Core Viewpoint - The stock of He Yu-B (02256) has risen over 4%, reaching a historical high of 13.67 HKD, with a year-to-date increase of nearly 100% [1] Financial Performance - For the first half of the year, the company reported revenue of 612 million RMB, representing a year-on-year growth of 21.5% [1] - The net profit attributable to shareholders was 328 million RMB, showing a significant year-on-year increase of 58.8% [1] Research and Development - The company has increased its R&D expenses by 6% year-on-year, indicating a commitment to innovation [1] - Management expenses have decreased by 13%, contributing to improved profitability [1] Financial Guidance - The company has guided that its operating cash consumption will remain within 570 million RMB for the year, suggesting a stable financial outlook [1] Market Valuation and Future Prospects - Citigroup believes the current valuation of He Yu is low, considering the high certainty of its two late-stage drug candidates, pimicotinib and irpagratinib [1] - The success rate of the phase III clinical trial for irpagratinib in second-line liver cancer is expected to be very high, which should be factored into the company's valuation [1] Key Catalysts - Citigroup anticipates key catalysts for the company in 2025 and 2026, including the approval and commercialization of pimicotinib, the release of phase III data for irpagratinib, and updates on several other drug candidates [1]
和誉-B再涨超4% 股价续刷历史新高 年内股价累涨近两倍