Core Viewpoint - The approval of the CSF-1R inhibitor, Pimitinib, marks a significant milestone for the company as its first self-developed drug, initiating a new phase of commercialization and maintaining a "buy" rating [1] Group 1: Pimitinib Approval and Commercialization - Pimitinib, an oral, highly selective, and effective small molecule CSF-1R inhibitor, has been approved by the China National Medical Products Administration for the treatment of symptomatic tenosynovial giant cell tumors (TGCT) in adult patients [1] - The drug demonstrated a best-in-class overall response rate (ORR) of 76.2% at a median follow-up of 14.3 months, with four patients achieving complete remission [1] - Merck will drive the commercialization process for Pimitinib following its approval, leveraging its strong global commercialization capabilities [1] Group 2: Ongoing Pipeline Developments - The company has announced positive preliminary data for the oral small molecule PD-L1 inhibitor combined with Vomeletinib for treating EGFR-mutant, PD-L1 positive advanced non-small cell lung cancer, showing good safety and tolerability [2] - The IND application for the oral small molecule KRAS G12D inhibitor, ABSK141, has been approved by the China National Medical Products Administration, indicating potential best-in-class oral bioavailability [2] - The FGFR2/3 inhibitor, ABSK061, has completed the first patient dosing in a Phase II clinical trial for treating children with achondroplasia, being the first selective FGFR2/3 inhibitor to enter clinical trials globally [2] Group 3: Profit Forecast - The company maintains its previous profit forecast, expecting net profits attributable to the parent company to be 63 million, 151 million, and 133 million for the years 2025-2027, corresponding to price-to-earnings ratios of 131X, 55X, and 62X respectively [3]