23% [1] - R&D expenses amounted to 230 million RMB, reflecting a 6% increase, while net profit surged by 59% to 330 million RMB [1] - As of June 30, 2025, the company had cash and bank balances of 2.33 billion RMB, an increase of 370 million RMB, mainly due to licensing income [1] Shareholder Returns - The management has prioritized shareholder returns, with a total buyback amount of approximately 150 million HKD over the past two years [2] Pipeline Development - The company has one molecule in NDA stage and another in critical clinical stage, with 6-7 molecules in early clinical phases, indicating a clear and structured pipeline [1] - ABSK021 (CSF-1R) has shown promising clinical results, with a 54% overall response rate (ORR) in a Phase III study, and is expected to contribute to revenue starting in 2026 [2] - ABSK011 (FGFR4) targets a significant unmet need in liver cancer treatment, with ongoing studies showing favorable outcomes [3][4] Clinical Trials and Research - The company has initiated a registration clinical study for ABSK011 in advanced or unresectable HCC patients, which is the only registered clinical trial in China targeting patients after ICI treatment [4] - The company is also advancing other molecules such as ABSK141 (KRAS G12D) and ABSK211 (Pan-KRAS), with IND submissions expected in 2025 and 2026 respectively [5][6] Revenue Projections - Revenue forecasts for FY25-27 are estimated at 610 million, 630 million, and 630 million RMB respectively, with net profits projected at 30 million, 130 million, and 350 million RMB [6]
和誉-B(02256.HK)2025H1业绩：收到默克行权费 平台型BIOTECH有望进入变现周期