Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 46.83 HKD per share, compared to the current price of 40.80 HKD [5]. Core Insights - The company has received acceptance for the NDA of APG-2575, a novel Bcl-2 inhibitor for treating R/R CLL/SLL, which is the first domestically submitted NDA for a Chinese-origin Bcl-2 inhibitor and is expected to be the second Bcl-2 inhibitor globally to be launched [3][4]. - APG-2575 is positioned as a revolutionary therapy for CLL/SLL, with ongoing clinical trials that include multiple Phase III studies for various combinations and indications [3]. - The company is also pursuing new indications for its existing drug, Nilotinib, which is expected to be included in medical insurance negotiations, potentially leading to faster market penetration [3]. Financial Summary - The company's revenue projections for 2024-2026 are 1.013 billion, 609 million, and 1.074 billion RMB, respectively, indicating a significant growth rate of 356.5% in 2024, followed by a decline in 2025 and a recovery in 2026 [4]. - The EBITDA is projected to improve from -144 million RMB in 2024 to -304 million RMB in 2026, reflecting ongoing operational challenges [4]. - The net profit attributable to shareholders is expected to improve from -286 million RMB in 2024 to -469 million RMB in 2026, indicating a gradual recovery in profitability [4].
亚盛医药-B：APG-2575 NDA受理，多个注册临床在研