今年以来，在港股创新药牛市的推动下，恒生医疗保健指数(800804)从年初开盘的2331.02点一路拉升至9月的年内最高点4726.41点，区间累涨幅度达到 102.76%。随后在技术面驱动以及外部多重因素影响下，指数开启一轮向下震荡的行情，截至12月22日，已较前期高点下跌19.06%。 期间，不少前期股价涨幅出众，且拥有硬核创新实力、基本面稳健的公司标的同样受到一定波及，和誉-B(02256)便是其中之一。 智通财经APP观察到，在今年的港股创新药牛市中，和誉作为港股创新药板块内股价拉升的第一梯队，年内股价最大涨幅高达370.95%。虽然公司股价受板 块阶段性震荡下行影响出现一定回落，但随着核心品种匹米替尼(Pimicotinib)在国内顺利获批上市，和誉近期迎来重磅价值催化剂。 重磅"十亿美元分子"顺利商业化 12月22日，和誉发布一则重磅公告：基于全球III期MANEUVER研究的积极数据，中国国家药品监督管理局(NMPA)批准了贝捷迈(盐酸匹米替尼胶囊)的全球 首个新药上市申请。 智通财经APP了解到，贝捷迈是和誉自主研发的的1类新药，也是中国首个自主研发的腱鞘巨细胞瘤(TGCT)系统性治疗药物。作 ...

今年以来，在港股创新药牛市的推动下，恒生医疗保健指数(800804)从年初开盘的2331.02点一路拉升至9月的年内最高点4726.41点，区间累涨幅度达到 102.76%。随后在技术面驱动以及外部多重因素影响下，指数开启一轮向下震荡的行情，截至12月22日，已较前期高点下跌19.06%。 期间，不少前期股价涨幅出众，且拥有硬核创新实力、基本面稳健的公司标的同样受到一定波及，和誉-B(02256)便是其中之一。 智通财经APP观察到，在今年的港股创新药牛市中，和誉作为港股创新药板块内股价拉升的第一梯队，年内股价最大涨幅高达370.95%。虽然公司股价受板 块阶段性震荡下行影响出现一定回落，但随着核心品种匹米替尼(Pimicotinib)在国内顺利获批上市，和誉近期迎来重磅价值催化剂。 重磅"十亿美元分子"顺利商业化 12月22日，和誉发布一则重磅公告：基于全球III期MANEUVER研究的积极数据，中国国家药品监督管理局(NMPA)批准了贝捷迈®(盐酸匹米替尼胶囊)的全 球首个新药上市申请。 回顾，贝捷迈®的获批上市历程，该药在今年5月获得中国NMPA批准纳入优先审评后，其用于治疗腱鞘巨细胞瘤(TGCT)的N ...

Core Viewpoint - The stock price of Ascentage Pharma-B (06855) has reached a new high of HKD 95.35, marking a year-to-date increase of 100.88% [1][3] Group 1: Stock Performance and Market Context - Ascentage Pharma's stock performance reflects the current bull market for innovative drugs in Hong Kong, with significant room for further growth despite recent technical fluctuations [3] - The current bull market is driven more by the companies' fundamentals rather than policy changes, emphasizing "hardcore innovation, global monetization, and performance validation" as key investment criteria [3][4] Group 2: Financial Performance and Product Pipeline - Ascentage Pharma reported a revenue of RMB 234 million for the first half of 2025, with its core product, Olverembatinib (耐立克), generating sales of RMB 217 million, a year-on-year increase of approximately 93% [4] - The company has over RMB 3 billion in cash reserves, indicating strong cash flow and financial health [4] - The successful commercialization of Olverembatinib and the recent approval of the new drug, Lisatoclax (利生妥), are expected to replicate the success of Olverembatinib [4][5] Group 3: Clinical Development and Market Potential - Lisatoclax is the first domestically approved Bcl-2 inhibitor in China and has shown promising clinical data, indicating its potential in treating various hematological malignancies [5][6] - The global market for blood malignancy treatment drugs is projected to reach USD 40 billion by 2024, with a CAGR of 6% from 2024 to 2029, highlighting the unmet demand for Bcl-2 inhibitors [6] - Lisatoclax is expected to achieve sales exceeding USD 2 billion after global commercialization, alongside Olverembatinib, contributing significantly to Ascentage Pharma's revenue [6] Group 4: R&D and Innovation Strategy - Ascentage Pharma's R&D investment reached RMB 529 million in the first half of the year, supporting its innovative pipeline [7] - The company is advancing its research on Olverembatinib and Lisatoclax, with both drugs included in the 2025 Chinese Clinical Oncology Society guidelines [8] - Recent clinical trials for both drugs have shown promising results, further validating their therapeutic potential and safety [8] Group 5: Corporate Strategy and Management - The appointment of experienced executives is expected to enhance Ascentage Pharma's global commercialization efforts and financial management [9] - The company plans to raise approximately HKD 1.509 billion through a share placement to support commercialization and global clinical development [9] - The overall market sentiment is positive, with expectations of increased capital inflow into the pharmaceutical innovation sector due to favorable macroeconomic conditions [10]