Core Viewpoint - CICC maintains the profit forecast for Ascentage Pharma-B (06855) for 2025/2026 and upgrades the target price by 19.3% to HKD 105, indicating a potential upside of 15.8% from the current stock price, driven by the progress of GLORA-4 and increased visibility in new indications [1] Group 1 - The commercial revenue of Nilotinib (Orelabrutinib) saw a significant increase of 93% year-on-year, reaching RMB 217 million in 1H25, attributed to its new indications being included in the medical insurance [2] - The approval of Lisavanbulin (Lisavan) for the treatment of CLL/SLL patients is expected to provide a new growth point for the company, as it becomes the first Bcl-2 inhibitor approved for CLL/SLL in China [2] Group 2 - The global Phase III registration trial GLORA-4 for Lisavanbulin in combination with Azacitidine has received approval from both the FDA and EMA, marking it as the only Bcl-2 inhibitor advancing in this indication [3] - The overall response rate (ORR) for Lisavanbulin combined with Azacitidine in treating newly diagnosed MDS patients reached 75%, indicating a strong safety profile and significant unmet needs in this patient population [3] Group 3 - Future research and development progress to monitor includes the FDA registration trial POLARIS-2 for Orelabrutinib, the registration trial progress for Ph+ ALL, and the GLORA and GLORA-4 studies for Lisavanbulin in the U.S. [4]
中金：维持亚盛医药-B(06855)跑赢行业评级 升目标价至105港元