Core Viewpoint - The continuous rise in the stock price of Ascentage Pharma is a clear representation of the current bull market for innovative drugs in Hong Kong, with significant room for further growth despite recent technical fluctuations [1] Group 1: Company Performance - Ascentage Pharma reported a revenue of RMB 234 million for the first half of 2025, with sales from its core product, Olverembatin (耐立克®), reaching RMB 217 million, a year-on-year increase of approximately 93% [2] - The company has over RMB 3 billion in cash reserves, indicating strong cash flow and financial health [2] - The stock price of Ascentage Pharma reached a new high of HKD 95.35, marking a year-to-date increase of 100.88% [4] Group 2: Product Development and Market Potential - The newly approved drug, Lisatoclax (利生妥®), is expected to replicate the success of Olverembatin, having been the first domestic BCL-2 inhibitor approved in China [3][5] - The global market for blood malignancy treatment drugs is projected to reach USD 40 billion by 2024, with a CAGR of 6% from 2024 to 2029, indicating a substantial unmet demand for BCL-2 inhibitors [6] - Lisatoclax is anticipated to achieve over USD 2 billion in sales after global commercialization, supported by its potential to overcome resistance seen with existing treatments [6] Group 3: Research and Development - Ascentage Pharma's R&D investment reached RMB 529 million in the first half of the year, supporting its innovative pipeline which includes Olverembatin and Lisatoclax, both of which have billion-dollar potential [7] - The company is accelerating differentiated innovation, with ongoing clinical trials and research presented at major international conferences [8] Group 4: Strategic Management and Financing - The recent appointment of experienced executives and a planned share placement to raise approximately HKD 1.509 billion for commercialization and global clinical development indicate a strategic push towards international expansion [9] - The market's positive response to Ascentage Pharma's fundamentals and growth potential suggests an increasing valuation ceiling for the company [10]
亚盛医药-B(06855)中报观：年内股价翻倍上市新高不断刷新，双“十亿美元分子”打开估值天花板