Group 1 - The core product ABSK021 of He Yu Pharmaceutical has recently received approval from the NMPA, marking it as China's first self-developed drug for the treatment of tenosynovial giant cell tumor (TGCT) [1] - The successful approval of ABSK021 signifies the company's transition from clinical research to commercialization, validating its full-cycle innovation capability from target selection to market approval [2] - Long-term follow-up data indicates that the response rate of patients treated with ABSK021 improves over time, with a notable overall response rate (ORR) of 76.2% at a median follow-up of 14.3 months in the Phase III trial [3] Group 2 - The successful launch of ABSK021 enhances the company's pipeline value and is expected to generate stable cash flow, especially with the collaboration with Merck in commercialization [1][2] - The clinical data shows that ABSK021 has a strong safety and efficacy profile, which, combined with Merck's marketing capabilities, is anticipated to contribute significantly to the company's sales revenue [3]