Investment Rating - The report assigns a "Buy" rating for the company [3][17]. Core Insights - The company, He Yu-B (2256.HK), is a small molecule innovative drug company focusing on oncology and expanding into non-oncology treatment pipelines. Since its establishment in 2016, it has concentrated on precision oncology and immunotherapy while exploring non-oncology indications [1][6]. - Pimicotinib has initiated its global commercialization process, with its New Drug Application (NDA) for treating adult tenosynovial giant cell tumors (TGCT) accepted by the National Medical Products Administration (NMPA) in China on June 10, 2025. The product has also received breakthrough therapy designation (BTD) from the FDA and priority medicine (PRIME) designation from the EMA [1][40]. - The company has a robust pipeline with 22 candidate drugs, 12 of which are in clinical development, focusing on small molecules for precision oncology and immunotherapy [32]. Financial Projections - Revenue projections for 2025-2027 are estimated at 612.1 million, 678.8 million, and 627.2 million yuan, reflecting year-on-year growth rates of 21.5%, 10.9%, and -7.6% respectively. The current stock price corresponds to price-to-sales (PS) ratios of 17, 15, and 17 for the respective years [3][17]. - The company achieved total revenue of 657.1 million yuan in the first half of 2025, primarily from Merck's licensing income of 612.1 million yuan (85 million USD), with a net profit of 328.5 million yuan [35]. Key Assumptions - The report highlights that the successful commercialization of Pimicotinib and the clinical data readouts for Ipagoatinib are critical catalysts for stock price appreciation. The company expects significant milestone revenues from Merck's licensing agreements and sales shares from Pimicotinib [15][17]. Pipeline Overview - The company has a diverse pipeline, including Pimicotinib for TGCT and Ipagoatinib for FGF19 overexpressing HCC, with promising clinical data indicating high objective response rates (ORR) and progression-free survival (PFS) [2][3][39].
和誉-B（02256）：首次覆盖：匹米替尼开启全球商业化进程，后续临床管线储备丰富