Core Viewpoint - CICC maintains the profit forecast for Ascentage Pharma-B (06855) for 2025/2026 and upgrades the target price by 19.3% to HKD 105, indicating a potential upside of 15.8% from the current stock price, driven by the progress of GLORA-4 and increased visibility in new indications [1] Group 1 - The commercial revenue of Nilotinib (Orelabrutinib) saw a significant increase of 93% year-on-year, reaching RMB 217 million in 1H25, attributed to its new indications being included in the medical insurance [2] - The approval of Lisavanbulin (Lisavan) for the treatment of CLL/SLL patients is expected to provide a new growth point for the company, as it becomes the first Bcl-2 inhibitor approved for CLL/SLL in China [2] Group 2 - The global Phase III registration trial GLORA-4 for Lisavanbulin in combination with Azacitidine has received approval from both the FDA and EMA, marking it as the only Bcl-2 inhibitor advancing in this indication [3] - The overall response rate (ORR) for Lisavanbulin combined with Azacitidine in treating newly diagnosed MDS patients reached 75%, indicating a strong safety profile and significant unmet needs in this patient population [3] Group 3 - Future research and development progress to monitor includes the FDA registration trial POLARIS-2 for Orelabrutinib, the registration trial progress for Ph+ ALL, and the GLORA and GLORA-4 studies for Lisavanbulin in the U.S. [4]

Core Insights - BeiGene (688235.SH) is set to achieve multiple milestone events in the near future, with expectations for significant advancements in its clinical pipeline by the end of 2026 [1] Group 1: Milestones and Expectations - By the end of 2026, the company anticipates that Sotigalimab will receive its first global approval [1] - The BTK CDAC is expected to yield key data, contributing to the company's growth and development [1] - The company's in-house clinical team is advancing over 20 Phase 3 trials, indicating a robust clinical development strategy [1] Group 2: Project Validation and New Developments - The company expects to achieve concept validation data readouts for more than 10 projects, showcasing its commitment to innovation [1] - The research team is set to advance over 10 new molecular entities into clinical stages, reflecting a strong pipeline of potential therapies [1]