Group 1 - The core viewpoint of the report is that the company maintains its net profit forecasts for 2025 and 2026 at 48 million and 320 million yuan respectively, with a target price of 20 HKD, indicating a potential upside of 48.8% from the current stock price [1] - The company recently announced the approval of its self-developed innovative drug, Pimiatinib, in China for the treatment of unresectable tenosynovial giant cell tumors (TGCT), marking its first approved product [2] - The approval of Pimiatinib was faster than expected, taking just over six months since the application was accepted, based on strong clinical evidence from the global Phase III MANEUVER study, which showed an overall response rate (ORR) of 54% compared to 3.2% for placebo [3] Group 2 - The company has reported progress in its pipeline, including the completion of the first patient dosing in a Phase II trial for FGFR2/3 inhibitor ABSK061 for achondroplasia [4] - Additionally, results from a Phase II trial of oral PD-L1 inhibitor ABSK043 combined with Furmetinib for non-small cell lung cancer (NSCLC) were presented at the ESMO Asia 2025 conference, showing a disease control rate (DCR) of 71% without observed dose-limiting toxicities [4]
中金：维持和誉-B跑赢行业评级 目标价20港元