Zhi Tong Cai Jing·2025-12-24 07:12Group 1 - The core viewpoint of the report is that Nuo Cheng Jian Hua (09969) is expected to achieve revenues of RMB 2.01 billion, RMB 2.06 billion, and RMB 2.56 billion for the years 2025-2027, with net profits of RMB 117 million, RMB 17 million, and RMB 188 million respectively. The company holds approximately RMB 7.2 billion in cash and equivalents, which is sufficient for innovative research. The company is driven by scientific innovation and has strong product capabilities. A DCF model gives a target price of HKD 16.81, indicating a potential upside of 28% from the current price [1] Group 2 - The company focuses on hematological malignancies, solid tumors, and autoimmune diseases. The drug Oubutini has shown excellent performance in the SLE IIb trial, with a SRI-4 response rate of 57.1% in the 75mg group, significantly higher than the placebo group at 34.4%. In subgroups with baseline BILAG≥1A or ≥2B, the response rate improved by 35%, and in those with BILAG≥1A or ≥2B and SLEDAI-2K score ≥4, it improved by 43%. The CDE has approved the initiation of a Phase III clinical trial for Oubutini in SLE, with the first patient expected to be enrolled in Q1 2026 [2] Group 3 - The product pipeline is advancing rapidly, with the new TYK2 inhibitor ICP-488 approved for Phase II clinical trials for cutaneous lupus erythematosus (CLE). ICP-488 specifically binds to the TYK2 JH2 domain, blocking the signaling of inflammatory cytokines such as IL-23, IL-12, and type I interferons. The NMPA has approved the company's Zolbetin (ICP-723) for treating adult and adolescent patients with NTRK fusion gene-positive solid tumors, showing excellent clinical data with an objective response rate of 89.1% and a disease control rate of 96.4%. The 24-month PFS is 77.4%, and the 24-month OS is 90.8%, outperforming first-generation TRK inhibitors. The Phase III registration trial for Oubutini in immune thrombocytopenia (ITP) has completed patient enrollment, with plans to submit a new drug application in the first half of 2026 [3] Group 4 - The company has made significant progress in business development, reaching an agreement with Zenas Bio Pharma in October 2025. Zenas has been granted rights for Oubutini for non-oncological indications outside Greater China and Southeast Asia, as well as for multiple sclerosis globally. Zenas will pay a cash upfront of USD 100 million. The total potential value of this transaction exceeds USD 2 billion, and the collaboration with Zenas will significantly accelerate the overseas clinical development of products [4]